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Testing the relationships between globalization, regionalization and the regional hubness of the BRICs

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  • Chen, Lurong
  • De Lombaerde, Philippe

Abstract

The BRIC economies are expected to further increase their share and importance in the world economy. Whereas their growth strategies and their integration in the world production system has been widely analyzed from different angles, it seems that there has been less attention paid to how integration in the global economy (and openness) is related to integration in the regional economy. Firstly, we will therefore propose a series of indicators to better assess the interdependence between the BRIC economies and the economies of their respective ‘regions’, be it institutionalized or de facto regions. Secondly, we will present a series of statistical tests to evaluate the relationship between globalization and regionalization. This should further clarify the implications of a scenario of sustained growth and globalization in the BRICs for the patterns and levels of production and trade in their regions of influence. Among the findings of this article, model estimations suggest that the relative globalization of the BRICs is related to more global sourcing by the BRICs, enhanced regional competitiveness of the BRICs, and more asymmetry and trade dependence from the perspective of the regional trade partners.

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  • Chen, Lurong & De Lombaerde, Philippe, 2014. "Testing the relationships between globalization, regionalization and the regional hubness of the BRICs," Journal of Policy Modeling, Elsevier, vol. 36(S1), pages 111-131.
    • Handle: RePEc:eee:jpolmo:v:36:y:2014:i:s1:p:s111-s131
    DOI: 10.1016/j.jpolmod.2013.10.011
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    4. Azevedo, Vitor G. & Sartori, Simone & Campos, Lucila M.S., 2018. "CO2 emissions: A quantitative analysis among the BRICS nations," Renewable and Sustainable Energy Reviews, Elsevier, vol. 81(P1), pages 107-115.
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    6. Flavio Vilela Vieira & Cleomar Gomes da Silva, 2021. "What drives export performance in the BRICS countries? An ARDL investigation," Economics Bulletin, AccessEcon, vol. 41(2), pages 686-695.
    7. Mikael Wigell, 2016. "Conceptualizing regional powers’ geoeconomic strategies: neo-imperialism, neo-mercantilism, hegemony, and liberal institutionalism," Asia Europe Journal, Springer, vol. 14(2), pages 135-151, June.
    8. Garzón, Jorge F., 2015. "Multipolarity and the Future of Regionalism: Latin America and Beyond," GIGA Working Papers 264, GIGA German Institute of Global and Area Studies.
    9. Economic Research Institute for ASEAN and East Asia (ERIA), 2020. "COVID-19 and Southeast and East Asian Economic Integration: Understanding the Consequences for the Future," Working Papers PB-2020-01, Economic Research Institute for ASEAN and East Asia (ERIA).
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