Implications of Isolationist Policies on Regional Integration in Africa
Publish place: Iranian Economic Review Journal، Vol: 26، Issue: 1
Publish Year: 1401
نوع سند: مقاله ژورنالی
زبان: English
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شناسه ملی سند علمی:
JR_IER-26-1_002
تاریخ نمایه سازی: 21 مهر 1402
Abstract:
The renewed isolationist rhetoric among countries in the global north has implications for international trade integration. This study investigated the effect of isolationist measures on regional trade integration in Africa. The export supply function was estimated with a dynamic Markov switching model utilizing data between January ۲۰۰۵ and December ۲۰۱۸ for five African countries (Nigeria, Kenya, South Africa, Uganda, and Morocco). The results showed that the current isolationist policies have made Kenya and Uganda conduct more of intra-African trade; Uganda and South Africa to be more integrated into their regional economic trade blocs; and have generated a significant shift in the trade direction of Nigeria, South Africa, and Morocco in favor of non-traditional extra-African trade directions. The key drivers of intra-Africa trade integration are industrial production and relative prices. Hence, African countries need to deepen and synchronize industrial policies, target low inflation and reform their equity markets to foster higher industrial performance required for deeper intra-African trade integration.
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Authors
Solomon Abayomi Olakojo
Department of Economics, University of Ibadan, Ibadan, Nigeria
Emmanuel Ogunkola
Department of Economics, University of Ibadan, Ibadan, Nigeria
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