DEGLOBALIZATION IN INTERNATIONAL FINANCE AND PAYMENTS: A NEW PARADIGM OR A PHASE IN GLOBALIZATION’S EVOLUTION?
DOI:
https://doi.org/10.2478/eoik-2025-0077Keywords:
Globalization, Deglobalization, International Finance, Payments, Trade Policy, Capital Flows, Digitalization, Deglobalization CoefficientAbstract
This paper examines the phenomenon of deglobalization in interna-
tional finance and payments, assessing whether it represents a funda-
mental shift or a temporary phase within the broader process of glo-
balization. Using a combination of theoretical analysis and empirical
assessment, the research introduces the Deglobalization Coefficient,
a novel metric that synthesizes key financial indicators, including
cross-border capital flows, trade restrictions, and international pay-
ment diversification. Data from sources such as the United Nations
Trade and Development and the Bank for International Settlements
provide insights into trends from 2007 to 2022, a period marked by
financial crises, trade policy shifts, and geopolitical tensions. The
findings indicate that the world economy is undergoing a moderate
level of financial deglobalization, with increasing regionalization of
finance and greater national autonomy in monetary policy. However,
the study also highlights the counterbalancing role of digitalization,
which sustains financial integration despite protectionist tendencies.
The research contributes to the ongoing debate on the future of global-
ization, offering a systematic approach to measuring deglobalization
trends in financial markets.
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