European Union and North American Free Trade Agreement) and the dissolution of existing national structures (e.g. A gravity model based analysis of trade flow data indicates that two forces operated simultaneously during the study period, one leading to the formation of trading blocs (as captured by a dummy variable for “same regions”) and the other leading to the dissolution of trading blocs (based on the interaction of GNP and the dummy variable for “same regions”).Īt the end of the last century, especially during the 1980s, the global economy experienced two seemingly contradictory trends-the formation of supranational trading blocs (e.g. This time period was characterized by the formation of major global trading blocs, especially the European Union and the North American Free Trade Agreement (NAFTA), at the same time existing national structures broke apart, most notably the Soviet Union. This paper undertakes an historical analysis of regional trading bloc formation in the 1980s. Keywords: Trade Bloc International Trade Economic Integration Regional Analysis 1Department of Economics and Legal Studies, Oklahoma State University, Stillwater, USAĢDepartment of Finance, Oklahoma State University, Stillwater, USAģDepartment of Economics, Korea University, Seoul, KoreaĮmail: Janurevised Februaccepted February 29, 2012
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