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Globalisation : trends, issues and macro implications for the EU

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  • C�cile Denis
  • Kieran Mc Morrow
  • Werner R�ger

Abstract

Globalisation, defined as an increasingly integrated world economy, has the potential to generate the largest structural upheaval in economies since the industrial revolution. As in the past, this process is being underpinned by both technological change and by a shift in policies in many countries towards a more open, market based, system of economic governance. These policies reflect the realities of a new world order where knowledge creation and absorption and the flexibility of the regulatory and institutional frameworks will be the key determinants of the economic fortunes of economies. This paper examines the historical empirical evidence regarding globalisation and quantifies the macro benefits and costs for the EU over the coming decades.

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Bibliographic Info

Paper provided by Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission in its series European Economy - Economic Papers with number 254.

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Length: 95 pages
Date of creation: Jul 2006
Date of revision:
Handle: RePEc:euf:ecopap:0254

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Keywords: globalisation; trade integration; global productivity; terms of trade; Denis ; Mc Morrow; R�ger;

References

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  1. Wolfgang Keller, 2001. "International Technology Diffusion," NBER Working Papers 8573, National Bureau of Economic Research, Inc.
  2. William R. Cline, 1999. "Trade and Income Distribution: The Debate and New Evidence," Policy Briefs PB99-07, Peterson Institute for International Economics.
  3. Scott C. Bradford & Paul L. E. Grieco & Gary Clyde Hufbauer, 2006. "The Payoff to America from Globalisation," The World Economy, Wiley Blackwell, vol. 29(7), pages 893-916, 07.
  4. Romer, Paul, 1994. "New goods, old theory, and the welfare costs of trade restrictions," Journal of Development Economics, Elsevier, vol. 43(1), pages 5-38, February.
  5. Maurice Obstfeld & Alan M. Taylor, 2002. "Globalization and Capital Markets," NBER Working Papers 8846, National Bureau of Economic Research, Inc.
  6. Hartmut Egger & Peter Egger, 2006. "International Outsourcing and the Productivity of Low-Skilled Labor in the EU," Economic Inquiry, Western Economic Association International, vol. 44(1), pages 98-108, January.
  7. Paul A. Samuelson, 2004. "Where Ricardo and Mill Rebut and Confirm Arguments of Mainstream Economists Supporting Globalization," Journal of Economic Perspectives, American Economic Association, vol. 18(3), pages 135-146, Summer.
  8. Pete Richardson, 1997. "Globalisation and Linkages: Macro-Structural Challenges and Opportunities," OECD Economics Department Working Papers 181, OECD Publishing.
  9. Francisco Rodriguez & Dani Rodrik, 2001. "Trade Policy and Economic Growth: A Skeptic's Guide to the Cross-National Evidence," NBER Chapters, in: NBER Macroeconomics Annual 2000, Volume 15, pages 261-338 National Bureau of Economic Research, Inc.
  10. Joseph E. Gagnon, 2007. "Productive Capacity, Product Varieties, and the Elasticities Approach to the Trade Balance," Review of International Economics, Wiley Blackwell, vol. 15(4), pages 639-659, 09.
  11. Chen, Natalie & Imbs, Jean & Scott, Andrew, 2004. "Competition, Globalization and the Decline of Inflation," CEPR Discussion Papers 4695, C.E.P.R. Discussion Papers.
  12. Giuseppe Nicoletti & Steve Golub & Dana Hajkova & Daniel Mirza & Kwang-Yeol Yoo, 2003. "Policies and International Integration: Influences on Trade and Foreign Direct Investment," OECD Economics Department Working Papers 359, OECD Publishing.
  13. Christian Broda & David Weinstein, 2005. "Are we underestimating the gains from globalization for the United States?," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 11(Apr).
  14. Edwards, Sebastian, 1998. "Openness, Productivity and Growth: What Do We Really Know?," Economic Journal, Royal Economic Society, vol. 108(447), pages 383-98, March.
  15. Hervé Boulhol, 2008. "The Convergence of Price–cost Margins," Open Economies Review, Springer, vol. 19(2), pages 221-240, April.
  16. Robert C. Feenstra, 1992. "How Costly Is Protectionism?," Journal of Economic Perspectives, American Economic Association, vol. 6(3), pages 159-178, Summer.
  17. David H. Romer & Jeffrey A. Frankel, 1999. "Does Trade Cause Growth?," American Economic Review, American Economic Association, vol. 89(3), pages 379-399, June.
  18. Hervé Boulhol, 2005. "The convergence of price-cost margins," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00195890, HAL.
  19. Mary Amiti & Shang-Jin Wei, 2004. "Fear of Service Outsourcing," IMF Working Papers 04/186, International Monetary Fund.
  20. Catherine L. Mann, 2003. "Globalization of IT Services and White Collar Jobs: The Next Wave of Productivity Growth," Policy Briefs PB03-11, Peterson Institute for International Economics.
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Cited by:
  1. Alho, Kari & Kaitila, Ville & Widgrén, Mika, 2008. "Offshoring, Relocation and the Speed of Convergence in the Enlarged European Union," CEPR Discussion Papers 7000, C.E.P.R. Discussion Papers.
  2. Socol Cristian & Socol Aura Gabriela & Marinas Marius-Corneliu, 2008. "The Analysis Of Equity-Efficiency Trade-Off In The European Union Economy," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 2(1), pages 442-448, May.

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