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The world is poised on the threshold of economic changes that will
reduce the income gap between the rich and poor on a global scale
while reshaping patterns of consumption. Rapid economic growth in
emerging-market economies is projected to enable consumers
worldwide to spend proportionately less on food and more on
transportation, goods, and services, which will in turn strain the
global infrastructure and accelerate climate change. The largest
gains will be made in poorer parts of the world, chiefly
sub-Saharan Africa and India, followed by China and the advanced
economies. In this new study, Tomas Hellebrandt and Paolo Mauro
detail how this important moment in world history will unfold and
serve as a warning to policymakers to prepare for the profound
effects on the world economy and the planet.
The frequency and virulence of recent financial crises have led to
calls for reform of the current international financial
architecture. In an effort to learn more about today's
international financial environment, the authors turn to an earlier
era of financial globalization between 1870 and 1913. By examining
data on sovereign bonds issued by borrowing developing countries in
this earlier period and in the present day, the authors are able to
identify the characteristics of successful borrowers in the two
periods. They are then able to show that global crises or contagion
are a feature of the 1990s which was hardly known in the previous
era of globalization. Finally, the authors draw lessons for today
from archival data on mechanisms used by British investors in the
19th century to address sovereign defaults. Using new qualitative
and quantitative data, the authors skillfully apply a variety of
approaches in order to better understand how problems of volatility
and debt crises are dealt with in international financial markets.
The frequency and virulence of recent financial crises have led to
calls for reform of the current international financial
architecture. In an effort to learn more about today's
international financial environment, the authors turn to an earlier
era of financial globalization between 1870 and 1913. By examining
data on sovereign bonds issued by borrowing developing countries in
this earlier period and in the present day, the authors are able to
identify the characteristics of successful borrowers in the two
periods. They are then able to show that global crises or contagion
are a feature of the 1990s which was hardly known in the previous
era of globalization. Finally, the authors draw lessons for today
from archival data on mechanisms used by British investors in the
19th century to address sovereign defaults. Using new qualitative
and quantitative data, the authors skilfully apply a variety of
approaches in order to better understand how problems of volatility
and debt crises are dealt with in international financial markets.
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