possibility of trade integration among selected islamic countries
کلید واژه های ماشینی :
Undoubtedly, one of the major goals of developing countries is to achieve a higher rate of economic growth. To meet this, according to the progressive process of international convergence and globalization, incorporating internationally in trade is a basic means in today agenda of such countries. In addition, since developing countries are often faced with a long way for the completion of trade liberalization as a necessary condition for globalization, regional co-operations are very effective to integrating national economies with the global economy. Regionalization, therefore, is the most popular type of integration that can have various effects on economic conditions, comprising rises in trade flows, economic welfare improvements, scale of economies, and a more growth among members of a block. Accordingly, this paper makes efforts to explore the role of economic co-operations among about twenty selected Islamic countries. It conducts the hypothesis in which the more trade integration among the countries; the more trade flows will be realized. A “Trade Gravity Model (TGM)” is thus specified and can then estimate by econometric methods, illustrating how trade integration can create aforementioned impacts. As well known, the model is also reliable to consist of several qualitative variables that explain roles of a variety of scenarios such as the conduction of a possible regional economic integration, etc. Overall, the estimation results lend support to a growing literature both theoretical and empirical that regional economic tightness has substantially led rises to trade flows of potential integrated Islamic nations.
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