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Open Regionalism and World Welfare

  • Sang-Seung Yi

    (Dartmouth College)

The recent resurgence of regionalism has raised concerns that regionalism may undermine the spirit of global free trade. This paper examines a simple four-country model of welfare-maximizing customs-union formation in which the number of customs union: and their sizes are endogenously determined. Customs unions are stepping stones toward global free trade under the open membership (open regionalism) rule. However, customs unions can be (and typically are) stumbling blocks against global free trade under exclusive membership rules, such as the unanimous regionalism rule.

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File URL: http://college.holycross.edu/RePEc/eej/Archive/Volume22/V22N4P467_475.pdf
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Article provided by Eastern Economic Association in its journal Eastern Economic Journal.

Volume (Year): 22 (1996)
Issue (Month): 4 (Fall)
Pages: 467-475

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Handle: RePEc:eej:eeconj:v:22:y:1996:i:4:p:467-475
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  1. Sang-Seung, Yi, 1996. "Endogenous formation of customs unions under imperfect competition: open regionalism is good," Journal of International Economics, Elsevier, vol. 41(1-2), pages 153-177, August.
  2. Baldwin, Richard, 1993. "A Domino Theory of Regionalism," CEPR Discussion Papers 857, C.E.P.R. Discussion Papers.
  3. Levy, Philip I, 1997. "A Political-Economic Analysis of Free-Trade Agreements," American Economic Review, American Economic Association, vol. 87(4), pages 506-19, September.
  4. Pravin Krishna, . "Regionalism and Multilaterialism: A Political Economy Approach," Working Papers 96-5, Brown University, Department of Economics.
  5. Kemp, Murray C. & Wan, Henry Jr., 1976. "An elementary proposition concerning the formation of customs unions," Journal of International Economics, Elsevier, vol. 6(1), pages 95-97, February.
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