For the purposes of this speech, I would like to make the distinction between two different dimensions of globalisation: trade and finance (these are also referred to in the relevant literature as the de jure and de facto dimensions of globalisation), on which I will provide some evidence later on.
The first relates to economic liberalisation in the sense of increased volumes of trade through the removal of (de jure) barriers to imports, customs tariffs, etc. The second is related to (de facto) cross-border capital flows, foreign direct investment, portfolio investment and income payments to non-residents, liberalised through lower taxes on commercial transactions and the removal of capital account restrictions.