Trade hyperglobalization is dead. Long live...?

Arvind Subramanian, Martin Kessler and Emanuele Properzi
Additional contact information
Emanuele Properzi: Finance for Development Lab

No WP23-11, Working Paper Series from Peterson Institute for International Economics

Abstract: This paper examines the evolving landscape of global trade since the global financial crisis. It argues that a new era--characterized by the deglobalization of goods and the slower yet persistent globalization of services--has supplanted the era of hyperglobalization. It posits that the halt in manufacturing's shrinking share in global value added may have mitigated even stronger deglobalization caused by a number of influences such as slowing income convergence, financial deglobalization, and more restrictive trade policies. The paper also documents the end of disruptive North-South trade and highlights a new China puzzle, in which sharp internal trade contraction coexists with surging global export shares. It also reveals a positive correlation between mercantilism and both trade and growth at the global level.

Keywords: Global Value Chains; Globalization; Current Account; China (search for similar items in EconPapers)
JEL-codes: F13 F14 F30 F60 F62 (search for similar items in EconPapers)
Date: 2023-11
New Economics Papers: this item is included in nep-cna and nep-int
References: Add references at CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
https://www.piie.com/publications/working-papers/t ... ation-dead-long-live (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:iie:wpaper:wp23-11

Access Statistics for this paper

More papers in Working Paper Series from Peterson Institute for International Economics Contact information at EDIRC.
Bibliographic data for series maintained by Peterson Institute webmaster ().