The 1870-1913 period marked the birth of the first era of trade globalization. How did this tremendous increase in … shipping times, trade, and development that spans the great majority of the world between 1850 and 1900, I find that 1) the … adoption of the steamship was the major reason for the first wave of trade globalization, 2) only a small number of countries …

, it is possible to identify a variety of channels through which trade affects the evolution of world income and its …

This paper presents a theoretical study of the effects of globalization on risk sharing and welfare. We model … globalization as a gradual and exogenous increase in the fraction of goods that are tradable. In the absence of frictions …, globalization opens new goods markets and raises welfare. We assume, however, that countries cannot commit to pay their debts …