Cover IMF Working Papers
Open Regionalism in a World of Continental Trade Blocs
Author: Mr. Jeffrey A. Frankel and Shang-Jin Wei
Series:
IMF Working Papers
Volume/Issue:
Volume 1998: Issue 010
Language:
English
Publication Date:
01 Feb 1998
DOI:
https://doi.org/10.5089/9781451842661.001
ISBN:
9781451842661
ISSN:
1018-5941
Pages:
17
Keywords:
WP; trade bloc; bloc liberalization; tariff level; bloc agreement; trade volume; Trade agreements; Tariffs; Imports; Trade liberalization; Transportation; Australia and New Zealand
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
Download PDF (337.2 KB) Download Epub
Continental trade blocs are emerging in many parts of the world almost in tandem. If trade blocs are required to satisfy the McMillan criterion of not lowering trade volume with outside countries, they have to engage in a dramatic reduction of trade barriers against non-member countries. That may not be politically feasible. On the other hand, in a world of simultaneous continental trade blocs, an open regionalism in which trade blocs undertake relatively modest external liberalization can usually produce Pareto improvement.
Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund