Using simple convergence equations, this paper projects that by mid-century per capita incomes in China and India will on average be about half the US level. In terms of total production, both countries should overtake the USA by 2050. Such developments will affect the advanced economies through...

Credit rating agencies (CRAs) play a key role in financial markets by helping to reduce the informative asymmetry between lenders and investors, on one side, and issuers on the other side, about the creditworthiness of companies or countries. CRAs´ role has expanded with financial globalization...

World exports have expanded considerably during the past three decades. Developed countries gained more than other countries from this increase because of the strategies adopted by their transnational corporations (TNCs). The strategies of TNCs for international business emphasizes key elements...

This paper offers a critical survey of a strong globalization thesis that predicts a direct link from more open trade and investment regimes to faster economic growth in developing countries and income convergence across the global economy. Its examination of recent experience suggests that...

Using a monopolistic pricing model as benchmark, this paper develops a dynamic framework within which issues concerning the role of export-processing zones in promoting economic openness and transition is assessed. Technological learning and adaptation contribute profoundly to economic...

This paper examines the history of trade policy in Great Britain and the United States and also refer to the cases of Germany and France. This paper indicates that it is a fallacy that early industrializers could have developed their industrial sector without infant industry protection. Indeed...

This paper presents a general equilibrium endogenous growth model, in which financial intermediaries evaluate the quality of projects, mobilize savings to finance the most promising ones and diversify risk. Information technology available to banks is linked to geographic proximity. This...

The paper analyses economic performance of a sample of developing countries that have undertaken trade liberalization and structural reforms since the early 1980s with the objective of expansion of exports and diversification in favour of manufacturing sector. The results obtained are varied....

Instead of simply relying on static comparative advantage considerations, the governments of the three second-tier South-East Asian newly industrializing countries of Indonesia, Malaysia and Thailand have all intervened to diversify their economies. Such diversification has included the...

The globalization of the world economy poses major challenges to the prevailing international economic system. The recent trade-investment system raises the issues of the marginalization of countries, firms, and agents if they are not capable to compete with large successful entities. The system...