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Open regionalism in a world of continental trade blocs

Author: Jeffrey A Frankel; Shang-Jin Wei; International Monetary Fund. Research Department.
Publisher: [Washington, D.C.] : International Monetary Fund, Research Dept., ©1998.
Series: IMF working paper, WP/98/10.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Frankel, Jeffrey A.
Open regionalism in a world of continental trade blocs.
[Washington, D.C.] : International Monetary Fund, Research Dept., ©1998
(OCoLC)38482135
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Jeffrey A Frankel; Shang-Jin Wei; International Monetary Fund. Research Department.
ISBN: 1281603910 9781281603913
OCLC Number: 806958885
Notes: "February 1998."
Description: 1 online resource (17 pages) : illustrations.
Series Title: IMF working paper, WP/98/10.
Responsibility: prepared by Jeffrey Frankel and Shang-Jin Wei.

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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.

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