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Common Markets and Economic Unions

In: The Theory and Measurement of International Economic Integration

Author

Listed:
  • Ali M. El-Agraa

    (Leeds University
    Fukuoka University)

Abstract

The analysis of customs unions (CUs) needs drastic extension when applied to common markets (CMs) and economic unions (EUs). Firstly, the introduction of free factor mobility may enhance efficiency through a more rational reallocation of resources but may also result in depressed areas, therefore creating or aggravating regional problems and imbalances — see Mayes (1983a) and Robson (1985). Secondly, fiscal harmonisation may also improve efficiency by eliminating non-tariff trade barriers (NTBs) and distortions and by equalising their effective protective rates. Thirdly, the coordination of monetary and fiscal policies which is implied by monetary integration may ease unnecessarily severe imbalances hence resulting in the promotion of the right atmosphere for stability in the economies of the member nations.

Suggested Citation

  • Ali M. El-Agraa, 1989. "Common Markets and Economic Unions," Palgrave Macmillan Books, in: The Theory and Measurement of International Economic Integration, chapter 4, pages 65-88, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-10203-7_4
    DOI: 10.1007/978-1-349-10203-7_4
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