Globalization is a complex phenomenon, best represented by a general framework in which all financial markets and some goods markets adjust quickly, while for the other goods markets prices vary across countries. We consider a two-period financial model. In the first period, agents consume, buy and sell financial assets to diversify their portfolios. In the second period, they spend their endowments and financial gains to purchase consumption goods. We define the concept equilibrium*, in which the total nominal value of trade is balanced and, for any non-negative individualized system of prices, the total nominal value of demand does not exceed the total value of supply. This equilibrium* coincides with the standard concept of equilibrium when the Law of One Price (LOP) is satisfied for any country. In this model, we introduce imperfect international trade. Assuming that Uncovered Interest (rate) Parity (UIP) holds in all financial markets and the LOP does not hold in some goods markets, we prove that an equilibrium* does exist; for markets in which the LOP fails, however, the equilibrium becomes autarkic. This result explains why financial markets and some goods markets are globally integrated, while trade fails in other markets. The world economy is fully globalized only if the LOP holds everywhere.

全球化是一个复杂的现象，最好体现在一个总体框架中，其中所有金融市场和一些商品市场都在迅速调整，而其他商品市场的价格因国家而异。我们考虑一个两期财务模型。在第一阶段，代理人消费、买卖金融资产以分散其投资组合。在第二阶段，他们将禀赋和财政收益用于购买消费品。我们定义了概念均衡*，其中贸易的总名义价值是平衡的，对于任何非负的个性化价格系统，需求的总名义价值不超过供给的总价值。当任何国家都满足一价定律 (LOP) 时，这种均衡* 与均衡的标准概念一致。在这个模型中，我们引入了不完善的国际贸易。假设未覆盖利率（利率）平价（UIP）在所有金融市场都成立，而 LOP 在某些商品市场不成立，我们证明均衡*确实存在；然而，对于 LOP 失败的市场，均衡变得自给自足。这一结果解释了为什么金融市场和一些商品市场在全球一体化，而其他市场的贸易却失败了。只有当 LOP 无处不在时，世界经济才能完全全球化。而其他市场的贸易失败。只有当 LOP 无处不在时，世界经济才能完全全球化。而其他市场的贸易失败。只有当 LOP 无处不在时，世界经济才能完全全球化。