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The Theory of Trade Agreements, Economic Integration, Size of Economies, Trade Costs and Welfare

In: Asymmetric Economic Integration

Author

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  • Snorri Thomas Snorrason

    (Lancaster University)

Abstract

The primary objective of this book is to investigate the welfare effects of asymmetric economic integration on economies. This chapter is intended to provide a review of the relevant theoretical, technical and empirical literature relating to several distinct research areas which, in the context of the book, are inter-linked. The first section provides a descriptive overview of preferential trade areas (PTAs) as the general category that includes all forms of economic integration. This discussion includes a brief outline of the GATT/WTO rules permitting the formation of trade blocs as well as brief definitions and discussions of different types of PTAs. Sections 2.2 and 2.3 present an overview of the theory of economic integration. This includes a discussion of the second best and transfer payments as well as the relationship between economic integration, trade flows and economic welfare. The discussion in is concerned with the examination of trade costs and, in particular, their implications for economic integration and welfare. This is followed by an overview of the literature on the size implications for economies, specifically the key size characteristics of economies. The discussion then addresses the implications of trade costs for economies and also the welfare effects of their membership of regional economic blocs. provides a brief summary and conclusions.

Suggested Citation

  • Snorri Thomas Snorrason, 2012. "The Theory of Trade Agreements, Economic Integration, Size of Economies, Trade Costs and Welfare," Contributions to Economics, in: Asymmetric Economic Integration, edition 127, chapter 0, pages 9-46, Springer.
    • Handle: RePEc:spr:conchp:978-3-7908-2861-0_2
    DOI: 10.1007/978-3-7908-2861-0_2
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    Cited by:

    1. Tarun Bose & Jannatul Bristy, 2017. "Are Countries Participating into Regional Integration Performing Better in Growth and Liberalization Than Non-Participators? A Study on European Countries," International Journal of Business and Management, Canadian Center of Science and Education, vol. 12(2), pages 171-171, January.
    2. KURTOVIC, Safet & HALILI, Blerim & MAXHUNI, Nehat & TALOVIC, Sead, 2016. "Liberalization of Trade with the EFTA Countries: Some Evidence from Bosnia and Herzegovina - La liberalizzazione del commercio con i paesi dell’ EFTA: evidenze dalla Bosnia e Herzegovina," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 69(3), pages 213-232.

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