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There is no doubt that the open multilateral trading system after World War II was a key ingredient in the rapid economic development of the entire world. Especially in Hong Kong, Korea, Singapore, and Taiwan, exports increased dramatically both in absolute terms and as a percentage of GNP. In the 1980s, however, preferential trading arrangements (PTAs) began to emerge as significant factors affecting world trade. This volume contains thirteen papers that analyze the tensions between multilateral trading systems and preferential trade arrangements and the impact of these tensions on East Asia. The first four chapters introduce PTAs conceptually and focus on the unique political issues that these agreements involve. The next five essays present more direct empirical analyses of existing PTAs and their economic effects, primarily in East Asia. The last four papers concentrate on the outcomes of individual East Asian nations' trading policies in specific instances of preferential agreements.
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This Page Intentionally Left Blank Regionalism versus Multilateral Trade Arrangements NBER-East Asia Seminar on Economics Volume6 National Bureau of Economic Research Korea Development Institute Chung-Hua Institution for Economic Research Tokyo Center of Economic Research Regionalism versus Multilateral Trade Arrangements Edited by Takatoshi Ito and Anne 0. Krueger The University of Chicago Press Chicago and London TAKATOSHI ITOis professor of economics at Hitotsubashi University, senior advisor in the research department of the International Monetary Fund, and a research associate of the National Bureau of Economic Reis Caroline L. and Herald L. Ritch Professor search. ANNE0. KRUEGER of Economics at Stanford University. She is also director of Stanford's Center for Research in Economic Development and Policy Reform and a research associate of the National Bureau of Economic Research. The University of Chicago Press, Chicago 60637 The University of Chicago Press, Ltd., London 0 1997 by the National Bureau of Economic Research All rights reserved. Published 1997 Printed in the United States of America 06050403020100999897 1 2 3 4 5 ISBN: 0-226-38672-4 (cloth) Library of Congress Cataloging-in-Publication Data Regionalism versus Multilateral Trade arrangements I edited by Takatoshi It0 and Anne 0. Krueger. p. cm. - (NBER-East Asia seminar on economics ; v. 6) Sponsored by the National Bureau of Economic Research and other organizations. This volume contains edited versions of papers presented at the NBER-East Asia Seminar on Economics sixth annual conference, held in Seoul, Korea, 15-17 June 1995. Includes bibliographical references (p. ) and index. ISBN 0-226-38672-4 (cloth : alk. paper) 1. Trade blocs-East Asia-Congresses. 2. East Asia-Foreign 3. Regionalism-East Asiaeconomic relations-Congresses. Congresses. 4. International economic integration-Congresses. 5 . International economic relations-Congresses. I. ItG, Takatoshi, 1950- . 11. Krueger, Anne 0. 111. National Bureau of Economic Research. IV. NBER-East Asia Seminar on Economics (6th : 1995 : Seoul, Korea) V. Series: NBER-East Asia seminar on economics (Series) ; v. 6. HF1418.7.R445 1997 97-7794 382'.9 1-dc2 1 CIP @ The paper used in this publication meets the minimum requirements of the American National Standard for Information Sciences-Permanence of Paper for Printed Library Materials, ANSI 239.48- 1984. National Bureau of Economic Research Officers John H. Biggs, chairman Carl F. Christ, vice chairman Martin Feldstein, president and chief executive officer Gerald A. Polansky, treasurer Sam Parker, director ofjinance and corporate Secretary Susan Colligan, assistant corporate secretary Deborah Mankiw, assistant corporate secretary Director