Globalization and international risk-sharing: The role of social and political integration

Balli, Faruk; Pericoli, Filippo Maria; Pierucci, Eleonora

doi:10.1016/j.ejpoleco.2017.12.006

Cited by 16 publications

(12 citation statements)

References 49 publications

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“…Our findings have key policy implications. The work also complements evidence on the relation between globalization and economic growth, international enforceability of contracts, and cross-border mergers and acquisitions (Balli et al, 2018).…”

Section: Resultsmentioning

confidence: 73%

“…Extant literature primarily considers economic integration, even though political and social integration are effective towards improving risk-sharing and protection (Flood et al, 2012). Political and social integration facilitate growth (Alesina et al, 2000), the international enforceability of contracts (Balli et al, 2018), and the efficient execution of cross-border mergers and acquisitions (Weber and Camerer, 2003). Economic integration is usually the outcome of political arrangements and social proximity.…”

Section: Introductionmentioning

confidence: 99%

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Globalization, free markets and investor protection

Lartey

Danso

2020

Econ Bus Lett

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Using data from 29 countries, this paper is the first attempt to examine whether economic, political and social integration explain how well investors, both shareholders and creditors, are protected from expropriation by firms. We show that: (i) globalization drives both shareholder and creditor protection; (ii) least restrictive markets rather than paternalistic markets matter particularly for shareholders’ protection; (iii) the globalization-protection nexus favoured only creditors during the crisis; and (iv) our result significantly holds for OECD-member countries.

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Section: Resultsmentioning

confidence: 73%

Section: Introductionmentioning

confidence: 99%

Globalization, free markets and investor protection

Lartey

Danso

2020

Econ Bus Lett

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“…Moreover, several studies have analyzed the impact on international consumption risk sharing of: (i) financial globalization (Kose et al ., ); (ii) social and political integration (Balli et al ., ); and (iii) the quality of institutions (Balli and Pierucci, ). They show that these factors are significantly interrelated with risk sharing among advanced countries (or high‐income countries) but not in emerging countries (or low and middle‐income countries).…”

Section: Introductionmentioning

confidence: 99%

“…Balli et al . () offer well‐organized information about several studies that have opposite views on the relation of risk sharing and globalization.…”

mentioning

confidence: 99%

Intranational Consumption Risk Sharing in South Korea: 2000–2016

Ko¹

2020

Asian Economic Journal

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This paper examines consumption risk sharing among 16 regions in South Korea over the 2000–2016 period. The empirical results show that 91.8 percent of shocks to gross regional domestic product are smoothed in South Korea. Capital markets, the tax‐transfer system and credit markets absorb 29.9, 28.9 and 33.0 percent of shocks to gross regional domestic product, respectively. Most notably, South Korea relies more on credit markets for risk sharing than capital markets, an opposite pattern to advanced countries like the USA, Canada and Australia. Furthermore, the patterns of consumption risk sharing are different before and after the 2007–2008 global financial crisis, and differences in regional industrial structure and local development can influence these patterns. This paper attempts to infer the connection between these findings and both the rapid economic growth of South Korea and the Asian and global financial crises.

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“…In 2000, the International Monetary Fund identified four basic aspects of globalisation: trade and transactions, capital and investment movements, migration and movement of people, and the dissemination of knowledge. On the other hand, the academic literature commonly subdivides globalisation into three major areas: economic, environmental, and socio-political, mirroring the three pillars of sustainability [1][2][3]. Taking into consideration the predictions that 64.1% and 85.9% of the developing and developed world, respectively, will be urbanised by 2050 [4], in relation to the rapid growth in international trade, globalisation and tourism led to the creation of large ethnic subcultures, producing effects at the level of the urban macro-environment and affecting further structural changes [5].…”

Section: Introductionmentioning

confidence: 99%

Preservation of the Mediterranean Identity: An Intra-City Analysis Towards a Macro-Regional Approach for the Characterisation of Urban Sustainability

et al. 2018

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Globalisation combined with high urbanisation trends affects not only the traditional pillars of sustainability (environment, society, and economy), but also local identity. Customs and traditions are fading away and alienation is the result of new lifestyles deriving mainly from high interaction between locals and foreigners (focus on tourism). Facing the challenge of characterising urban sustainability, reflection on special characteristics of the urban fabric that are affected (spatial dimension of sustainability) is not always considered. Even though a lot of research is dedicated to the characterisation of urban areas’ sustainability, the element of local, regional, and macro-regional identity seems not to be systematically incorporated. This work attempts to develop and test a methodological framework to identify and prioritise the common symbolic elements that constitute the identity of a group of cities and that need to be sustained. The study focuses on the Euro-Mediterranean region. A survey is addressed to 64 scientists from five cities: Dubrovnik, Genoa, Rhodes, Valencia, and Venice. “Urban structure” is revealed as the most important element that constitutes the “Mediterranean identity”. Moreover, the level of threat deriving from mass tourism on the “Mediterranean identity” is estimated. The survey provides insight into the definition of the spatial dimension of sustainability and the determination/weighting of the case-specific component of an integrated urban sustainability assessment tool.

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Globalization and international risk-sharing: The role of social and political integration

Cited by 16 publications

References 49 publications

Globalization, free markets and investor protection

Globalization, free markets and investor protection

Intranational Consumption Risk Sharing in South Korea: 2000–2016

Preservation of the Mediterranean Identity: An Intra-City Analysis Towards a Macro-Regional Approach for the Characterisation of Urban Sustainability

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