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The New Regionalism: A Country Perspective

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Author Info
de Melo, Jaime
Panagariya, Arvind
Rodrik, Dani

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Abstract

Regional integration is on the rise again, despite its apparent failure among developing countries in the past. The paper first surveys the ambiguous economics of customs unions. We emphasize that the traditional dichotomy between `trade creation' and `trade diversion' is not particularly helpful for policy. In a world with trade restrictions, regional integration presents certain advantages including enhanced bargaining power and market access. We then turn to institutional aspects of regional integration, and point out that integration enforces arbitrage in institutions as well as in markets for goods and factors. This kind of arbitrage can lead to improved economic outcomes by rendering decision-making less sensitive to economically harmful factional interests, especially when regional institutions are designed properly. Finally, we turn to an empirical evaluation of existing schemes. We note there is no evidence that membership in integration schemes has any effect on growth. We close by noting that recent attempts at integration have very different starting points and objectives than past efforts. History is therefore a poor guide to the future of regional integration.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 715.

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Date of creation: Sep 1992
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Handle: RePEc:cpr:ceprdp:715

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Related research
Keywords: Customs Union Free Trade Area Growth Regional Integration

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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
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  1. Krugman, Paul, 1980. "Scale Economies, Product Differentiation, and the Pattern of Trade," American Economic Review, American Economic Association, vol. 70(5), pages 950-59, December. [Downloadable!] (restricted)
  2. Corden, W. M., 1976. "Customs union theory and the nonuniformity of tariffs," Journal of International Economics, Elsevier, vol. 6(1), pages 99-106, February. [Downloadable!] (restricted)
  3. Eaton, Jonathan & Grossman, Gene M, 1986. "Optimal Trade and Industrial Policy under Oligopoly," The Quarterly Journal of Economics, MIT Press, vol. 101(2), pages 383-406, May. [Downloadable!] (restricted)
    Other versions:
  4. C. A. Cooper & B. F. Massell, 1965. "Toward a General Theory of Customs Unions for Developing Countries," Journal of Political Economy, University of Chicago Press, vol. 73, pages 461. [Downloadable!] (restricted)
  5. Lopez, Ramon & Panagariya, Arvind, 1992. "On the Theory of Piecemeal Tariff Reform: The Case of Pure Imported Intermediate Inputs," American Economic Review, American Economic Association, vol. 82(3), pages 615-25, June. [Downloadable!] (restricted)
  6. Corden, W M, 1972. "Economies of Scale and Customs Union Theory," Journal of Political Economy, University of Chicago Press, vol. 80(3), pages 465-75, May-June. [Downloadable!] (restricted)
  7. Berglas, Eitan, 1979. "Preferential Trading Theory: The n Commodity Case," Journal of Political Economy, University of Chicago Press, vol. 87(2), pages 315-31, April. [Downloadable!] (restricted)
  8. Wonnacott, Paul & Wonnacott, Ronald, 1984. "How General Is the Case for Unilateral Tariff Reduction?," American Economic Review, American Economic Association, vol. 74(3), pages 491, June.
  9. Bhagwati, Jagdish, 1990. "Departures from Multilateralism: Regionalism and Aggressive Unilateralism," Economic Journal, Royal Economic Society, vol. 100(403), pages 1304-17, December. [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. Pravin Krishna, . "Regionalism and Multilaterialism: A Political Economy Approach," Working Papers 96-5, Brown University, Department of Economics. [Downloadable!]
    Other versions:
  2. Kari E.O. Alho & Ville Kaitila & Mika Widgrén, 2004. "Speed of Convergence and Relocation: New EU Member Countries Catching up with the Old," Discussion Papers 963, The Research Institute of the Finnish Economy. [Downloadable!]
    Other versions:
  3. Christophe Rault & Robert Sova & Ana Maria Sova, 2007. "The Role of Association Agreements within European Union Enlargement to Central and Eastern European Countries," IZA Discussion Papers 2769, Institute for the Study of Labor (IZA). [Downloadable!]
  4. Kerry Chase, 2004. "From Protectionism to Regionalism: Multinational Firms and Trade-Related Investment Measures," Business and Politics, Berkeley Electronic Press, vol. 6(2), pages 1067-1067. [Downloadable!] (restricted)
  5. Redoano, Michela, 2003. "Does Centralisation Affect The Number And Size Of Lobbies?," The Warwick Economics Research Paper Series (TWERPS) 674, University of Warwick, Department of Economics. [Downloadable!]
    Other versions:
  6. Davide Sala, 2007. "RTAs Formation and Trade Policy," Economics Working Papers ECO2007/59, European University Institute. [Downloadable!]
  7. Evgeny Yakovlev & Ekaterina Zhuravskaya, 2006. "State Capture in a Federation," Working Papers w0093, Center for Economic and Financial Research (CEFIR). [Downloadable!]
  8. Arjan Lejour & Vladimir Solanic & Paul Tang, 2006. "EU accession and income growth: an empirical approach," CPB Discussion Papers 72, CPB Netherlands Bureau for Economic Policy Analysis. [Downloadable!]
  9. Hein Roelfsema, 2004. "Legislative Bargaining and Lobbying in the European Union," Working Papers 04-16, Utrecht School of Economics. [Downloadable!]
  10. D Puga & T Venables, 1996. "Trading Arrangements and Industrial Development," CEP Discussion Papers 0319, Centre for Economic Performance, LSE. [Downloadable!]
    Other versions:
  11. de Melo, Jaime & Montenegro, Claudio & Panagariya, Arvind, 1992. "Regional integration, old and new," Policy Research Working Paper Series 985, The World Bank. [Downloadable!]
  12. Madani, Dorsati H., 2001. "Regional integration and industrial growth among developing countries - the case of three ASEAN members," Policy Research Working Paper Series 2697, The World Bank. [Downloadable!]
  13. Madani, Dorsati H., 2001. "South-South regional integration and industrial growth : the case of the Andean Pact," Policy Research Working Paper Series 2614, The World Bank. [Downloadable!]
  14. Michalopoulos, Constantine & Tarr, David, 1997. "The economics of customs unions in the Commonwealth of Independent States," Policy Research Working Paper Series 1786, The World Bank. [Downloadable!]
  15. Panagariya, Arvind & Findlay, Ronald & DEC, 1994. "A political - economy analysis of free trade areas and customs unions," Policy Research Working Paper Series 1261, The World Bank. [Downloadable!]
  16. Parakrama Samaratunga & Manoj Thibbotuwawa, 2006. "Customs Mapping and Analysis of South Asian Agricultural Trade Liberalization Effort," Working Papers 2606, Asia-Pacific Research and Training Network on Trade (ARTNeT), an initiative of UNESCAP and IDRC, Canada.. [Downloadable!]
  17. Bordignon, Massimo & Colombo, Luca & Galmarini, Umberto, 2003. "Fiscal Federalism and Endogenous Lobbies' Formation," CESifo Working Paper Series CESifo Working Paper No. , CESifo GmbH. [Downloadable!]
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