The Political Economy of A Trade-First Approach to Regionalism

Graham Bird and Ramkishen Rajan

No 2002-18, Centre for International Economic Studies Working Papers from University of Adelaide, Centre for International Economic Studies

Abstract: Regional integration has become commonplace in the world economy. Moreover, there is clear evidence of a ‘trade first’ approach to regionalism. What is the logic behind this approach? Is it that trade integration prepares the ground for monetary integration by helping to fulfil optimum currency area criteria? Having analysed the economic interrelationship between regional trade integration and monetary union, the paper contends that the ‘trade first’ strategy can instead be explained in political economy terms; there is a higher political return to trade integration. The paper concludes by examining the implications for the future of both regionalism and multilateralism.

Pages: 38 pages
Date: 2002-08
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Citations: View citations in EconPapers (4)

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