The global economic crisis has revealed that growth in East Asia is highly vulnerable to slowdown in exports to major advanced economies. This paper shows that in precrisis years, at least one third of growth in the Peoples Republic of China was due to exports, and this proportion was even...

This paper argues that the unprecedented acceleration of growth in the developing world in the new millennium in comparison with advanced economies is due not so much to improvements in underlying fundamentals as to exceptionally favourable global economic conditions, shaped mainly by...

The failure of exceptional monetary measures pursued in response to the financial crisis in advanced economies to achieve a strong recovery has created a widespread concern that these economies suffer from a chronic demand gap and face the prospect of stagnation. This paper reviews and discusses...