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MEASURING ECONOMIC GLOBALIZATION – FACTS AND FIGURES

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Author(s): Marius C. APOSTOAIE

Journal: Annals of the Stefan cel Mare University of Suceava : Fascicle of the Faculty of Economics and Public Administration
ISSN 2066-575X

Volume: 11;
Issue: 2(14);
Start page: 99;
Date: 2011;
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Keywords: economic globalization | the multidimensional globalization index | the index of economic globalization

ABSTRACT
Globalization is a very dynamic and complex phenomenon. It exerts a big influence at local, national andregional level through the interconnections between countries, institutions, people, etc. that result in important changes ofeconomic, environmental, political, social and cultural nature. Although globalization is a multidimensional phenomenon,one cannot deny that some of its most visible aspects are of economic nature. The need to measure economic globalizationis now of central concern both for academic circles as for the business environment, the mass, specialized mass media andpolicy makers. Although it is almost impossible to capture such a complex phenomenon in a single representative figure,this paper attempts to place a theoretical debate on more solid scientific basis (in terms of economic globalization indices).In the first part of the paper, we present a brief literature review focusing on some of the different interpretationsand beliefs regarding the concept of economic globalization (with reference to the economic literature to date) in order tofacilitate future empirical approaches of its impact on national economies. In the second part of the paper, we highlightthe extent of the process of economic globalization and the impact on the global economy (and on the Romanianeconomy), using three indicators quite new in literature: the KOF index of globalization, the globalization index proposedby A.T. Kearney/Foreign Policy and the CSGR Globalization Index. Also we have included in the paper other twoimportant globalization indices – the M-GI and WMRC Index – paying attention to the economic dimension.
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