Landlocked Countries: A Way to Integrate with Coastal Economies
AbstractWe consider some of the important economic constraints faced by landlocked economies in a game theoretic framework that involves its neighbor that has access to the ocean. We identify the strengths that the landlocked economy might have or develop through policy in order to negotiate with its neighbor. The model is an infinitely repeated game between two asymmetric economies, with the threat of reversion to Nash equilibrium if an economy deviates from the cooperative agreement. We find that sustainable cooperative equilibriums that are Pareto superior do exist, drawing attention to the benefits of economic cooperation between neighbors even if they differ on geographical, political, or diplomatic issues. We do several robustness checks that further bring out the constraints and policy implications for the landlocked economies.
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Bibliographic InfoArticle provided by Center for Economic Integration, Sejong University in its journal Journal of Economic Integration.
Volume (Year): 27 (2012)
Issue (Month): ()
Landlocked Economies; Coastal Economies; Bilateral Negotiation; Self-Sustaining Cooperation; Transit; Foreign Input;
Find related papers by JEL classification:
- F51 - International Economics - - International Relations and International Political Economy - - - International Conflicts; Negotiations; Sanctions
- F53 - International Economics - - International Relations and International Political Economy - - - International Agreements and Observance; International Organizations
- F55 - International Economics - - International Relations and International Political Economy - - - International Institutional Arrangements
- F59 - International Economics - - International Relations and International Political Economy - - - Other
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