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Energy Market Integration and Economic Convergence: Implications for East Asia

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  • Yu Sheng

    (Crawford School of Economics and Government, The Australian National University)

  • Xunpeng Shi

    (Economic Research Institute for ASEAN and East Asia (ERIA))

Abstract

This paper uses the economic convergence analysis (including both the s-convergence and ß- convergence approaches) to examine the impact of EMI — measured by two newly constructed indexes (namely, the energy trade index and the energy market competition index) — at the country level, on dynamic economic growth path across countries, with a special interest to inform policy makings related to promoting EMI among East Asian countries. The result shows that a more integrated energy market may significantly reduce income disparity across countries and thus help poor countries to catch up with rich countries in economic development. Moreover, a comparison among the three regions including EU, NAFTA and EAS shows that EAS countries are more likely to achieve economic convergence along with the construction of EMI process. An important policy implication is that less developed countries in the EAS region can increase benefits from actively participating into the EMI process.

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This item is provided by Economic Research Institute for ASEAN and East Asia (ERIA) in its series Chapters with number 2010-rpr-25-04.

Handle: RePEc:era:chaptr:2010-rpr-25-04

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  1. Diego A. Comin & Bart Hobijn, 2009. "The CHAT Dataset," Harvard Business School Working Papers 10-035, Harvard Business School.
  2. Robert J. Barro, 2012. "Inflation and Economic Growth," CEMA Working Papers 568, China Economics and Management Academy, Central University of Finance and Economics.
  3. Lee, Hiro & Owen, Robert F. & van der Mensbrugghe, Dominique, 2009. "Regional integration in Asia and its effects on the EU and North America," Journal of Asian Economics, Elsevier, vol. 20(3), pages 240-254, May.
  4. Abigail Barr, 1995. "The missing factor: entrepreneurial networks, enterprises and economic growth in Ghana," Economics Series Working Papers WPS/1995-11, University of Oxford, Department of Economics.
  5. Song, Ligang & Sheng, Yu, 2008. "The Impact of Reform on Economic Growth in China: A Principal Component Analysis," Working Paper Series RP2008/12, World Institute for Development Economic Research (UNU-WIDER).
  6. Arvind Subramanian & Shang-Jin Wei, 2003. "The WTO Promotes Trade, Strongly But Unevenly," NBER Working Papers 10024, National Bureau of Economic Research, Inc.
  7. Xavier Sala-I-Martin, 1997. "Transfers, Social Safety Nets, and Economic Growth," IMF Staff Papers, Palgrave Macmillan, vol. 44(1), pages 81-102, March.
  8. Martin, Philippe & Rogers, Carol Ann, 1995. "Stabilization Policy, Learning by Doing, and Economic Growth," CEPR Discussion Papers 1130, C.E.P.R. Discussion Papers.
  9. Yu Sheng & Xunpeng Shi, . "Energy Market Integration and Economic Convergence: Implications for East Asia," Chapters, Economic Research Institute for ASEAN and East Asia (ERIA).
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Cited by:
  1. Yu Sheng & Xunpeng Shi, . "Economic Development, Energy Market Integration and Energy Demand: Implication for East Asia," Chapters, Economic Research Institute for ASEAN and East Asia (ERIA).
  2. Yu Sheng & Xunpeng Shi, . "Energy Market Integration and Economic Convergence: Implications for East Asia," Chapters, Economic Research Institute for ASEAN and East Asia (ERIA).

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