Regionalism versus Multilateral Trade Arrangements (National Bureau of Economic Research-East Asia Seminar on Economics)

432 Pages·1997·21.19 MB·English

by  Takatoshi Ito

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Regionalism versus Multilateral
Trade Arrangements
NBER-East Asia Seminar on Economics
Volume6
National Bureau of Economic Research
Korea Development Institute
Chung-Hua Institution for Economic Research
Tokyo Center of Economic Research
Regionalism versus
Multilateral Trade
Arrangements
Takatoshi Ito and
Edited by
Anne 0. Krueger
The University of Chicago Press
Chicago and London
TAKATOSHITIO is professor of economics at Hitotsubashi University,
senior advisor in the research department of the International Monetary
Fund, and a research associate of the National Bureau of Economic Re-
search. ANNE0 . KRUEGERis Caroline L. and Herald L. Ritch Professor
of Economics at Stanford University. She is also director of Stanford's
Center for Research in Economic Development and Policy Reform and a
research associate of the National Bureau of Economic Research.
The University of Chicago Press, Chicago 60637
The University of Chicago Press, Ltd., London
0 1997 by the National Bureau of Economic Research
All rights reserved. Published 1997
Printed in the United States of America
06050403020100999897 12345
ISBN: 0-226-38672-4 (cloth)
Library of Congress Cataloging-in-Publication Data
Regionalism versus Multilateral Trade arrangements I edited by Takatoshi
It0 and Anne 0. Krueger.
p. cm. - (NBER-East Asia seminar on economics ; v. 6)
Sponsored by the National Bureau of Economic Research and other
organizations.
This volume contains edited versions of papers presented at the
NBER-East Asia Seminar on Economics sixth annual conference, held
in Seoul, Korea, 15-17 June 1995.
Includes bibliographical references (p. ) and index.
ISBN 0-226-38672-4 (cloth : alk. paper)
1. Trade blocs-East Asia-Congresses. 2. East Asia-Foreign
economic relations-Congresses. 3. Regionalism-East Asia-
Congresses. 4. International economic integration-Congresses.
5. International economic relations-Congresses. I. ItG, Takatoshi,
1950- . 11. Krueger, Anne 0. 111. National Bureau of Economic
Research. IV. NBER-East Asia Seminar on Economics (6th : 1995 :
Seoul, Korea) V. Series: NBER-East Asia seminar on economics
(Series) ; v. 6.
HF1418.7.R445 1997
382'.9 1- dc2 1 97-7794
CIP
@ The paper used in this publication meets the minimum requirements of
the American National Standard for Information Sciences-Permanence
of Paper for Printed Library Materials, ANSI 239.48- 1984.
National Bureau of Economic Research
Officers
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Technology David B. Yoffie, Harvard
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Association Association
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Economics Association Association
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of Business Economists Labor and Congress of Industrial
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Contents
Acknowledgments ix
Introduction 1
Takatoshi Ito and Anne 0. Krueger
1. Problems with Overlapping Free Wade Areas 9
Anne 0. Krueger
2. The Political Economy of Mexico’s Entry
into NAFTA 25
Aaron Tornell and Gerard0 Esquivel
Comment: Wontack Hong
3. Social Policy Dimensions of Economic
Integration: Environmental and Labor Standards 57
Kym Anderson
Comment: Menzie D. Chinn
Comment: Chong-Hyun Nam
4. EU, NAFTA, and Asian Responses:
A Perspective from the Calculus of Participation 91
Junichi Goto and Koichi Hamada
Comment: Tamim Bayoumi
Comment: Wontack Hong
5. Open versus Closed Trade Blocs 119
Shang-Jin Wei and Jeffrey A. Frankel
Comment: Taeho Bark
vii
viii Contents
6. Is Regionalism Simply a Diversion? Evidence
from the Evolution of the EC and EFTA 141
Tamim Bayoumi and Barry Eichengreen
Comment: Francis T. Lui
Comment: Chong-Hyun Nam
7. Asia Pacific Capital Markets: Integration and
Implications for Economic Activity 169
Menzie D. Chinn and Michael Dooley
Comment: Koichi Hamada
Comment: Aaron Tornell
8. Recent Developments of APEC:
Issues and Prospects of the Osaka Agenda 203
Ippei Yamazawa
Comment: Chia Siow Yue
9. A Perspective on the Effects of NAFTA on Korea 223
Honggue Lee
Comment: Tain-Jy Chen
10. Regionalism and Subregionalism in ASEAN:
The Free Trade Area and Growth Triangle Models 275
Chia Siow Yue
Comment: Mario B. Lamberte
Comment: Shang-Jin Wei
11. Globalization and New Industrial Organization:
Implications for Structural Adjustment Policies 313
Sung Hee Jwa
Comment: Mahani Zainal- Abidin
Comment: Philip Lowe
12. Bilateral Negotiations and Multilateral Trade:
The Case of Taiwan4J.S. Trade Talks 345
Tain-Jy Chen and Meng-chun Liu
Comment: Sang-Woo Nam
Comment: Hank Lim
13. Economics and Politics of Rice Policy in Japan:
A Perspective on the Uruguay Round 37 1
Yujiro Hayami and Yoshihisa Godo
Comment: Ammar Siamwalla
Comment: Kym Anderson
Contributors 405
Name Index 409
Subject Index 413