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Different Models for Regional Integration: Lessons from Total Factor Productivity in Europe

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  • Lee, Jeong Yeon

    (Asian Development Bank Institute)

  • Kim, Doyeon

    (Asian Development Bank Institute)

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    Abstract

    The European experience offers three possible models for regional integration: a free trade arrangement, a single market, and a common currency area. This paper examines the effect of regional integration on total factor productivity to assess the long-run growth implications of each model. The findings suggest that joining a regional grouping changes the way participating economies grow. Of the three models, the free trade arrangement is found to be the most effective in promoting intra-regional dependence on R&D spillovers. The other two models are associated with largely negative windfall effects on total factor productivity.

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    File URL: http://www.adbi.org/files/2013.12.13.wp452.different.models.regional.integration.pdf
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    Bibliographic Info

    Paper provided by Asian Development Bank Institute in its series ADBI Working Papers with number 452.

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    Length: 30 pages
    Date of creation: 16 Dec 2013
    Date of revision:
    Handle: RePEc:ris:adbiwp:0452

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    Keywords: regional integration; economic growth; total factor productivity;

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    1. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
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    7. Venables, Anthony J., 1985. "Trade and trade policy with imperfect competition: The case of identical products and free entry," Journal of International Economics, Elsevier, vol. 19(1-2), pages 1-19, August.
    8. Kenen,Peter B. & Meade,Ellen E., 2008. "Regional Monetary Integration," Cambridge Books, Cambridge University Press, number 9780521711500, Fall.
    9. T. W. Swan, 1956. "ECONOMIC GROWTH and CAPITAL ACCUMULATION," The Economic Record, The Economic Society of Australia, vol. 32(2), pages 334-361, November.
    10. Aghion, P. & Howitt, P., 1989. "A Model Of Growth Through Creative Destruction," Working papers 527, Massachusetts Institute of Technology (MIT), Department of Economics.
    11. Alberto Alesina & Francesco Giavazzi, 2010. "Introduction to "Europe and the Euro"," NBER Chapters, in: Europe and the Euro, pages 1-9 National Bureau of Economic Research, Inc.
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