de Melo, Jaime; Panagariya, Arvind; Rodrik, Dani - Economics Research, World Bank Group - 1993
Regional integration is on the rise again, despite its apparent failure among developing countries in the past. The …"and"trade diversion"is not particularly helpful for policy. In a world with trade restrictions, regional integration presents certain … advantages, including enhanced bargaining power and market access. The authors also point out that integration enforces arbitrage …