Metrics Capturing the Degree to Which Individual Economies Are Globalized
AbstractWe 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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Bibliographic InfoPaper provided by University of Western Ontario, Economic Policy Research Institute in its series University of Western Ontario, Economic Policy Research Institute Working Papers with number 20085.
Date of creation: 2008
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Other versions of this item:
- Raymond G. Riezman & John Whalley & Shunming Zhang, 2013. "Metrics capturing the degree to which individual economies are globalized," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 45(36), pages 5046-5061, December.
- Raymond Riezman & John Whalley & Shunming Zhang, 2005. "Metrics Capturing the Degree to which Individual Economies are Globalized," CESifo Working Paper Series 1450, CESifo Group Munich.
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