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Trade and Integration in the Caribbean
Author: Mr. Philippe Egoume Bossogo and Mr. Chandima Mendis
Series:
IMF Working Papers
Volume/Issue:
Volume 2002: Issue 148
Language:
English
Publication Date:
01 Sep 2002
DOI:
https://0-doi-org.library.svsu.edu/10.5089/9781451856835.001
ISBN:
9781451856835
ISSN:
1018-5941
Pages:
38
Keywords:
WP; CARICOM trade; standard gravity trade equation; trade data; liberalization measure; Trade; integration; Caribbean; gravity model; CARICOM country; trade-creating feature; Trade liberalization; Plurilateral trade; Gravity models; Trading arrangements; Trade integration; Africa; North America
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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This paper analyzes trade in the Caribbean community (CARICOM) using a gravity model framework. The paper seeks to shed light on the dynamics of trade among CARICOM member countries, as well with the rest of world over 1980–99. Overall, the results show that intra-CARICOM trade has increased, suggesting that further regional integration is desirable. At the same time, CARICOM’s trade with the rest of the world has risen as well, fueled notably by the reduction of the arrangement’s common external tariff and despite the negative impact of the declining preferential access to EU markets for banana. In contrast, WTO membership does not appear to have had a positive impact on trade. Overall, it appears that trade liberalization is consistent with greater CARICOM trade integration.
Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund