Gravity models of trade controlling for country-pairs heterogeneity via bilateral fixed effects are estimated on a world-wide basis from 1967 to 2001. The contribution of rising regionalism to the de facto regionalisation of trade is assessed. In most cases, preferential trade agreements spurred trade within member countries without diverting trade from non members. The impact of PTA was the largest for consumption goods and the lowest for primary goods, with more evidence of trade-diversion in the latter case.
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Paper provided by CEPII research center in its series Working Papers with number
2004-16.
Find related papers by JEL classification: F14 - International Economics - - Trade - - - Country and Industry Studies of Trade F15 - International Economics - - Trade - - - Economic Integration
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