Measuring Globalisation: OECD Economic Globalisation Indicators 2010
This second edition of the OECD Economic Globalisation Indicators presents a broad range of indicators showing the magnitude and intensity of globalisation. This process is becoming increasingly important for policymakers and other analysts, hence the need for a volume that brings together the existing measures, based on national data sources and comparable across countries. Together, the indicators shed new light on financial, technological and trade interdependencies within OECD and non-OECD countries.
Measures of globalisation include indicators on capital movements and foreign direct investments, international trade, the economic activity of multinational firms and the internationalisation of technology. In addition, the 2010 edition also includes indicators linked to the current financial crisis, portfolio investments, environmental aspects and the emergence of global value chains.
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Sensitivity of trade flows to price and income changes
The sensitivity of trade flows to price changes is measured through price elasticity. For most OECD countries, price elasticities of both imports and exports are negative and inelastic for the period from 1970 to 2006. This means that, when the price goes up, the trade volume decreases but by less than the price increase. Mexico, with an elasticity of –1.38, is the only country where imports are relatively more sensitive to a price change. Although trade flows react in general rather insensitively to prices changes, relative sizes of the sensitivity vary significantly. For imports, the price elasticities of eight countries are less than 0.2 in absolute terms and those of seven countries are more than 0.4 in absolute terms. Furthermore, export elasticities of two countries are less than 0.2 and those of ten countries are more than 0.4.
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