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Metrics Capturing the Degree to which Individual Economies are Globalized

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  • Raymond Riezman
  • John Whalley
  • Shunming Zhang

Abstract

We discuss metrics of globalization for individual economies as distance measures between fully integrated and trade restricted equilibria in economies initially operating under less than full integration with the global economy. Such metrics can be used to construct country globalization metrics reflecting the distance of economies from full global integration due to trade barriers, barriers to factor flows, barriers to international financial intermediation, solved technological diffusion and other economy specific features yielding less than full integration into the global economy. Many distance metrics present themselves and none are wholly satisfactory since they each behave differently across various displacements from integration. Distance measures can, for instance, be small in goods space but large in price space. We present alternative measures constructed for eight OECD economies and comment in a concluding section on other measures used elsewhere in the literature such as trade / GDP ratios.

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File URL: http://www.cesifo-group.de/portal/page/portal/DocBase_Content/WP/WP-CESifo_Working_Papers/wp-cesifo-2005/wp-cesifo-2005-04/cesifo1_wp1450.pdf
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Bibliographic Info

Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 1450.

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Date of creation: 2005
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Handle: RePEc:ces:ceswps:_1450

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Keywords: globalisation; globalization; trade; globalisation metrics; globalization metrics;

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References

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  1. Douglas A. Irwin, 2000. "Tariffs and Growth in Late Nineteenth Century America," NBER Working Papers 7639, National Bureau of Economic Research, Inc.
  2. Hamilton, Bob & Whalley, John, 1984. "Efficiency and distributional implications of global restrictions on labour mobility : Calculations and policy implications," Journal of Development Economics, Elsevier, vol. 14(1), pages 61-75.
  3. Piggott,John & Whalley,John, 2009. "UK Tax Policy and Applied General Equilibrium Analysis," Cambridge Books, Cambridge University Press, number 9780521104593, April.
  4. Shoven,John B. & Whalley,John, 1992. "Applying General Equilibrium," Cambridge Books, Cambridge University Press, number 9780521266550, April.
  5. John Whalley, 2005. "Globalization and Values," CESifo Working Paper Series 1441, CESifo Group Munich.
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Cited by:
  1. Harry P. Bowen & Haris Munandar & Jean-Marie Viaene, 2009. "How Integrated Is The World Economy?," Discussion Paper Series 2009-03, McColl School of Business, Queens University of Charlotte.
  2. Martin Gonzalez-Eiras & Dirk Niepelt, 2004. "Sustaining Social Security," 2004 Meeting Papers 199, Society for Economic Dynamics.
  3. Riezman, Raymond & Whalley, John & Zhang, Shunming, 2011. "Distance measures between free trade and autarky for the world economy," Economic Modelling, Elsevier, vol. 28(4), pages 2000-2012, July.

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