Globalisation and Deglobalisation- Russia

20 Pages Posted: 13 Feb 2019

Date Written: December 21, 2018


We argue that, as emerging market economies (EMEs) gradually converge with advanced economies, the advantages they gain from participating in trade and global value chains (GVCs) have lessened, resulting in lower growth in world trade postcrisis. But EMEs can sustain their long-term growth by participating in the higher value-added and more complex parts of GVCs.

Protectionism is an increasing threat to future global economic growth. The solution lies largely in addressing inequality and fostering structural transformation. Based on Russia’s experience, we conclude that an optimal policy mix for a commodityexporting EME consists of a floating exchange rate, inflation targeting, a fiscal rule, and macroprudential policy.

Full Publication: Globalisation and Deglobalisation

Keywords: global value chains, globalisation, international trade, Russia

JEL Classification: D63, E58, F02, F41, F60

Suggested Citation

the Russian Federation, Central Bank of, Globalisation and Deglobalisation- Russia (December 21, 2018). BIS Paper No. 100s, Available at SSRN:

Central Bank of The Russian Federation (Contact Author)

Central Bank of Russia

12 Neglinnaya Street
Moscow, 107016

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