The Economic Dimensions of Globalization

Dilip K. Das succinctly covers the principal normative and positive strands that one needs to be properly familiar with in the area of economic globalization. The selection and rejection of themes for coverage in the book has been carefully done. The picture of globalization has been painted with a broad brush.The unique feature that distinguishes it from the competition is its succinct coverage of numerous, carefully selected, thematic issues that falls under the rubric of globalization. The book is easy to access for the target readership because of its descriptive analysis style.

Dilip K. Das is a former professor of international economics, international trade and international finance. He was associated with Webster College Geneva; ESSEC, Paris; INSEAD, Fontainebleau, France; Australian National University; and Graduate School of Business, University of Sydney.

Preface

x

1 Globalization: Introducing the Concept

1

(37)

1 Globalization: vintage twenty-first century

1

(4)

2 Definition

5

(4)

3 Taxonomy of globalization

9

(3)

4 Benevolent debate versus malevolent debate

12

(4)

5 Non-globalizing economies

16

(2)

6 Globalization and the catch-up endeavors in transition economies

18

(3)

7 Globalization: mercurial and un-global

21

(2)

8 Globalization and poverty alleviation

23

(9)

8.1 Can globalization hurt the poor?

24

(1)

8.2 Globalization and incidence of poverty

25

(1)

8.3 Globalization and quality of life

26

(2)

8.4 Globalization and poverty alleviation: a non-linear relationship?

28

(1)

8.5 Globalization and income inequality: the case of China

29

(3)

9 Conclusions and summing-up

32

(6)

2 Globalization: Tracing the Progress

38

(29)

1 Changing gears of globalization

38

(1)

2 Global economic integration In the second millennium

39

(3)

3 First modern era of globalization

42

(5)

4 Dismantling globalization

47

(3)

5 Return to globalization

50

(4)

6 Contemporary era of globalization

54

(7)

6.1 Contemporary globalization and capital flows

59

(2)

7 Conclusions and summing-up

61

(6)

3 Economic Dimensions of Globalization

67

(36)

1 Globalization and exchange rate regimes

67

(9)

1.1 Options for currency regimes

69

(3)

1.2 Mitigating currency crises

72

(4)

2 Globalization and monetary policy

76

(1)

3 Globalization and fiscal revenue

77

(3)

4 Globalization and competition

80

(2)

5 Globalization and the labor markets

82

(4)

6 Globalization and migration flows

86

(5)

7 Globalization and flight of human capital

91

(2)

8 Globalization and income convergence

93

(2)

9 Conclusions and summing-up

95

(8)

4 Trade and Global Integration

103

(34)

1 Evolving global trading system

103

(5)

2 Trade policy liberalization and globalization

108

(2)

3 Facets of trade liberalization

110

(2)

4 Multilateral trade negotiations under the GATT and WTO regimes

112

(5)

5 Declining distortions and enhancing market access

117

(3)

6 Changing trade patterns and growing integration

120

(4)

7 Trade and globalization

124

(6)

7.1 Empirical evidence of globalization In trade

125

(2)

7.2 Empirical evidence of globalization in goods markets

127

(2)

7.3 Regional differences In trade integration

129

(1)

8 Conclusions and summing-up

130

(7)

5 Financial Flows and Global Integration

137

(35)

1 Novelty of financial globalization

137

(3)

2 Agents of financial globalization

140

(3)

3 Financial globalization in the nineteenth and early twentieth centuries

143

(3)

4 Financial globalization: the destructive phase

146

(3)

5 Emerging financial architecture after the Second World War

149

(6)

6 Financial globalization after the Bretton Woods failure

155

(2)

7 Financial globalization and efficiency

157

(2)

8 Financial globalization and growth nexus

159

(2)

9 Financial globalization and the domestic financial sector

161

(2)

10 Dimensions of net capital flows to emerging market economies

163

(1)

11 Globalizing financial services

164

(2)

12 Conclusions and summing-up

166

(6)

6 Global Financial Architecture and Financial and Regulatory Infrastructure

172

(28)

1 Global financial architecture

172

(1)

2 Radical transformation

173

(3)

3 Prevailing status

176

(3)

4 Areas of immediate reforms

179

(7)

4.1 The Bretton Woods twins: a privileged position

179

(3)

4.2 International codes of conduct

182

(2)

4.3 Autonomy of capital account

184

(1)

4.4 Standstill provision

185

(1)

4.5 Bailing-in the private sector

186

(1)

5 Antidote for financial and macroeconomic instability

186

(6)

5.1 The new Basle Accord

190

(2)

6 Exchange rate policies and financial globalization

192

(3)

7 Conclusions and summing-up

195

(5)

Bibliography

200

(12)

Index

212

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The Economic Dimensions of Globalization

Summary

Author Biography

Table of Contents

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The Economic Dimensions of Globalization

Summary

Author Biography

Table of Contents

Supplemental Materials

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