Different Models for Regional Integration: Lessons from Total Factor Productivity in Europe

Jeong Yeon Lee and Doyeon Kim
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Jeong Yeon Lee: Asian Development Bank Institute
Doyeon Kim: Asian Development Bank Institute

No 452, ADBI Working Papers from Asian Development Bank Institute

Abstract: The European experience offers three possible models for regional integration: a free trade arrangement, a single market, and a common currency area. This paper examines the effect of regional integration on total factor productivity to assess the long-run growth implications of each model. The findings suggest that joining a regional grouping changes the way participating economies grow. Of the three models, the free trade arrangement is found to be the most effective in promoting intra-regional dependence on R&D spillovers. The other two models are associated with largely negative windfall effects on total factor productivity.

Keywords: regional integration; economic growth; total factor productivity (search for similar items in EconPapers)
JEL-codes: F02 O31 O40 (search for similar items in EconPapers)
Pages: 30 pages
Date: 2013-12-16
New Economics Papers: this item is included in nep-eff and nep-ure
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