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How integrated is the world economy?

[journal article]

Bowen, Harry P.
Munandar, Haris
Viaene, Jean-Marie

Abstract

This paper develops a methodology to measure the degree of economic integration between nations that are members of an integrated area. We show that a fully integrated economic area (IEA) is characterized by three properties regarding the distribution of member shares of total IEA output and total I... view more

This paper develops a methodology to measure the degree of economic integration between nations that are members of an integrated area. We show that a fully integrated economic area (IEA) is characterized by three properties regarding the distribution of member shares of total IEA output and total IEA stocks of physical and human capital. We then show that the expected distribution of member shares within a fully IEA is a harmonic series, with the share distribution depending only on the number of IEA members. This property is then used to develop a composite indicator of the degree of economic integration within an IEA that indicates the distance between the theoretical and actual distribution of shares: the closer is the actual distribution to the expected distribution, the greater the degree of integration. We empirically compute our degree of integration for US states, and alternative regional trading agreements (e.g., EU countries, MERCOSUR, Bangkok Agreement, etc.) and a “world” comprising 64 countries.... view less

Classification
Political Economy
Economic Policy

Method
empirical

Free Keywords
Distribution of production; Economic convergence; Factor mobility; Economic integration; E13; F15; F21; F22; O57

Document language
English

Publication Year
2010

Page/Pages
p. 389-414

Journal
Review of World Economics, 146 (2010) 3

DOI
https://doi.org/10.1007/s10290-010-0061-y

Status
Postprint; peer reviewed

Licence
PEER Licence Agreement (applicable only to documents from PEER project)


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© 2007 - 2025 Social Science Open Access Repository (SSOAR).
Based on DSpace, Copyright (c) 2002-2022, DuraSpace. All rights reserved.