The Economics of International Integration

This new edition has been completely revised to reflect the latest developments in the past decade and current policy initiatives. It is an accessible introduction to the economics of regional integration among nation states.

List of figures and tables

ix

(2)

List of abbreviations and acronyms

xi

(3)

Preface

xiv

1 Introduction

1

(16)

The scope of the subject

2

(5)

The emergence of the theory of international economic integration

7

(2)

The present reach of international economic integration: a global perspective

9

(6)

Plan of the book

15

(2)

2 The theory of customs unions and free trade areas

17

(20)

The theoretical context

17

(1)

Customs unions and resource allocation

18

(10)

The economics of a free trade area

28

(9)

3 Broadening the framework

37

(14)

The terms-of-trade effects of customs unions and free trade areas

39

(2)

Economies of scale in customs union theory

41

(7)

Conclusion

48

(3)

4 Customs unions versus unilateral tariff reduction

51

(12)

The superiority of unilateral tariff reduction?

52

(3)

The analysis of customs unions with public goods

55

(4)

Public goods and the rationale for customs unions

59

(4)

5 The rationale for the integration of other economic policies

63

(9)

Policies to overcome allocational cross-border spillovers

65

(1)

Policies to overcome stabilization spillovers

66

(1)

Policies for cohesion and convergence

67

(1)

The dynamics of policy integration

68

(4)

6 The theory of common markets

72

(10)

Integration and intra-bloc capital flows

74

(2)

Foreign capital and the costs and benefits of integration

76

(4)

Factor supplies, dynamic effects and convergence

80

(1)

Conclusion

81

(1)

7 The new economics of market integration

82

(27)

Competition and the gains from integration

83

(9)

Market integration: appraising the gains

92

(9)

The progress and impact of the Single European market

101

(8)

8 Transnational corporations and regional integration

109

(14)

Internalization and the gains from integration

110

(3)

Regional economic integration and the investment decisions of TNCs

113

(3)

Public policy and TNCs

116

(3)

TNCs and regional integration in Europe

119

(4)

9 Fiscal integration

123

(40)

Economic efficiency and the assignment of functions

123

(4)

The relevance of fiscal federalism to regional economic integration

127

(12)

The budget of the European Union

139

(12)

EU budgetary issues in the longer term

151

(12)

10 Fiscal harmonization

163

(27)

The harmonization of indirect taxes

165

(11)

The harmonization of direct taxes

176

(4)

Tax harmonization in the EU

180

(9)

Conclusion

189

(1)

11 Monetary integration

190

(41)

The benefits of monetary integration

193

(4)

The costs of monetary integration

197

(15)

Fiscal policy in a monetary union

212

(3)

Strategies for monetary integration

215

(2)

Monetary integration and the EU

217

(11)

Conclusion

228

(3)

12 Equity, cohesion and convergence: regional issues

231

(37)

The regional dimensions of economic integration

233

(10)

The rationale of regional policy in an economic community

243

(4)

The implementation of a community regional policy

247

(3)

Regional policy in the European Union

250

(18)

13 Economic integration in a global perspective: experience and initiatives

268

(31)

The `old' regionalism among developing countries

270

(7)

The `new' regionalism

277

(18)

Conclusion

295

(4)

References and select bibliography

299

(26)

Index

325

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The Economics of International Integration

Summary

Table of Contents

Supplemental Materials

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The Economics of International Integration

Summary

Table of Contents

Supplemental Materials

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