This paper examines the changing nature of growth spillovers between developed economies, the North, and developing countries, the South, driven by the process of globalization--the phenomenon of rising international trade and financial flows. We use a comprehensive database of macroeconomic and...

This paper provides a brief analysis of three major questions raised in the context of the recent global financial crisis. First, how similar is the crisis to previous episodes? We argue that the crisis featured some close similarities to earlier ones, including the presence of credit and asset...