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Customs Unions And Latin American Integration

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  • Keith Griffin
  • Ricardo Ffrench‐Davis

Abstract

The potential gains from a customs union may be divided into two categories, those which improve the allocation of resources and those which lead to an increase in the quantity of available resources. The former are static, once‐for‐all gains, while the latter are cumulative gains. The static benefits can be represented as derived from changed price relationships along a fixed production frontier and as a movement to the frontier. The dynamic benefits of customs unions, on the other hand, lead to an increase in the rate of economic growth, and can be represented best by a series of shifts of the production frontier. The potential increase in welfare from improved resource allocation is likely to be small. The benefits from dynamic processes, as we try to demonstrate below, may be somewhat larger. Whether these potential benefits are translated into actual gains will depend upon whether the member countries are able to overcome certain problems of short‐run adjustment. There is no certainty they will be able to do this.

Suggested Citation

  • Keith Griffin & Ricardo Ffrench‐Davis, 1965. "Customs Unions And Latin American Integration," Journal of Common Market Studies, Wiley Blackwell, vol. 4(1), pages 1-21, March.
    • Handle: RePEc:bla:jcmkts:v:4:y:1965:i:1:p:1-21
    DOI: 10.1111/j.1468-5965.1965.tb01117.x
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    Cited by:

    1. Michelle Cini & Amy Verdun, 2017. "Editorial Note," Journal of Common Market Studies, Wiley Blackwell, vol. 55(6), pages 1189-1191, November.

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