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Session 2

How Similar are the East Asian Economies? A Cluster Analysis Perspective on Economic Cooperation in the Region

초록

영어

Recent economic calamities such as the 1997 Asian financial crisis have amply demonstrated the need for increased economic integration in the East Asian economic region. While various forms of economic cooperation are possible, it is important to identify groups, or clusters, of countries that are similar to each other economically. Such similarity not only has been shown to be associated with the increased bilateral trade flows, but also with the increased net welfare gains to the participating countries. I employ a variety of clustering techniques and come up with a clustering solution containing four groups of economically similar countries. The clusters are robust across the estimation procedures. Hierarchical clustering also conducted in this study suggests a sequential agglomerating path for the countries to follow. The results of this study are intended as one of the (many) decision tools used by the parties considering multilateral economic cooperation and trade agreements in the region.

목차

Abstract
 I. Introduction
 II. Why Does Economic Similarity Matter?
 III. Grouping Countries by Cluster Analysis
 IV. Data Sources and Economic Variables
 V. Results of Clustering Analysis
 VI. Discussion and Policy Implications
 References

저자정보

  • Alexandre Repkine Economics Department, College of Commerce and Economics, Konkuk University

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