"Recent changes in information and communication technologies have contributed to a dramatic increase in the degree of integration and interdependency of countries, markets, and people. Against this background, one aspect of particular concern for small states is the international movement of...

"Based on static analysis, a number of studies argue that forming a regional trade agreement is more likely to raise welfare if member countries are "natural trading partners," while other studies claim that the opposite is true. Schiff and Wang look at the argument from a dynamic viewpoint by...