Is Japan Establishing a Trade Bloc in East Asia and the Pacific?

  • Jeffrey A. Frankel
Part of the Studies in the Modern Japanese Economy book series (SMJE)


A debate began in 1991 over the advantages and disadvantages of a global trend towards three economic blocs — the Western Hemisphere, centred on the United States; Europe, centred on the European Community; and East Asia, centred on Japan. Krugman (1991a), Bhagwati (1990, 1992) and Bergsten (1991), argue that the trend is, on balance, bad. Krugman (1991b) and Lawrence (1991c) argue that it is, on balance, good.1 Most appear to agree, however, that a trend towards three blocs is indeed underway.


Foreign Direct Investment Direct Investment Gravity Model Bilateral Trade East Asian Country 
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Copyright information

© Mitsuaki Okabe 1995

Authors and Affiliations

  • Jeffrey A. Frankel

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