Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/234100 
Year of Publication: 
2021
Series/Report no.: 
ECB Working Paper No. 2546
Publisher: 
European Central Bank (ECB), Frankfurt a. M.
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.
Subjects: 
globalisation
efficiency
equity
WTO
OECD
EU
financial liberalization
trade integration
JEL: 
F13
F36
Persistent Identifier of the first edition: 
ISBN: 
978-92-899-4546-2
Document Type: 
Working Paper

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