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European Integration and the Regionalization of World Trade and Currencies: The Economics and the Politics

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Author Info

  • Jeffrey A. Frankel and Shang-Jin Wei.

Abstract

Using the gravity model, we find evidence that the EC affects trade flows. A pair of EC members trade with each other 48 percent more than two otherwise similarly-placed countries. We also find that bilateral exchange rate variability fell by half within Europe during the 1980s, and that this stability worked to increase intra-continental trade by an estimated 5.9 percent. If account is taken of the endogeneity of the currency regime, the estimated effect of bilateral exchange rate variability on trade is much smaller. The political economy part of the paper catalogues ways in which regional arrangements undermine political support for multilateral liberalization, and ways in which they can have the opposite effect.

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Bibliographic Info

Paper provided by University of California at Berkeley in its series Center for International and Development Economics Research (CIDER) Working Papers with number C95-053.

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Date of creation: 01 Jun 1995
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Handle: RePEc:ucb:calbcd:c95-053

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Postal: University of California at Berkeley, Berkeley, CA USA
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Web page: http://www.haas.berkeley.edu/groups/iber/wps/ciderwp.htm
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Citations

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Cited by:
  1. Dicke, Hugo & Foders, Federico, 2000. "Wirtschaftliche Auswirkungen einer EU-Erweiterung auf die Mitgliedstaaten," Open Access Publications from Kiel Institute for the World Economy 2510, Kiel Institute for the World Economy (IfW).
  2. Chinn, Menzie & Frankel, Jeffrey A., 2003. "The Euro Area and World Interest Rates," Santa Cruz Department of Economics, Working Paper Series qt9823140f, Department of Economics, UC Santa Cruz.
  3. Frankel, Jeffrey A. & Rose, Andrew K., 1997. "Economic Structure and the Decision to Adopt a Common Currency," Seminar Papers 611, Stockholm University, Institute for International Economic Studies.
  4. Anna Maria Mayda & Chad Steinberg, 2009. "Do South-South trade agreements increase trade? Commodity-level evidence from COMESA," Canadian Journal of Economics, Canadian Economics Association, vol. 42(4), pages 1361-1389, November.
  5. Antoni Estevadeordal & Matthew Shearer & Kati Suominen, 2009. "Market Access Provisions in Regional Trade Agreement," IDB Publications 9311, Inter-American Development Bank.
  6. Frankel, Jeffrey, 2004. "Real Convergence and Euro Adoption in Central and Eastern Europe: Trade and Business Cycle Correlations as Endogenous Criteria for Joining EMU," Working Paper Series rwp04-039, Harvard University, John F. Kennedy School of Government.
  7. Fukui, E. Tani & Hammer, Alexander B. & Jones, Lin Z., 2013. "Are U.S. exports influenced by stronger IPR protection measures in recipient markets?," Business Horizons, Elsevier, vol. 56(2), pages 179-188.
  8. A.R. Kemal, 2004. "Exploring Pakistan’s Regional Economic Cooperation Potential," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 43(4), pages 313-334.
  9. Guo, Rongxing, 2004. "How culture influences foreign trade: evidence from the U.S. and China," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 33(6), pages 785-812, December.
  10. Edward M Feasel & Nobuyuki Kanazawa, 2013. "Sentiment toward Trading Partners and International Trade," Eastern Economic Journal, Palgrave Macmillan, vol. 39(3), pages 309-327.
  11. Azim M. Sadikov, 2008. "External Tariff Liberalization in Caricom," IMF Working Papers 08/33, International Monetary Fund.
  12. Matthew Shearer & Kati Suominen & Antoni Estevadeordal, 2009. "Multilateralising RTAs in the Americas: State of Play and Ways Forward," IDB Publications 9300, Inter-American Development Bank.
  13. Wang, Jiao & Ji, Andy G., 2006. "Exchange rate sensitivity of China’s bilateral trade flows," BOFIT Discussion Papers 19/2006, Bank of Finland, Institute for Economies in Transition.

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