본문 바로가기
KERD
논문KCI 등재

When Does Globalization Benefit Us?: Globalization, Social Cohesion and Economic Growth

서한석
한국사회경제학회 (Korean Association for Political Economy)|2009.11|사회경제평론 (The Review of Social & Economic Studies)|제33호|pp. 7-41

0

조회

0

다운로드

0

인용

0

참고문헌

키워드

globalizationeconomic growthsocial cohesion
주제분류경제학

초록

We investigate how the effect of trade and capital globalization on economic growth depends on social cohesion. To overcome endogeneity and country- specific effect problem we use system GMM estimation of 93 countries from 1980-2000. To fully take into account the various aspects of globalization we estimate both de jour and de facto globalization effects using middle class income share as a proxy for social cohesion. Empirical results show that in most cases trade and capital globalization do not itself have a significant effect on growth. The effects of trade and capital globalization on economic growth significantly depend on social cohesion. But the relationship between globalization and social cohesion shows inverted U-curve, around upper region of threshold effect of globalization on growth diminishes even though the level of social cohesion become higher.

Abstract

We investigate how the effect of trade and capital globalization on economic growth depends on social cohesion. To overcome endogeneity and country- specific effect problem we use system GMM estimation of 93 countries from 1980-2000. To fully take into account the various aspects of globalization we estimate both de jour and de facto globalization effects using middle class income share as a proxy for social cohesion. Empirical results show that in most cases trade and capital globalization do not itself have a significant effect on growth. The effects of trade and capital globalization on economic growth significantly depend on social cohesion. But the relationship between globalization and social cohesion shows inverted U-curve, around upper region of threshold effect of globalization on growth diminishes even though the level of social cohesion become higher.

참고문헌 (52)

  1. Acemoglu, D, "The colonial origins of comparative development: An empirical investigation", American Economic Review, 91, pp.1369~1401 (2001)
  2. Acemoglu, D, "Unbundling Institutions", Journal of Political Economy, 113, pp.949~995 (2005)
  3. Ahlerup, P, "Social capital vs. institution in the growth process", European Journal of Political Economy, 25, pp.1~14 (2009)
  4. Alesina, Alberto, "Why Are Stabilizations Delayed", American Economic Review, 91, pp.1170~1188 (1991)
  5. Alesina, Alberto, "The Political Economy of Capital Controls, in Capital Mobility: The Impact on Consumption, Investment and Growth", pp.289~328 (1994), Cambridge University Press
  6. Alesina, A, "Public goods and ethnic divisions", Quarterly Journal of Economics, 11, pp.1243~1284 (1999)
  7. Alesina, A, "Participation in heterogeneous communities", Quarterly Journal of Economics, 115, pp.847~904 (2000)
  8. Amsberg J.V, "Social Capital and Growth", Journal of monetary economics, 167~193 (2003)
  9. Arellano,M, "Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations", Review of Economic Studies, 58, pp.277~297 (1991)
  10. Globalized Financial Markets and Financial Crises, "Arteta, Eichengreen", ~ (2001)
  11. Bekaert, G, "Does financial liberalization spur growth?", Journal of Financial Economics, 77, pp.3~55 (2005)
  12. Trade, Regulations, and Growth, "Bolaky Bineswaree", The World Bank, ~ (2005)
  13. Blundell, R, "Initial conditions and moment restrictions in dynamic panel data models", Journal of Econometrics, 87, pp.115~143 (1998)
  14. Capital Account Openness, International Trade, and Economic Growth, "Butkiewicz J.L", ~ (2008)
  15. The Influence of Capital Controls on Long Run Growth: Where and How Much?, "Chanda, A", ~ (2001)
  16. Chinn, "Notes on the Chinn-Ito Financial Openness Index Unpublished", ~ (2006)
  17. Dollar, David, "Institutions, Trade and Growth", Journal of Monetary Economics, 50, pp.133~162 (2003)
  18. Durlauf, S.N, "Social Capital. In Handbook of Economic Growth, Volume 1A" (2006), Elsevier North Holland
  19. Easterly, William, "Africa’s Growth Tragedy: Policies and Ethnic Divisions", Quarterly Journal of Economics, 112, pp.1203~1250 (1997)
  20. Easterly,W, "Social cohesion, Institution and Growth", Economics and Politics, 18, pp.103~120 (2006)
  21. Capital Flows and Economic Performance: Are Emerging Economies Different?, "Edwards, Sebastian", NBER, ~, pp.Working Paper no. 8076 (2001)
  22. Eihengreen, "Democracy and Globalization", Economics and Politics, 20, pp.289~312 (2008)
  23. Fischer, J, "Is competition good for trust? Cross-country evidence using micro-data", Economic Letters, 100, pp.56~59 (2008)
  24. Fisher,S, "Globalization and Its Challenges", American Economic Review, 93, pp.1~30 (2003)
  25. Frankel, J.A, "Does trade cause growth?", American Economic Review, 89, pp.379~399 (1999)
  26. Eonomic Effects and Structural determinants of Capital and Gian, "Grilli, Vittorio", IMF, 517~551, pp.Staff Papers 42 517-551 (1995)
  27. Hall, R.E, "Why do some countries produce so much more output per worker than others?", Quarterly Journal of Economics, 114, pp.83~116 (1999)
  28. Harrison, "Who gains from trade reform? some remaining puzzles", Journal of development economics, 59, pp.125~154 (1999)
  29. Hirsch, F, "Social limit to growth" (1996), Harvard University Press
  30. Kearl, James R, "A Confusion of Economists", American Economic Review, 69, pp.28~37 (1979)
  31. Knowles,Stephen, "The Future of Social Capital in Development Economics Research Paper presented at the WIDER Jubilee Conference", WIDER Jubilee Conference, pp.17~18 (2005), The Future of Development Economics
  32. How Do Trade and Financial Integration Affect the Relationship Between Growth and Volatility?, "Kose, M.A", ~ (2004)
  33. Kraay,A., "In Search of the Macroeconomic Effects of Capital Account Liberalization", World Bank, ~ (1998)
  34. Kranton,R., "Reciprocal exchange: a self-sustaining system", American Economic Review, 86, pp.830~51 (1996)
  35. Lane, P, "The external wealth of nations mark II: Revised and extended estimates of foreign assets and liabilities, 1970-2004", Journal of international economics, 73, pp.223~250 (2004)
  36. Lee, Kang-Kook, "Davos, Porto Alegre, and Seoul" (2005), Humanitas
  37. Lee, Kang-Kook, "Capital Account Liberalization And Economic Growth" (2008), VDM Verlag
  38. Financial Intermediation and Growth: Causality and Causes, "Levine", World bank policy research, ~ (2000)
  39. Matthias Busse, "Institutional Quality and the Gains from Trade", KYKLOS, 59, pp.345~368 (2006)
  40. Maxwell, J, "Social dimensions of economic growth", Eric John Hanson Memorial Lecture Series, 8 (1996), University of Alberta
  41. North DC, "Institutions, Institutional Change and Economic Performance" (1990), Cambridge University Press
  42. Quinn, Dennis P, "The Correlates of Changes in International Financial Regulation", American Political Science Review, 91, pp.531~551 (1997)
  43. Rigobon, "Rule of Law, Democracy, Openness, and Income: Estimating the Interrelationships", ~ (2005)
  44. Trade policy and economic growth, "Rodríguez, F", ~ (2000)
  45. Rodrik, Dani, "Who Needs Capital-Account Convertibility? in Should the IMF Pursue Capital Account Convertibility?", Essays in International Finance, (207) (1998), Princeton University Press
  46. Rodrik, D, "'Where did all the growth go? External shocks, social conflict, and growth collapses", Journal of Economic Growth, 4, pp.385~412 (1999)
  47. Rodrik, D, "Institutions rule: The primacy of institutions over geography and integration in economic development", Journal of Economic Growth, 9, pp.131~165 (2004)
  48. Sachs, J, "Economic reform and the process of global integration", Brookings Papers on Economic Activity, 1, pp.1~118 (1995)
  49. Spagnolo, "Social relations and cooperation in organizations", Journal of Economic Behavior & Organization, 38, pp.1~25 (1999)
  50. Stiglitz, J, "Formal and Informal Institutions in Social Capital: A Multifaceted Perspective", The World Bank, 59~68 (2000)
  51. Wacziarg, "Trade Liberalization and Growth: New Evidence", The World Bank Economic Review, 22, pp.187~231 (2008)
  52. Culture and Institutions: Economic Development in the Regions of Europe, "Tabellini, G", ~, pp.Working Paper No.1492 (2005)

관련 논문AI추천

The Impact of Globalization on the Economic Development of Developing CountriesDANIEL COSTA, ROSA FORTE경제연구소 · Journal of Economic Development2024 · 제49권 제4호Financial Market Integration and Income Inequality김경훈, 정재욱대외경제정책연구원 · East Asian Economic Review2021 · 제25권 제2호A Sensitivity Analysis Regarding the Impacts of Trade Openness and Globalization Growth: Empirical Evidence from Korea김연규, 이재형정석물류통상연구원 · Journal of International Logistics and Trade2012 · 제10권 제2호Trade Openness and Economic Growth: A Panel data Analysis of Asian Countries윤상철한국무역보험학회 · 무역금융보험연구2017 · 제18권 제3호The Nexus among Globalization, ICT and Economic Growth: An Empirical AnalysisDaoqi Xiong, Kaif Ul Wara, Mengke Yang, Shahid Latif, Ximei Liu, Zahid Latif한국정보처리학회 · JIPS(Journal of Information Processing Systems)2021 · 제17권 제6호Globalization, Technical Progress, and Income Inequality - Evidence from Korea마재신한국무역보험학회 · 무역금융보험연구2014 · 제15권 제3호

이 간행물의 다른 논문 (4건)

Tugan 버블에 의한 Minsky 금융위기 모형의 재구성-마르크스 경제학의 버블과 경기변동론을 위한 제안이상헌pp. 43-78미국주택담보대출의 증권화와 주택가격버블김명록pp. 79-103세계경제위기 이후 금융안정의 정치경제학장시복pp. 105-139마르크스주의 한국경제론의 재흥을 위하여강남훈 외, 『한국경제와 마르크스경제학의 도전』(한울, 2009)정성진pp. 141-150
원문 보기