Trade Flows: Evidence of Globalisation or Regionalism? A Rejoinder

Cambridge Journal of Economics, Vol. 36 (2) 2012, Spring

Posted: 13 Apr 2012

See all articles by Theodore Pelagidis

Theodore Pelagidis

University of Piraeus; Brookings Institution

Philip Arestis

University of Cambridge - Department of Land Economy; Universidad del País Vasco (UPV/EHU)

Evangelia Desli

Aristotle University of Thessaloniki - School of Economics

Georgios E. Chortareas

University of Athens - Faculty of Economics; University of Essex - Department of Accounting, Finance & Management; King's College London

Date Written: April 12, 2012

Abstract

We consider the relative effects of globalisation and regionalism in the context of recent developments in the world economy. We extent and advance the analysis of Chortareas and Pelagidis (2004) using the recently updated Penn World Tables data. This allows considering the recent ‘golden era’ of globalisation, great moderation and the ‘Washington consensus’. We produce evidence that corroborates the findings of Chortareas and Pelagidis (2004). We find, however, that in the 1990s and in the new millennium globalisation dynamics outpace regionalism. Nevertheless, regionalism displays resilience and in a potential de-globalisation context it is more likely to dominate over globalism.

Keywords: Globalisation, Regionalism, Convergence, De-globalisation

JEL Classification: F20, F150, F150

Suggested Citation

Pelagidis, Theodore and Arestis, Philip and Desli, Evangelia and Chortareas, Georgios, Trade Flows: Evidence of Globalisation or Regionalism? A Rejoinder (April 12, 2012). Cambridge Journal of Economics, Vol. 36 (2) 2012, Spring. Available at SSRN: https://ssrn.com/abstract=2038922

Theodore Pelagidis (Contact Author)

University of Piraeus ( email )

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Greece
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+3021 4142571 (Fax)

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Brookings Institution ( email )

1775 Massachusetts Ave, NW
Washington, DC 20036
United States

HOME PAGE: http://www.brookings.edu/experts/pelagidist

Philip Arestis

University of Cambridge - Department of Land Economy ( email )

19 Silver Street
Cambridge, CB3 9EP
United Kingdom

Universidad del País Vasco (UPV/EHU)

Barrio Sarriena s/n
Leioa, Bizkaia 48940
Spain

Evangelia Desli

Aristotle University of Thessaloniki - School of Economics ( email )

Thessaloniki, 54124
Greece

Georgios Chortareas

University of Athens - Faculty of Economics ( email )

8 Pesmazoglou street
GR-10559 Athens
Greece
+(30) 210 3689805 (Phone)
+(30) 210 3689810 (Fax)

University of Essex - Department of Accounting, Finance & Management ( email )

Wivenhoe Park
Colchester CO4 3SQ
United Kingdom

King's College London ( email )

Strand
London, England WC2R 2LS
United Kingdom

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