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Regional Integration: What is in it for CARICOM?

Author

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  • Mendoza, Eduardo
  • Mesquita Moreira, Mauricio

Abstract

Economic and political integration have been a perennial and neuralgic issue in the Caribbean agenda. This paper draws on the literature on trade, growth and regional agreements to discuss the motivation behind the Caribbean drive for integration, the results obtained so far and what is in stock for the future. It argues, with the help of descriptive statistics, an empirical growth model and a gravity model, that the traditional, trade related gains from regional integration have been and are bound to be limited because of (1) the countries¿ high openness; (2) the limited size of the "common", enlarged market; and (3) the countries¿ relatively similar factor endowments. It also argues, though, that gains in the area of "non-tradables", due to economies of scale which cannot be mitigated by trade and openness, can be substantial.

Suggested Citation

  • Mendoza, Eduardo & Mesquita Moreira, Mauricio, 2007. "Regional Integration: What is in it for CARICOM?," IDB Publications (Working Papers) 2653, Inter-American Development Bank.
    • Handle: RePEc:idb:brikps:2653
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    Cited by:

    1. Holt, Charles A. & Porzio, Megan & Song, Michelle Yingze, 2017. "Price bubbles, gender, and expectations in experimental asset markets," European Economic Review, Elsevier, vol. 100(C), pages 72-94.
    2. Juan Carlos Cuestas & Carlyn Ramlogan-Dobson, 2013. "Convergence of Inflationary Shocks: Evidence from the Caribbean," The World Economy, Wiley Blackwell, vol. 36(9), pages 1229-1243, September.
    3. Juan Carlos Cuestas & Carlyn Dobson, 2011. "Inflation persistence: Implication for a monetary union in the Caribbean," Working Papers 2011017, The University of Sheffield, Department of Economics.
    4. Alain Maurin & Roland Craigwell, 2010. "Are Caribbean Countries Diverging or Converging? Evidence from Spatial Econometrics," Post-Print hal-04052136, HAL.
    5. Eric Pentecost & Paul Turner, 2010. "Demand and Supply Shocks in the Caribbean Economies: Implications for Monetary Union," The World Economy, Wiley Blackwell, vol. 33(10), pages 1325-1337, October.

    More about this item

    Keywords

    CARICOM; Acuerdos Comerciales; INTAL ITD Working Paper N° 29; Comercio; INTAL; Integración Regional;
    All these keywords.

    JEL classification:

    • F1 - International Economics - - Trade
    • F15 - International Economics - - Trade - - - Economic Integration
    • F2 - International Economics - - International Factor Movements and International Business

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