Globalisation and the efficiency-equity trade-off

Roland Beck, Virginia Di Nino and Livio Stracca

Journal of International Money and Finance, 2024, vol. 148, issue C

Abstract: We revisit the effects of globalisation over the past 50 years in a large sample of advanced and emerging countries. We use accessions to Globalisation Clubs (WTO, OECD, EU), financial liberalisation and an instrument for trade openness to study the trade-off between efficiency (proxied by real GDP per capita and TFP) and equity (proxied by the labour share of income and the Gini index of inequality). We find that (i) most of our episodes lead to an increase in trade openness (ii) the effects on GDP per capita are mostly positive with some interesting exceptions and (iii) there is little evidence that globalisation shocks lead to more inequality.

Keywords: Globalisation; Efficiency; Equity; WTO; OECD; EU; Financial liberalisation; Trade integration (search for similar items in EconPapers)
JEL-codes: F13 F36 (search for similar items in EconPapers)
Date: 2024
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Working Paper: Globalisation and the efficiency-equity trade-off (2021)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jimfin:v:148:y:2024:i:c:s026156062400144x

DOI: 10.1016/j.jimonfin.2024.103157

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