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Has globalization really increased business cycle synchronization?
Monnet, Eric; Puy, Damien - 2016
using a new quarterly dataset based on IMF archival data. Contrary to the common wisdom, we find that the globalization … period is not associated with more output synchronization at the global level. The world business cycle was as strong during … Bretton Woods (1950-1971) than during the Globalization period (1984-2006). Although globalization did not affect the average …
Persistent link: https://www.econbiz.de/10011705442
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A Provincial View of Economic Integration
Klein, Michael W. - 1997
Canada, but integration between Canada and the rest of the world is partial. Provincial trade balances respond only about … half as much to events in the rest of the world as they do to events within Canada. In short, national borders appear to …
Persistent link: https://www.econbiz.de/10014400810
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Bilateral Financial Linkages and Global Imbalances : A Viewon the Eve of the Financial Crisis
Milesi-Ferretti, Gian-Maria - 2010
We present a novel and comprehensive dataset of bilateral gross and net external positions in various financial instruments for the main advanced and emerging economies and regions, designed to improve our understanding of cross-border financial linkages. The data show no strong correspondence...
Persistent link: https://www.econbiz.de/10014402655
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Exchange Rates and Wages in an Integrated World
Spilimbergo, Antonio - 2009
We analyze how the pass-through from exchange rate to domestic wages depends on the degree of integration between domestic and foreign labor markets. Using data from 66 countries over the period 1981–2005, we find that the elasticity of domestic wages to real exchange rate is 0.1 after a year...
Persistent link: https://www.econbiz.de/10014403912
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International Financial Integration, Sovereignty, and Constraintson Macroeconomic Policies
Kletzer, Kenneth - 2006
This paper considers the consequences of international financial market integration for national fiscal and monetary policies that derive from the absence of an international sovereign authority to define and enforce contractual obligations across borders. The sovereign immunity of national...
Persistent link: https://www.econbiz.de/10014401979
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Trade and inclusive growth
Bacchetta, Marc; Cerra, Valerie; Piermartini, Roberta; … - 2021
This paper surveys the literature on the relationship between international trade and inclusive growth. It examines claims that the rise in inequality in many countries can be attributed to the concurrent rise in trade competition, especially from EMEs like China, spurring trade tensions and...
Persistent link: https://www.econbiz.de/10012518909
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The effect of tariffs in global value chains
Eugster, Johannes; Jaumotte, Florence; MacDonald, Margaux; … - 2022
This paper empirically investigates the impact of tariffs when production is organized in global value chains. Using global input-output matrices, we construct four different tariff measures that capture the direct and indirect exposure to tariffs at different stages of the production chain for...
Persistent link: https://www.econbiz.de/10013170052
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Dollar invoicing, global value chains, and the business cycle dynamics of international trade
Cook, David; Patel, Nikhil - 2022
Recent literature has highlighted that international trade is mostly priced in a few key vehicle currencies and is increasingly dominated by intermediate goods and global value chains (GVCs). Taking these features into account, this paper reexamines the relationship between monetary policy,...
Persistent link: https://www.econbiz.de/10013170273
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Safe asset demand, global capital flows and wealth concentration
Kim, Taehoon - 2021
The US economy is often referred to as the "banker to the world," due to its unique role in supplying global reserve … globalization raises wealth inequality in a financially-developed economy initially due to foreign capital pressing up domestic …
Persistent link: https://www.econbiz.de/10012796314
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Globalization and corporate taxation
Kumar, Manmohan S.; Quinn, Dennis P. - 2012
between financial globalization and corporate tax rates and revenues—results vary according to country grouping with OECD …
Persistent link: https://www.econbiz.de/10012671627