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Returns to Regionalism: An Evaluation of Non-traditional Gains from RTAs

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Fernández, Raquel

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Abstract

The last decade has witnessed an explosion in the number of regional trade agreements (RTAs). There seems to be a general, if ill-defined, belief on the part of many policy-makers, and among some academics as well, that there is more to an RTA then the traditional gains from trade. This paper examines several possible benefits that RTAs may confer on their partners, including credibility, signalling, bargaining power, insurance, and coordination. It assesses the necessary conditions for each of these candidates to work; gives stylized examples of specific types of policy where it might be applicable; examines real cases where the explanation might be relevant; and discusses their overall plausibility. It concludes by examining NAFTA and the Europe Agreements viewed in this light.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1634.

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Date of creation: Apr 1997
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Handle: RePEc:cpr:ceprdp:1634

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Related research
Keywords: Credibility; Europe Agreements; NAFTA; Regional Trade Agreements; Signaling;

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Find related papers by JEL classification:
F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
F15 - International Economics - - Trade - - - Economic Integration

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Bhagwati, J. & Panagariya, A., 1996. "Preferential Trading Areas and Multilateralism: Strangers, Friends or Foes?," Discussion Papers 1996_09, Columbia University, Department of Economics.
  2. Wilfred J. Ethier, 1998. "Regionalism in a Multilateral World," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1214-1245, December. [Downloadable!] (restricted)
  3. Maggi, G & Rodriguez-Clare, A, 1996. "The Value of Trade Agreements in the Presence of Political Pressures," Papers 180, Princeton, Woodrow Wilson School - Public and International Affairs.
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  4. John Whalley, 1996. "Why Do Countries Seek Regional Trade Agreements?," NBER Working Papers 5552, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  5. David M. Gould, 1992. "Free trade agreements and the credibility of trade reforms," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Q I, pages 17-27.
  6. Kyle Bagwell & Robert W. Staiger, 1997. "Regionalism and Multilateral Tariff Cooperation," NBER Working Papers 5921, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  7. Staiger, Robert W & Tabellini, Guido, 1987. "Discretionary Trade Policy and Excessive Protection," American Economic Review, American Economic Association, vol. 77(5), pages 823-37, December. [Downloadable!] (restricted)
  8. Hamilton, C.B. & Winters, L.A., 1992. "Opening Up International Trade in Eastern Europe," Papers 511, Stockholm - International Economic Studies.
  9. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-91, June. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Blomström, Magnus & Kokko, Ari, 1997. "Regional Integration and Foreign Direct Investment," Working Paper Series in Economics and Finance 172, Stockholm School of Economics. [Downloadable!]
    Other versions:
  2. Davide Sala, 2007. "RTAs Formation and Trade Policy," Economics Working Papers ECO2007/59, European University Institute. [Downloadable!]
  3. Martinez-Vazquez, Jorge & Chen, Duanjie, 2001. "The impact of NAFTA and options for tax reform in Mexico," Policy Research Working Paper Series 2669, The World Bank. [Downloadable!]
  4. Jorge Martinez-Vazquez & Duanje Chen, 2001. "NAFTA and Mexico's Tax Policy Reform," International Studies Program Working Paper Series, at AYSPS, GSU paper0102, International Studies Program, Andrew Young School of Policy Studies, Georgia State University. [Downloadable!]
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