THE ECONOMIC EFFECTS OF THE LIBERALIZATION OF THE APEC REGION-THE OPEN REGIONALISM UNDER THE WTO REGIME-

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After establishing the WTO in 1995, the relationship between regionalism and globalism entered into a new stage. In this paper we will focus on the macro-economical effect of economic integration at the APEC region. We also will build the world econometric model for analyzing that issue. The current movement of economic integration had started from the 1980s, and economists and policy makers have not reached a consensus about the causes and effects of that phenomenon. The way of approach to this issue has been mainly from micro-economic aspect, but only a few from macro-economic aspect. A feature of this study is approaching this issue from macro-economic point of view by using the model.Major results are as follows. First, liberalization within APEC region will increase the economic welfare of the APEC region as well as the world as a whole. Secondly, however, the benefit of the liberalization will not be equally distributed to the countries concerned, rather it will be distributed mainly to advanced countries, and some developing countries can suffer losses by the liberalization. Thirdly, by comparing the macro-economic effects of conditional MFN and unconditional MFN in APEC region, we conclude that the latter enhance the world economy more and have less negative economic effects on the outside countries of APEC region. Fourthly, the impact of the liberalization on Japanese economy in that period is limited.