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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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  1. 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.
  2. M. Ayhan Kose & Raymond Riezman, 1999. "Understanding the Welfare Implications of Preferential Trade Agreements," CSGR Working papers series 45/99, Centre for the Study of Globalisation and Regionalisation (CSGR), University of Warwick.
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  4. Howard J. Wall, 2003. "NAFTA and the geography of North American trade," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 13-26.
  5. Head, Keith & Ries, John, 2001. "Overseas Investment and Firm Exports," Review of International Economics, Wiley Blackwell, vol. 9(1), pages 108-22, February.
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  7. Laszlo Matyas, 1997. "Proper Econometric Specification of the Gravity Model," The World Economy, Wiley Blackwell, vol. 20(3), pages 363-368, 05.
  8. Cletus C. Coughlin & Howard J. Wall, 2002. "NAFTA and the changing pattern of state exports," Working Papers 2000-029, Federal Reserve Bank of St. Louis.
  9. 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.
  10. Tamim Bayoumi & Barry Eichengreen, 1997. "Is Regionalism Simply a Diversion? Evidence from the Evolution of the EC and EFTA," NBER Chapters, in: Regionalism versus Multilateral Trade Arrangements, NBER-EASE Volume 6, pages 141-168 National Bureau of Economic Research, Inc.
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  12. 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.
  13. Alan V. Deardorff, 1995. "Determinants of Bilateral Trade: Does Gravity Work in a Neoclassical World?," NBER Working Papers 5377, National Bureau of Economic Research, Inc.
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  15. Winters, L Alan, 1997. "Regionalism and the Rest of the World: The Irrelevance of the Kemp-Wan Theorem," Oxford Economic Papers, Oxford University Press, vol. 49(2), pages 228-34, April.
  16. 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.
  17. 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.
  18. Soloaga, Isidro & Alan Wintersb, L., 2001. "Regionalism in the nineties: what effect on trade?," The North American Journal of Economics and Finance, Elsevier, vol. 12(1), pages 1-29, March.
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Citations

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Cited by:
  1. I-Hui Cheng & Howard J. Wall, 2004. "Controlling for heterogeneity in gravity models of trade and integration," Working Papers 1999-010, Federal Reserve Bank of St. Louis.
  2. Okubo, Toshihiro, 2000. "The Border Effect in the Japanese Market: Gravity Model Analysis," Discussion Papers 2000-08, Graduate School of Economics, Hitotsubashi University.
  3. Fukao, Kyoji & Okubo, Toshihiro & Stern, Robert M., 2003. "An econometric analysis of trade diversion under NAFTA," The North American Journal of Economics and Finance, Elsevier, vol. 14(1), pages 3-24, March.
  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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