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Open Regionalism and World Welfare

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Author Info

  • Sang-Seung Yi

    (Dartmouth College)

Abstract

The recent resurgence of regionalism has raised concerns that regionalism may undermine the spirit of global free trade. This paper examines a simple four-country model of welfare-maximizing customs-union formation in which the number of customs union: and their sizes are endogenously determined. Customs unions are stepping stones toward global free trade under the open membership (open regionalism) rule. However, customs unions can be (and typically are) stumbling blocks against global free trade under exclusive membership rules, such as the unanimous regionalism rule.

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File URL: http://college.holycross.edu/RePEc/eej/Archive/Volume22/V22N4P467_475.pdf
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Bibliographic Info

Article provided by Eastern Economic Association in its journal Eastern Economic Journal.

Volume (Year): 22 (1996)
Issue (Month): 4 (Fall)
Pages: 467-475

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Handle: RePEc:eej:eeconj:v:22:y:1996:i:4:p:467-475

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Web page: http://www.ramapo.edu/eea/journal.html
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Related research

Keywords: Customs Union; Free Trade; Trade; Welfare;

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References

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  1. Richard Baldwin, 1993. "A Domino Theory of Regionalism," NBER Working Papers 4465, National Bureau of Economic Research, Inc.
  2. Levy, Philip I, 1997. "A Political-Economic Analysis of Free-Trade Agreements," American Economic Review, American Economic Association, vol. 87(4), pages 506-19, September.
  3. Pravin Krishna, 1998. "Regionalism And Multilateralism: A Political Economy Approach," The Quarterly Journal of Economics, MIT Press, vol. 113(1), pages 227-250, February.
  4. Sang-Seung, Yi, 1996. "Endogenous formation of customs unions under imperfect competition: open regionalism is good," Journal of International Economics, Elsevier, vol. 41(1-2), pages 153-177, August.
  5. Kemp, Murray C. & Wan, Henry Jr., 1976. "An elementary proposition concerning the formation of customs unions," Journal of International Economics, Elsevier, vol. 6(1), pages 95-97, February.
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Cited by:
  1. Buchner, Barbara & Carraro, Carlo, 2005. "Regional and Sub-Global Climate Blocs. A Game-Theoretic Perspective on Bottom-up Climate Regimes," CEPR Discussion Papers 5034, C.E.P.R. Discussion Papers.
  2. Carlo Carraro, 2006. "Incentives and Institutions. A Bottom-up Approach to Climate Policy," Working Papers 2006_49, Department of Economics, University of Venice "Ca' Foscari".
  3. Islam, Sulequl, 2003. "Expansions of the European Union and the NAFTA: Implications for New and Non-Member countries," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 3(2).

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