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The Economics of the ASEAN Economic Community

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Author Info

  • Peter A. Petri

    ()
    (International Business School, Brandeis University)

  • Michael G. Plummer

    (Johns Hopkins University)

  • Fan Zhai

    (China Investment Corporation)

Abstract

The ASEAN Economic Community (AEC) is the largest integration effort attempted in the developing world; if realized, it will create a single market with the free movement of goods, services, foreign direct investment and skilled labor, and freer movement of capital encompassing nearly 600 million people. The study finds that the AEC could yield benefits similar to those of the European Union, amounting to 5.3% of the region’s GDP and more than twice that if, as expected, the AEC leads to free trade agreements with key external partners. Every ASEAN member will share in these benefits. There will be mild trade and investment diversion effects, but the world as a whole will benefit from the AEC. Nevertheless, the AEC poses political challenges: the study finds that the project will imply significant structural adjustment in several ASEAN economies.

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File URL: http://www.brandeis.edu/departments/economics/RePEc/brd/doc/Brandeis_WP13.pdf
File Function: First version, 2010
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Bibliographic Info

Paper provided by Brandeis University, Department of Economics and International Businesss School in its series Working Papers with number 13.

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Length: 24 pages
Date of creation: Sep 2010
Date of revision:
Handle: RePEc:brd:wpaper:13

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Postal: MS032, P.O. Box 9110, Waltham, MA 02454-9110
Web page: http://www.brandeis.edu/departments/economics/
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Keywords: ASEAN; ASEAN Economic Community; Regional Economic Integration; Free Trade Areas;

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References

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  1. Zhai, Fan, 2008. "Armington Meets Melitz: Introducing Firm Heterogeneity in a Global CGE Model of Trade," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 23, pages 575-604.
  2. Shepherd , Ben & Wilson, John S., 2008. "Trade facilitation in ASEAN member countries : measuring progress and assessing priorities," Policy Research Working Paper Series 4615, The World Bank.
  3. W. Hertel, Thomas, 2001. "Dynamic Effects of the “New Age” Free Trade Agreement between Japan and Singapore," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 16, pages 446-484.
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Cited by:
  1. Suppanunta Romprasert, 2013. "Asian Economic Community with Selected Macroeconomic Variables for Exports Sustainability," International Journal of Economics and Financial Issues, Econjournals, vol. 3(3), pages 602-605.
  2. Arita, Shawn & Tanaka, Kiyoyasu, 2013. "FDI and investment barriers in developing economies," IDE Discussion Papers 431, Institute of Developing Economies, Japan External Trade Organization(JETRO).

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