Regional Economic Integration and Worldwide Free Trade

Sung Hoo Kim
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Sung Hoo Kim: Kwangju City Government

Korean Economic Review, 1995, vol. 11, issue 1, 67-85

Abstract: This paper examines the forces of economic integration by analyzing the flow of international trade using the gravity model, a technique of analysis that explains trade flows by the sizes of the countries involved and the distances between them. This paper also investigates the importance of location( same region or proximity) in the formation of regional trading blocs in the global economy. In previous analyses of economic integration, the role of transportation costs has been given limited study. Transportation costs are typically included in production costs rather than studied as an independent element. By neglecting the locational factor, past studies have tended to overlook the advantages of geographical proximity in explaining economic integration.

Date: 1995
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