Journal article
Distance measures between free trade and autarky for the world economy
Economic modelling, Vol.28(4), pp.2000-2012
07/01/2011
DOI: 10.1016/j.econmod.2011.03.031
Abstract
We develop a methodology to determine numerically how globalized the world economy is. We present a global general equilibrium model capturing major OECD economies and a residual rest of world for which alternative metrics of distance between observed, free trade and autarky equilibria can be developed. We use data for 2000 and report a number of distance measures between the 2000 observed trade restricted equilibrium and both free trade and autarky equilibria noting the absence of prior literature on metrics of distance between equilibria. The measures are used to determine the degree to which the world economy is globalized.
► We develop a methodology to determine how globalized the world economy is motivated by globalization measures. ► We argue that such measures are more meaningful for a combined global economy. ► We present a global general equilibrium model capturing major OECD economies and a residual ROW.
Details
- Title: Subtitle
- Distance measures between free trade and autarky for the world economy
- Creators
- Raymond Riezman - University of IowaJohn Whalley - Ifo Institute for Economic ResearchShunming Zhang - Renmin University of China
- Resource Type
- Journal article
- Publication Details
- Economic modelling, Vol.28(4), pp.2000-2012
- DOI
- 10.1016/j.econmod.2011.03.031
- ISSN
- 0264-9993
- eISSN
- 1873-6122
- Publisher
- Elsevier B.V
- Number of pages
- 13
- Grant note
- 07AJL002 / National Social Science Foundation of China 70825003 / National Natural Science Foundation of China The Center for Intentional Governance Innovation Ontario Research Fund
- Language
- English
- Date published
- 07/01/2011
- Academic Unit
- Economics
- Record Identifier
- 9984963108102771
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