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The Impact of Unilateral and Regional Trade Liberalisation on the Intra-ASEAN 5 Founding Nations' Exports and Export-GDP Nexus

This paper is differentiated from most previous studies in that it uses intra-ASEAN's (of the 5 founding counties) historical data and it assesses both exports and the export-GDP nexus by isolating the following three different historical policy interventions: the introduction of Preferential Trade Agreement (PTA) in 1977, the unilateral liberalisation following the severe recession of the mid-1980s and the ASEAN Free Trade Area (AFTA) formation in 1992. Our findings indicate that the ASEAN-5 countries' economies are moving together through time and emerged as a powerful integrated area as a consequence of all of the above three interventions. Unilateral liberalisation and ASEAN regionalism are complementary with each other. The ASEAN's story is unique and relies on both outward orientation and positive aspects of regionalism.

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Paper provided by School of Economics, University of Wollongong, NSW, Australia in its series Economics Working Papers with number wp05-14.

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Length: 25 pages
Date of creation: 2005
Date of revision:
Handle: RePEc:uow:depec1:wp05-14
Contact details of provider: Postal: School of Economics, University of Wollongong, Northfields Avenue, Wollongong NSW 2522 Australia
Phone: +612 4221-3659
Fax: +612 4221-3725
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  1. repec:att:wimass:9713 is not listed on IDEAS
  2. Dene Hurley, 2003. "Horizontal and Vertical Intra-Industry Trade: The Case of Asean Trade in Manufactures," International Economic Journal, Taylor & Francis Journals, vol. 17(4), pages 1-14.
  3. Ahmad, Jaleel & Harnhirun, Somchai, 1995. "Unit roots and cointegration in estimating causality between exports and economic growth: Empirical evidence from the ASEAN countries," Economics Letters, Elsevier, vol. 49(3), pages 329-334, September.
  4. Joshua J. Lewer & Hendrik Van den Berg, 2003. "How Large Is International Trade's Effect on Economic Growth?," Journal of Economic Surveys, Wiley Blackwell, vol. 17(3), pages 363-396, 07.
  5. Baharumshah, Ahmad Zubaidi & Lau, Evan & Fountas, Stilianos, 2003. "On the sustainability of current account deficits: evidence from four ASEAN countries," Journal of Asian Economics, Elsevier, vol. 14(3), pages 465-487, June.
  6. Zainal-Abidin Mahani, 2002. "ASEAN Integration: At Risk of Going in Different Directions," The World Economy, Wiley Blackwell, vol. 25(9), pages 1263-1277, 09.
  7. Tuck Cheong Tang, 2008. "Aggregate Import Demand Function for Japan: A Cointegration Re-investigation," Global Economic Review, Taylor & Francis Journals, vol. 37(3), pages 363-377.
  8. Robert J. R. Elliott & Kengo Ikemoto, 2004. "AFTA and the Asian Crisis: Help or Hindrance to ASEAN Intra-Regional Trade?," Asian Economic Journal, East Asian Economic Association, vol. 18(1), pages 1-23, 03.
  9. Simon J. Evenett & Wolfgang Keller, 1996. "On Theories Explaining the Success of the Gravity Equation," International Trade 9608001, EconWPA, revised 13 Jun 1997.
  10. Jayant Menon, 1998. "The Expansion of AFTA: Widening and Deepening?," Asian-Pacific Economic Literature, Asia Pacific School of Economics and Government, The Australian National University, vol. 12(2), pages 10-22, November.
  11. Subhash Sharma & Soo Chua, 2000. "ASEAN: economic integration and intra-regional trade," Applied Economics Letters, Taylor & Francis Journals, vol. 7(3), pages 165-169.
  12. Adams, F. Gerard & Park, I., 1995. "Measuring the impact of AFTA: An application of a linked CGE system," Journal of Policy Modeling, Elsevier, vol. 17(4), pages 325-365, August.
  13. Ariff, Mohamed, 1994. "Open regionalism a la ASEAN," Journal of Asian Economics, Elsevier, vol. 5(1), pages 99-117.
  14. Jayanthakumaran, Kankesu, 2002. "The Impact of Trade Liberalisation on Manufacturing Sector Performance in Developing Countries: A Survey of the Literature," Economics Working Papers wp02-07, School of Economics, University of Wollongong, NSW, Australia.
  15. Rock-Antoine Mehanna & Hannarong Shamsub, 2002. "Who Is Benefiting The Most From Nafta? An Intervention Time Series Analysis," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 27(2), pages 69-79, December.
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