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European Integration and Economic Welfare in the Rest of the World
journal contributionposted on 2023-06-07, 20:08 authored by L. Alan WintersL. Alan Winters
This article demonstrates that there is no solid evidence that would attest that European integration has affected the economic well-being in the Rest of the World. Economists have largely failed to measure the effects that the theory was important to, and those they are able to encrypt cons are actually negligible. The ex post effects of currently available integrated view from the Rest of the World in the country imports integration partners, and draw conclusions on well-being. But this is only significant insofar as the additional exports from the rest of the world allow it to import more: it would look much better directly imports the Rest of the World or the terms of trade. The theoretical framework with which are here quantified the effects of integration on the well-being derived from the analysis published by Baldwin and Venables (1995). This article attempts to draw explicit conclusions on this issue of welfare for the Rest of the World, where no one had so far as a general and implicit. The well-being depends, among other changes that occur in terms of trade, production levels and the number of firms, the existing trade restrictions and the effects on investment. Changes in trading volume are important only if they are connected to the existing barriers or if they are found in changes in other variables mentioned above. Since there is no ex post empirical analysis of the effects of European integration on the Rest of the World, this article uses ex ante estimates from econometric simulations. But again, the direct quantifications are few. Therefore, the author has supplemented its finding itself drawn from studies on the issue of welfare in Europe and has extended to the Rest of the World. Most studies suggest that integration is generally detrimental to the Rest of the World, but to a lesser extent. However, some suggest that integration generates profits for the Rest of the World by lowering export prices of the European Union.
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