We construct a new database which covers production and trade in 136 primary commodities and 24 manufacturing and service sectors for 145 countries. Using this new more granular data, we estimate spillover effects from plausible trade fragmentation scenarios in a new multi-country, multi-sector,...

The global economy of the past century was dominated by the United States and Western Europe. When they sneezed, the old joke goes, the rest of the world caught a cold. But that dominance is now being challenged by the rise of rapidly growing emerging market economies. And the shift is changing...

In the last two decades, emerging markets have become important global economic players. This paper evaluates the implications of the structural economic changes and increased participation of emerging markets in the global trade and the financial system for growth dynamics and economic...

The dynamic process of integration of national economies has a long history, with two distinct waves: one, from the middle of the 19th century until its interruption with outbreak of the First World War in 1913 till the end of the Second World War in 1945. The second wave is ongoing dating from...

China's financial openness, as measured by cross border flows and asset ownership, peaked during its 2000s growth surge, as did downward pressure on global interest rates and price levels. This was despite China's restriction of financial inflows to approved FDI and tight controls on private...

his essay places the first blueprint for the Intellectual Property Currency (IPC) funding that the International Central Bank for Intellectual Properties (ICB/IP) would issue to finance the implementation of intellectual capital and the generation of the next one. The blueprint formulates the...

This essay places the second version of the blueprint for the Intellectual Property Currency (IPC), in which we have updated the first one with more detailed descriptions in depth. The IPC would be issued by the International Central Bank for Intellectual Property (ICB/IP) upon request when the...

This paper describes seven salient features of trade integration in the 21st century: Trade integration has been more rapid than ever (hyperglobalization); it is dematerialized, with the growing importance of services trade; it is democratic, because openness has been embraced widely; it is...

Globalization as a corporate-led process has come under much justifiable criticism. This paper attempts to give the term analytic content distinct from its more ideological formulations.. It then focuses on a normative analysis of globalization from the capabilities perspective. A...

Regional economic integration has made considerable progress in the world economy which raises new challenges with respect to institutional change and for national and international economic policy. We consider the options of integration policy and major shifts in regional gravity centers and...