Customs Unions and Latin American Integration

Dados Bibliográficos

ID6281977
AutoresKeith Griffin, Ricardo Ffrench‐davi, Ricardo Ffrench‐Davis
Ano1965
Volume4
Fascículo1
Páginas1-21
Data de publicação1965-03-01
Peer ReviewedSim
Open AccessSim
TipoARTICLE
PeriódicoJCMS Journal of Common Market Studies (JOURNAL)
Identificadores do periódicoISSN: 0021-9886 • E-ISSN: 1468-5965
EditoraWiley (PUBLISHER • GB)
DOI10.1111/j.1468-5965.1965.tb01117.x
OpenAlexW2158216136
IdiomaEN
Citações recebidas14

The potential gains from a customs union may be divided into two categories, those which improve the allocation of resources and those which lead to an increase in the quantity of available resources. The former are static, once‐for‐all gains, while the latter are cumulative gains. The static benefits can be represented as derived from changed price relationships along a fixed production frontier and as a movement to the frontier. The dynamic benefits of customs unions, on the other hand, lead to an increase in the rate of economic growth, and can be represented best by a series of shifts of the production frontier. The potential increase in welfare from improved resource allocation is likely to be small. The benefits from dynamic processes, as we try to demonstrate below, may be somewhat larger. Whether these potential benefits are translated into actual gains will depend upon whether the member countries are able to overcome certain problems of short‐run adjustment. There is no certainty they will be able to do this

Certainty · Economics · Frontier · Latin Americans · Lead (geology · Market economy · Microeconomics · Political science · Production (economics · Production–possibility frontier · Resource (disambiguation · Resource allocation · Welfare · Computer Science · Corporate Taxation and Avoidance · Fiscal Policy and Economic Growth · Global trade and economics