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Multidimensional connectivity : benefits, risks, and policy implications for Europe and Central Asia

Author

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  • Gould,David Michael
  • Kenett,Dror Yossef
  • Panterov,Georgi Lyudmilov

Abstract

International connections through trade, foreign direct investment, migration, the Internet, and other channels are critical for the transmission of knowledge and growth and form macroeconomic linkages. But how much knowledge is transmitted to a country is not only the result of the overall level of connectivity, but also to whom a country is connected, as well as how these connections complement each other. For example, being well-connected to an economy with wide-reaching global connections is likely to be a stronger conduit for knowledge transfers than being connected to an isolated economy. Likewise, connections are likely to complement each other. For example, ecommerce is often seen as a benefit of Internet connectivity, but without transport connectivity, ecommerce may not amount to much. This wider definition of connectivity, referred to as multidimensional connectivity, is broadened and explored in this study as it applies to Europe and Central Asia. Focusing on countries from the Europe and Central Asia region, the paper shows that multidimensional connectivity is an economically and statistically important determinant of future economic growth. The paper further discusses the potential risks and transfer of shocks that can result from cross-country economic connectivity. Furthermore, it provides some examples of how policy tools can be designed to leverage the benefits of connectivity channels and mitigate their risks.

Suggested Citation

  • Gould,David Michael & Kenett,Dror Yossef & Panterov,Georgi Lyudmilov, 2018. "Multidimensional connectivity : benefits, risks, and policy implications for Europe and Central Asia," Policy Research Working Paper Series 8438, The World Bank.
    • Handle: RePEc:wbk:wbrwps:8438
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    Citations

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    Cited by:

    1. Tembo Nakamoto & Abhijit Chakraborty & Yuichi Ikeda, 2019. "Identification of Key Companies for International Profit Shifting in the Global Ownership Network," Papers 1904.12397, arXiv.org.
    2. Edwina E. Pereira & Albert E. Steenge, 2022. "Vulnerability and Resilience in the Caribbean Island States; the Role of Connectivity," Networks and Spatial Economics, Springer, vol. 22(3), pages 515-540, September.
    3. Hector Tzavellas, 2023. "A Multilayer View Of Systemic Importance And Aggregate Fluctuations," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 64(3), pages 1023-1046, August.
    4. Marco Bardoscia & Ginestra Bianconi & Gerardo Ferrara, 2019. "Multiplex network analysis of the UK over‐the‐counter derivatives market," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 24(4), pages 1520-1544, October.
    5. C. T. Vidya & Farhad Taghizadeh-Hesary, 2021. "Does infrastructure facilitate trade connectivity? Evidence from the ASEAN," Asia Europe Journal, Springer, vol. 19(1), pages 51-75, December.
    6. Luis Gerardo Hernández García, 2022. "Transport equipment network analysis: the value-added contribution," Journal of Economic Structures, Springer;Pan-Pacific Association of Input-Output Studies (PAPAIOS), vol. 11(1), pages 1-25, December.

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