Open Regionalism in a World of Continental Trade Blocs

February 1, 1998

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Format: Chicago

Jeffrey A. Frankel, and Shang-Jin Wei. Open Regionalism in a World of Continental Trade Blocs, (USA: International Monetary Fund, 1998) accessed November 21, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

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.

Subject: Imports, International trade, National accounts, Tariffs, Taxes, Trade agreements, Trade liberalization, Transportation

Keywords: Australia and New Zealand, Bloc agreement, Bloc liberalization, Imports, Tariff level, Tariffs, Trade agreements, Trade bloc, Trade liberalization, Trade volume, Transportation, WP

Publication Details

Pages:

17
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 1998/010
Stock No:

WPIEA0101998
ISBN:

9781451842661
ISSN:

1018-5941

Notes

Also published in Staff Papers, Vol. 45, No. 3, September 1998.

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