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Has Globalization Gone Far Enough: The Costs of Fragmented Markets

Author

Listed:
  • Scott Bradford
  • Robert Z. Lawrence

    (Peterson Institute for International Economics)

Abstract

The authors use the underlying data from purchasing power parity surveys to estimate the potential benefits from fully integrating goods markets among major OECD countries. These data are particularly useful because they are comprehensive, and every effort has been made to ensure that they are comparable. Input-output tables are used to eliminate distribution margins from final goods prices and thereby provide estimates of ex-factory prices. Price differentials have been taken as measures of barriers, and the welfare effects of eliminating these barriers have been estimated in a general equilibrium model. The study also provides insights into the relative openness of individual OECD countries to the world economy and the degree to which Europe has become a single market.

Suggested Citation

  • Scott Bradford & Robert Z. Lawrence, 2004. "Has Globalization Gone Far Enough: The Costs of Fragmented Markets," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 349.
  • Handle: RePEc:iie:ppress:349
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    Cited by:

    1. Simonovska, Ina & Waugh, Michael E., 2014. "The elasticity of trade: Estimates and evidence," Journal of International Economics, Elsevier, vol. 92(1), pages 34-50.
    2. Patrick Minford, 2006. "Measuring the Economic Costs and Benefits of the EU," Open Economies Review, Springer, vol. 17(4), pages 509-524, December.
    3. Soo Yuen Chong & Jung Hur, 2007. "Overlapping Free Trade Agreements of Singapore-USA-Japan : A Computational Analysis," Trade Working Papers 21931, East Asian Bureau of Economic Research.
    4. Moshe Syrquin, 2004. "Globalization: tooMuch or is too Little?," CRANEC - Working Papers del Centro di Ricerche in Analisi economica e sviluppo economico internazionale crn0402, Università Cattolica del Sacro Cuore, Centro di Ricerche in Analisi economica e sviluppo economico internazionale (CRANEC).
    5. Michael Waugh & Ina Simonovska, 2012. "Different Trade Models, Different Trade Elasticities?," 2012 Meeting Papers 618, Society for Economic Dynamics.
    6. Soo Yuen Chong & Jung Hur, 2008. "Small Hubs, Large Spokes and Overlapping Free Trade Agreements," The World Economy, Wiley Blackwell, vol. 31(12), pages 1625-1665, December.
    7. Anderson Michael A. & Schaefer Kurt C. & Smith Stephen L. S., 2013. "Can Price Dispersion Reveal Distance-Related Trade Costs? Evidence from the United States," Global Economy Journal, De Gruyter, vol. 13(2), pages 151-173, June.
    8. Jan Aart Scholte, 2008. "Defining Globalisation," The World Economy, Wiley Blackwell, vol. 31(11), pages 1471-1502, November.
    9. Paul Welfens & Tony Irawan, 2014. "Transatlantic trade and investment partnership: sectoral and macroeconomic perspectives for Germany, the EU and the US," International Economics and Economic Policy, Springer, vol. 11(3), pages 293-328, September.
    10. Scott C. Bradford & Paul L. E. Grieco & Gary Clyde Hufbauer, 2006. "The Payoff to America from Globalisation," The World Economy, Wiley Blackwell, vol. 29(7), pages 893-916, July.
    11. Guillaume Daudin, 2005. "Les transactions de la mondialisation," Revue de l'OFCE, Presses de Sciences-Po, vol. 92(1), pages 221-262.
    12. Mike Waugh, 2014. "TradeModels and Trade Elasticities," 2014 Meeting Papers 953, Society for Economic Dynamics.
    13. Michael Clemens & Claudio Montenegro & Lant Pritchett, 2008. "The Place Premium: Wage Differences for Identical Workers across the U.S. Border," Working Papers 148, Center for Global Development.
    14. Caroline Freund & Sarah Oliver, 2015. "Gains from Harmonizing US and EU Auto Regulations under the Transatlantic Trade and Investment Partnership," Policy Briefs PB15-10, Peterson Institute for International Economics.
    15. Arvind Virmani & Surabhi Mittal, 2006. "Domestic Market Integration," Macroeconomics Working Papers 22271, East Asian Bureau of Economic Research.
    16. Neil Balchin & Lawrence Edwards & Asha Sundaram, 2015. "A Disaggregated Analysis of Product Price Integration in the Southern African Development Community," Journal of African Economies, Centre for the Study of African Economies (CSAE), vol. 24(3), pages 390-415.
    17. Robertson, Raymond, 2004. "Defining North American Economic Integration," 2004 NAAMIC Workshop I: North American Agrifood Market Integration: Current Situtation and Perspectives 163856, North American Agrifood Market Integration Consortium (NAAMIC).
    18. Caroline Freund & Sarah Oliver, 2015. "Gains from Convergence in US and EU Auto Regulations under the Transatlantic Trade and Investment Partnership," RSCAS Working Papers 2015/59, European University Institute.
    19. Minford, Patrick, 2015. "Evaluating European trading arrangements," Cardiff Economics Working Papers E2015/17, Cardiff University, Cardiff Business School, Economics Section.
    20. Himayatullah Khan & Laura Giurca Vasilescu, 2008. "Globalization – challenges and debates," Revista Tinerilor Economisti (The Young Economists Journal), University of Craiova, Faculty of Economics and Business Administration, vol. 1(11), pages 78-85, November.
    21. Robertson, Raymond, 2004. "Defining North American Economic Integration," North American Agrifood Integration: Situation and Perspectives, May 2004, Cancun, Mexico 16732, Farm Foundation.
    22. Yonghyup Oh, 2009. "International capital market imperfections: evidence from geographical features of international consumption risk sharing," Applied Economics, Taylor & Francis Journals, vol. 41(8), pages 1043-1053.
    23. Robert Z. Lawrence, 2008. "International Organisations: The Challenge of Aligning Mission, Means and Legitimacy," The World Economy, Wiley Blackwell, vol. 31(11), pages 1455-1470, November.

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