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NBER Working Papers and Publications
|January 1997||EU, NAFTA, and Asian Responses: A Perspective from the Calculus of Participation|
with Koichi Hamada
in Regionalism versus Multilateral Trade Arrangements, Takatoshi Ito and Anne O. Krueger, editors
|October 1995||EU, NAFTA, and Asian Responses: A Perspective from the Calculus of Participation|
with Koichi Hamada: w5325
This paper assesses the economic conditions for Asian countries to cope with the formation of EU and NAFTA. Is it desirable for them to form their own trading area? And, if desirable, is it better to have a closed one like the EAEC or a more open one like the APEC? Relying on public economics and the calculus of participation combined with the Dixit-Stiglitz-Krugman framework, we find the following: (i) the development of the EAEC by the leadership of Malaysia would be a natural response of Asian countries against two big blocs in the world, EU and NAFTA; (ii) it is natural for the United States to discourage this move because the formation of an economic bloc in Asia will have a negative economic impact on the non- Asian countries; (iii) it is natural for the U.S. to propose an opposing...
Published: Junichi Goto & Koichi Hamada, 1997. "EU, NAFTA, and Asian Responses: A Perspective from the Calculus of Participation," NBER Chapters, in: Regionalism versus Multilateral Trade Arrangements, NBER-EASE Volume 6, pages 91-118 National Bureau of Economic Research, Inc.