De-globalization: Driven by Global Crises?
International trade increased rapidly after 1990, fueled by the growth of a complex network of global value chains. Financial globalization gathered force. Trade globalization, however, reversed course since the Global Financial Crisis. The new trend is expected to endure after the Global Pandemic Crisis. There is no indication so far of significant reversal of financial globalization.
The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.