Globalization, regionalization and convergence in East Asia

Jun Zhao and John Serieux

The Journal of International Trade & Economic Development, 2019, vol. 28, issue 4, 486-507

Abstract: This research paper reports the result of an investigation into the pattern of income convergence in East Asia since 1970 and the proximate role of increased regionalization and inter-regional globalization in generating regional convergence or divergence. Specifically, we apply sigma and log t convergence tests for income convergence in the East Asian region and an augmented autoregressive distributed lag (ARDL) model to analyze the relationship between regional income dispersion and intra- and extra-regional flows of goods, capital and technology. Regardless of the measure of per capita income, the sigma convergence tests fail to find any evidence of intra-regional convergence. The log t convergence tests do not indicate overall convergence either, but, indicate the existence of convergence clubs within the region. The regression analysis suggests that intra-regional flows of capital and technology and extra- regional FDI flows unambiguously engender convergence while intra-regional trade flows and extra-regional exports have divergence effects.

Date: 2019
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DOI: 10.1080/09638199.2018.1550801

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