DHL Global Connectedness Index 2014

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18 1. How Globalized is the World Figure 1.7 Data Requirements for GCI versus Other Indexes, Merchandise Trade Illustration Data in GCI Data in Other Indexes The DHL Global Connectedness Index is calculated based on more than 1 million data points. It requires far more data than other globalization indexes because it must capture international interactions by origin and destination, and separately track outward versus inward flows and stocks. The importance of incorporating distribution measures into a globalization index is enhanced by the rising share of economic activity taking place in emerging economies and how it is reshaping international flows. Without these changes, breadth and other measures of distribution would likely have been more static—and arguably less important to track.
DHL Global Connectedness Index 2014 19 Table 1.1 Weighted Average Imbalances by Component, 2005 vs. 2013 31 2005 Weighted Average Imbalance 2013 Weighted Average Imbalance Change From 2005 to 2013 Weighted Average Imbalance 1 Students 63% 1 Students 58% 1 Printed Publications Trade 8% 2 Migrants 51% 2 Migrants 54% 2 Portfolio Equity Flows 6% 3 Portfolio Equity Flows 48% 3 Portfolio Equity Flows 53% 3 Services Trade 4% 4 International Phone Calls 38% 4 International Phone Calls 39% 4 Migrants 4% 5 Tourists 34% 5 FDI Flows 36% 5 FDI Flows 3% 6 FDI Flows 33% 6 Printed Publications Trade 36% 6 International Phone Calls 2% 7 Printed Publications Trade 27% 7 Tourists 32% 7 FDI Stocks 0% 8 Portfolio Equity Stocks 25% 8 Portfolio Equity Stocks 22% 8 Tourists -2% 9 FDI Stocks 22% 9 FDI Stocks 21% 9 Merchandise Trade -3% 10 Services Trade 13% 10 Services Trade 17% 10 Portfolio Equity Stocks -3% 11 Merchandise Trade 13% 11 Merchandise Trade 11% 11 Students -5% While trade surpluses and deficits are the international imbalances that attract the most attention, imbalances on other components of the index are as much as five times larger, and imbalances on more components increased than decreased since 2005. Directionality Directionality imposes another doubling of data requirements and, probably more significantly, would require a second structural change in other indexes, alongside attention to entire distributions rather than one summary statistic. We have just begun to explore the implications of directionality in our own work so the principal point to be made for now is that data on directionality need to be collected before one can even start addressing the issues that it raises. can also contribute to growth. Most countries also place far more emphasis on attracting tourists than on encouraging their citizens to go abroad, and there is a great deal of concern in many countries’ about the directionality of information flows and their cultural implications. 32 Our preliminary analysis of directionality, however, already points to two interesting findings, illustrated in Table 1.1. First, while most of the attention to imbalances in international interactions focuses on trade, imbalances on the other components of the index are all larger, up to five times as much. Second, that imbalances on more components of the index increased than decreased over 2005–2013 underscores the value of tracking them. 31 A final reason why it is important to incorporate directionality into discussions of globalization is that it is a matter of great concern to policymakers. Many adopt mercantilist policies, favoring exports over imports, even against the advice of some economists who emphasize that imports
Page 1 and 2: Pankaj Ghemawat and Steven A. Altma
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286 Appendix B - Data Sources, Regr
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288 Appendix B - Data Sources, Regr
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Praise for the DHL Global Connected
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DHL Global Connectedness Index 2014

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