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East Asian Economic Integration and its Impact on Future Growth

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  • Philippa Dee

Abstract

Two presumptions appear to underlie recent proposals for East Asian economic integration. The first is that economic integration is a good way to promote economic growth. The second is that preferential trade agreements (PTAs), particularly ones that go beyond goods trade, are an effective way to promote economic integration. Both these presumptions are empirical questions. In this paper, a partial evaluation of the evidence suggests caution. Even a broadranging PTA may do little to remove the important impediments to growth in the region. Far greater income gains would come from comprehensive reform of non-discriminatory impediments to competition, as part of a thorough-going programme of unilateral domestic regulatory reform. It may be time to rethink East Asian economic integration as a policy priority, or at least review the way in which it might be pursued. Copyright 2006 The Author Journal compilation 2006 Blackwell Publishing Ltd.

Suggested Citation

  • Philippa Dee, 2007. "East Asian Economic Integration and its Impact on Future Growth," The World Economy, Wiley Blackwell, vol. 30(3), pages 405-423, March.
  • Handle: RePEc:bla:worlde:v:30:y:2007:i:3:p:405-423
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    References listed on IDEAS

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    1. Arief Ramayandi, 2005. "ASEAN Monetary Cooperation : Issues and Prospects," Finance Working Papers 22028, East Asian Bureau of Economic Research.
    2. Dollar, David & Micco, Alejandro & Clark, Ximena, 2002. "Maritime transport costs and port efficiency," Policy Research Working Paper Series 2781, The World Bank.
    3. Richard E. Baldwin, 2008. "Managing The Noodle Bowl: The Fragility Of East Asian Regionalism," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 53(03), pages 449-478.
    4. David Vanzetti & Greg McGuire & Prabowo, 2005. "Trade Policy at the Crossroads: The Indonesian Story," Asia Pacific Economic Papers 347, Australia-Japan Research Centre, Crawford School of Public Policy, The Australian National University.
    5. Hertel, Thomas, 1997. "Global Trade Analysis: Modeling and applications," GTAP Books, Center for Global Trade Analysis, Department of Agricultural Economics, Purdue University, number 7685.
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    Cited by:

    1. Kirkegaard, Jacob Funk, 2012. "Transactions: A New Look at Service Sector Foreign Direct Investment in Asia," ADB Economics Working Paper Series 318, Asian Development Bank.
    2. 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.
    3. Hiro Lee & Dominique van der Mensbrugghe, 2007. "Regional Integration, Sectoral Adjustments and Natural Groupings in East Asia," OSIPP Discussion Paper 07E008, Osaka School of International Public Policy, Osaka University.
    4. Gordon de BROUWER & Arief RAMAYANDI & David TURVEY, 2006. "Macroeconomic Linkages and Regional Monetary Cooperation: Steps Ahead," Asian Economic Policy Review, Japan Center for Economic Research, vol. 1(2), pages 284-301.
    5. repec:uts:finphd:35 is not listed on IDEAS
    6. Rolf J. Langhammer, 2008. "Sectoral Distortions and Service Protection in Russia: A Comparison with Benchmark Emerging Markets and EU Accession Candidates," Eastern European Economics, Taylor & Francis Journals, vol. 46(6), pages 70-83, November.
    7. Philippa Dee, 2008. "The role of microeconomic policy reform in regional integration  analytical and empirical issues," EABER Working Papers 21793, East Asian Bureau of Economic Research.
    8. Balistreri, Edward J. & Jensen, Jesper & Tarr, David, 2015. "What determines whether preferential liberalization of barriers against foreign investors in services are beneficial or immizerising: Application to the case of Kenya," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy (IfW), vol. 9, pages 1-134.
    9. Baldwin, Richard, 2010. "Sequencing regionalism: Theory, European practice, and lessons for Asia," CEPR Discussion Papers 7852, C.E.P.R. Discussion Papers.
    10. Philippa Dee, 2010. "Alternative Growth Strategies in Asia: Liberalization, Deregulation, Structural Reforms," Chapters,in: Asian Regionalism in the World Economy, chapter 4 Edward Elgar Publishing.
    11. Peter DRYSDALE & Shiro ARMSTRONG, 2010. "International and Regional Cooperation: Asia's Role and Responsibilities," Asian Economic Policy Review, Japan Center for Economic Research, vol. 5(2), pages 157-173, December.
    12. Jane Korinek & Mark Melatos, 2009. "Trade Impacts of Selected Regional Trade Agreements in Agriculture," OECD Trade Policy Papers 87, OECD Publishing.
    13. Shiro Armstrong, 2010. "Taiwan's Asia Pacific Economic Strategies Post-ECFA," EABER Working Papers 22810, East Asian Bureau of Economic Research.
    14. Hyun-Hoon Lee & Chung Mo Koo & Euijeong Park, 2008. "Are Exports of China, Japan and Korea Diverted in the Major Regional Trading Blocs?," The World Economy, Wiley Blackwell, vol. 31(7), pages 841-860, July.
    15. Colin Davis & Ken-ichi Hashimoto, 2016. "Economic Integration, Monopoly Power and Productivity Growth without Scale Effects," Review of Development Economics, Wiley Blackwell, vol. 20(1), pages 152-163, February.
    16. Christopher Findlay, 2011. "Services Trade and Investment Liberalization," Chapters,in: The Economics of East Asian Integration, chapter 8 Edward Elgar Publishing.

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    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration

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