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India-ASEAN-5 Economic Integration: Impact of Liberalization

Author

Listed:
  • Huay-Huay Lee
  • Hock-Ann Lee
  • Venus Khim-Sen Liew

Abstract

Understanding the degree of integration between India and the Association of Southeast Asian Nations (ASEAN) is important to measure the impact of the proposed India-ASEAN Free Trade Area (FTA). If both India and ASEAN are well integrated, the impact of such liberalization will be small and vice versa. The Augmented Dickey-Fuller (ADF) and Phillips and Perron (PP) test results indicate that India and ASEAN are relatively integrated with respect to goods and services markets, but the Purchasing Power Parity (PPP) evidence is comparatively still a weaker one. Financial market integration, however, remains significantly incomplete. The main implication of this finding is that the impact of future liberalization will be great on financial markets. Due to the weak PPP evidence, the goods and services markets will also receive substantial impact from future liberalization. This suggests that the two regions could further exploit their partnership in FTA in their complementary areas, both in goods and services markets, and financial markets, in particular.

Suggested Citation

  • Huay-Huay Lee & Hock-Ann Lee & Venus Khim-Sen Liew, 2007. "India-ASEAN-5 Economic Integration: Impact of Liberalization," The IUP Journal of Applied Economics, IUP Publications, vol. 0(6), pages 7-20, November.
    • Handle: RePEc:icf:icfjae:v:06:y:2007:i:6:p:7-20
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    Cited by:

    1. Zhao, Tiantian & Institute of Research, Asian, 2020. "The Changes and Implications of Indian Maritime Diplomacy Policy during Modi Administration," SocArXiv qb32d, Center for Open Science.
    2. Chandrima Sikdar & Biswajit Nag, 2011. "Impact of India-ASEAN Free Trade Agreement: A cross-country analysis using applies general equilibrium modelling," Working Papers 10711, Asia-Pacific Research and Training Network on Trade (ARTNeT), an initiative of UNESCAP and IDRC, Canada..
    3. yean, tham siew & Yi, Andrew Kam Jia, 2014. "Reassessing the Impact of the ASEAN-India Free Trade Agreement," Jurnal Ekonomi Malaysia, Faculty of Economics and Business, Universiti Kebangsaan Malaysia, vol. 48(2), pages 99-110.
    4. Rutten, Martine & Chant, Lindsay & Meijerink, Gerdien, 2011. "Sit down at the ballgame: How trade barriers have made the world less food secure," Conference papers 332154, Purdue University, Center for Global Trade Analysis, Global Trade Analysis Project.
    5. Zhao, Tiantian & Institute of Research, Asian, 2020. "The Changes and Implications of Indian Maritime Diplomacy Policy during Modi Administration," OSF Preprints jt5gp, Center for Open Science.

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