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Europe > Ireland

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Cover IMF Working Papers
Is Regionalism Simply a Diversion? Evidence from the Evolution of the EC and EFTA
Mr. Tamim Bayoumi
and
Mr. Barry J. 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 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.
Keywords:
WP; EEC trade; trade creation; EEC membership; free trade; EFTA country; constant term; third-country effect; Customs unions; Gravity models; Purchasing power parity; Plurilateral trade; Trade agreements; Europe; Global; Asia and Pacific