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Different Models for Regional Integration: Lessons from Total Factor Productivity in Europe

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Listed author(s):
  • Lee, Jeong Yeon

    (Asian Development Bank Institute)

  • Kim, Doyeon

    (Asian Development Bank Institute)

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    Abstract

    The European experience offers three possible models for regional integration: a free trade arrangement, a single market, and a common currency area. This paper examines the effect of regional integration on total factor productivity to assess the long-run growth implications of each model. The findings suggest that joining a regional grouping changes the way participating economies grow. Of the three models, the free trade arrangement is found to be the most effective in promoting intra-regional dependence on R&D spillovers. The other two models are associated with largely negative windfall effects on total factor productivity.

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    File URL: http://www.adbi.org/files/2013.12.13.wp452.different.models.regional.integration.pdf
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    Paper provided by Asian Development Bank Institute in its series ADBI Working Papers with number 452.

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    Length: 30 pages
    Date of creation: 16 Dec 2013
    Handle: RePEc:ris:adbiwp:0452
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    Keywords: regional integration; economic growth; total factor productivity;

    Find related papers by JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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    1. Aghion, Philippe & Howitt, Peter, 1992. "A Model of Growth through Creative Destruction," Econometrica, Econometric Society, vol. 60(2), pages 323-351, March.
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    7. Venables, Anthony J., 1985. "Trade and trade policy with imperfect competition: The case of identical products and free entry," Journal of International Economics, Elsevier, vol. 19(1-2), pages 1-19, August.
    8. Horstmann, Ignatius J. & Markusen, James R., 1986. "Up the average cost curve: Inefficient entry and the new protectionism," Journal of International Economics, Elsevier, vol. 20(3-4), pages 225-247, May.
    9. Kenen,Peter B. & Meade,Ellen E., 2008. "Regional Monetary Integration," Cambridge Books, Cambridge University Press, number 9780521711500, August.
    10. Alberto Alesina & Francesco Giavazzi, 2010. "Introduction to "Europe and the Euro"," NBER Chapters,in: Europe and the Euro, pages 1-9 National Bureau of Economic Research, Inc.
    11. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
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