Globalization has been taking place for centuries, moving from the colonization of the inhabited parts of the world to the appearance of nations, from conquests to independent countries, from sailboats and caravans to steamboats, truck fleets and cargo planes, from trade in a few commodities to...

From a development perspective, capital flows can both provide significant benefits and entail significant costs. Consequently, the development impacts of capital flows do not readily lend themselves to simple generalizations. This survey considers the development benefits and costs of four...

Globalization and its relation to poverty reduction and development are not well understood. The book identifies the ways in which globalization can overcome poverty or make it worse. The book defines the big historical trends, identifies main global flows-trade, finance, aid, migration, and...

Globalization and its relation to poverty reduction and development are not well understood. This book explores the ways in which globalization can overcome poverty or make it worse. The book defines the big historical trends, identifies the main globalization processes - trade, finance, aid,...

. Political commitment is the key ingredient needed for economic take-off and long-term growth. Poor countries will be unable to escape the vicious circle of poverty unless they and the international community join forces. . Inappropriate financial policies can lead to a decline in and poor...

. Lowering interest rates and, thus, the cost of borrowing in the rand zone (Lesotho, Namibia, Swaziland and South Africa) is a priority to promote investment and economic growth. . Local-currency interest rates in these countries are driven by those on rand-denominated transactions. Reducing...

. In 1990-1991, worldwide military expenditure amounted to $950 billion. This bill could be reduced by the year 2000 by over $300 billion.. . Excessive military expenditure jeopardizes development prospects. . Policies to achieve transparency and to strengthen military security arrangements...

In this study, we analyse extended periods of growth in Africa based on panel estimations from 27 African countries during the 1960-1996 period. Only a dozen of such rapid growth episodes are observable in Africa since 1960, and several of them eventually came to an end. We use all existing...

Latin American sovereign bonds represent a significant share of the emerging debt class (50 per cent by early 2001) and so have considerably shaped the dynamics of this market. Recent financial turmoil, contagion episodes and investors’ renewed concerns with debt default call for a better...