Year: 2001
Title:
Trade flows: a facet of regionalism or globalization?
JEL: F15
Authors:
T. Pelagidis, Panteion University of Athens
G. Chortareas, Bank of England
Abstract:
This paper examines the evidence about the extent of globalization focusing on some aspects of international trade flows. Descriptive statistics and a casual reading of the existing evidence are provided in the first part of the paper. The focus is on whether the increase of trade flows has been predominantly a global or regional phenomenon. The analysis points to the tentative conclusion that the dominant tendency is the increase in trade within regional blocks (North America, the E.U., and the Asia-Japan blocks) rather than across them. To address the same question a more formal analysis is undertaken in the second part of the paper, by focussing on the relative speed of the convergence in openness within and across regions of the world. Our results indicate that the degree of openness converges faster across the countries of a given region rather than at the global level, reinforcing the conclusions from the narrative part of the paper.
Keywords:
International Trade, Globalization, Regionalism
Contact address: pelagidi at panteion.gr
Paper URL: http://www.v-prc.gr/7/2/docs/4_gr.doc
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