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Metrics Capturing the Degree to which Individual Economies are Globalized

  • Raymond Riezman
  • John Whalley
  • Shunming Zhang

We 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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Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 1450.

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Date of creation: 2005
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Handle: RePEc:ces:ceswps:_1450
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  1. repec:cup:cbooks:9780521104593 is not listed on IDEAS
  2. Hamilton, Bob & Whalley, John, 1984. "Efficiency and distributional implications of global restrictions on labour mobility : Calculations and policy implications," Journal of Development Economics, Elsevier, vol. 14(1), pages 61-75.
  3. repec:cup:cbooks:9780521266550 is not listed on IDEAS
  4. John Whalley, 2008. "Globalisation and Values," The World Economy, Wiley Blackwell, vol. 31(11), pages 1503-1524, November.
  5. Douglas A. Irwin, 2000. "Tariffs and Growth in Late Nineteenth Century America," NBER Working Papers 7639, National Bureau of Economic Research, Inc.
  6. repec:cup:cbooks:9780521319867 is not listed on IDEAS
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