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The sequential issue in free trade areas: Policy implication for Korea
Author(s) -
Lee Jong Eun
Publication year - 2004
Publication title -
international journal of finance and economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.505
H-Index - 39
eISSN - 1099-1158
pISSN - 1076-9307
DOI - 10.1002/ijfe.239
Subject(s) - regionalism (politics) , multilateralism , economics , china , globalization , international trade , free trade , international economics , context (archaeology) , liberalization , value (mathematics) , political science , market economy , geography , politics , law , archaeology , machine learning , computer science , democracy
This paper addresses the sequential issue of countries entering into a Free Trade Area. Korea, China, Japan and the United States are the objects of investigation. Different sequences are ranked in terms of the present value of Korea's GDP using a computable general equilibrium model, and the sequence Korea–China–US–Japan was the best. Each sequence is evaluated from the perspective of globalization, which allows us to foresee both momentum and inertia of trade liberalization. The study will provide a deeper understanding of regionalism and globalization in the context of the regionalism versus multilateralism debate. Copyright © 2004 John Wiley & Sons, Ltd.