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De-globalization: Driven by Global Crises?

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  • Assaf Razin

Abstract

International trade increased rapidly after 1990, fueled by the growth of a complex network of global value chains. Financial globalization gathered force. Trade globalization, however, reversed course since the Global Financial Crisis. The new trend is expected to endure after the Global Pandemic Crisis. There is no indication so far of significant reversal of financial globalization.

Suggested Citation

  • Assaf Razin, 2020. "De-globalization: Driven by Global Crises?," NBER Working Papers 27929, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:27929
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    1. Bruno Casella & Richard Bolwijn & Daniel Moran & Keiichiro Kanemoto, . "Improving the analysis of global value chains: the UNCTAD-Eora Database," UNCTAD Transnational Corporations Journal, United Nations Conference on Trade and Development.
    2. Raphael A. Auer & Claudio Borio & Andrew Filardo, 2017. "The Globalisation of Inflation: The Growing Importance of Global Value Chains," CESifo Working Paper Series 6387, CESifo.
    3. Carmen M. Reinhart & Kenneth S. Rogoff, 2014. "Recovery from Financial Crises: Evidence from 100 Episodes," American Economic Review, American Economic Association, vol. 104(5), pages 50-55, May.
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    5. Irwin, Douglas A., 2013. "The Nixon shock after forty years: the import surcharge revisited," World Trade Review, Cambridge University Press, vol. 12(1), pages 29-56, January.
    6. World Bank, 2020. "Global Economic Prospects, January 2020," World Bank Publications - Books, The World Bank Group, number 33044, December.
    7. Razin, Assaf, 2018. "Israel and the World Economy: The Power of Globalization," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262037343, December.
    8. World Bank, 2020. "Global Economic Prospects, June 2020," World Bank Publications - Books, The World Bank Group, number 33748, December.
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    Cited by:

    1. Naudé, Wim & Nagler, Paula, 2022. "The Ossified Economy: The Case of Germany, 1870-2020," IZA Discussion Papers 15607, Institute of Labor Economics (IZA).
    2. Antoine Mandel & Van-Quy Nguyen & Bach Dong-Xuan, 2024. "Strategic formation of production networks," Papers 2401.08929, arXiv.org.
    3. Naudé, Wim & Nagler, Paula, 2021. "The Rise and Fall of German Innovation," IZA Discussion Papers 14154, Institute of Labor Economics (IZA).
    4. Naudé, Wim, 2020. "Industrialization under Medieval Conditions? Global Development after COVID-19," GLO Discussion Paper Series 704, Global Labor Organization (GLO).

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    JEL classification:

    • F0 - International Economics - - General
    • F3 - International Economics - - International Finance

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