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North-South Customs Unions and International Capital Mobility

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Author Info
Eduardo Fernández-Arias ()
Mark M. Spiegel

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Abstract

This paper examines the implications of a North-South trade accord where investments in the Southern partner nation exhibit country risk. Our analysis demonstrates that North-South trade accords can serve as credibility-enhancing mechanisms that induce additional foreign capital inflows into Southern partner nations. The presence of sovereign risk changes the tradeoffs between trade creation and diversion, enhancing the potential for regional trade accords to increase the welfare of accord members.

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Paper provided by Inter-American Development Bank, Research Department in its series RES Working Papers with number 4060.

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Date of creation: Mar 1997
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Handle: RePEc:idb:wpaper:4060

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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. de Melo, Jaime & Panagariya, Arvind & Rodrik, Dani, 1993. "The new regionalism : a country perspective," Policy Research Working Paper Series 1094, The World Bank. [Downloadable!]
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  2. Carlo Perroni & John Whalley, 2000. "The new regionalism: trade liberalization or insurance?," Canadian Journal of Economics, Canadian Economics Association, vol. 33(1), pages 1-24, February. [Downloadable!] (restricted)
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  3. Grossman, G.M. & Helpman, E., 1993. "The Politics of Free Trade Agreements," Papers 166, Princeton, Woodrow Wilson School - Public and International Affairs.
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  4. Cole, Harold L. & English, William B., 1991. "Expropriation and direct investment," Journal of International Economics, Elsevier, vol. 30(3-4), pages 201-227, May. [Downloadable!] (restricted)
  5. Kyle Bagwell & Robert Staiger, 1994. "Multilateral Tariff Cooperation During the Formation of Regional Free Trade Areas," International Trade 9410001, EconWPA. [Downloadable!]
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  6. Joyce Manchester & Warwick Mckibbin, 1995. "The global macroeconomics of NAFTA," Open Economies Review, Springer, vol. 6(3), pages 203-223, July. [Downloadable!] (restricted)
  7. Thomas, Jonathan & Worrall, Tim, 1994. "Foreign Direct Investment and the Risk of Expropriation," Review of Economic Studies, Blackwell Publishing, vol. 61(1), pages 81-108, January. [Downloadable!] (restricted)
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  8. Bulow, Jeremy & Rogoff, Kenneth, 1989. "A Constant Recontracting Model of Sovereign Debt," Journal of Political Economy, University of Chicago Press, vol. 97(1), pages 155-78, February. [Downloadable!] (restricted)
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  9. Miyagiwa, Kaz F. & Young, Leslie, 1986. "International capital mobility and commercial policy in an economic region," Journal of International Economics, Elsevier, vol. 20(3-4), pages 329-341, May. [Downloadable!] (restricted)
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Cited by:
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  1. Tekin-Koru, Ayca & Waldkirch, Andreas, 2007. "North American Integration and the Location of Foreign Direct Investment," MPRA Paper 5212, University Library of Munich, Germany. [Downloadable!]
  2. Tekin-Koru, Ayca & Waldkirch, Andreas, 2009. "North-South Integration and the Location of Foreign Direct Investment," MPRA Paper 12969, University Library of Munich, Germany. [Downloadable!]
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  3. Raphael A. Espinoza & Goohoon Kwon, 2009. "Regional Financial Integration in the Caribbean: Evidence from Financial and Macroeconomic Data," IMF Working Papers 09/139, International Monetary Fund. [Downloadable!]
  4. Dieter M. Urban, 2006. "Multilateral Investment Agreement in a Political Equilibrium," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  5. Andreas Waldkirch, 2004. "The 'New Regionalism': Integration as a Commitment Device for Developing Countries," International Trade 0412004, EconWPA. [Downloadable!]
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