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On the Empirics of Market Integration in ECOWAS

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  • Daniel Gbetnkom
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    Abstract

    This paper uses the gravity model to investigate the market implications of unilateral and preferential economic reforms in the Economic Community of West African States (ECOWAS). The results show that the traditional explanatory variables of the gravity model are the significant determinants of trade flows in the ECOWAS region, and that belonging to this grouping fosters trade. Hence policy advice should focus on strengthening these factors, which are likely to enhance the possibility of greater intra-regional trade. This can contribute to drawing foreign direct investment to the region, enhancing policy credibility, and bringing greater economic and political stability.

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/13841280601124955
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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Journal of Economic Policy Reform.

    Volume (Year): 9 (2006)
    Issue (Month): 4 ()
    Pages: 289-303

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    Handle: RePEc:taf:jpolrf:v:9:y:2006:i:4:p:289-303

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    Web page: http://www.tandfonline.com/GPRE19

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    Related research

    Keywords: Economic reforms; market integration; ECOWAS; gravity model;

    References

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    1. James E. Anderson & Eric van Wincoop, 2001. "Gravity with Gravitas: A Solution to the Border Puzzle," NBER Working Papers 8079, National Bureau of Economic Research, Inc.
    2. Foroutan, Faezeh & Pritchett, Lant, 1993. "Intra - Sub - Saharan African trade : is it too little?," Policy Research Working Paper Series 1225, The World Bank.
    3. Anderson, James E, 1979. "A Theoretical Foundation for the Gravity Equation," American Economic Review, American Economic Association, vol. 69(1), pages 106-16, March.
    4. Brada, Josef C & Mendez, Jose A, 1983. "Regional Economic Integration and the Volume of Intra-Regional Trade: A Comparison of Developed and Developing Country Experience," Kyklos, Wiley Blackwell, vol. 36(4), pages 589-603.
    5. Bergstrand, Jeffrey H, 1989. "The Generalized Gravity Equation, Monopolistic Competition, and the Factor-Proportions Theory in International Trade," The Review of Economics and Statistics, MIT Press, vol. 71(1), pages 143-53, February.
    6. Kemp, Murray C. & Wan, Henry Jr., 1976. "An elementary proposition concerning the formation of customs unions," Journal of International Economics, Elsevier, vol. 6(1), pages 95-97, February.
    7. Bergstrand, Jeffrey H, 1990. "The Heckscher-Ohlin-Samuelson Model, the Linder Hypothesis and the Determinants of Bilateral Intra-industry Trade," Economic Journal, Royal Economic Society, vol. 100(403), pages 1216-29, December.
    8. Thursby, Jerry G & Thursby, Marie C, 1987. "Bilateral Trade Flows, the Linder Hypothesis, and Exchange Risk," The Review of Economics and Statistics, MIT Press, vol. 69(3), pages 488-95, August.
    9. Baier, Scott L. & Bergstrand, Jeffrey H., 2001. "The growth of world trade: tariffs, transport costs, and income similarity," Journal of International Economics, Elsevier, vol. 53(1), pages 1-27, February.
    10. Limao, Nuno & Venables, Anthony J., 1999. "Infrastructure, geographical disadvantage, and transport costs," Policy Research Working Paper Series 2257, The World Bank.
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    Cited by:
    1. Davies, Ronald B. & Ionascu, Delia & Kristjánsdóttir, Helga, 2007. "Estimating the Impact of Time-Invariant Variables on FDI with Fixed Effects," Working Papers 02-2007, Copenhagen Business School, Department of Economics.
    2. Gilles Duffrenot & Kimiko Sugimoto, 2010. "Pegging the future West African single currency in regard to internal/external competitiveness: a counterfactual analysis," William Davidson Institute Working Papers Series wp974, William Davidson Institute at the University of Michigan.

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