Estimating Regional Integration Using the Bayesian State-Space Approach
Publication | January 2024
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Estimating regional integration faces challenges due to incomplete data. This paper addresses this through the dynamic factor model estimated using the Bayesian state-space approach.
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Bilateral economic integration (BEI) indexes are estimated across four dimensions: trade, foreign direct investments, finance, and migration. The regional integration index (RII) of Asia and the Pacific is calculated by applying network density to the BEI estimates. The RII declined slightly in recent years, with the network centering more around the People’s Republic of China.
Contents
- Introduction
- Methodology and Data
- Results
- Conclusion and Way Forward
- Appendixes
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