Regional economic integration is the process of creating a unified market for goods, services, and production factors across the borders of countries belonging to the same geographical area. Turning smaller segmented national markets into a larger, integrated regional market, regional integration attracts people and firms, fostering economic activity in participating countries to the detriment of excluded ones. It may also trigger divergence in the economic performance of participating countries. Regional policy may then be needed to avoid undesired outcomes.
Regional economic integration
Ottaviano, Gianmarco
2017
Abstract
Regional economic integration is the process of creating a unified market for goods, services, and production factors across the borders of countries belonging to the same geographical area. Turning smaller segmented national markets into a larger, integrated regional market, regional integration attracts people and firms, fostering economic activity in participating countries to the detriment of excluded ones. It may also trigger divergence in the economic performance of participating countries. Regional policy may then be needed to avoid undesired outcomes.
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