Foreign direct investment (FDI) plays a critical role in the world economy. Global FDI flows averaged almost $2 trillion per year during the past decade, up to one-half of which have been directed to emerging market and developing economies (EMDEs) in recent years (figure 1.A). FDI inflows are an important source of private capital, especially for […]
During the past 20 years, the world economy has suffered two major crises in the form of the Global Financial Crisis and the COVID-19 pandemic. This column identifies the turning points of recessions and expansions in 101 advanced and developing economies between 1990 and 2022 and analyses the drivers of economic recovery. Across the sample, […]
There is a growing concern that tensions between China and the US may lead to an unravelling of globalisation. This column discusses how rivalry between great powers can be detrimental to global trade and welfare and introduces the theory of hegemonic globalisation. Analysis of bilateral and multilateral treaties since 1800 shows that a dominant global […]
