英文摘要 |
CAFTA was activated on the New Year's Day of 2010. In this free trade area, there is an approximate 1.9 billion population and over US$4.5 trillion total value of global trading, which shares 13.4% of overall global trading volume. As the third largest free trading area in the world, the output value of ''CAFTA'' is only second to EU and NAFTA, therefore the international integration of ''CAFTA'' is highly anticipated. According to the theory of international trade, by regional economic integration, countries may eliminate trading barriers and further reduce transaction costs, thereby increase the static welfare efficiency domestically. This study discusses the trade creation effect and trade diversion effect of ''CAFTA'' through quantile regression analysis of Koenker (2004), using the panel data from 118 countries between 1995 and 2010. The empirical result indicates that the establishment of the free trade zone of ''CAFTA'' not only didn't cause the trade diversion effect, but also generated significant trade creation effect, furthermore, higher volume of trade results in larger trade creation effect. |