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Deepening regionalism in Europe and ASEAN – the role of an economic constitution

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  • Philomena Murray
  • Gabriele Orcalli

Abstract

The article examines the creation of an internal market in Europe and Southeast Asia from the perspective of constitutional economics. It assesses whether the success or failure of a regional integration process depends on the quality of the economic constitution that is chosen by participating countries, that is, on the set of rules and institutions, which bind the actions and transactions of operators within a jurisdiction and towards the operators of other jurisdictions. The article commences with an overview of the analytical instruments of constitutional economics in order to evaluate the success of a regional agreement on the basis of the ‘quality’ of its economic constitution. It then examines internal market creation in the EU and the Association of Southeast Asian Nation (ASEAN). The article concludes that it is the commitment to the implementation of a social contract that determines the successful establishment of a single market.

Suggested Citation

  • Philomena Murray & Gabriele Orcalli, 2012. "Deepening regionalism in Europe and ASEAN – the role of an economic constitution," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 17(3), pages 426-445.
    • Handle: RePEc:taf:rjapxx:v:17:y:2012:i:3:p:426-445
    DOI: 10.1080/13547860.2012.694698
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    References listed on IDEAS

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    1. Yann Duval & Chorthip Utoktham, 2011. "Intraregional Trade Costs in Asia: A Primer," Asia-Pacific Development Journal, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), vol. 18(2), pages 1-23, December.
    2. Mattli,Walter, 1999. "The Logic of Regional Integration," Cambridge Books, Cambridge University Press, number 9780521635363, September.
    3. Dorrucci, Ettore & Fratzscher, Marcel & Mongelli, Francesco Paolo & Firpo, Stefano, 2002. "European integration: what lessons for other regions? The case of Latin America," Working Paper Series 185, European Central Bank.
    4. Mattli,Walter, 1999. "The Logic of Regional Integration," Cambridge Books, Cambridge University Press, number 9780521632270, September.
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    Cited by:

    1. Jonathan A. Batten & Peter Morgan & Peter G. Szilagyi, 2015. "Time Varying Asian Stock Market Integration," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 60(01), pages 1-24.
    2. Jonathan A. Batten & Peter G. Szilagyi & Wagner, 2015. "Should emerging market investors buy commodities?," Applied Economics, Taylor & Francis Journals, vol. 47(39), pages 4228-4246, August.

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