Globalisation and the efficiency-equity trade-off

Roland Beck, Virginia Di Nino and Livio Stracca

No 2546, Working Paper Series from European Central Bank

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) 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. JEL Classification: F13, F36

Keywords: efficiency; equity; EU; financial liberalization; globalisation; OECD; trade integration; WTO (search for similar items in EconPapers)
Date: 2021-05
New Economics Papers: this item is included in nep-cwa, nep-fdg and nep-int
Note: 597822
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Related works:
Journal Article: Globalisation and the efficiency-equity trade-off (2024)
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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbwps:20212546

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