Geoeconomic Fragmentation and the Future of Multilateralism
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Disclaimer: This Staff Discussion Note represents the views of the authors and does not necessarily represent IMF views or IMF policy. The views expressed herein should be attributed to the authors and not to the IMF, its Executive Board, or its management. Staff Discussion Notes are published to elicit comments and to further debate.
Summary:
After several decades of increasing global economic integration, the world is facing the risk of policy-driven geoeconomic fragmentation (GEF). This note explores the ramifications. It identifies multiple channels through which the benefits of globalization were earlier transmitted, and along which, conversely, the costs of GEF are likely to fall, including trade, migration, capital flows, technology diffusion and the provision of global public goods. It explores the consequences of GEF for the international monetary system and the global financial safety net. Finally, it suggests a pragmatic path forward for preserving the benefits of global integration and multilateralism
Series:
Staff Discussion Notes No. 2023/001
Subject:
Balance of payments Economic sectors Financial crises Globalization International trade Money Technology
Notes:
Frequency:
occasional
English
Publication Date:
January 15, 2023
ISBN/ISSN:
9798400229046/2617-6750
Stock No:
SDNEA2023001
Pages:
42
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