|
Has Japan Been Left Out in the Cold by Regional Integration?Howard J. Wall Despite the ongoing worldwide trend toward regional integration, Japan has remained outside of all regional trading agreements. Because more than 60 percent of Japanfs trade is with countries that are members of a major regional bloc, this reluctance may have had significant effects on its pattern and volume of trade. Indeed, I find that Japanfs exports have been reduced by the integration of its trading partners, and that this effect has been fairly uniform across integration regimes. I also find that regional trading agreements have tended to have a much more negative effect on Japanese trade than on the trade of other nonmembers. Key words: Regional integration; Japanese trade; Gravity model Views expressed in Monetary and Economic Studies are those
of the authors and do not necessarily reflect those of the Bank
of Japan or Institute for Monetary and Economic Studies. |
2002 Bank of Japan All Rights Reserved.
