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Does Regional Integration Matter for Inclusive Growth? Evidence from the Multidimensional Regional Integration Index

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  • Park, Cyn-Young

    (Asian Development Bank)

  • Claveria, Racquel

    (Asian Development Bank)

Abstract

This paper employs a multidimensional approach to gauge the degree of regional integration and analyze impact on growth, inequality, and poverty. It constructs a multidimensional regional integration index (MDRII) series that embodies six key facets of regional integration: (i) trade and investment, (ii) money and finance, (iii) regional value chains, (iv) infrastructure and connectivity, (v) movement of people, and (vi) institutional and social integration. The MDRII confirms that regional integration is most advanced in the European Union which scores high in all six dimensions; Asia comes second with the largest contribution from infrastructure and connectivity. Empirical analysis suggests significant and positive development impact of regional integration even when trade and financial openness is controlled. The regional value chain, movement of people, and institutional and social integration dimensions have been significant drivers of economic growth. Infrastructure and connectivity improve income distribution. Overall integration alongside the dimensions of trade and investment, money and finance, and institutional and social integration appear to significantly and robustly reduce poverty.

Suggested Citation

  • Park, Cyn-Young & Claveria, Racquel, 2018. "Does Regional Integration Matter for Inclusive Growth? Evidence from the Multidimensional Regional Integration Index," ADB Economics Working Paper Series 559, Asian Development Bank.
    • Handle: RePEc:ris:adbewp:0559
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    Cited by:

    1. Osaulenko Oleksandr & Bulatova Olena & Zakharova Olha & Reznikova Natallia, 2021. "The problem of statistical assessment of the potential for the development of regional integration processes," Statistics in Transition New Series, Statistics Poland, vol. 22(4), pages 121-138, December.
    2. Ullah, Atta & Pinglu, Chen & Ullah, Saif & Qaisar, Zahid Hussain & Qian, Ningyu, 2022. "The dynamic nexus of E-Government, and sustainable development: Moderating role of multi-dimensional regional integration index in Belt and Road partner countries," Technology in Society, Elsevier, vol. 68(C).
    3. Oleksandr Osaulenko & Olena Bulatova & Olha Zakharova & Natallia Reznikova, 2021. "The problem of statistical assessment of the potential for the development of regional integration processes," Statistics in Transition New Series, Polish Statistical Association, vol. 22(4), pages 121-138, December.

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    More about this item

    Keywords

    composite index; economic growth; inequality; poverty; regional integration;
    All these keywords.

    JEL classification:

    • C38 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Classification Methdos; Cluster Analysis; Principal Components; Factor Analysis
    • C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation
    • F15 - International Economics - - Trade - - - Economic Integration
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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