Regionalism and the Rest of the World: The Irrelevance of the Kemp-Wan Theorem
Many commentators purport to use the Kemp-Wan (1976) theorem to discuss the effects of regional integration schemes on nonmember countries and to operationalize the theorem in terms of the share of member countries' imports coming from nonmembers. The author shows that Kemp and Wan say nothing about changes in nonmember welfare and that the latter is more closely related to nonmembers' imports than to their shares of members' markets. The author suggests that a new approach to this issue is required. Copyright 1997 by Royal Economic Society.
Volume (Year): 49 (1997)
Issue (Month): 2 (April)
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