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The new regionalism and policy interdependence

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Since 1990, the number of preferential trade agreements has increased rapidly. The argument in this article explains this phenomenon, known as the new regionalism, as a result of competition for market access; exporters facing trade diversion because of their exclusion from a preferential trade agreement concluded by foreign countries push their governments into signing an agreement with the country in which their exports are threatened. The argument is tested in a quantitative analysis of the proliferation of preferential trade agreements among 167 countries between 1990 and 2007. The finding that competition for market access is a major driving force of the new regionalism is a contribution to the literature on regionalism and to broader debates about global economic regulation.

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en

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http://eprints.lse.ac.uk/43067/

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