Globalization Facts and Figures
IMF Policy Discussion Papers, November 1, 2001
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- Globalization Facts and Figures
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Bibliographic details
- Authors: Paul R Masson
- Published: November 1, 2001
- Series: IMF Policy Discussion Papers
- DOI: https://doi.org/10.5089/9781451973563.003
Overview
- Author: Paul R Masson
- Publication date: November 1, 2001
- Purpose: To give a concise summary of the economic dimensions of globalization, excluding cultural, environmental, or political aspects that are beyond the scope of the IMF.
- Central premise: Periods of increased globalization have tended to be associated with technological innovations that reduce transportation and communications costs and with generally rising standards of living.
- Role of the IMF (as described in the paper): encouraging trade liberalization, reducing countries’ vulnerability to crises, lending to them when they are in difficulty, and assisting them in putting in place structural reforms that help reduce poverty.
Key findings and observations
- Countries that have embraced openness to the rest of the world have done better than those that have not.
- Globalization may be associated with increased inequality and volatility.
- Periods of increased globalization are linked to technological innovations that reduce transportation and communications costs and to rising standards of living.
- Concerns about globalization have produced a wide range of protests against various features of the world economy.
Policy implications and recommendations
- Strengthen domestic safety nets.
- Enhance financial supervision and regulation.
- Enhance international economic policy coordination.
- Continue IMF activities that help ensure economic gains from globalization:
- Encourage trade liberalization.
- Reduce countries’ vulnerability to crises.
- Lend to countries when they are in difficulty.
- Assist in implementing structural reforms to reduce poverty.
Subject areas and keywords (as listed)
- Subject: Expenditure, Globalization, Health, Income inequality, National accounts, Personal income, Public expenditure review
- Keywords: developing country, financial crisis, financial market, financial market volatility, fuelling globalization, Global, Globalization, globalization fact, gold standard, Income inequality, integration, PDP, per capita income, Personal income, Public expenditure review, trade, transportation cost
Content in this bundle
- Globalization: Facts and Figures - PDP/01/4