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Regional Trade Agreements or Broad Liberalization: Which Path Leads to Faster Growth?

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Author Info
Athanasios Vamvakidis (International Monetary Fund)
Abstract

Should a closed economy open its trade to all countries or limit itself to participation in regional trade agreements (RTAs)? Based on time-series evidence for a data set for 1950-92, this paper estimates and compares the growth performance of countries that liberalized broadly and that of those that joined an RTA. The comparisons show that economies grew faster after broad liberalization, in both the short and the long run, but slower after participation in an RTA. Economies also had higher investment shares after broad liberalization, but lower ones after joining an RTA. The policy implications support broad liberalization. Copyright 1999, International Monetary Fund

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Article provided by Palgrave Macmillan Journals in its journal IMF Staff Papers.

Volume (Year): 46 (1999)
Issue (Month): 1 ()
Pages: 3
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Handle: RePEc:pal:imfstp:v:46:y:1999:i:1:p:3

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Find related papers by JEL classification:
F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies

Cited by:
(explanations, 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.)

  1. Alan V. Deardorff & Robert M. Stern, 2002. "EU Expansion and EU Growth," Working Papers 487, Research Seminar in International Economics, University of Michigan. [Downloadable!]
  2. Brodzicki Tomasz, 2003. "In search for accumulative effects of European economic integration," International Trade 0310006, EconWPA. [Downloadable!]
    Other versions:
  3. Jad Chaaban & Alban Thomas, 2008. "A Structural Model for Evaluating the Sector-specific Impacts of Preferential Trade Agreements," Journal of Industry, Competition and Trade, Springer, vol. 8(1), pages 73-88, March. [Downloadable!] (restricted)
  4. Tomasz Brodzicki, 2005. "New empirical insights into the growth effects of economic integration within EU," International Trade 0505014, EconWPA. [Downloadable!]
  5. Matías Berthelon, 2004. "Growth Effects of Regional Integration Agreements," Working Papers Central Bank of Chile 278, Central Bank of Chile. [Downloadable!]
  6. Park, Innwon & Park, Soonchan, 2006. "Reform-creating regional trade agreements and foreign direct investment: applications for East Asia," MPRA Paper 1817, University Library of Munich, Germany, revised Jan 2007. [Downloadable!]
    Other versions:
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