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Globalisation and deglobalisation

In: Globalisation and deglobalisation

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  • Bank of Russia

Abstract

We argue that, as emerging market economies (EMEs) gradually converge with advanced economies, the advantages they gain from participating in trade and global value chains (GVCs) have lessened, resulting in lower growth in world trade postcrisis. But EMEs can sustain their long-term growth by participating in the higher value-added and more complex parts of GVCs. Protectionism is an increasing threat to future global economic growth. The solution lies largely in addressing inequality and fostering structural transformation. Based on Russia’s experience, we conclude that an optimal policy mix for a commodityexporting EME consists of a floating exchange rate, inflation targeting, a fiscal rule, and macroprudential policy.

Suggested Citation

  • Bank of Russia, 2018. "Globalisation and deglobalisation," BIS Papers chapters, in: Bank for International Settlements (ed.), Globalisation and deglobalisation, volume 100, pages 291-310, Bank for International Settlements.
    • Handle: RePEc:bis:bisbpc:100-19
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    1. Era Dabla-Norris & Kalpana Kochhar & Nujin Suphaphiphat & Franto Ricka & Evridiki Tsounta, 2015. "Causes and Consequences of Income Inequality; A Global Perspective," IMF Staff Discussion Notes 15/13, International Monetary Fund.
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    1. Nitin Agarwala & Rana Divyank Chaudhary, 2021. "‘Made in China 2025’: Poised for Success?," India Quarterly: A Journal of International Affairs, , vol. 77(3), pages 424-461, September.
    2. György Matolcsy & Márton Nagy & Dániel Palotai & Barnabás Virág, 2020. "Inflation in the Digital Age: Inflation Measurement and Bias in the 21st Century," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 19(1), pages 5-36.
    3. Mohammad Anhier Al-Froukh, 2021. "Developing in Investment Environment in Jordan from the Perspective of Jordan Investments Commission," International Journal of Business and Management, Canadian Center of Science and Education, vol. 14(10), pages 116-116, July.
    4. Anca Ioana Troto (Iacob), 2021. "Case Study on KOF Globalization Index for Greece, Czech Republic, Poland, Romania and Hungary," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 185-192, December.

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