Finance & Development, December 1997

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Its economic infrastructure had been destroyed by the war. To convince Americans and others to buy Japanese products, Japanese firms had to produce goods that were cheaper and better than their American-made counterparts. As a result, the export industries in Japan became enormously productive and supercompetitive. Productivity grew, and three decades after World War II, Japan became one of the richest countries in the world. South Korea, one of the great Asian success stories even with its crisis in the late s, had very high barriers to trade until the s, and its early development strategy did not include opening its domestic market to foreign goods.

However, through its export sector, South Korea has participated fully in global markets, and this participation has been a key to its success. Indeed, all examples of successful growth stories in developing economies China, Japan, South Korea, Singapore, Taiwan, Chile have involved export sectors that met the test of international competition, and some of these economies have also pursued trade liberalization.

In almost all the industrializing East Asian economies, future growth will likely have to follow a more balanced path that relies less on exports and more on production for the domestic market. Only by embracing global markets can developing countries raise living standards.

And along with financial globalization, it can also encourage emerging-market economies to develop the institutions that foster financial development. Globalization should be one of the highest priorities for developing countries. The Role of Advanced Countries Can we in the advanced countries help? Yes, we can do so by supporting the opening of our markets to goods and services from emerging-market countries.

By encouraging these countries to increase their participation in global markets, we create exactly the right incentives for them to implement the hard measures that will enable them to grow rich. As we have seen, exporters have strong incentives to be productive so that they can take advantage of access to our markets, and thus they will make the investments needed for growth.

Lecture : 04 Measures Financial of Development

They also will push for the institutional reforms to make financial markets more efficient and promote financial deepening. By getting financial markets to work well, exporters will have access to the capital they need to increase their business.


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Opening our markets to emerging-market countries is an important way that those in advanced countries can help emerging-market economies become successful. While providing aid to poor countries can, in the right circumstances, help eradicate poverty, it often will not work because it usually does not create the right incentives to promote economic growth. A handout is almost never as effective as a hand up. Some are concerned about the consequences for us if we in the United States allow free competition in our markets for goods and services from countries where wages are low.

Keeping many countries poor and their workers unproductive may seem to be to our benefit. But as shown in the examples of post-World War II recovery in Europe and Japan, and in the rapid growth in the s and s in the newly industrialized economies of Asia, higher standards of living throughout the global economy actually work to our benefit.

Prosperity in our trading partners creates growing markets for U. It is true that the changes brought about in our economy by globalization impose significant costs on some domestic workers. We need to develop policies to help those workers without undermining the global trading system.

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The costs to us of damaging that system would far outweigh the benefits that some might gain from protectionist measures. Promoting trade liberalization helps us not only do good but also do well. Robinson Durlauf, eds. Amsterdam: North Holland, pp.

Endogenous Financial Development and Industrial Takeoff

Ades, Alberto, and Rafael Di Tella Alfaro, Laura, and others Armendariz de Aghion, Beatriz, and Jonathan Morduch The Economics of Microfinance. Cambridge, Mass. Bekaert, Geert, Campbell R. Harvey and Robin L. Lumsdaine Bhagwati, Jagdish N. In Defense of Globalization. Alan Winters Demirguc-Kunt, Asli, and Enrica Detragiache Dollar, David Dollar, David, and Paul Collier Easterly, William Easterly, William, and Ross Levine Edwards, Sebastian Eichengreen, Barry Frankel, Jeffrey A.

Glaeser, Edward L. Goldberg, Linda Hall, Robert E. Jones Harrison, Ann Henry, Peter Blair a.

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Jones, Benjamin F. Olken Kearl, James R. Pope, Gordon C. Whiting, and Larry T. Wimmer Klein, Michael W. Kose, M. Levine, Ross Levine, Ross and Sara Zervos Mauro, Paolo North, Douglass C. Institutions, Institutional Change, and Economic Performance. Rajan, Raghuram, and Luigi Zingales Rodriguez, Francisco, and Dani Rodrik Bernanke and Kenneth Rogoff, eds. Sachs, Jeffrey D. Warner Schmukler, Sergio L.

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Svaleryd, Helena, and Jonas Vlachos Temple, Jonathan Wei, Shangjin Winters, L. Wolf, Martin Why Globalization Works. World Bank A large literature shows the importance of good institutions to economic growth. Kaufmann and others also point to the importance of various aspects of good governance. Return to text. An excellent nontechnical survey of the extensive empirical evidence on the link between financial development and economic growth can be found in World Bank See also Levine and Schmukler A discussion of how the costs of doing business vary across a number of countries is in World Bank Research finds that increases in corruption are associated with lower growth for example, Mauro, Wei also finds that corruption significantly reduces foreign direct investment, which is generally considered to be beneficial to growth.

A survey of the literature that links a lack of sufficient prudential regulation and supporting institutions to excessive risk-taking and the possibility of a subsequent banking crisis is in Demirguc-Kunt and Detragiache The literature on microfinance is vast. One thorough discussion is in Armendariz de Aghion and Morduch When stock markets in emerging-market countries are opened to foreign capital, dividend yields fall, average stock prices increase, and liquidity goes up.

This argument is made in World Bank and Goldberg An excellent discussion of the literature on financial globalization using a unified conceptual framework is in Kose and others Studies focusing more specifically on the necessary preconditions for, and the appropriate sequencing of, financial reforms, macroeconomic policies, and institutional development, on the one hand, and capital account liberalization, on the other, include Eichengreen , Alfaro and others , and Klein The new law becomes effective on June 1, , but reportedly will not apply to state-owned enterprises until Indeed, almost all economists think that trade liberalization, a key element of globalization, is a good thing.

For example, in Kearl and others , 97 percent of economists agreed generally or with some provisions with the statement that "tariffs and import quotas reduce general economic welfare. This example comes from Weil , p. The literature on the effects of trade liberalization on growth and poverty is immense. Earlier studies found that trade openness was associated with higher growth rates Dollar, ; Sachs and Warner, ; and Edwards, However, because the direction of causation from this evidence is difficult to establish, other researchers have used instrumental variable procedures to establish causality from trade liberalization to growth for example, Frankel and Romer, Using a different approach to identify the direction of causation, Lee, Ricci, and Rigobon also find that trade openness has a positive effect on growth.

For example, Harrison and especially Rodriguez and Rodrik The finding in Jones and Olken that growth take-offs are primarily associated with large and steady expansions in international trade provides further support for this view. Search Submit Search Button. Toggle Dropdown Menu. Search Search Submit Button Submit. Please enable JavaScript if it is disabled in your browser or access the information through the links provided below. Governor Mishkin presented identical remarks at the Econometric Society at Duke University Lecture, Durham, North Carolina, on June 23, In the United States and many other countries, students learn that the key to success is hard work.

The case of China We are seeing how the globalization of trade is driving financial reform in China. Weil, David N. Economic Growth. Footnotes 1. Return to text 2. Return to text 3. Return to text 4. Dirk Schoenmaker. Shanaka Peiris.

A Time for Governing. Yuval Levin. Alternatives to the Central Bank in the Developing World. Charles Mr. Foreign Direct Investment and the World Economy. Ashoka Mody. Transparency in Government Operations. George Mr. International Public Policy Analysis. George M. Richard Mr. Structural Adjustment and Macroeconomic Policy Issues. Promoting Fiscal Discipline. Manmohan Mr. International Monetary Fund. Reforming China's Public Finances. Vito Mr. A Dictionary of Economics and Commerce. International Finance and Open-Economy Macroeconomics. Hendrik Van den Berg. Reacting to the Spending Spree.

Terry L. Jeffrey Mr. Patrick Bolton. The role of the IMF in general and its role in Kosova. Ilir Hajdini. Research Dept.

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