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Regional Trading Blocs in the World Economic System : Institute for International Economics - Jeffrey A. Frankel

Regional Trading Blocs in the World Economic System

Institute for International Economics

Paperback Published: 1997
ISBN: 9780881322026
Number Of Pages: 388
For Ages: 22+ years old

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he rapid growth of regional trading relationships in Europe, Asia, and Latin America has raised policy concerns about their impact on excluded countries and on the global trading system. Some observers worrythat the multilateral system may be fracturing into discriminatory regional blocs. Others are hopeful that regional agreements will go beyond what was achieved in the Uruguay Round and instead become building blocks for further global liberalization and WTO rules in new areas.Jeffrey Frankel shows through extensive empirical analysis that the new breed of preferential trade arrangements are indeed concentrating trade regionally. He then assesses whether regionalblocs are "natural" or "supernatural"b enhance or reduce global welfare. He concludes that a complete liberalization within blocs, with no reduction in barriers between blocs, would push the trading system into the supernatural zone of an excessive degree of regionalization. More balanced patterns of liberalization, however, give favorable trading arrangements that are already in effect, and the broader continent-sized groupings that are under discussion (the Americas, Europe, and the Asia Pacific).

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Penetrating theoretical and empirical analysis. -- Laura D'Andrea Tyson, former chair of the National Economic Council Once in a long while, an economist shows all of us how it's supposed to be done-how to combine innovative theory and ingenious empirical work to make sense of a truly important policy issue. Jeff Frankel's work on trading blocs does it all. -- Paul Krugman

ISBN: 9780881322026
ISBN-10: 0881322024
Series: Institute for International Economics
Audience: Professional
For Ages: 22+ years old
Format: Paperback
Language: English
Number Of Pages: 388
Published: 1997
Publisher: The Peterson Institute for International Economics
Country of Publication: US
Dimensions (cm): 23.5 x 15.24  x 1.27
Weight (kg): 0.53

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