Large global volatility shocks,equity markets and globalisation 1885-2011, ECB working paper 1548 / may 2013 by Arnaud Mehl

But globalisation is characterised by long-run historical cycles: significant progress up to 1914; massive retrenchment in the interwar period; a substantial revival after 1945; and with the onset of the global financial crisis of 2007-09, some have openly discussed risks of “de-globalisation” (e.g. Van Bergeijk, 2010).


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