NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Is Regionalism Simply a Diversion? Evidence From the Evolution of the EC and EFTA

Tamim Bayoumi, Barry Eichengreen

NBER Working Paper No. 5283
Issued in October 1995
NBER Program(s):   ITI

This paper considers the impact on trade of preferential arrangements in Europe since the 1950s. Using a first difference version of the gravity model, we find that the EC and EFTA altered the pattern of international trade. We also find evidence of trade diversion in several cases, notably that of the EC in the 1960s.

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