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Does every stone fall in the same way? new gravity evidence on world trade

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  • Cunedioglu, Ekrem
  • Yucel, Eray

Abstract

In this paper, we examine a series of questions about bilateral trade flows in the light of a rich and up-to-date panel data set. The analyses performed reveal that (1) globalization process has been functioning in a number of ways, (2) functioning of economic regions display alternative results based on model specification, (3) distance is an important factor in the functioning of economic regions, (4) trade relationships do strengthen when countries move toward stronger degrees of their regimes, regardless of democratic or autocratic, (5) the same polity direction implies a higher degree of trade between countries, (6) given the joint regime strength (common direction of regimes) of trade partners, common direction of regimes (higher joint regime strength) implies lower trade, (7) partners belonging to the same religion trade less, (8) partners with the same language trade more among themselves, (9) given that partners are of the same religion (language), same language (religion) implies lower trade.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 30870.

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Date of creation: 11 May 2011
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Handle: RePEc:pra:mprapa:30870

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Keywords: International trade; Gravity; Globalization; Economic regions; Institutions; Cultures;

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References

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  1. Richard Baldwin & Daria Taglioni, 2006. "Gravity for Dummies and Dummies for Gravity Equations," NBER Working Papers 12516, National Bureau of Economic Research, Inc.
  2. Toke S. Aidt & Martin Gassebner, 2007. "Do Autocratic States Trade Less?," KOF Working papers 07-175, KOF Swiss Economic Institute, ETH Zurich.
  3. Sübidey Togan, 2004. "Turkey: Toward EU Accession," The World Economy, Wiley Blackwell, vol. 27(7), pages 1013-1045, 07.
  4. Leamer, E. & Levingsohn, J., 1994. "International Trade Theory: The Evidence," Working Papers 368, Research Seminar in International Economics, University of Michigan.
  5. Cunedioglu, Ekrem & Yucel, Eray, 2010. "Does Mediterranean define an economic region?," MPRA Paper 27937, University Library of Munich, Germany.
  6. Yu, Miaojie, 2010. "Trade, democracy, and the gravity equation," Journal of Development Economics, Elsevier, vol. 91(2), pages 289-300, March.
  7. Jeffrey Frankel & Andrew Rose, 2002. "An Estimate Of The Effect Of Common Currencies On Trade And Income," The Quarterly Journal of Economics, MIT Press, vol. 117(2), pages 437-466, May.
  8. Bernard M. Hoekman & Togan Sübidey, 2005. "Turkey : Economic Reform and Accession to the European Union," World Bank Publications, The World Bank, number 7494.
  9. Jeffrey A. Frankel, 1997. "Regional Trading Blocs in the World Economic System," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 72.
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Cited by:
  1. Camlica, Ferhat & Orman, Cuneyt & Payzanoglu, Durukan & Yucel, Eray, 2012. "Southeastern Europe: post-crisis prospects and risks," MPRA Paper 45539, University Library of Munich, Germany.

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