Globalization and Liberalization: The Impact on Developing Countries
Barbara Stallings, United Nations. Economic Commission for Latin America and the Caribbean. Economic Development Division
United Nations Publications, 2001 - 37 pages
This paper analyzes the impact of globalization on developing countries over the last several decades. The first section examines the components and mechanisms of globalization. The second turns to financial globalization and looks in more detail at the changing trends in finance for developing countries. The third section analyzes the impact of the new pattern of finance in terms of growth, equity and government autonomy. The concluding section offers policy recommendations for making globalization a more positive force.
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ll Developing Countries in a World
Ill The Impact of the New Pattern of Financial Flows
A Intemational policies
Barbara Stallings beneﬁts Bilateral billions of dollars CAPITAL FLOWS capital inﬂows Caribbean Central Asia coefﬁcients concessional crises decade decline deﬁcits developing countries difﬁcult domestic policies domestic savings East Asia Pacific ECLAC economic employment equity especially Europe and Central Excludes IMF loans existing assets exports ﬁgures ﬁnancial crisis ﬁnancial globalization ﬁrms ﬁrst ﬂows to developing foreign capital foreign direct investment funds Global Development Finance Globalization and liberalization Grants greenﬁeld growth rates herd behavior impact of globalization important increased inequality inﬂuence intemational capital markets Latin America long-term capital macroeconomic macroeconomic policies Malaysia mergers and acquisitions Mexico Middle East multilateral negative OECD Official loans percent in 1997 Portfolio private ﬁnance Private flows private sector problems redistributive rescue package resource ﬂows share short-term capital ﬂows short-term ﬂows signiﬁcant Source South Asia Stallings Sub-Saharan Africa Table Table Table TNCs trade trends Type of flow volatility World Bank