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"There is a fundamental shift taking place in the world economy to which the multilateral trading system has failed to … interests largely in the rich countries, is running out of steam; (ii) the world economy is moving broadly from conditions of … commonality of interests and scope for give-and-take on these new issues make multilateral cooperation worth attempting. "--World …
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The financial crisis has re-ignited the fierce debate about the merits of financial globalization and its implications for growth, especially for developing countries. The empirical literature has not been able to conclusively establish the presumed growth benefits of financial integration....
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This paper analyzes the evolution of the degree of global cyclical interdependence over the period 1960-2005. We categorize the 106 countries in our sample into three groupsindustrial countries, emerging markets, and other developing economies. Using a dynamic factor model, we then decompose...
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