Trade integration in the European Union: Openness,interconnectedness, and distance |
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| Institution: | 1. Universitat de València, ERI-CES and Ivie, Spain;2. University of Birmingham, United Kingdom;3. Universitat Jaume I, IIDL and Ivie, Spain;1. Department of Money and Banking, National Kaohsiung University of Science and Technology, Taiwan, ROC;2. Department of Finance, National Chung Hsing University, Taiwan, ROC;3. Department of Accounting, National Chengchi University, Taiwan, ROC;1. Universitat de Valencia, Edificio Departamental Oriental, Campus del Tarongers, 46022 Valencia, Spain;2. Ivie, Calle Daniel Balaciart, 3-bajo, 46020 Valencia, Spain;3. ERI-CES, Universitat de Valencia, c/Serpis 29, 46022 Valencia, Spain;1. China Finance Research Institute, Southwestern University of Finance and Economics, Chengdu 610074, China;2. Western China Economic Research Center, Southwestern University of Finance and Economics, Chengdu 610074, China;3. Research Center for Central China Economic and Social Development, and School of Economics & Management, Nanchang University, 999 Xuefu Road, Nanchang 330031, China;1. Economic Analysis Division, Statistics Canada, Canada;2. Cross-Border Institute, University of Windsor, Canada |
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| Abstract: | This article presents a set of indicators to measure regional trade integration, focusing on the case of the European Union. We propose measures of openness, connectedness and integration which are tuned to evaluate not only how these components contribute to the advance of international integration, but also to control for the potential threat posed by the proliferation of regional trade agreements to trade globalization. Although this and related questions have been examined from several perspectives, the present article explicitly attempts to quantify how regional trade agreements either intensify or thwart trade globalization. Results show that the process of trade integration has intensified among European Union members, whereas integration with non-members is advancing slowly. Our indicators provide a more complete view of the differing speeds of integration, which depend on whether the component of integration considered is openness or connectedness. |
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| Keywords: | Connectedness Distance European Union Trade agreement Trade integration F02 F13 F15 Z13 |
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