A Rising Tide Lifts All Boats? A Case of Economic Globalization

This article investigates the relationship between economic globalization and economic growth across the globe from 1984 to 2016, using the application of fixed effects and random effects modelling. The empirical findings exhibit that economic globalization has had a positive impact on growth at large but different regions of the world have been affected by this integration differently. Trade globalization has benefitted high and middle-income countries but has failed to transfer the benefits to poorer countries. On the other hand, financial globalization has not had an impact as significant as trade globalization. It is suggested that the process of globalization should be managed differently in different countries.

本文基于固定效应模型与随机效应模型的应用，探究了1984年至2016年全球范围内经济全球化与经济增长之间的关联。实证结果显示，总体而言经济全球化对经济增长具有正向促进作用，但全球不同区域受这一一体化进程的影响存在显著差异。贸易全球化使高收入与中等收入国家获益，却未能将发展红利惠及欠发达国家。另一方面，金融全球化所产生的影响不及贸易全球化显著。本研究建议，针对不同国家应采取差异化的全球化进程管理策略。