How Global Is Globalization?

Journal of Regional Analysis & Policy 2018, 48(3): 83-93

40 Pages Posted: 28 Dec 2013 Last revised: 20 Aug 2018

See all articles by Jac C. Heckelman

Jac C. Heckelman

Wake Forest University - Department of Economics

Andrew T. Young

Texas Tech University - Rawls College of Business

Date Written: August 2018

Abstract

We examine a balanced panel of globalization indices for 129 countries over the years 1991- 2010. We report evidence of cross-country sigma convergence in the overall globalization index. Sigma convergence also holds for each of the economic, political, and social globalization indices, as well as each sub-index within these indices. However, the evidence for stochastic convergence, based on panel unit root tests, is only strong for the political globalization index. Regarding the economic and social dimensions of globalization, respectively, we find evidence for stochastic convergence only in the flows and cultural proximity sub-indices. For the OECD subsample, evidence supports stochastic convergence for the overall, economic and political globalization indices. Evidence to support regional convergence among the non-OECD nations on various globalization dimensions is much more limited. Our findings indicate that globalization convergence is truly global only on the political dimension.

Keywords: globalization, institutions, sigma convergence, stochastic convergence, panel unit root tests

JEL Classification: E02, F02, F40, F60, O43

Suggested Citation

Heckelman, Jac C. and Young, Andrew T., How Global Is Globalization? (August 2018). Journal of Regional Analysis & Policy 2018, 48(3): 83-93, Available at SSRN: https://ssrn.com/abstract=2372147 or http://dx.doi.org/10.2139/ssrn.2372147

Jac C. Heckelman (Contact Author)

Wake Forest University - Department of Economics ( email )

P.O. Box 7505
Winston-Salem, NC 27109
United States
(336) 758-5923 (Phone)
(336) 758-6028 (Fax)

HOME PAGE: http://www.wfu.edu/~heckeljc/jac.htm

Andrew T. Young

Texas Tech University - Rawls College of Business ( email )

Lubbock, TX 79409
United States

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