Tracking Regional Integration in Northeast Asia: A composite index approach

Cyn-Young Park ()

No 2106, Discussion papers from ERINA - Economic Research Institute for Northeast Asia

Abstract: In this paper, we employed a composite index approach in assessing regional integration in Asia and the Pacific, with special focus on Northeast Asia. Findings suggest that the pace of integration in Northeast Asia is broadly trending upward over the 2006 – 2016 sample period, catching up to the level of most integrated region in Southeast Asia. Of the six dimensions featured in the composite index, we find that trade and investment and movement of people are the main drivers of regional integration, while the money and finance dimension was the weakest link. An in-depth analysis of Northeast Asia indicates that infrastructure and connectivity as well as institutional and social integration drive the subregion’s integration with entire Asia. By contrast, integration within the subregion is lowest in terms of institutional and social integration, suggesting the dearth of formal integration mechanisms in Northeast Asia. Finally, country-level analysis for the subregion suggests that higher-income economies (such as People’s Republic of China, Japan, and Republic of Korea) show in general a broader regional integration compared to more narrowly-based subregional integration in Democratic People’s Republic of Korea and Mongolia.

Keywords: international migration; labor mobility; regional economic integration (search for similar items in EconPapers)
JEL-codes: F22 O15 (search for similar items in EconPapers)
Pages: 39 pages
Date: 2021-12
New Economics Papers: this item is included in nep-ban, nep-int and nep-mig
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Persistent link: https://EconPapers.repec.org/RePEc:eri:dpaper:2106

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