International economic integration increases exposure to external risk and intensifies domestic demands for social insurance through government programs. But international economic integration also reduces the ability of governments to respond to such pressure by rendering the tax base...

International economic integration increases exposure to external risk and intensifies domestic demands for social insurance through government programs. But international economic integration also reduces the ability of governments to respond to such pressure by rendering the tax base...

The bulk of global inequality is accounted for by income differences across countries rather than within countries. Expanding trade with China has aggravated inequality in some advanced economies, while ameliorating global inequality. But the “China shock” is receding and other low-income...

Many of the exports of developing countries are channeled through global value chains (GVCs), which also act as conduits for new technologies. However, new capabilities and productive employment remain limited so far to a tiny sliver of globally integrated firms. GVCs and new technologies...