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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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    Cited by:

    1. Gehrke, Esther & Genthner, Robert & Kis-Katos, Krisztina, 2025. "Regulating manufacturing FDI: Local labor market responses to a protectionist policy in Indonesia," Journal of Development Economics, Elsevier, vol. 177(C).
    2. Naudé, Wim & Nagler, Paula, 2022. "The Ossified Economy: The Case of Germany, 1870-2020," IZA Discussion Papers 15607, IZA Network @ LISER.
    3. Antoine Mandel & Van-Quy Nguyen & Bach Dong-Xuan, 2024. "Strategic formation of production networks," Papers 2401.08929, arXiv.org, revised May 2025.
    4. Naudé, Wim & Nagler, Paula, 2021. "The Rise and Fall of German Innovation," IZA Discussion Papers 14154, IZA Network @ LISER.
    5. Florio, Anna & Siena, Daniele & Zago, Riccardo, 2025. "Global value chains and the Phillips curve: A challenge for monetary policy," European Economic Review, Elsevier, vol. 174(C).
    6. Naudé, Wim, 2020. "Industrialization under Medieval Conditions? Global Development after COVID-19," GLO Discussion Paper Series 704, Global Labor Organization (GLO).

    More about this item

    JEL classification:

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

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