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Political Economy of Regional Integration: The Northeast Asian Model Revisited

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  • Jehoon Park

Abstract

It is found that the intra-regional trade share or functional integration plays an important role in the institutionalization of regional integration not only in the European Union (EU) but also in Northeast Asia. The crisis factor, which is measured by the regional economic growth rates, is empirically significant in Northeast Asia but not in the EU. This situation confirms the crisis model for Northeast Asia that emphasizes the stimulating role of crisis for the institutionalization of regional integration. However, the political leadership factor is not empirically significant in Northeast Asia and in the EU, and this finding does not support the political leadership model that emphasizes the facilitating role of political leadership for the institutionalization of regional integration.

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  • Jehoon Park, 2018. "Political Economy of Regional Integration: The Northeast Asian Model Revisited," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 54(7), pages 1463-1474, May.
    • Handle: RePEc:mes:emfitr:v:54:y:2018:i:7:p:1463-1474
    DOI: 10.1080/1540496X.2017.1404450
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