We study the effect of overall globalisation on economic growth in a neoclassical macroeconomic growth model. We further assess our model by considering the decomposed measures of globalisation including economic, political, and social globalisation components. To this end, we estimate panel data models by applying the cross-sectional dependency-autoregressive distributed lags (CS-ARDL) approach to a sample of 116 countries during the available period, 1980–2015. We classified our sample into upper middle-, lower middle-, and high-income groups to minimise country-specific heterogeneity. Our results affirm the presence of a quadratic (nonlinear) U-shaped relationship between the overall globalisation (including the economic, political, social components) and economic growth for the lower middle- and upper middle-income group. However, they provide evidence of a positive linear relationship between globalisation and economic growth for the high-income countries. Given the arguments that the impact of globalisation on growth is conditional on local financial development (FD) and quality of governance (QoG), we incorporate their role. We provide fresh evidence that the impacts of globalisation on economic growth are more profound in the countries with a higher QoG and a higher deepening of FD. We further check the robustness of our analysis applying the U test and dynamic generalised methods of moment approach. We also provide policy implications.

我们在新古典宏观经济增长模型中研究了整体全球化对经济增长的影响。我们通过考虑包括经济，政治和社会全球化组成部分在内的全球化分解措施来进一步评估我们的模型。为此，我们通过在1980-2015年的可用期间对116个国家的样本应用横截面依赖-自回归分布滞后（CS-ARDL）方法来估计面板数据模型。我们将样本分为中上，中下和高收入人群，以最大程度地减少特定国家/地区的异质性。我们的研究结果肯定了中低收入和中高收入群体的总体全球化（包括经济，政治，社会组成部分）与经济增长之间存在二次（非线性）U形关系。然而，它们为高收入国家提供了全球化与经济增长之间正线性关系的证据。考虑到全球化对增长的影响取决于当地金融发展（FD）和治理质量（QoG）的论点，我们结合了它们的作用。我们提供了新的证据，表明全球化对经济增长的影响在QoG较高和FD深化较高的国家中更为深远。我们进一步检查分析的稳健性 我们提供了新的证据，表明全球化对经济增长的影响在QoG较高和FD深化较高的国家中更为深远。我们进一步应用 我们提供了新的证据，表明全球化对经济增长的影响在QoG较高和FD深化较高的国家中更为深远。我们进一步应用U检验和动态广义矩法。我们还提供政策含义。