Globalization The expansion of world trade, communication, immigration, capital flows, and multinational business activity has generated a great deal of political controversy in recent years. The campaigns of Ross Perot and of Patrick Buchanan provided the most-publicized outcries against globalization of trade and investment flows, and opposition to trade agreements.
The authors have declared that no competing interests exist. Conceived and designed the experiments: Received Nov 5; Accepted Jan 2. Abstract This study was carried out to investigate the effect of economic globalization on economic growth in OIC countries. Furthermore, the study examined the effect of complementary policies on the growth effect of globalization.
It also investigated whether the growth effect of globalization depends on the income level of countries. Utilizing the generalized method of moments GMM estimator within the framework of a dynamic panel data approach, we provide evidence which suggests that economic globalization has statistically significant impact on economic growth in OIC countries.
The results indicate that this positive effect is increased in the countries with better-educated workers and well-developed financial systems. High and middle-income countries benefit from globalization whereas low-income countries do not gain from it.
In fact, the countries should receive the appropriate income level to be benefited from globalization.
Economic globalization not only directly promotes growth but also indirectly does so via complementary reforms.
Introduction Globalization, as a complicated process, is not a new phenomenon and our world has experienced its effects on different aspects of lives such as economical, social, environmental and political from many years ago  — .
Economic globalization includes flows of goods and services across borders, international capital flows, reduction in tariffs and trade barriers, immigration, and the spread of technology, and knowledge beyond borders.
It is source of much debate and conflict like any source of great power. The broad effects of globalization on different aspects of life grab a great deal of attention over the past three decades. As countries, especially developing countries are speeding up their openness in recent years the concern about globalization and its different effects on economic growth, poverty, inequality, environment and cultural dominance are increased.
As a significant subset of the developing world, Organization of Islamic Cooperation OIC countries are also faced by opportunities and costs of globalization. Figure 1 shows the upward trend of economic globalization among different income group of OIC countries.Globalization and new challenges of public finance: Financial management, transparency While the evidence of the quantitative impact of globalization on government revenues is government financial management in developing countries and economies in .
Financial and Societal Consequences of Globalization The global economy continues to be in the forefront of the media. In a recent Wall Street Journal article, “U.S. Firms Move Abroad to Cut Taxes”, several U.S.
companies are profiled as they move their headquarters abroad to save on taxes. Apr 10, · We relied on the three main approaches to capture the effects of economic globalization on economic growth in OIC countries. The first one is the baseline specification (Eq.
(1)) which estimates the effect of economic globalization on economic growth. Financial Flows - The capital market development is one of the major features of the process of globalization. We all know that the growth in capital and mobility of the foreign exchange markets enabled better transfer of resources cross borders and by large the global foreign exchange markets improved.5/5(46).
Read chapter 1 GLOBALIZATION OF FINANCIAL MARKETS: Many questions have been raised about America's status in the increasingly interconnected global econ. Ironically, globalization effects on financial stability might well lead to even larger inflows of foreign capital into the U.S.
Thus, while the U.S. might lose sales because of the weaknesses of foreign economies, the capital inflow might raise investment in the U.S.