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Title:Globalisation as a 'good times' phenomenon: a search-based explanation PDF Logo
Authors:Edwards, T. Huw
Issue Date:2009
Series/Report no.:Economics Discussion Papers 2009-55
Abstract:Globalisation is associated with long periods of sustained economic growth and credit expansion, whereas major recessions tend to lead to falling trade and protectionism. The sensitivity of trade to global economic conditions is not simply driven by policy: rather, in a model of costly search, firms who are engaged in a searching process are very sensitive to changing economic circumstances. In turn, this causes protectionism to be partly endogenous, since optimal noncooperative tariffs can be high during periods when the sensitive, searching firms have exited the market.
Subjects:Globalisation
trade
search
JEL:F15
F43
Creative Commons License:http://creativecommons.org/licenses/by-nc/2.0/de/deed.en
Document Type:Working Paper
Appears in Collections:Economics: The Open-Access, Open-Assessment E-Journal - Discussion Papers

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