期刊
NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE
卷 20, 期 1, 页码 46-65出版社
ELSEVIER SCIENCE INC
DOI: 10.1016/j.najef.2008.10.001
关键词
Gravity equation; Integration effects; International trade; Regionalism; Panel data
This paper evaluates the effects of preferential agreements on trade between trade group members and non-members using a static and a dynamic gravity model. The gravity model is estimated using recent panel data techniques which account for the endogeneity of the integration effects and the existence of dynamic effects. We incorporate into the static model the time-varying, multilateral resistance terms to obtain unbiased estimates. In addition, we estimate a dynamic version of the gravity model using a number of GMM estimators. The results show that dynamics are significant and robust and that the new wave of regionalism in the 1990s has had larger positive effects on intra and extra-bloc trade on developed countries (EU and NAFTA) than on developing countries. (C) 2008 Elsevier Inc. All rights reserved.
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