Arnaud Mehl,Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute Working Paper No. 148
Globalisation is characterised by long-run historical cycles, however. This includes a significant progress up to 1914; a 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).