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Globalization, regionalization and convergence in East Asia

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  • Jun Zhao
  • John Serieux

Abstract

This research paper reports the result of an investigation into the pattern of income convergence in East Asia since 1970 and the proximate role of increased regionalization and inter-regional globalization in generating regional convergence or divergence. Specifically, we apply sigma and log t convergence tests for income convergence in the East Asian region and an augmented autoregressive distributed lag (ARDL) model to analyze the relationship between regional income dispersion and intra- and extra-regional flows of goods, capital and technology. Regardless of the measure of per capita income, the sigma convergence tests fail to find any evidence of intra-regional convergence. The log t convergence tests do not indicate overall convergence either, but, indicate the existence of convergence clubs within the region. The regression analysis suggests that intra-regional flows of capital and technology and extra- regional FDI flows unambiguously engender convergence while intra-regional trade flows and extra-regional exports have divergence effects.

Suggested Citation

  • Jun Zhao & John Serieux, 2019. "Globalization, regionalization and convergence in East Asia," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 28(4), pages 486-507, May.
    • Handle: RePEc:taf:jitecd:v:28:y:2019:i:4:p:486-507
    DOI: 10.1080/09638199.2018.1550801
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    Cited by:

    1. Panthamit, Nisit & Chaiboonsri, Chukiat, 2020. "China’s Outward Foreign Direct Investment in the Greater Mekong Subregion," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 35(1), pages 129-151.
    2. Maryam Ishaq, 2020. "Regional Economic Integration and Productivity Convergence: Empirical Evidence from East Asia," Lahore Journal of Economics, Department of Economics, The Lahore School of Economics, vol. 25(2), pages 23-53, July-Dec.

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