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The Importance of the OECS Subintegration Cluster in the Context of Development of Its Members' GDP
[Význam subintegračního seskupení OECS v kontextu vývoje HDP jeho členů]

Author

Listed:
  • Pavel Zdražil

Abstract

The regional integration process allows worldwide formation of many regional clusters with an economic focus at most. Some partnerships of such units can create clubs of regions with a higher degree of integration process, compared to the rest, so their extent of regional integration is very high-powered. The present analysis shows that since the formation of such a unit - OECS subintegration cluster, the GDP of the involved countries has definitely developed better than that of the higher integration unit - the CARICOM integration cluster, and the rest of the area as well. Beyond, some higher intensity of recognised effect in the long-term period has been found. Accordingly to the discovered findings, we can suggest that the emergence of similar phenomena of "integration within integration" brings clear evidence of positive development to its participants in terms of economic performance. Similar initiatives of the European Union's Cohesion Policy - grouping of territorial cooperation support - appear to be partially correct in this view. However, the main policy's objectives require other approaches.

Suggested Citation

  • Pavel Zdražil, 2014. "The Importance of the OECS Subintegration Cluster in the Context of Development of Its Members' GDP [Význam subintegračního seskupení OECS v kontextu vývoje HDP jeho členů]," Acta Oeconomica Pragensia, Prague University of Economics and Business, vol. 2014(3), pages 17-28.
    • Handle: RePEc:prg:jnlaop:v:2014:y:2014:i:3:id:441:p:17-28
    DOI: 10.18267/j.aop.441
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    More about this item

    Keywords

    subintegration cluster; CARICOM; OECS; GDP growth; convergence;
    All these keywords.

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes

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