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David Dollar and Aart Kraay

Abstract

How has the increased participation of many developing countries in international trade affected their economic growth rates, and what implications has this had for the international distribution of income and the incidence of poverty?

Mr. Eswar S Prasad, Raghuram Rajan, and Mr. Arvind Subramanian

Abstract

Is foreign capital associated with economic growth and, if not, why does it flow “uphill”?

M. Ayhan Kose and Prasad Eswary

Abstract

What accounts for the surge of cross-border capital flows over the past two decades? Capital account liberalization provides a big part of the answer. But while the increase in these flows since the mid-1980s—both between industrial countries and from industrial to developing countries—has been associated with a number of benefits, it has also played a role in a number of financial crises. This raises some fundamental questions. Why have many developing countries followed the advanced economies and signed on to capital account liberalization despite the risks, and is it really the culprit that some anti-globalizers have made it out to be?

Mr. Harold James

Abstract

Despite its many benefits, globalization is unsettling, and those who feel most threatened by it may try to turn back the clock.

Ceyla Pazarbaşloğlu, Mr. Mangal Goswami, and Mr. Jack J Ree

Abstract

The implications for financial stability of the sharp rise in international capital flows

Augusto de la Torre and Mr. Sergio L. Schmukler

Abstract

What is the future for developing country capital markets in a globalized economy?