How do shifts in the global balance of power shape the world economy? We propose a theory of alignment-based “hegemonic globalization,” built on two central premises: countries differ in their preferences over policies (such as the rule of law or regulatory frameworks) and trade between any...

How do shifts in the global balance of power shape the world economy? We propose a theory of alignment-based “hegemonic globalization”, built on two central premises: countries differ in their preferences over policies (such as the rule of law or regulatory frameworks) and trade between any...

COMESA (Common Market for Eastern and Southern Africa) aims at the establishment of a currency union in 2025. To this purpose, a policy harmonization program and a set of convergence criteria have been set up. A number of projects to foster trade, economic and financial integration have also...

Against the background of the rapid integration of emerging Asia into the global economy, this paper investigates the role of domestic and external factors in driving individual emerging economies in Asia. We estimate VAR models for ten countries over the period 1979Q1-2003Q4, controlling for...

For more than a decade regionalism has been on the rise in the global economy. Based on the concept of allocative efficiency, standard trade theory regards regionalism as a form of protectionism. The paper confronts this view with an institutionalist explanation and draws on recent research on...

This paper argues why countries should give priority to developing cross-border regional social policies. The first part presents the conceptual case for regional social policies in terms of how the social dimension of regionalism can provide an alternative to the current pattern of...

If an agreement is reached, Kor-US FTA would be the US's largest FTA since the completion of NAFTA in 1992, and will have long term effects not only for economic, political but also geostrategic factors in Korea and East Asia. The FTA presents a unique opportunity for both countries to commit to...

The optimality and feasibility of exchange-rate regimes in Latin America depends upon several parameters linked to microeconomics, open macroeconomics, and political economy aspects. More recently, the discussion has incorporated the regional dimension and the possibility of joining monetary...

This Article is a regional chapter in the newly launched European Yearbook of International Economic Law. It provides a survey of the political economy of the Middle East and North Africa (MENA), of the participation of MENA states in the World Trade Organization, of bilateral trade agreements...

This article engages with the recently adopted agreement for the African Continental Free Trade Area (AfCFTA) in the area of services. While services trade had heretofore stood at the queue of African trade pacts, the AfCFTA breaks new grounds by negotiating goods and services concurrently,...