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Working Paper
Regionalization and home bias: the case of Canada
The bilateral trade flows between Canada and the U.S. are the world's largest and have grown rapidly in the 1990s. Are they evidence of a North American trading bloc? A gravity model of trade finds that while economic size and proximity can explain much of the substantial trade between Canada and the U.S., Canada's merchandise trade exhibits a significant U.S. bias. The model also reveals that trade between Canada's provinces is 31 times that between a province and a country other than the U.S., significantly higher than estimates of Canada's home bias relative to the U.S.
Journal Article
Has globalization created a borderless world?
Globalization. The word often conjures up an image of a worldwide society--no boundaries, no borders, no barriers. Economically speaking, in a truly borderless world, financial capital, production activities, and labor would flow as easily between countries as they do within a country. But is this picture of an economic "global village" accurate? Not quite, according to Janet Ceglowski. In this article, she explains why, despite the expansion of international economic activity in recent years, we haven't yet achieved a barrier-free world
Working Paper
Has the border narrowed?
In the late 1980s, Canada's provinces traded 20 times more with one another than with U.S. states of comparable size and distance. In other words, the Canada-U.S. border exerted a strong effect on the pattern of Canada's continental trade patterns. Since then, globalization and the formation of the Canada-U.S. and North American free trade areas could have reduced the impact of the border on continental trade patterns. However, estimates from a gravity model of aggregate Canadian trade reveal no evidence of a narrowing border, at least through 1996. The border effect appears remarkably stable ...
Journal Article
External adjustment and U.S. macroeconomic performance