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Reflecting Change: The Second Edition of ‘From Poverty to Power’
Duncan Green Updating a book on contemporary events can be unnerving. In the intervening years, events and new thinking combine to expose the...
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Blog
UNU-WIDER Interview with Dr Kaushik Basu29 November 2012 Carl-Gustav Lindén In November 2012 UNU-WIDER had the pleasure of hosting a public event with Dr Kaushik Basu, the newly appointed...
Blog
Making Finance the Servant not the Master
Tony Addison Today, there is much frustration with the financial sector. Society’s precious savings are not being put to the best of uses—investing...
Working Paper
Financial Sector Structure and Financial Crisis BurdenWe consider an overlapping generations model with two production factors and two types of agents in the presence of financial intermediation and its application to the Russian default of August 1998. The paper focuses on the analysis of the...
Working Paper
Impact of the Global Commodity and Financial Crises on Poverty in VietnamEconomic growth in Vietnam has been fairly resilient to the global commodity and financial crises, but it is unclear why. In addition, the impact of the crises on employment and poverty is in dispute. We develop a dynamic computable general...
Working Paper
The Global Economic CrisisThis paper outlines the impact of the global economic crisis on Africa. Recovery requires coordinated and consistent efforts to assist individual countries in mitigating (reducing) the risk, coping with the impact, and reducing risk over the longer...
Policy Brief
Journal Article
Impact of the Global Financial and Economic Crisis on DevelopmentThe global economic crisis beginning in 2008 has come at an inopportune time for Africa. Economic growth had recovered, poverty had declined, and human development had improved. Then the crisis hit. Growth then fell by 60 per cent. The growth decline...
Journal Article
The Impact of the Global Commodity and Financial Crises on Poverty in VietnamEconomic growth in Vietnam was resilient to the global commodity and financial crises, but it is unclear why. Impacts on employment and poverty are also disputed. We develop a dynamic computable general equilibrium model to decompose growth and...
Blog
Africa’s Recovery from the Global Economic CrisisAugustin Fosu and Wim Naudé African economies have been shaken by the global economic downturn which followed the US-centered financial crisis of 2008...
Working Paper
South African Labour Market Transitions During the Global Financial and Economic CrisisThis paper studies individual-level labour market transitions and their determinants in South Africa during the zenith and aftermath of the global financial and economic crisis using 2008 to 2010-2011 panel data from the National Income Dynamics...
Blog
The Impact of the Global Economic Crisis on the Millennium Development Goals in Latin AmericaMarco V. Sánchez and Rob Vos Substantial slowdown in progress towards the Millennium Development Goals (MDGs) should be expected as a consequence of...
Blog
Impact of the Global Economic Crisis on the Arab Region
By Imed Drine Whilst having a global impact, the current financial and economic crisis is clearly affecting certain regions more severely than others...
Blog
How Will the Financial Crisis Impact on the Developing World and What Can Be Done About It?
Wim Naudé Following the US subprime mortgage crisis of 2007-2008, the world is now staggering from financial to economic crisis as many high-income...
Working Paper
The Change of the Financial System and Developmental State in KoreaThis study examines the role of institutions and their change related to the rapid economic development and the 1997 Korean financial crisis. In Korea, the government built a state-led financial system through the 1960s and 1970s and a specific...
Working Paper
The Asian Currency CrisisWhat started in the summer of 1997 as a regional economic and financial crisis in East and Southeast Asia had developed into a global financial crisis within the span of a year. This crisis followed the crisis in the European Monetary System in 1992...
Working Paper
Prudential Regulation of Banks in Less Developed EconomiesBeginning with an empirical analysis of banking crises using a logit econometric model covering a sample of developed and developing countries between 1980-97, the paper suggests that crises are more likely in years of low growth and high real...
Working Paper
Capital Flows to Developing Countries of the International Financial SystemRecent financial crises, whose effects have been particularly severe in developing countries, have led to a wide-ranging debate on international financial reform. This debate has had to confront the implications of the huge growth of international...
Working Paper
Will the Euro Trigger More Monetary Unions in Africa?We analyse the prospects for greater monetary integration in Africa, in the wake of EMU. We argue that the structural characteristics of African economies are quite different to the EMU members but that much can be gained from monetary cooperation...
Policy Brief
The Global Economic Crisis After One YearOne year into the global economic crisis, it has become clear that the paradigm for international development has changed irrevocably. With leadership, moral authority and the capacity of the West in international development diminishing, developing...
Policy Brief
Policy Responses to the Global Economic Crisis in AfricaAfrica is the developing region most at risk from the global economic crisis. Its recent strong growth has been interrupted. Already home to the largest number of low-income countries in the world, the region is now likely to experience higher...
Blog
The Triple Crisis: Finance, Food and Climate ChangeTony Addison and Finn Tarp More than 200 researchers and policymakers came together in Helsinki in mid-May to celebrate UNU-WIDER's 25th anniversary...
Working Paper
Sustainable and Excessive Current Account DeficitsThe abundance of private capital flows confronts many emerging-market authorities with a transfer problem. They must decide whether to accept or resist the net capital inflow, or how much to accept and how much to resist. This paper aims at assisting...
Working Paper
Causes and Lessons of the Mexican Peso CrisisThis paper analyses in depth the causes of the Mexican peso crisis, so as to learn relevant lessons for similar crisis occurring in other developing or transitional economies. The study follows a relatively chronological order, examining first the...
Working Paper
Excess Credit and the South Korean CrisisWe provide a novel empirical analysis of the South Korean credit market that reveals large volumes of excess credit since the late 1970s, indicating that a sizeable proportion of total credit was being used to refinance unprofitable projects. Our...
Working Paper
Financial Regulation and Supervision in Emerging MarketsThe paper deals with changes in the regulation and supervision of the Latin American financial sector in the aftermath of the ‘Tequila Crisis’ of 1994–95. While it finds that both have improved, regulation and supervision cannot resolve all problems...
Working Paper
Bank Lending to Emerging MarketsThis paper has two aims. The first is to provide some explanation for the extraordinary collapse in cross-border bank lending to developing countries which has taken place since 1997. The second is to argue that it might be too simplistic to...
Journal Article
Income Risk, Coping Strategies, and Safety NetsPoor rural and urban households in developing countries face substantial risks, which they handle with risk-management and risk-coping strategies, including self-insurance through savings and informal insurance mechanisms. Despite these mechanisms...
Journal Article
Prudential Regulation of Banks in Less Developed EconomiesThis article argues that developing countries face inherent obstacles in setting up efficient financial regulation, and building up a sound banking sector: the presence of multiple tasks and multiple principals, poor institutions, lack of economies...
Blog
The Human Cost of Asias Crisisby Tony Addison and Giovanni Andrea Cornia Asia's crisis has halted social progress The human development indicators of East Asia and South-East Asia...
Blog
Women Are the First Victims of the Asian Crisisby Noeleen Heyzer and Martin KhorThe debate on the Asian crisis continues. There are two sets of reasons given to explain why the Asian Miracles...
Blog
Financial Reforms and Falling Inequality in Latin America, 2002-2012: Are They Connected?
29 October 2014 Giovanni Andrea Cornia For the last quarter of the twentieth century, Latin America suffered from low growth, rising inequality, and...
Working Paper
Stabilization and adjustment policies and programmes - Country Study 10:ChileTwo factors make the Chilean experience of stabilization policies interesting. One is that probably no other government in Latin America (and perhaps also elsewhere) has been more diligent in pursuing liberal economic policies than the one which took...
Working Paper
Stabilization and adjustment policies and programmes - Country Study 12: the PhilippinesFrom 1984 until its fall in February 1986 the Marcos government attempted to implement a standard IMF-type stabilization and adjustment programme. In some respects the programme was startlingly successful: inflation was brought under control and the...
Working Paper
Country Study 17Tanzania has not yet successfully had an IMF standby arrangement that ran its course, although several programmes have been implemented at various points in time. These programmes combined demand restraint and structural adjustment with the help of...
Blog
Rising Inequality – How to Reverse It?30 October 2014 Dominik Etienne and Annett Victorero The last decade has witnessed a revival of concern over the impact of high-income concentration...
Working Paper
The Triple Crisis and the Global Aid ArchitectureThe global economy is passing through a period of profound change. The immediate concern is with the financial crisis, originating in the North. The South is affected via reduced demand and lower prices for their exports, reduced private financial...
Working Paper
The Financial Crisis of 2008 and the Developing CountriesFollowing the financial crisis that broke in the US and other Western economies in late 2008, there is now serious concern about its impact on the developing countries. The world media almost daily reports scenarios of gloom and doom, with many...
Working Paper
How Aid Supply Responds to Economic CrisesThe strong interdependence between the developed and developing worlds surfaced with the recent economic downturn. Due to the global character of the economy, the downturn affected not only the North but also the South. In addition, the Official...
Working Paper
Aid Supplies Over TimeThe recent financial crisis has rekindled interest in the foreign aid supply behaviour of bilateral donors. Using the latest data covering the period 1960-2009, this paper examines how such behaviour is related to domestic factors. Based on a simple...
Blog
After the G-20 Summit: What Prospects for Global Development?
Wim Naudé In the run-up to the Group of 20 (G-20) Summit that was held in London on 2 April 2009, many institutions (including governments...
Book
From Capital Surges to DroughtThis collection analyses the new trends in capital flows to emerging markets since the Asian crisis, their determinants and policy implications. It explains why such flows have declined so dramatically in recent years, emphasising both structural and...
Journal Article
Impact of Liberalization on Key Markets in Sub-Saharan AfricaPart of Journal Special Issue Impact of the Liberalization of the Exchange Rate and Financial Markets in Sub-Saharan Africa
Book Chapter
Capital Flows to Developing Countries and the Reform of the International Financial SystemPart of Book Governing Globalization
Journal Article
The Triple Crisis and the Global Aid ArchitectureThe global economy is passing through a period of profound change. The immediate concern is with the financial crisis, originating in the North. The South is affected via reduced demand and lower prices for their exports, reduced private financial...
Working Paper
Ratings since the Asian CrisisThe increased importance of rating agencies for emerging-market finance has brought their work to the attention of a wider group of observers - and under criticism. This paper evaluates whether the importance of ratings for developing-country finance...
Working Paper
Globalization and OpennessUp until the recent crisis, the Southeast Asian region had been regarded as one of the most dynamic regions in the global economy. Their industrial structures have undergone a process of adjustment into more capital-intensive and technologically...
Working Paper
The Challenges Posed by Globalization for Economic Liberalization in Two Asian Transitional CountriesThis paper examines the impact of globalization on two transitional economies in Asia. Both countries have undergone a radical economic reform process over the past decade, assisted by increases in external trade flows, foreign investment activity...
Working Paper
New Challenges for Industrial PolicyThis paper calls for a fresh look at industrial policies in the light of recent trends and developments in the global economy. In particular, five new challenges and their implications for industrial policies are discussed. These have been neglected...
Working Paper
Entrepreneurship, Structural Change and a Global Economic CrisisBuilding on a Lewis-type model of structural change and entrepreneurship we show how a global economic crisis consisting of a financial and a trade shock can undermine structural change in developing countries via the start-up and innovation...
Journal Article
The Global Economic Crisis and Developing CountriesFollowing the financial crisis that broke in the U.S. and other Western economies in late 2008 and led to a global economic crisis, there is now worldwide concern about its effect on the developing countries. One year into the crisis, this paper...
Working Paper
The Global Financial Crisis and DevelopmentThe global economic crisis beginning in 2008 has come at a very inopportune time for Africa. Sub-Saharan Africa (SSA) appeared to be on a march toward real economic and human progress, following the dismal performance of the 1980s and early 1990s...
Working Paper
Financial Crises and National Policy IssuesIn this overview we try to explain, first, why funds continued to flow towards emerging economies while fundamentals in host countries had been deteriorating before the Asian crisis (rising external deficit, with a significant liquid component...
Blog
Economic Elites, Crises, and Austerity in 21st Century Capitalism
24 September 2014 Andrés Solimano The era of neoliberal capitalism starting by the late 1970s and early 1980s promotes free trade, capital mobility...
Book Chapter
Reforming the International Financial ArchitecturePart of Book Governing Globalization
Book Chapter
Causes and Lessons of the Mexican Peso CrisisPart of Book Short-Term Capital Flows and Economic Crises
Book Chapter
The World Economic Slowdown and the Asian and Latin American EconomiesPart of Book Economic Liberalization: No Panacea
Book Chapter
Will the Euro Trigger More Monetary Unions in Africa?Part of Book The Impact of EMU on Europe and the Developing Countries
Book Chapter
Financial Sector Regulation in a Globalized ContextPart of Book Globalization, Marginalization and Development
Book Chapter
Financial Crises and National Policy IssuesPart of Book From Capital Surges to Drought
Book Chapter
Excess Credit and the South Korean CrisisPart of Book Domestic Resource Mobilization and Financial Development
Book Chapter
Capital Mobility and Policy Effectiveness under a Credit RunPart of Book Financial Openness and National Autonomy
Book Chapter
The Challenges Posed by Globalization for Economic Liberalization in Two Asian Transitional CountriesPart of Book Globalization, Marginalization and Development
Journal Article
Aid Supplies Over TimePart of Journal Special Issue Aid Policy and the Macroeconomic Management of Aid
Journal Article
Financing Social Protection for Children in Crisis ContextsThe global financial crisis has emphasised the fundamental role of social protection institutions in developing countries. There is also growing evidence that countries with programmes focused on children have a greater chance of minimising the...
Book Chapter
Cost Recovery and Equity in the Health SectorPart of Book Social Provision in Low-Income Countries
Book Chapter
The Southeast Asian Currency CrisisPart of Book Short-Term Capital Flows and Economic Crises
Book
Short-Term Capital Flows and Economic CrisesThe currency crises that engulfed East Asian economies in 1997 and Mexico in 1994 - and their high development costs - raise a serious concern about the net benefits for developing countries of large flows of potentially reversible short-term...
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