Open Regionalism and World Welfare
AbstractThe 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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Bibliographic InfoArticle provided by Eastern Economic Association in its journal Eastern Economic Journal.
Volume (Year): 22 (1996)
Issue (Month): 4 (Fall)
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Customs Union; Free Trade; Trade; Welfare;
Find related papers by JEL classification:
- F15 - International Economics - - Trade - - - Economic Integration
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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