de Melo, Jaime; Panagariya, Arvind; Rodrik, Dani - C.E.P.R. Discussion Papers - 1992
Regional integration is on the rise again, despite its apparent failure among developing countries in the past. The … integration presents certain advantages including enhanced bargaining power and market access. We then turn to institutional … aspects of regional integration, and point out that integration enforces arbitrage in institutions as well as in markets for …