For the last two or three decades, the global economy has been going through an extraordinary transition phase. This period has been marked by stronger integration among economies, fuelled by falling trade and communication costs, but above all by the rising prominence of emerging market and...

The liberalisation of trade and finance, the reduction in transport costs and progress in the field of information and communication technologies have brought about profound changes in the international environment. As a result, the interpenetration of economies has increased sharply, and this...