The ‘first globalisation’ of the 19th century – driven by the substantial falls in trade costs associated with the age of steam – saw the ‘First Unbundling’ (Baldwin 2006), in which industrial production and consumption became spatially separated, often by large distances.
Competing successfully in a globalising world: Lessons from Lancashire
Nicholas Crafts, Nikolaus Wolf, 22 October 2013
Rethinking competitiveness: The global value chain revolution
Marcel Timmer, Bart Los, Robert Stehrer, Gaaitzen de Vries, 26 June 2013
The rise of global value chains is posing new challenges to analyses of international trade and countries’ competitiveness. Traditional measures are based on the assumption that all activities in the production of a good take place in the domestic economy, using domestic input only.
Is financial globalisation in retreat? And if so, does it matter?
Richard Dobbs, Susan Lund, 19 June 2013
Cross-border capital flows – including foreign direct investment, investor purchases of foreign bonds and equities, and cross-border lending – rose from $0.5 trillion in 1980 to a peak of $11.8 trillion in 2007 as national financial markets grew ever more tightly integrated.
The 'Good Global Citizen' remit for the international community: A novel responsibility for the IMF
Biagio Bossone, Roberta Marra, 16 March 2013
A fundamental lesson from the Great Recession is that global instability is more than the sum of domestic instabilities of single countries (Borio 2011). Not only do country exposures to global factors matter a lot: those same global factors, while they are considered to be exogenous from each country, are in fact endogenous to their collective behaviour.
Can trade policy set information free?
Susan Ariel Aaronson, 22 December 2012
Although the internet is creating a virtuous circle of expanding global growth, opportunity, and information flows (Lendle et al. 2012), policymakers and market actors are taking steps that undermine access to information, reduce freedom of expression and splinter the internet (Herald 2012).
Value-added exchange rates
Rudolfs Bems, Robert Johnson, 6 December 2012
Real effective exchange rates (REERs) are widely used to gauge competitiveness. Yet conventional REERs, based on gross trade flows and consumer price indexes (CPIs), are not well suited to that role when imports are used to produce exports – i.e., with vertical specialisation in trade.
Myths about trade, jobs, and competitiveness
Charles Roxburgh, Richard Dobbs, Jan Mischke, 31 May 2012
This is not a happy time for mature economies. They are facing:
New-paradigm globalisation and networked FDI: Evidence from Japan
Richard Baldwin, Toshihiro Okubo, 24 May 2012
International trade theory is going through another revolution – the third in three decades.
The renminbi’s prospects as a global reserve currency
Eswar Prasad, Lei (Sandy) Ye, 16 February 2012
Popular discussions about the prospects of China’s currency – the renminbi – range from the view that it is on the threshold of becoming the dominant global reserve currency to the concern that rapid capital-account opening poses serious risks for China.
Lawrence Summers and the uselessness of learning foreign languages
Victor Ginsburgh, 8 February 2012
“I don't speak English. Kurdish I speak, and Turkish, and gypsy language. But I don't speak barbarian languages.”
“English! German! Ya! French! All the barbarian”.
—Yasar Kemal, a Turkish writer whose words are quoted by Paul Theroux in The Great Railway Bazaar
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- The ECB’s stealth bailoutSinn
- Educated in America: College graduates and high school dropoutsHeckman, LaFontaine
- Eurozone breakup would trigger the mother of all financial crisesEichengreen
- Panic-driven austerity in the Eurozone and its implicationsDe Grauwe, Ji
Adelman, 28 October 2013
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Holmes, McGrattan, Prescott
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CEPR Policy Research
- The buyer margins of firms' exportsCarballo, Ottaviano, Volpe
- Commodity and Equity Markets: Some Stylized Facts from a Copula ApproachDelatte, Lopez
- Ethnic Unemployment Rates and Frictional MarketsGobillon, Rupert, Wasmer
- Finance and Poverty: Evidence from IndiaAyyagari, Beck, Hoseini
- The Manipulation of Basel Risk-WeightsMariathasan, Merrouche
- What’s wrong with Europe?Baldini, Manasse
- How the EZ crisis is permanently changing EU institutionsMicossi
- WTO 2.0: Global governance of supply-chain tradeBaldwin
- Is US economic growth over? Faltering innovation confronts the six headwindsGordon
- The economic crisis: How to stimulate economies without increasing public debtWood