Integration of Markets vs. Integration by Agreements
This paper provides an analysis of the two channels of regional integration: integration via markets and integration via agreements. Given that East Asia and Latin America are two fertile regions where both forms of integrations have taken place, t...
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| Format: | Policy Research Working Paper |
| Language: | English |
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World Bank, Washington, DC
2012
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| Online Access: | http://documents.worldbank.org/curated/en/2008/03/9051389/integration-markets-vs-integration-agreements http://hdl.handle.net/10986/6562 |
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okr-10986-6562 |
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oai_dc |
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Digital Repository |
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Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
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English |
| topic |
ANDEAN PACT ANTI-TRADE ARBITRATOR BARGAINING POWER BARRIERS TO TRADE BILATERAL AGREEMENTS BILATERAL TRADE BILATERAL TRADE AGREEMENT BILATERAL TRADE AGREEMENTS BILATERAL TREATIES BOND BOND MARKET BOND MARKETS CENTRAL AMERICA CENTRAL AMERICAN CENTRAL BANK COMMON MARKET COMPARATIVE ADVANTAGE COMPARATIVE DISADVANTAGE CONTRACTING PARTIES COOPERATION AGREEMENTS CURRENCY CUSTOMS CUSTOMS PROCEDURES CUSTOMS UNION DEREGULATION DEVALUATIONS DEVELOPING COUNTRIES DEVELOPING COUNTRY DISPUTE SETTLEMENT DYNAMIC EFFECTS E-COMMERCE ECONOMIC AGREEMENTS ECONOMIC COMMUNITY ECONOMIC COOPERATION ECONOMIC CRISES ECONOMIC CRISIS ECONOMIC DEVELOPMENTS ECONOMIC GROWTH ECONOMIC INTEGRATION ECONOMIC INTEGRATIONS ECONOMIC LIBERALIZATION ECONOMIC PARTNERSHIP AGREEMENT ECONOMIC POLICY ECONOMIC REGIONALISM ECONOMIC STABILIZATION EQUILIBRIUM EUROPEAN UNION EXPORT MARKET EXPORT PERFORMANCE EXPORT VALUE EXPORTERS EXPORTING COUNTRY EXPORTS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL INTEGRATION FOREIGN DIRECT INVESTMENT FOREIGN INVESTMENT FOREIGN POLICY FOREIGN TRADE FOREIGN TRADE POLICY FORMAL TRADE FREE TRADE FREE TRADE AGREEMENT FREE TRADE AGREEMENTS FREE TRADE AREA FREE TRADE AREAS FREE TRADE ARRANGEMENT FREE TRADE ASSOCIATION GLOBAL ECONOMY GLOBAL TRADING GLOBALIZATION HARMONIZATION HOME COUNTRY IMPORT SUBSTITUTION IMPORT SUBSTITUTION INDUSTRIALIZATION IMPORTS INCREASING TRADE INDUSTRIAL COUNTRY INDUSTRIAL POLICY INTERNATIONAL BANK INTERNATIONAL ECONOMICS INTERNATIONAL INSTITUTIONS INTERNATIONAL MARKET INTERNATIONAL MARKETS INTERNATIONAL ORGANIZATIONS INTERNATIONAL TRADE INTERNATIONAL TRADE RELATIONS INTRA-REGIONAL TRADE INTRAREGIONAL TRADE INVESTMENT AGREEMENTS INVESTMENT LIBERALIZATION INVESTMENT POLICY LATIN AMERICAN LEGAL INSTRUMENTS LEGAL TERMS LEGAL TREATIES LIBERALIZATION OF TRADE LOBBYING MARKET ACCESS MARKET CONDITIONS MARKET DEVELOPMENT MARKET INTEGRATION MEMBER COUNTRIES MONETARY UNION MOST FAVORED NATION MULTILATERAL AGREEMENTS MULTILATERAL RULES MULTILATERAL SYSTEM MULTILATERAL TRADE MULTILATERAL TRADE LIBERALIZATION MULTILATERAL TRADE NEGOTIATIONS MULTILATERALISM MUTUAL RECOGNITION OPEN REGIONALISM OPEN TRADE OPENNESS PACIFIC REGION PARTNER COUNTRIES POLICY MAKERS POLICY REFORMS POLICY RESEARCH POLITICAL ECONOMY PREFERENTIAL TRADE PREFERENTIAL TRADE AGREEMENTS PRIVATE SECTOR PRIVATIZATION PROTECTIONIST RAPID GROWTH REGIONAL AGREEMENT REGIONAL AGREEMENTS REGIONAL ARRANGEMENTS REGIONAL COOPERATION REGIONAL COORDINATION REGIONAL GROUPING REGIONAL GROUPINGS REGIONAL INITIATIVES REGIONAL INTEGRATION REGIONAL INTEGRATIONS REGIONAL TRADE REGIONAL TRADE AGREEMENT REGIONAL TRADE AGREEMENTS REGIONAL TRADE ARRANGEMENTS REGIONAL TRADE INTEGRATION REGIONAL TRADING PARTNERS REGIONALISM REGIONALIZATION REPUTATION SECURITY INTERESTS SMALL COUNTRY SOUTH AMERICA TECHNICAL COOPERATION TECHNICAL STANDARDS TRADE BALANCE TRADE BARRIERS TRADE BLOCS TRADE CREATION TRADE DISPUTE TRADE DIVERSION TRADE FACILITATION TRADE IN GOODS TRADE IN SERVICES TRADE INTEGRATION TRADE INTENSITY TRADE INTENSITY INDICES TRADE LAWS TRADE LIBERALIZATION TRADE LIBERALIZATIONS TRADE LINKS TRADE NEGOTIATIONS TRADE POLICIES TRADE POLICY TRADE POLICY FORMULATION TRADE POLICY REVIEW TRADE RELATIONS TRADE RELATIONSHIP TRADE RELATIONSHIPS TRADE STRATEGY TRADE TREATIES TRADE VOLUME TRADING BLOCS TRADING PARTNERS TRANSPORT EQUIPMENT TREATIES TRINIDAD AND TOBAGO UNILATERAL TRADE UNILATERAL TRADE LIBERALIZATION UNION CUSTOMS VERTICAL SPECIALIZATION WORLD ECONOMY WORLD EXPORTS WORLD OUTPUT WORLD TRADE WORLD TRADE ORGANIZATION WORLD TRADING SYSTEM |
| spellingShingle |
ANDEAN PACT ANTI-TRADE ARBITRATOR BARGAINING POWER BARRIERS TO TRADE BILATERAL AGREEMENTS BILATERAL TRADE BILATERAL TRADE AGREEMENT BILATERAL TRADE AGREEMENTS BILATERAL TREATIES BOND BOND MARKET BOND MARKETS CENTRAL AMERICA CENTRAL AMERICAN CENTRAL BANK COMMON MARKET COMPARATIVE ADVANTAGE COMPARATIVE DISADVANTAGE CONTRACTING PARTIES COOPERATION AGREEMENTS CURRENCY CUSTOMS CUSTOMS PROCEDURES CUSTOMS UNION DEREGULATION DEVALUATIONS DEVELOPING COUNTRIES DEVELOPING COUNTRY DISPUTE SETTLEMENT DYNAMIC EFFECTS E-COMMERCE ECONOMIC AGREEMENTS ECONOMIC COMMUNITY ECONOMIC COOPERATION ECONOMIC CRISES ECONOMIC CRISIS ECONOMIC DEVELOPMENTS ECONOMIC GROWTH ECONOMIC INTEGRATION ECONOMIC INTEGRATIONS ECONOMIC LIBERALIZATION ECONOMIC PARTNERSHIP AGREEMENT ECONOMIC POLICY ECONOMIC REGIONALISM ECONOMIC STABILIZATION EQUILIBRIUM EUROPEAN UNION EXPORT MARKET EXPORT PERFORMANCE EXPORT VALUE EXPORTERS EXPORTING COUNTRY EXPORTS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL INTEGRATION FOREIGN DIRECT INVESTMENT FOREIGN INVESTMENT FOREIGN POLICY FOREIGN TRADE FOREIGN TRADE POLICY FORMAL TRADE FREE TRADE FREE TRADE AGREEMENT FREE TRADE AGREEMENTS FREE TRADE AREA FREE TRADE AREAS FREE TRADE ARRANGEMENT FREE TRADE ASSOCIATION GLOBAL ECONOMY GLOBAL TRADING GLOBALIZATION HARMONIZATION HOME COUNTRY IMPORT SUBSTITUTION IMPORT SUBSTITUTION INDUSTRIALIZATION IMPORTS INCREASING TRADE INDUSTRIAL COUNTRY INDUSTRIAL POLICY INTERNATIONAL BANK INTERNATIONAL ECONOMICS INTERNATIONAL INSTITUTIONS INTERNATIONAL MARKET INTERNATIONAL MARKETS INTERNATIONAL ORGANIZATIONS INTERNATIONAL TRADE INTERNATIONAL TRADE RELATIONS INTRA-REGIONAL TRADE INTRAREGIONAL TRADE INVESTMENT AGREEMENTS INVESTMENT LIBERALIZATION INVESTMENT POLICY LATIN AMERICAN LEGAL INSTRUMENTS LEGAL TERMS LEGAL TREATIES LIBERALIZATION OF TRADE LOBBYING MARKET ACCESS MARKET CONDITIONS MARKET DEVELOPMENT MARKET INTEGRATION MEMBER COUNTRIES MONETARY UNION MOST FAVORED NATION MULTILATERAL AGREEMENTS MULTILATERAL RULES MULTILATERAL SYSTEM MULTILATERAL TRADE MULTILATERAL TRADE LIBERALIZATION MULTILATERAL TRADE NEGOTIATIONS MULTILATERALISM MUTUAL RECOGNITION OPEN REGIONALISM OPEN TRADE OPENNESS PACIFIC REGION PARTNER COUNTRIES POLICY MAKERS POLICY REFORMS POLICY RESEARCH POLITICAL ECONOMY PREFERENTIAL TRADE PREFERENTIAL TRADE AGREEMENTS PRIVATE SECTOR PRIVATIZATION PROTECTIONIST RAPID GROWTH REGIONAL AGREEMENT REGIONAL AGREEMENTS REGIONAL ARRANGEMENTS REGIONAL COOPERATION REGIONAL COORDINATION REGIONAL GROUPING REGIONAL GROUPINGS REGIONAL INITIATIVES REGIONAL INTEGRATION REGIONAL INTEGRATIONS REGIONAL TRADE REGIONAL TRADE AGREEMENT REGIONAL TRADE AGREEMENTS REGIONAL TRADE ARRANGEMENTS REGIONAL TRADE INTEGRATION REGIONAL TRADING PARTNERS REGIONALISM REGIONALIZATION REPUTATION SECURITY INTERESTS SMALL COUNTRY SOUTH AMERICA TECHNICAL COOPERATION TECHNICAL STANDARDS TRADE BALANCE TRADE BARRIERS TRADE BLOCS TRADE CREATION TRADE DISPUTE TRADE DIVERSION TRADE FACILITATION TRADE IN GOODS TRADE IN SERVICES TRADE INTEGRATION TRADE INTENSITY TRADE INTENSITY INDICES TRADE LAWS TRADE LIBERALIZATION TRADE LIBERALIZATIONS TRADE LINKS TRADE NEGOTIATIONS TRADE POLICIES TRADE POLICY TRADE POLICY FORMULATION TRADE POLICY REVIEW TRADE RELATIONS TRADE RELATIONSHIP TRADE RELATIONSHIPS TRADE STRATEGY TRADE TREATIES TRADE VOLUME TRADING BLOCS TRADING PARTNERS TRANSPORT EQUIPMENT TREATIES TRINIDAD AND TOBAGO UNILATERAL TRADE UNILATERAL TRADE LIBERALIZATION UNION CUSTOMS VERTICAL SPECIALIZATION WORLD ECONOMY WORLD EXPORTS WORLD OUTPUT WORLD TRADE WORLD TRADE ORGANIZATION WORLD TRADING SYSTEM Aminian, Nathalie Fung, K.C. Ng, Francis Integration of Markets vs. Integration by Agreements |
| geographic_facet |
Latin America & Caribbean East Asia and Pacific |
| relation |
Policy Research Working Paper; No. 4546 |
| description |
This paper provides an analysis of the
two channels of regional integration: integration via
markets and integration via agreements. Given that East Asia
and Latin America are two fertile regions where both forms
of integrations have taken place, the authors examine the
experiences of these two areas. There are four related
results. First, East Asia had been integrating via markets
long before formal agreements were in vogue in the region.
Latin America, by contrast, has primarily used formal
regional trade treaties as the main channel of integration.
Second, despite the relative lack of formal regional trade
treaties until recently, East Asia is more integrated among
itself than Latin America. Third, from a purely economic and
trade standpoint, the proper sequence of integrations seems
to be first integrating via markets and subsequently via
formal regional trade agreements. Fourth, regional trade
agreements often serve multiple constituents. The reason why
integrating via markets first can be helpful is because this
can give stronger political bargaining power to the
outward-looking economic-oriented forces within the country. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Aminian, Nathalie Fung, K.C. Ng, Francis |
| author_facet |
Aminian, Nathalie Fung, K.C. Ng, Francis |
| author_sort |
Aminian, Nathalie |
| title |
Integration of Markets vs. Integration by Agreements |
| title_short |
Integration of Markets vs. Integration by Agreements |
| title_full |
Integration of Markets vs. Integration by Agreements |
| title_fullStr |
Integration of Markets vs. Integration by Agreements |
| title_full_unstemmed |
Integration of Markets vs. Integration by Agreements |
| title_sort |
integration of markets vs. integration by agreements |
| publisher |
World Bank, Washington, DC |
| publishDate |
2012 |
| url |
http://documents.worldbank.org/curated/en/2008/03/9051389/integration-markets-vs-integration-agreements http://hdl.handle.net/10986/6562 |
| _version_ |
1764400494864760832 |
| spelling |
okr-10986-65622021-04-23T14:02:31Z Integration of Markets vs. Integration by Agreements Aminian, Nathalie Fung, K.C. Ng, Francis ANDEAN PACT ANTI-TRADE ARBITRATOR BARGAINING POWER BARRIERS TO TRADE BILATERAL AGREEMENTS BILATERAL TRADE BILATERAL TRADE AGREEMENT BILATERAL TRADE AGREEMENTS BILATERAL TREATIES BOND BOND MARKET BOND MARKETS CENTRAL AMERICA CENTRAL AMERICAN CENTRAL BANK COMMON MARKET COMPARATIVE ADVANTAGE COMPARATIVE DISADVANTAGE CONTRACTING PARTIES COOPERATION AGREEMENTS CURRENCY CUSTOMS CUSTOMS PROCEDURES CUSTOMS UNION DEREGULATION DEVALUATIONS DEVELOPING COUNTRIES DEVELOPING COUNTRY DISPUTE SETTLEMENT DYNAMIC EFFECTS E-COMMERCE ECONOMIC AGREEMENTS ECONOMIC COMMUNITY ECONOMIC COOPERATION ECONOMIC CRISES ECONOMIC CRISIS ECONOMIC DEVELOPMENTS ECONOMIC GROWTH ECONOMIC INTEGRATION ECONOMIC INTEGRATIONS ECONOMIC LIBERALIZATION ECONOMIC PARTNERSHIP AGREEMENT ECONOMIC POLICY ECONOMIC REGIONALISM ECONOMIC STABILIZATION EQUILIBRIUM EUROPEAN UNION EXPORT MARKET EXPORT PERFORMANCE EXPORT VALUE EXPORTERS EXPORTING COUNTRY EXPORTS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL INTEGRATION FOREIGN DIRECT INVESTMENT FOREIGN INVESTMENT FOREIGN POLICY FOREIGN TRADE FOREIGN TRADE POLICY FORMAL TRADE FREE TRADE FREE TRADE AGREEMENT FREE TRADE AGREEMENTS FREE TRADE AREA FREE TRADE AREAS FREE TRADE ARRANGEMENT FREE TRADE ASSOCIATION GLOBAL ECONOMY GLOBAL TRADING GLOBALIZATION HARMONIZATION HOME COUNTRY IMPORT SUBSTITUTION IMPORT SUBSTITUTION INDUSTRIALIZATION IMPORTS INCREASING TRADE INDUSTRIAL COUNTRY INDUSTRIAL POLICY INTERNATIONAL BANK INTERNATIONAL ECONOMICS INTERNATIONAL INSTITUTIONS INTERNATIONAL MARKET INTERNATIONAL MARKETS INTERNATIONAL ORGANIZATIONS INTERNATIONAL TRADE INTERNATIONAL TRADE RELATIONS INTRA-REGIONAL TRADE INTRAREGIONAL TRADE INVESTMENT AGREEMENTS INVESTMENT LIBERALIZATION INVESTMENT POLICY LATIN AMERICAN LEGAL INSTRUMENTS LEGAL TERMS LEGAL TREATIES LIBERALIZATION OF TRADE LOBBYING MARKET ACCESS MARKET CONDITIONS MARKET DEVELOPMENT MARKET INTEGRATION MEMBER COUNTRIES MONETARY UNION MOST FAVORED NATION MULTILATERAL AGREEMENTS MULTILATERAL RULES MULTILATERAL SYSTEM MULTILATERAL TRADE MULTILATERAL TRADE LIBERALIZATION MULTILATERAL TRADE NEGOTIATIONS MULTILATERALISM MUTUAL RECOGNITION OPEN REGIONALISM OPEN TRADE OPENNESS PACIFIC REGION PARTNER COUNTRIES POLICY MAKERS POLICY REFORMS POLICY RESEARCH POLITICAL ECONOMY PREFERENTIAL TRADE PREFERENTIAL TRADE AGREEMENTS PRIVATE SECTOR PRIVATIZATION PROTECTIONIST RAPID GROWTH REGIONAL AGREEMENT REGIONAL AGREEMENTS REGIONAL ARRANGEMENTS REGIONAL COOPERATION REGIONAL COORDINATION REGIONAL GROUPING REGIONAL GROUPINGS REGIONAL INITIATIVES REGIONAL INTEGRATION REGIONAL INTEGRATIONS REGIONAL TRADE REGIONAL TRADE AGREEMENT REGIONAL TRADE AGREEMENTS REGIONAL TRADE ARRANGEMENTS REGIONAL TRADE INTEGRATION REGIONAL TRADING PARTNERS REGIONALISM REGIONALIZATION REPUTATION SECURITY INTERESTS SMALL COUNTRY SOUTH AMERICA TECHNICAL COOPERATION TECHNICAL STANDARDS TRADE BALANCE TRADE BARRIERS TRADE BLOCS TRADE CREATION TRADE DISPUTE TRADE DIVERSION TRADE FACILITATION TRADE IN GOODS TRADE IN SERVICES TRADE INTEGRATION TRADE INTENSITY TRADE INTENSITY INDICES TRADE LAWS TRADE LIBERALIZATION TRADE LIBERALIZATIONS TRADE LINKS TRADE NEGOTIATIONS TRADE POLICIES TRADE POLICY TRADE POLICY FORMULATION TRADE POLICY REVIEW TRADE RELATIONS TRADE RELATIONSHIP TRADE RELATIONSHIPS TRADE STRATEGY TRADE TREATIES TRADE VOLUME TRADING BLOCS TRADING PARTNERS TRANSPORT EQUIPMENT TREATIES TRINIDAD AND TOBAGO UNILATERAL TRADE UNILATERAL TRADE LIBERALIZATION UNION CUSTOMS VERTICAL SPECIALIZATION WORLD ECONOMY WORLD EXPORTS WORLD OUTPUT WORLD TRADE WORLD TRADE ORGANIZATION WORLD TRADING SYSTEM This paper provides an analysis of the two channels of regional integration: integration via markets and integration via agreements. Given that East Asia and Latin America are two fertile regions where both forms of integrations have taken place, the authors examine the experiences of these two areas. There are four related results. First, East Asia had been integrating via markets long before formal agreements were in vogue in the region. Latin America, by contrast, has primarily used formal regional trade treaties as the main channel of integration. Second, despite the relative lack of formal regional trade treaties until recently, East Asia is more integrated among itself than Latin America. Third, from a purely economic and trade standpoint, the proper sequence of integrations seems to be first integrating via markets and subsequently via formal regional trade agreements. Fourth, regional trade agreements often serve multiple constituents. The reason why integrating via markets first can be helpful is because this can give stronger political bargaining power to the outward-looking economic-oriented forces within the country. 2012-05-29T17:22:59Z 2012-05-29T17:22:59Z 2008-03 http://documents.worldbank.org/curated/en/2008/03/9051389/integration-markets-vs-integration-agreements http://hdl.handle.net/10986/6562 English Policy Research Working Paper; No. 4546 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research Latin America & Caribbean East Asia and Pacific |