Is Regionalism Simply a Diversion? Evidence from the Evolution of the EC and EFTA
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 EEC and EFTA altered the pattern of international trade. We also find evidence of trade diversion in several cases, notably that of the EEC in the 1960s.
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- Jeffrey A. Frankel & Ernesto Stein & Shang-Jin Wei, 1998.
"Continental Trading Blocs: Are They Natural or Supernatural?,"
in: The Regionalization of the World Economy, pages 91-120
National Bureau of Economic Research, Inc.
- 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.
- André Sapir & Alexis Jacquemin, 1988.
"International trade and integration of the European Community: an econometric analysis,"
ULB Institutional Repository
2013/8240, ULB -- Universite Libre de Bruxelles.
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- 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.
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