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Has Japan been left out in the cold by regional integration?

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  • Howard J. Wall

Abstract

Despite the ongoing worldwide trend toward regional integration, Japan has remained outside of all regional trading agreements. Because more than 60 percent of Japan’s trade is with countries that are members of a major regional bloc, this reluctance may have had significant effects on its pattern and volume of trade. Indeed, the author finds that Japan’s exports have been reduced by the integration of its trading partners, and that this effect has been fairly uniform across integration regimes. The author also finds that regional trading agreements have tended to have a much more negative effect on Japanese trade than on the trade of other nonmembers.

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Bibliographic Info

Article provided by Federal Reserve Bank of St. Louis in its journal Review.

Volume (Year): (2002)
Issue (Month): Sep ()
Pages: 25-36

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Handle: RePEc:fip:fedlrv:y:2002:i:sep:p:25-36:n:v.84no.5

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Keywords: Japan ; Free trade ; International trade;

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References

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  1. Anderson, Kym & Snape, Richard H, 1994. "European and American Regionalism: Effects on and Options for Asia," CEPR Discussion Papers 983, C.E.P.R. Discussion Papers.
  2. Eaton Jonathan & Tamura Akiko, 1994. "Bilateralism and Regionalism in Japanese and U.S. Trade and Direct Foreign Investment Patterns," Journal of the Japanese and International Economies, Elsevier, vol. 8(4), pages 478-510, December.
  3. Cletus Coughlin & Howard Wall, 2003. "NAFTA and the changing pattern of state exports," Papers in Regional Science, Springer, vol. 82(4), pages 427-450, November.
  4. Bayoumi, Tamim & Eichengreen, Barry, 1995. "Is Regionalism Simply a Diversion? Evidence from the Evolution of the EC and EFTA," CEPR Discussion Papers 1294, C.E.P.R. Discussion Papers.
  5. Kenzo Abe & Laixun Zhao, 2000. "International Joint Ventures, Economic Integration, and Government Policy," NBER Chapters, in: The Role of Foreign Direct Investment in East Asian Economic Development, NBER-EASE Volume 9, pages 191-212 National Bureau of Economic Research, Inc.
  6. Soloaga, Isidro & Winters, L. Alan, 1999. "Regionalism in the Nineties: What Effect on Trade?," CEPR Discussion Papers 2183, C.E.P.R. Discussion Papers.
  7. Head, Keith & Ries, John, 2001. "Overseas Investment and Firm Exports," Review of International Economics, Wiley Blackwell, vol. 9(1), pages 108-22, February.
  8. Kose, M Ayhan & Riezman, Raymond, 2000. "Understanding the Welfare Implications of Preferential Trade Agreements," Review of International Economics, Wiley Blackwell, vol. 8(4), pages 619-33, November.
  9. Howard J. Wall, 2003. "NAFTA and the geography of North American trade," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 13-26.
  10. Robert E. Lipsey, 2000. "Affiliates of U.S. and Japanese Multinationals in East Asian Production and Trade," NBER Chapters, in: The Role of Foreign Direct Investment in East Asian Economic Development, NBER-EASE Volume 9, pages 147-189 National Bureau of Economic Research, Inc.
  11. Takatoshi Ito & Anne O. Krueger, 2000. "The Role of Foreign Direct Investment in East Asian Economic Development, NBER-EASE Volume 9," NBER Books, National Bureau of Economic Research, Inc, number ito_00-2, April.
  12. Yi, Sang-Seung, 2000. "Free-Trade Areas and Welfare: An Equilibrium Analysis," Review of International Economics, Wiley Blackwell, vol. 8(2), pages 336-47, May.
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  14. Sawyer, W. Charles & Sprinkle, Richard L., 1997. "The Demand for Imports and Exports in Japan: A Survey," Journal of the Japanese and International Economies, Elsevier, vol. 11(2), pages 247-259, June.
  15. Winters, L. Alan, 1996. "Regionalism and the Rest of the World: The Irrelevance of the Kemp-Wan Theorem," CEPR Discussion Papers 1316, C.E.P.R. Discussion Papers.
  16. Nadenichek, Jon, 2000. "The Japan-US trade imbalance: a real business cycle perspective," Japan and the World Economy, Elsevier, vol. 12(3), pages 255-271, September.
  17. Ceglowski, Janet, 1996. "The recent behavior of Japanese imports: A disaggregated analysis," Japan and the World Economy, Elsevier, vol. 8(4), pages 443-457, December.
  18. Bandyopadhyay, Subhayu & Wall, Howard J, 1999. "Customs Union or Free Trade Area? The Role of Political Asymmetries," Review of International Economics, Wiley Blackwell, vol. 7(4), pages 665-72, November.
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  20. Daly, Kevin, 1998. "Does exchange rate volatility impede the volume of Japan's bilateral trade?," Japan and the World Economy, Elsevier, vol. 10(3), pages 333-348, July.
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Citations

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Cited by:
  1. I-Hui Cheng & Howard J. Wall, 2005. "Controlling for heterogeneity in gravity models of trade and integration," Review, Federal Reserve Bank of St. Louis, issue Jan, pages 49-63.
  2. Okubo, Toshihiro, 2004. "The border effect in the Japanese market: A Gravity Model analysis," Journal of the Japanese and International Economies, Elsevier, vol. 18(1), pages 1-11, March.
  3. Kyoji Fukao & Toshihiro Okubo & Robert M. Stern, 2002. "An Econometric Analysis of Trade Diversion under NAFTA," Discussion papers 02011, Research Institute of Economy, Trade and Industry (RIETI).
  4. Peter Egger, 2004. "Estimating regional trading bloc effects with panel data," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 140(1), pages 151-166, March.

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