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Multinational Firms and New Protectionisms

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Claudia M. Buch ()
Jörn Kleinert ()

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Abstract

Recent initiatives to hold back cross-border mergers and acquisitions for ‘strategic’ reasons have made headline news. We discuss whether the initiatives may mark the start of a new protectionist era. We argue that standard globalization indicators show no such signs. However, an increasing divergence of incomes and increased insecurity might raise resistance against the globalization process. We discuss the benefits of globalization benefits in terms of lower prices for consumers, a greater variety of available products, lower risks, and higher economic growth. But we also outline the risks in terms of greater inequalities and greater need for flexibility. Protectionism is a double-edged sword. Many historic episodes show that the return to protectionism did significantly more harm in terms of reduced growth than generating benefits in terms of greater stability and smaller income differentials.

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Paper provided by Institut für Angewandte Wirtschaftsforschung (IAW) in its series IAW Discussion Papers with number 33.

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Length: 31 pages
Date of creation: Jul 2007
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Handle: RePEc:iaw:iawdip:33

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  8. Michele Cavallo & Cédric Tille, 2006. "Current account adjustment with high financial integration: a scenario analysis," Economic Review, Federal Reserve Bank of San Francisco, pages 31-45. [Downloadable!]
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  11. M. Ayhan Kose & Eswar Prasad & Marco Terrones, 2007. "How Does Financial Globalization Affect Risk Sharing? Patterns and Channels," IMF Working Papers 07/238, International Monetary Fund. [Downloadable!]
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  12. Beata Smarzynska Javorcik, 2004. "Does Foreign Direct Investment Increase the Productivity of Domestic Firms? In Search of Spillovers Through Backward Linkages," American Economic Review, American Economic Association, vol. 94(3), pages 605-627, June. [Downloadable!]
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  13. Anna Maria Mayda & Dani Rodrik, 2001. "Why Are Some People (and Countries) More Protectionist Than Others?," NBER Working Papers 8461, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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