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How globalised really is European trade?

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Abstract

Using a new set of measures of concentration of trade, I suggest that the opening up of trade to date has been greatly exaggerated. At least judging on the basis of trade concentration, agriculture and service sectors should barely be seen as globalised at all. Contrary to other recent studies, Europe's main economies lag behind the USA in terms of global openness, and most are behind Japan, Canada and China. The Balkans, Poland and Czech Republic are near the bottom end of the global openness league table. Since there is a strong correlation between concentration of trade and poor economic performance, this should be of concern to those countries and to the European Union.

Suggested Citation

  • T. Huw Edwards, 2006. "How globalised really is European trade?," Discussion Paper Series 2006_10, Department of Economics, Loughborough University, revised May 2006.
    • Handle: RePEc:lbo:lbowps:2006_10
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    References listed on IDEAS

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    1. Romain Wacziarg & Karen Horn Welch, 2008. "Trade Liberalization and Growth: New Evidence," The World Bank Economic Review, World Bank, vol. 22(2), pages 187-231, June.
    2. Raymond G. Riezman & John Whalley & Shunming Zhang, 2013. "Metrics capturing the degree to which individual economies are globalized," Applied Economics, Taylor & Francis Journals, vol. 45(36), pages 5046-5061, December.
    3. Gene M. Grossman & Elhanan Helpman, 1993. "Innovation and Growth in the Global Economy," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262570971, December.
    4. Jagdish N. Bhagwati, 2004. "In Defense of Globalization: It Has a Human Face," Rivista di Politica Economica, SIPI Spa, vol. 94(6), pages 9-20, November-.
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    Cited by:

    1. Krieger-Boden, Christiane & Soltwedel, Rüdiger, 2010. "European economic integration in econometric modelling: Concepts, measures and illustration," Kiel Working Papers 1661, Kiel Institute for the World Economy (IfW Kiel).

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    More about this item

    Keywords

    Globalisation; Regional Integration; Trade; Europe.;
    All these keywords.

    JEL classification:

    • F10 - International Economics - - Trade - - - General
    • F15 - International Economics - - Trade - - - Economic Integration
    • C49 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Other

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