Regional trading blocs: will East Asia be next?
指出仅用贸易数据研究东亚贸易集团形成不够，还需分析资本流动和国家政治经济因素，并指出东亚贸易集团对区域国家有吸引力但也存在障碍。
Interest in the possible emergence of an East Asian trading bloc is certainly warranted. However, in the absence of any well-developed theory of regional bloc formation, most economists have studied the question by examining aggregate trade statistics. We argue that these studies provide only a partial picture of the degree to which economic integration is taking place in East Asia. An analysis of capital flows (especially Foreign Direct Investment flows) is also required and the political economy of state action must be explicitly considered. We conclude that an East Asian trading bloc may be an attractive proposition to many countries in the region. We also point to potential obstacles in this process.