Charles Roxburgh, Richard Dobbs, Jan Mischke, 31 May 2012

Are emerging markets a threat to jobs and competitiveness for the industrialised countries? This column argues that such concerns are often based on myths. Armed with the facts, policymakers in mature economies should focus on the opportunities emerging markets present rather than viewing them as a threat.

Richard Baldwin, Toshihiro Okubo, 24 May 2012

New-paradigm globalisation – driven by lower coordination costs rather than trade costs – is changing the nature of international commerce, the political economy of trade liberalisation, the nature of trade agreements and much more. This column, using data on Japanese multinationls, presents evidence that the nature of FDI is also changing away from the traditional classification of ‘horizontal’ or ‘vertical’.

Eswar Prasad, Lei (Sandy) Ye, 16 February 2012

Is China’s currency destined to become the dominant global reserve currency? This column argues that despite not yet having a flexible exchange rate or open capital account, China’s government is pursuing ‘liberalisation with Chinese characteristics’. It argues that the renminbi will become a reserve currency within the next decade, eroding but not displacing the dollar’s dominance.

Victor Ginsburgh, 08 February 2012

English is the dominant language of the Internet, business, and world trade. Do we need another? This column applies an economist’s rationale to the question.

Eduardo Levy Yeyati, Luciano Cohan, 12 January 2012

Four years ago, there was growing support for the idea of ‘decoupling’ – that emerging markets were becoming less affected by business cycle swings in developed economies. Then came the global crisis. Focusing on Latin America, this column argues that the 2010s will be a far harder decade. But that might not be such a bad thing if it forces these economies to look again at their growth strategies.

Ralph De Haas, Iman van Lelyveld, 14 December 2011

In the current financial turmoil, does it pay to have domestically owned banks or foreign-owned ones? This column looks at the lending behaviour of multinational banks the last time financial markets were in crisis in late 2008. It concludes that while multinational banks may contribute to financial stability during local bouts of financial turmoil, they also increase the risk of ‘importing’ instability from abroad.

David Hummels, Rasmus Jørgensen, Jakob Munch, Chong Xiang, 10 December 2011

With stagnating wages and lingering unemployment, income inequality is back in the headlines. Is globalisation to blame for this inequality? Is more education a solution? This column argues that focusing on university education misses important effects. It presents evidence that wage effects vary markedly among those with degrees depending on their specific skill sets, and that globalisation can often benefit workers without degrees

Pravin Krishna, Jennifer Poole, Mine Senses, 07 December 2011

What are the effects of globalisation on wages and jobs in international and domestic firms? This column finds that data on employers and employees in Brazil tell a more nuanced story than the typical findings from firm-level data.

Anne Krueger, 21 October 2011

Anne Krueger of Johns Hopkins University talks to Romesh Vaitilingam about the issues around globalisation and the crisis covered in her forthcoming book, ‘Struggling with Success: Challenges facing the International Economy’. She discusses the eurozone crisis, US debt issues, the threat of rising protectionism and the role of the multilateral institutions. The interview was recorded at the Global Economic Symposium in Kiel, Germany, in early October 2011. [Also read the transcript.]

Joshua Aizenman, Brian Pinto, 04 October 2011

With the merits of global financial integration in question, this column reviews the policy responses and lessons from two decades of experience in emerging markets in connection with opening up their economies. It also outlines the steps countries have taken to reduce exposure to financial crises and argues that these may be the best option until the collective resolution of global imbalances and capital flow regulation by the G20.

Karl Aiginger, 03 October 2011

More and more policymakers are talking about stimulating innovation in order to reinvigorate their economies. But how can this be achieved? This column evaluates current industrial policy in France.

Sascha O. Becker, Marion Jansen, Marc Muendler, 01 October 2011

As jobs losses continue to haunt the headlines, people are left asking if long-term unemployment is to be one of the so-called benefits from globalisation. This column reports on a conference aimed at understanding how globalisation can be made to work for workers.

Leonardo Iacovone, Beata Javorcik, Wolfgang Keller, James Tybout, 20 August 2011

The entry of Wal-Mart into Mexico 20 years ago has reshaped the country’s industrial structure. This column argues that the effect has been polarising. While Wal-Mart’s retailing power has helped more productive companies expand their market shares and boost productivity, the retailer’s pressure to lower prices and innovate has pushed down mark-ups and marginalised less capable producers.

Bernard Hoekman, Guido Porto, 18 June 2010

When developing countries open up their markets, there are costs as well as benefits. The papers in this CEPR/World Bank volume investigate adjustment to trade, and argue that unemployment is only part of the story, adding that the development community should aim to address the constraints that prevent too many households from seizing the newly available opportunities.

Eduardo Levy Yeyati, 03 April 2011

Conventional wisdom states that financial globalisation has been advancing since the mid-1980s, particularly in developing countries. It also states that this should have fostered international portfolio diversification and consumption smoothing. But this column takes a closer look at the data and argues that neither financial globalisation nor portfolio diversification has grown significantly in emerging markets over that period.

Ann Harrison, Leslie Martin, Shanthi Nataraj, 22 March 2011

It is broadly agreed that trade liberalisation can increase productivity. The question is how. Earlier literature emphasises the role of firms “learning” to be more productive, whereas recent studies suggest that more productive firms are “stealing” market share from less productive ones, thus raising overall productivity. Presenting evidence from India’s trade liberalisation since 1991, this column finds evidence for both but argues that learning outweighs stealing.

Pravin Krishna, Devashish Mitra, Asha Sundaram, 13 February 2011

Trade liberalisation is often controversial in developing countries. This column argues that uneven exposure to trade across the various regions of South Asia has stifled the poverty-alleviating impact of trade liberalisation. It claims this research underscores the importance of developing ports, transport, and communications infrastructure to help ensure wider access and exposure to international markets and the benefits they can bring.

Sébastien Miroudot, Jehan Sauvage, Ben Shepherd, 17 January 2011

Trade in the services sector is a central theme of the Doha trade negotiations. This column argues that restrictive policies can make trade costs in the services sector up to three times higher than in the goods sector. Such high costs, it claims, are holding back the growth of trade in services.

Roger Bandick, Holger Görg, Patrik Karpaty, 15 January 2011

With foreign ownership of domestic companies becoming increasingly common, questions are mounting as to the consequences. One area of concern is the effect on research and development. This column presents new evidence from Sweden, where flagship firms such as Volvo and Saab are now foreign owned, that it hopes will reassure policymakers.

Jean-Marie Grether, Nicole Mathys, Jaime de Melo, 23 December 2010

Environmentalists have long feared that globalisation will harm the environment by allowing heavily polluting industries to migrate to countries with lax environmental standards. This column presents new evidence from several industries across many countries for all the major pollutants. It suggests that lax policy has only had a small effect on the pollution content of trade.

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