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The Regionalization of the World Economy
     

The Regionalization of the World Economy

by Jeffrey A. Frankel
 

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Regional economic arrangements such as free trade areas (FTAs), customs unions, and currency blocs, have become increasingly prevalent in the world economy. Both pervasive and controversial, regionalization has some economists optimistic about the opportunities it creates and others fearful that it may corrupt fragile efforts to encourage global free trade.

Overview

Regional economic arrangements such as free trade areas (FTAs), customs unions, and currency blocs, have become increasingly prevalent in the world economy. Both pervasive and controversial, regionalization has some economists optimistic about the opportunities it creates and others fearful that it may corrupt fragile efforts to encourage global free trade.
Including both empirical and theoretical studies, this volume addresses several important questions: Why do countries adopt FTAs and other regional trading arrangements? To what extent have existing regional arrangements actually affected patterns of trade? What are the welfare effects of such arrangements? Several chapters explore the economic effects of regional arrangements on patterns of trade, either on price differentials or via the gravity model on bilateral trade flows. In addition, this book examines the theoretical foundation of the gravity model. Making extensive use of the gravity model of bilateral trade, several chapters explore the economic effects of regional arrangements. In addition, this book examines the theoretical foundation of the gravity model.

Editorial Reviews

Booknews
Eight empirical and theoretical studies from an October 1995 conference in Cambridge, Massachusetts, explore why counties enter into free trade agreements and other regional economic arrangements, to what extent such arrangements have affected actual patterns of trade, the welfare effects, and related issues. One also examines the basis of the gravity model of bilateral trade. Annotation c. by Book News, Inc., Portland, Or.

Product Details

ISBN-13:
9780226260228
Publisher:
University of Chicago Press
Publication date:
12/01/2007
Series:
National Bureau of Economic Research Project Report
Sold by:
Barnes & Noble
Format:
NOOK Book
Pages:
296
File size:
4 MB

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