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Energy Market Integration and Economic Convergence: Implications for East Asia

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  • Yu SHENG

    (Yu SHENG Crawford School of Economics and Government, The Australian National University, Canberra, Australia)

  • Xunpeng SHI

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

Abstract

Energy Market Integration (EMI) has been pursued by East Asian countries in recent years, but how it could play a role in facilitating economic growth of countries in the region remains to be an empirical question. This paper uses the economic convergence analysis (including both the σ-convergence and β-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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Bibliographic Info

Paper provided by Economic Research Institute for ASEAN and East Asia (ERIA) in its series Working Papers with number DP-2011-05.

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Length: 32 pages.
Date of creation: 01 Oct 2011
Date of revision:
Handle: RePEc:era:wpaper:dp-2011-05

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  1. Robert J. Barro, 1995. "Inflation and Economic Growth," NBER Working Papers 5326, National Bureau of Economic Research, Inc.
  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).
  3. Martin, Philippe & Rogers, Carol Ann, 1995. "Stabilization Policy, Learning by Doing, and Economic Growth," CEPR Discussion Papers 1130, C.E.P.R. Discussion Papers.
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  5. Arvind Subramanian & Shang-Jin Wei, 2003. "The WTO Promotes Trade, Strongly But Unevenly," NBER Working Papers 10024, National Bureau of Economic Research, Inc.
  6. 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.
  7. 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.
  8. 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).
  9. Diego A. Comin & Bart Hobijn, 2009. "The CHAT Dataset," NBER Working Papers 15319, National Bureau of Economic Research, Inc.
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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, 2011. "Energy Market Integration and Economic Convergence: Implications for East Asia," Working Papers DP-2011-05, Economic Research Institute for ASEAN and East Asia (ERIA).

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