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Has the world economy reached its globalization limit?

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  • Janusz Miskiewicz
  • Marcel Ausloos

Abstract

The economy globalization measure problem is discussed. Four macroeconomic indices of twenty among the "richest" countries are examined. Four types of "distances" are calculated.Two types of networks are next constructed for each distance measure definition. It is shown that the globalization process can be best characterised by an entropy measure, based on entropy Manhattan distance. It is observed that a globalization maximum was reached in the interval 1970-2000. More recently a deglobalization process is observed.

Suggested Citation

  • Janusz Miskiewicz & Marcel Ausloos, 2009. "Has the world economy reached its globalization limit?," Papers 0910.3695, arXiv.org.
  • Handle: RePEc:arx:papers:0910.3695
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    References listed on IDEAS

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    1. R. Mantegna, 1999. "Hierarchical structure in financial markets," The European Physical Journal B: Condensed Matter and Complex Systems, Springer;EDP Sciences, vol. 11(1), pages 193-197, September.
    2. Feenstra, Robert C & Hanson, Gordon H, 1996. "Globalization, Outsourcing, and Wage Inequality," American Economic Review, American Economic Association, vol. 86(2), pages 240-245, May.
    3. Jung, Woo-Sung & Kwon, Okyu & Wang, Fengzhong & Kaizoji, Taisei & Moon, Hie-Tae & Stanley, H. Eugene, 2008. "Group dynamics of the Japanese market," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 387(2), pages 537-542.
    4. Sergei Maslov, 2001. "Measures of globalization based on cross-correlations of world financial indices," Papers cond-mat/0103397, arXiv.org, revised Apr 2001.
    5. Eryiğit, Mehmet & Eryiğit, Resul, 2009. "Network structure of cross-correlations among the world market indices," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 388(17), pages 3551-3562.
    6. Maslov, Sergei, 2001. "Measures of globalization based on cross-correlations of world financial indices," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 301(1), pages 397-406.
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    Cited by:

    1. Miśkiewicz, Janusz, 2016. "Improving quality of sample entropy estimation for continuous distribution probability functions," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 450(C), pages 473-485.
    2. Janusz Mi'skiewicz, 2012. "Network analysis of correlation strength between the most developed countries," Papers 1211.3599, arXiv.org.
    3. Salois, Matthew J., 2013. "Regional changes in the distribution of foreign aid: An entropy approach," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 392(13), pages 2893-2902.
    4. Matesanz, David & Ortega, Guillermo J., 2015. "Sovereign public debt crisis in Europe. A network analysis," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 436(C), pages 756-766.
    5. David Matesanz Gomez & Guillermo J. Ortega & Benno Torgler, 2011. "Measuring globalization: A hierarchical network approach," CREMA Working Paper Series 2011-11, Center for Research in Economics, Management and the Arts (CREMA).
    6. Clippe, Paulette & Ausloos, Marcel, 2012. "Benford’s law and Theil transform of financial data," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 391(24), pages 6556-6567.
    7. Miśkiewicz, Janusz, 2013. "Power law classification scheme of time series correlations. On the example of G20 group," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 392(9), pages 2150-2162.
    8. Jiang, Zhi-Qiang & Zhou, Wei-Xing, 2010. "Complex stock trading network among investors," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 389(21), pages 4929-4941.
    9. David Matesanz Gomez & Guillermo J. Ortega & Benno Torgler, 2012. "Synchronization and Diversity in Business Cycles: A Network Approach Applied to the European Union," CREMA Working Paper Series 2012-01, Center for Research in Economics, Management and the Arts (CREMA).
    10. repec:eee:phsmap:v:484:y:2017:i:c:p:267-275 is not listed on IDEAS
    11. Eugen Scarlat, 2016. "Connectivity - Based Clustering of GDP Time Series," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(1), pages 23-38, March.
    12. repec:krk:eberjl:v:1:y:2013:i:3:p:21-33 is not listed on IDEAS
    13. David Matesanz & Benno Torgler & Germán Dabat & Guillermo J. Ortega, 2014. "Co-movements in commodity prices: a note based on network analysis," Agricultural Economics, International Association of Agricultural Economists, vol. 45(S1), pages 13-21, November.
    14. Tiago Trancoso, 2013. "Global macroeconomic interdependence: a minimum spanning tree approach," Review of Applied Socio-Economic Research, Pro Global Science Association, vol. 5(1), pages 179-189, June.

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