Reasons for Remitting
Oded Stark
Volume 10, Number 3, 2009, pages 147 - 158
This article presents a set of reflections on what gives rise to remittances, which constitute a major part of the impact of migration on economic development in the migrants’ own countries. The collage of reasons presented serves to illustrate that remittance behaviour is the outcome of an intricat ... Read more
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The World Financial Crisis
New economy, globalisation and old-fashioned philosophy
F. Gerard Adams
Volume 10, Number 1, 2009, pages 45 - 58
The world financial crisis of 2008 is a consequence of new financial technologies, new accounting methods and new international linkages. These developments have come at a time when governments have returned to an old-fashioned free market philosophy. This paper links the systemic financial/economic ... Read more
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The World is not Flat
Implications for the construction of globalisation indicators
Philippe De Lombaerde & P. Lelio Iapadre
Volume 9, Number 4, 2008, pages 159 - 180
This paper reviews different proposals for the measurement of globalisation,
arguing that available composite indicators, although going beyond a purely
economic definition of international integration, fail to perform their task
adequately for a variety of conceptual and methodological reasons. ... Read more
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Global Imbalances and the Lessons of Bretton Woods
Graham Bird & Thomas D. Willett
Volume 9, Number 3, 2008, pages 229 - 234
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Unwinding Global Economic Imbalances
What’s growth got to do with it?
Graham Bird
Volume 9, Number 3, 2008, pages 211 - 216
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The Wealth and Poverty of Nations
François Bourguignon on fifty years of economic development and the elusive quest for sustained growth
An interview with introduction by Brian Snowdon
Volume 9, Number 3, 2008, pages 123 - 176
François Bourguignon was Chief Economist and Senior Vice President, Development Economics, at the World Bank before taking up his current position as Director of the Paris School of Economics. He is one of the world’s leading economists in the field of economic growth and development, in particular ... Read more
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Poverty Reduction in Developing Countries
No consensus but plenty of solutions
Michael Chibba
Volume 9, Number 1, 2008, pages 197 - 200
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Islamic Economics and Finance
Rodney Wilson
Volume 9, Number 1, 2008, pages 177 - 195
This article provides an introduction to key concepts and methods involved in an Islamic approach to business, investment, risk taking and insurance. The prohibition of riba (interest or usury) profoundly influences the way business transactions and investments are made and financial contract ... Read more
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Growth Strategies and Dynamics
Insights from country experiences
Mohamed A. El-Erian & A. Michael Spence
Volume 9, Number 1, 2008, pages 57 - 96
The paper examines the challenges that developing countries face in accelerating and sustaining growth. The cases of China and India are examined to illustrate a more general phenomenon which might be called model uncertainty. As a developing economy grows, its market and regulatory institutions cha ... Read more
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Tim Lankester on Andrew Glyn, Capitalism Unleashed: Finance, Globalization, and Welfare FREE ARTICLE
Volume 8, Number 2, 2007, pages 277 - 280
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Losses and Gains to Developing Countries from the Migration of Educated Workers
An overview of recent research, and new reflections
Oded Stark & C. Simon Fan
Volume 8, Number 2, 2007, pages 259 - 269
This paper synthesizes and extends recent research on “The New Economics of the Brain Drain”. In a unified framework, the paper shows that while recently identified adverse repercussions of the brain drain exacerbate the long-recognized negative impact of the brain drain, longer-term consequences tu ... Read more
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Globalisation and Inflation
Charles Bean
Volume 8, Number 1, 2007, pages 57 - 73
In this paper, Charles Bean, Executive Director, Chief Economist and member of the Monetary Policy Committee of the Bank of England, discusses the impact of globalisation on the industrialised countries and in particular the inflation process. He explains how globalisation has affected the returns t ... Read more
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Education in a Globalized World
David E. Bloom
Volume 7, Number 4, 2006, pages 87 - 109
The arguments in favor of education rest on various premises: legal and humanitarian—that children are entitled to an education as a basic human right; economic—that countries will advance faster when people are educated; social and political-that education is essential for building cohesive, equita ... Read more
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Book Review
Johannes F. Linn on Ngaire Woods, The Globalizers: The IMF, The World Bank, and Their Borrowers
Volume 7, Number 3, 2006, pages 189 - 200
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Are Mr de Rato’s Spectacles Rose Tinted?
Globalization and the IMF’s medium-term strategy
Graham Bird
Volume 7, Number 2, 2006, pages 115 - 131
Since the annual meetings of the IMF in September 2005, its Managing Director, Rodrigo de Rato, has been publicizing a medium-term strategy for the institution based on the organizing principle of globalization. Mr de Rato presents the challenges facing the Fund as global economic imbalances, capita ... Read more
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The Economic Growth of East Asia and Latin America in Comparative Perspective
Lessons for development policy
Anthony Elson
Volume 7, Number 2, 2006, pages 97 - 114
This paper attempts to identify key factors that can account for the divergent economic performance of East Asia and Latin America during the second half of the 20th century. Within the triad of so-called “deep determinants” of economic growth (geography, policy and institutions), the paper argues t ... Read more
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Comment
Phillip Crowson on the ‘death of distance’ and natural resource-based economic development in history.
Volume 7, Number 1, 2006, pages 185 - 187
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Global Income Inequality
A review
Branko Milanovic
Volume 7, Number 1, 2006, pages 131 - 157
This paper presents a non-technical summary of the current state of debate on the measurement and implications of global inequality (inequality between citizens of the world). It discusses the relationship between globalization and global inequality. It shows why global inequality matters and propos ... Read more
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The Enduring Elixir of Economic Growth
Xavier Sala-i-Martin on the wealth and poverty of nations
An interview with introduction by Brian Snowdon
Volume 7, Number 1, 2006, pages 73 - 130
“I think that the most important question that an economist can ask is, What is it that makes a country grow? More than anything else it is economic growth that affects human welfare…this is why it must remain a major research interest for economists.” In this interview Xavier Sala-i-Martin—w ... Read more
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Trade Policy 2006
A tour d’horizon
Razeen Sally
Volume 7, Number 1, 2006, pages 45 - 71
The global momentum in favour of trade liberalisation has slowed down; and there is more liberalisation-scepticism post-Washington Consensus. Chances are that the Doha Round will either collapse or deliver a very modest result. Both outcomes will leave the WTO in very serious trouble. For the WTO to ... Read more
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Corporate China Goes Global
Friedrich Wu
Volume 6, Number 4, 2005, pages 171 - 181
Recent high-profile international acquisitions and take-over bids by Chinese companies have attracted much media limelight and raised intense interest in China’s rising outward foreign direct investment (FDI). This paper delineates the macro trends of China’s outward FDI based on the most currently ... Read more
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Will Globalization Survive?
Martin Wolf
Volume 6, Number 4, 2005, pages 1 - 10
Globalization is not inevitable. It depends on politics. Today, it depends above all on US politics. Without successful US leadership, the present globalization may founder, just as the last one did. In this article Martin Wolf, associate editor and chief economics commentator at the Financial Ti ... Read more
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The Economics of Happiness
Insights on globalization from a novel approach
Carol Graham
Volume 6, Number 3, 2005, pages 41 - 55
The economics of happiness is an approach to assessing welfare that combines economists’ techniques with those of psychologists, and relies on more expansive notions of utility than does conventional economics. Research based on this approach highlights the factors—in addition to income—that affect ... Read more
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The ‘Death of Distance’
What does it mean for economic development?
Nicholas Crafts
Volume 6, Number 3, 2005, pages 1 - 14
This paper considers the implications of falling transport and communications costs for the spread of economic activity around the world. The evidence suggests that location has been and continues to be an important determinant of income levels. The Information and Communications Technologies (ICT) ... Read more
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Migration and Development
A new research and policy agenda
Dhananjayan Sriskandarajah
Volume 6, Number 2, 2005, pages 141 - 146
There is growing interest in the impacts of international migration on economic development. Yet, despite a burgeoning literature, some of the most fundamental questions in this area remain unanswered. This article suggests five priorities for devising better methodologies for understanding the impa ... Read more
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The New Economics of the Brain Drain
Oded Stark
Volume 6, Number 2, 2005, pages 137 - 140
For nearly four decades now, the conventional wisdom has been that the migration of human capital (skilled workers) from a developing country to a developed country is detrimental to the developing country. However, this perception need not hold. A well-designed migration policy can result in a “bra ... Read more
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Reserve Accumulation in Asia
Lessons for holistic reform of the international monetary system
Graham Bird & Alex Mandilaras
Volume 6, Number 1, 2005, pages 85 - 99
In the aftermath of the 1997/1998 crisis, Asian economies have built up large
holdings of international reserves. Although initially encouraged to do so by the
IMF, more recently they have been criticised for maintaining undervalued
currencies, running large current account balance of payments su ... Read more
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Keynes, Globalisation and the Bretton Woods Institutions in the Light of Changing Ideas about Markets
Robert Skidelsky
Volume 6, Number 1, 2005, pages 15 - 30
For most of the twentieth century, pessimism about, and hostility to, markets was
prevalent and this pulled in an anti-globalist direction. Indeed, the global
institutions set up in 1944 were constructed by two market pessimists, John
Maynard Keynes, on whom this article concentrates, and Harry D ... Read more
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Trade in the Chinese 21st Century
Howard Davies
Volume 6, Number 1, 2005, pages 1 - 13
In this article Sir Howard Davies, Director of the London School of Economics
and Political Science, offers some thoughts, first, on the political framework
within which trade policy is determined, then about the way in which the
globalization debate has developed, and finally some suggestions on ... Read more
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Globalisation, Economic Progress and New Millennium Collectivism
A review article
David Henderson
Volume 5, Number 3, 2004, pages 43 - 73
Three major studies of globalisation and its effects have recently been published.
One of these is the report of an international commission of eminent persons.
The other two are books by leading economists, one by Jagdish Bhagwati and the
other by Martin Wolf. David Henderson comments on all the ... Read more
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The G-20 and the World Economy
C Fred Bergsten
Volume 5, Number 3, 2004, pages 27 - 36
‘Globalisation’ is under attack throughout the world. However, no country has
ever developed successfully without participating actively in the global economy.
Countries and even whole regions that have failed to globalise, or which have
‘de-globalised’, have lagged. What is needed is more openne ... Read more
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Globalisation and the Asia–Pacific Revival
Arne Bigsten
Volume 5, Number 2, 2004, pages 33 - 55
This paper reviews evidence on the evolution of international economic
integration of Asia–Pacific countries, and discusses the extent to which this
explains their recent growth success. It starts with a review of some theoretical
arguments in the growth and globalisation debate, which is followe ... Read more
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Beyond the Ivory Tower
Stanley Fischer on the economics of contemporary global issues
An interview with introduction by Brian Snowdon
Volume 5, Number 1, 2004, pages 67 - 114
Stanley Fischer had a long and distinguished career as an academic economist at
MIT, and was Vice President, Development Economics and Chief Economist at
the World Bank, before becoming First Deputy Managing Director of the
International Monetary Fund in 1994. He is now President of Citigroup
In ... Read more
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Escaping Regulation, Escaping Convention
Development strategies in small economies
Naren Prasad
Volume 5, Number 1, 2004, pages 41 - 65
Contrary to widely held belief, small island countries have many lessons to offer
to other countries and the world community in terms of their development
strategies. This article provides evidence that small island countries are experts at
breaking and distorting global trade rules without being ... Read more
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Back to the Future
Jeffrey Williamson on globalisation in history
An interview with introduction by Brian Snowdon
Volume 4, Number 4, 2003, pages 95 - 138
Jeffrey Williamson is a leading authority on the economic history of the
international economy. His interests cover a wide area within the field of
economic history and include research on international economic development,
the industrial revolution, industrialisation and de-industrialisation, t ... Read more
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In Search of the Holy Grail
William Easterly on the Elusive Quest for Growth and Development
An interview with introduction by Brian Snowdon
Volume 4, Number 3, 2003, pages 51 - 92
Having conducted extensive research in the field of economic growth and
development, William Easterly has broad knowledge and expertise on the
problems facing developing countries. While working for the World Bank, he
travelled extensively in Africa, Latin America and Asia, and is well placed to
... Read more
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The Impact of Globalization on Rural Poverty
Alexander Sarris
Volume 4, Number 2, 2003, pages 143 - 162
The paper first reviews the meaning and causes of globalization. It indicates that
globalization is not a new phenomenon in history, but the current phase seems to
have new elements that did not exist previously. Regarding the consequences of
the various aspects of globalization at the national l ... Read more
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Does Britain Need More Immigrants? A Debate
Nigel Harris & David Coleman
Volume 4, Number 2, 2003, pages 57 - 102
In this debate, Nigel Harris and David Coleman discuss the pros and cons of
migration. Taking the case of Britain, they address issues such as the desirability
or otherwise of migration controls, gains and losses from migration, the ‘optimum’
size and composition of the country’s workforce, and t ... Read more
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Are Multinationals Really Bigger Than Nations?
Paul De Grauwe & Filip Camerman
Volume 4, Number 2, 2003, pages 23 - 37
Multinational corporations are increasingly seen as excessively big and powerful,
and as having dramatically increased in size and power. This perception has led
to the view that the big corporations are threatening democratic institutions of
the nation-states and that they pervert the cultural a ... Read more
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Should We Be Globaphobic About Globalisation?
Dani Rodrik on the economic and political implications of increasing international economic integration
An interview with introduction by Brian Snowdon
Volume 3, Number 4, 2002, pages 147 - 192
Dani Rodrik is best known for his work on international economics, trade policy,
the institutional foundations of economic development, and the political
economy of economic policy reform. Much of his recent research has been
concerned with the limits and consequences of international economic
i ... Read more
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More Aid—Making It Work for the Poor
Peter S. Heller & Sanjeev Gupta
Volume 3, Number 4, 2002, pages 131 - 146
This paper highlights the economic challenges that would be associated with a
successful effort by industrial countries to meet the goal of devoting 0.7 percent
of their GNP to official development assistance (ODA) to help poor countries. To
help achieve the Millennium Development Goals, enhanced ... Read more
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Can Africa Catch Up?
Arne Bigsten
Volume 3, Number 2, 2002, pages 17 - 33
The trend towards globalization of the last few decades has been manifested in
the sustained growth of world trade and flows of investment and technology. For
most regions this growing integration has led to rapidly growing per capita
incomes, while Africa has stagnated at the income level achiev ... Read more
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Cycles of Silver
Globalization as historical process
Dennis O. Flynn & Arturo Giráldez
Volume 3, Number 2, 2002, pages 1 - 16
Absent a workable definition of the term ‘globalization’, debates today lack
intellectual rigor. Most consider globalization a 20th-century (even post-1945)
phenomenon. In fact, globalization was born when Manila was founded as a
Spanish entrepôt in 1571. Connections across the Pacific Ocean (one ... Read more
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Championing Free Trade in the Second Age of Globalisation
Jagdish Bhagwati on trade, democracy and growth
An interview with introduction by Brian Snowdon
Volume 2, Number 4, 2001, pages 53 - 104
Professor Jagdish Bhagwati is without question one of the world’s leading
economists and an authority on the principles and practice of foreign trade. In his extensive research over the past forty years he has made seminal contributions to trade theory and policy, public finance, the new political ... Read more
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NGOs and International Economic Policy-Making
Rights and responsibilities in the global arena
Michael Edwards
Volume 2, Number 3, 2001, pages 127 - 137
NGOs and other citizens’ groups are enjoying an unprecedented upsurge in their
profile and influence in global debates over international economic policy. Public
opinion polls show this to be a popular trend, but the outcome of greater civil
society involvement depends on whose voices are actuall ... Read more
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The Debt-Relief Initiative for Poor Countries
Good news for the poor?
Gustav Ranis & Frances Stewart
Volume 2, Number 3, 2001, pages 111 - 124
This paper reviews the new debt-relief initiative for Highly-Indebted Poor
Countries (HIPCs) designed to reduce the debt burden of potentially 36 poor
countries. It finds that the HIPC initiative is not likely to make a major
contribution to the problems of the world’s poor. It offers limited and ... Read more
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Global Income Inequality
Beliefs, facts and unresolved issues
Arne Melchior
Volume 2, Number 3, 2001, pages 87 - 108
While several international organisations have argued that income gaps between
countries have increased during the last decades, the opposite conclusion is
obtained if countries are weighted according to their population size, and if price-level-adjusted income data are applied. Inequality measure ... Read more
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Redefining the Role of the State
Joseph Stiglitz on building a ‘post-Washington consensus’
An interview with introduction by Brian Snowdon
Volume 2, Number 3, 2001, pages 45 - 86
An interview with introduction by Brian Snowdon
Professor Joseph Stiglitz is without question one of the world’s leading
economists. In his extensive research he has made seminal contributions to the
analysis of the economic consequences of incomplete information and
uncertainty. This wo ... Read more
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Economic Globalisation
How far and how much further?
Ramkishen Rajan & Graham Bird
Volume 2, Number 3, 2001, pages 1 - 18
The concept of globalisation has received a great deal of popular attention in
recent years. However, the term is often used quite loosely. When defined to
mean closer international economic integration, the evidence shows that the
extent of globalisation may easily be exaggerated. This article e ... Read more
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Latin America: The Long and Winding Road to Growth
Federico Foders
Volume 2, Number 2, 2001, pages 143 - 162
This paper reviews recent economic reforms carried out in Latin America and
relates them to the long-run economic trends in the region. After a brief overview
of growth and income distribution patterns of Latin American countries in the
nineteenth and twentieth centuries, the paper addresses some ... Read more
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The International Economic System in the Twentieth Century
An interview with Barry Eichengreen
Brian Snowdon
Volume 1, Number 3, 2000, pages 39 - 60
This wide-ranging discussion takes in globalisation, the causes of the Great Depression (and the likelihood of future recurrences), the Marshall Plan and post-war European recovery, growth in the 1950s and 60s followed by the problems of the 70s, and the strengths and weaknesses of the current inter ... Read more
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Response to Professor Bird
Allan Meltzer
Volume 1, Number 3, 2000, pages 31 - 37
Allan Meltzer responds to Graham Bird’s article "Sins Of The Commission: The Meltzer Report On International Financial Institutions" [World Economics, Vol.1, No.3, July-September 2000]. In that article, Bird argued that the International Financial Institutions Advisory Commission’s conclusion ... Read more
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Sins of the Commission
The Meltzer Report on international financial institutions
Graham Bird
Volume 1, Number 3, 2000, pages 17 - 29
In the aftermath of the East Asian financial crisis there has been much discussion of a new international financial architecture. A significant contribution to this debate is the Report of the International Financial Institution Advisory Commission, sponsored by the US Congress, which was chaired b ... Read more
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False Attack
Misrepresenting the Human Development Report and misunderstanding the need for rethinking global governance
Richard Jolly
Volume 1, Number 3, 2000, pages 1 - 15
In this rejoinder to David Henderson’s article "False Perspective: the UNDP view of the world" (World Economics Vol 1 No 1 January-March 2000), Richard Jolly, former special adviser to the Administrator of the United Nations Development Programme, argues that Henderson’s criticisms of the UND ... Read more
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Proposals for a better International Financial System
Stephany Griffith-Jones
Volume 1, Number 2, 2000, pages 111 - 133
This paper analyses three essential functions of global financial market management that currently are not properly met, and could best be met by new institutional developments: 1. prudential regulation; 2. provision of official liquidity to countries or markets in crises; and 3. emergency orderly w ... Read more
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Prophesies of Doom at the Turn of the Millennium
A critical review of the fallacies about the end of work
Mauricio Rojas
Volume 1, Number 1, 2000, pages 21 - 38
Predictions about the "end of work" are widespread. A growing body of literature argues that growth is destroying more jobs than it created. New technology and globalisation are syndicated as the causes of this development that in the long run will condemn the majority of mankind to exclusion and po ... Read more
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False Perspective: The UNDP View of the World
David Henderson
Volume 1, Number 1, 2000, pages 1 - 19
Despite some searching and unanswered criticisms of its treatment of statistical evidence, the UNDP Human Development Report has become established as a widely-quoted and influential survey of the world scene. The 1999 Report, reviewed here, focuses on ‘globalization’. This is described as a dominan ... Read more
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