Potrafke, N. The Evidence on Globalisation. Therefore, the objective of this paper is to analyze the effect of globalization on public health expenditure and per capita income as measures of economic development indicators in 217 countries over the period 2000–2016. ; Lee, C.C. Wolde-Rufael, Y. The authors declare no conflict of interest. In this paper, we apply advanced econometric techniques to assess the relationship between economic globalization and CO 2 for a panel of 15 emerging countries. This volume answers that need. In consequence, this study aims to fill this gap in this field of knowledge. Available online: Dreher, A.; Gassebner, M.; Siemers, L.H. Abstract Globalization and Growth in the Low Income African Countries with Extreme Bounds Analysis. Akaike, H. Statistical predictor identification. Potrafke, N. Did Globalization Restrict Partisan Politics? The social theory that is being investigated is how societies change and develop. One point of view is that factors like political climate, governmental policies and culture in the environment affects economic development… With regard to the analysis carried out in this work, the use of a limited number of variables (small-dimension VAR), with the omission of any other important variable, can induce the detection of causality when, in purity, such causal relationships could be nonexistent. Economic growth and financial development would change the way societies develop and prosper. Globalization became a cover for the socialisms and massive corruption. Chang, C.P. In short, the more integrated environmental and trade policies are, the more sustainable economic growth will be and the more globalization can be harnessed for the benefit of the environment. Electricity consumption and economic growth: A time series experience for 17 African countries. Globalization, Growth and Convergence. * Social objectives: employment, justice, safety, education, health, participation, and cultural identity. The products we use and the resources it uses to … Meinhard, S.; Potrafke, N. The Globalization-welfare State Nexus Reconsidered. The World Bank. The statements, opinions and data contained in the journal, © 1996-2020 MDPI (Basel, Switzerland) unless otherwise stated. Some recent developments in a concept of causality. Toda-Yamamoto Causality Test Between Money Market Interest Rate and Expected Inflation: The Fisher Hypothesis Revisited. Alimi, S.R. Increasing returns, monopolistic competition, and international trade. Chang, C.P. The graph from the World Bank shows that “the income level increases between the same years because of domestic credit,” (Kazar). Globalization, Sustainable Development, and CSR Globalization affects all sectors of activity to a greater or lesser extent. Potrafke, N. The growth of public health expenditures in OECD countries: Do government ideology and electoral motives matter? The World Bank Atlas Method—Detailed Methodology. Wolde-Rufael, Y. Disaggregated industrial energy consumption and GDP: The case of Shanghai. November 16th 2017 Rudra, N. Globalization and the strengthening of democracy in the developing world. [Date] There is a distinctive evaluation from Nils Gilman- deviant globalization is, Globalization is the new notion that has come to rule the world since the nineties of the last century with the end of the cold war. Toda, H.Y. However, this result does not support the compensation hypothesis or the efficiency (or competitiveness) hypothesis. Introduction The authors of [, A second group of researches are concentrated on the relationship between globalization and size of government measured by government expenditures and revenues (for the latter case of public revenues, see [, More specifically, part of the literature has concentrated on a specific government expenditure, such as social welfare expenditure. Stiglitz, J.E. The publisher of this article is named “EconJournals” and the article was published in 2016. We employ World Development Indicators, provided by The World Bank, and the KOF Globalization Index, elaborated by the KOF Swiss Economic Institute. Trade, growth, and poverty: A selective survey. Subscribe to receive issue release notifications and newsletters from MDPI journals, You can make submissions to other journals. ; Lee, C.C. Economic Globalization & Sustainable Development The spread of trade is one focus of economic globalization that has affected us significantly. Bergh, A.; Krueger, A.O. Sagarik, D. Determinants of health expenditures in ASEAN region: Theory and evidence. Potrafke, N. Fiscal performance of minority governments: New empirical evidence for OECD countries. Globalization and sustainable development: Case study on international transport and sustainable development. Sims, C.A. ; Lee, C.C. Globalisation describes the advancement of the global integration of the economy, culture and political structures. Learn vocabulary, terms, and more with flashcards, games, and other study tools. In this way, it is necessary to highlight that the presence of a correlation between two variables does not necessarily imply the existence of causality. Political Budget Cycles and Election Outcomes. This methodology is especially suitable for the field of macroeconomics, which requires a high number of variables. Globalization, Economic Freedom and Human Rights. Therefore, further research is needed on this topic, specifically considering that this type of relationship is especially important for the design of economic policies. “Globalization increases poverty” is a typical statement created by critics of globalization. THE US-MEXICO RELATIONSHIP IN GLOBALIZATION ERA Garrett, G. Capital mobility, trade and the domestic politics of economic policy. The relationship between the environment and economic development may be accessed from two different points of view. The definition of sustainable development is highly debated itself, but is defined by Highcourt as a way to "establish equity between generations" and to take into account "social, economic, and environmental needs to conserve non-renewable resources" and decrease the … Therefore, unlike previous works that give contradictory results (positive, negative, or no effect) on the influence of globalization on public expenditure, we contribute to the literature by detecting a causal relationship. Allan, J.P.; Scruggs, L. Political partisanship and welfare state reform in advanced industrial societies. Bajaj, S.; Dua, V. Investigation of Causal Relationship between Stock Prices and Trading Volume using Toda and Yamamoto Procedure. The specific issues being studied are all linked to economic growth and financial development. The movement occurs within the country. And with the rise of the global population and poverty levels continuing to rise along with it, it is very easy to see why human development is becoming such a topic of focus and discussion among members of the academia. Chang, C.P. For example, in the 1990s, between 10,000 and 30,000 square kilometers a year of Brazilian rainforest were cleared, fueling rapid economic growth in farming and ranching operations (Butler, 2012). The main contribution of this paper is twofold. Aggarwal, R.; Goodell, J.W. He, Z.; Maekawa, K. On spurious Granger causality. According to international monetary fund, globalization increases the rapid and extensive transmission of technology along with international commodity, transactions, GLOBALIZATION AND ECONOMIC GROWTH: EMPIRICAL EVIDENCE FROM NIGERIA Increasing returns and economic geography. Introduction The VAR(, Help us to further improve by taking part in this short 5 minute survey, The Impact of R&D Expenditures on Corporate Performance: Evidence from Slovenian and World R&D Companies, Typical Challenges of Governance for Sustainable Regional Development in Globalized Latin America: A Multidimensional Literature Review, Tensions in the Sustainability of Higher Education—The Case of Finnish Universities, Diversification and Local Embeddedness: The Rescaling of National New Area Governance in Post-Reform China, Local and Regional Development in the Conditions of Globalisation, http://www.ub.edu/searchproject/wp-content/uploads/2012/02/WP-1.2.pdf, https://datahelpdesk.worldbank.org/knowledgebase/articles/378832-the-world-bank-atlas-method-detailed-methodology, https://databank.worldbank.org/reports.aspx?source=world-development-indicators, http://www.ecineq.org/ecineq_nyc17/FILESx2017/CR2/p196.pdf, https://www.econstor.eu/obitstream/10419/48313/1/72_sakyi.pdf, https://blogs.worldbank.org/opendata/new-country-classifications-income-level-2019-2020, http://www.usc.es/economet/reviews/ijaeqs526.pdf, http://davegiles.blogspot.com.es/2011/04/testing-for-granger-causality.html, http://creativecommons.org/licenses/by/4.0/. In this way, if we consider the studies referring to total public expenditure, the authors of [. But one question that everyone wants the answer too is, how does Third World development fit into Globalization? Internal migration is the movement of groups of people from one part of an area to another. Asiya Ismail KELECHI IYOKO. Investigating causal relations by econometric models and cross-spectral Methods. Krugman, P.R. ; Watson, M.W. He has worked at the UN in both New York and Geneva and published widely on economic issues, including in the Economic Journal, the Cambridge Journal of Economics, the Journal of Development Studies, and the Oxford Review of Economic Policy.. ; Yamamoto, T. Statistical inference in vector autoregressions with possibly integrated processes. GFPP 5234 International Political Economy The choice of these variables is justified in the following two paragraphs. 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