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Is Regionalism Simply a Diversion? Evidence from the Evolution of the EC and EFTA

In: Regionalism versus Multilateral Trade Arrangements, NBER-EASE Volume 6

  • Tamim Bayoumi
  • Barry Eichengreen

This paper considers the impact on trade of preferential arrangements in Europe since the 1950s. Using a first difference version of the gravity model, we find that the EC and EFTA altered the pattern of international trade. We also find evidence of trade diversion in several cases, notably that of the EC in the 1960s.

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This chapter was published in:
  • Takatoshi Ito & Anne O. Krueger, 1997. "Regionalism versus Multilateral Trade Arrangements, NBER-EASE Volume 6," NBER Books, National Bureau of Economic Research, Inc, number ito_97-1, May.
  • This item is provided by National Bureau of Economic Research, Inc in its series NBER Chapters with number 8599.
    Handle: RePEc:nbr:nberch:8599
    Contact details of provider: Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
    Phone: 617-868-3900
    Web page: http://www.nber.org
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    1. Jacquemin, Alexis & Sapir, Andre, 1988. "International trade and integration of the European Community : An econometric analysis," European Economic Review, Elsevier, vol. 32(7), pages 1439-1449, September.
    2. Paul De Grauwe, 1988. "Exchange Rate Variability and the Slowdown in Growth of International Trade," IMF Staff Papers, Palgrave Macmillan, vol. 35(1), pages 63-84, March.
    3. Jeffrey A. Frankel & Ernesto Stein & Shang-Jin Wei, 1993. "Continental Trading Blocs: Are They Natural, or Super-Natural?," NBER Working Papers 4588, National Bureau of Economic Research, Inc.
    4. Aitken, Norman D, 1973. "The Effect of the EEC and EFTA on European Trade: A Temporal Cross-Section Analysis," American Economic Review, American Economic Association, vol. 63(5), pages 881-92, December.
    5. Anderson, James E, 1979. "A Theoretical Foundation for the Gravity Equation," American Economic Review, American Economic Association, vol. 69(1), pages 106-16, March.
    6. Bergstrand, Jeffrey H, 1985. "The Gravity Equation in International Trade: Some Microeconomic Foundations and Empirical Evidence," The Review of Economics and Statistics, MIT Press, vol. 67(3), pages 474-81, August.
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