The Next Great Globalization: How Disadvantaged Nations Can Harness Their Financial Systems to Get Rich

By Frederic S. Mishkin | Go to book overview
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Chapter One The Next Great Globalization: A Force for Good?

1. The share of exports and imports in its gross domestic product was a minuscule 3.1% and 12.2%, respectively; International Monetary Fund, Direction of Trade Statistics (Washington, D.C.: International Monetary Fund, 2004).

2. In 2001, the net flow of foreign debt, foreign direct investment, portfolio equity, and grants was over $9 billion, while the comparable figure in 1960 was $400 million. The source for this data is World Bank, Global Development Finance (Washington, D.C.: World Bank, 2003).

3. For excellent surveys of the globalization debate, see François Bourguignon et al., Making Sense of Globalization: A Guide to the Economic Issues, CEPR Policy Paper (July 2002); Stanley Fischer, “Globalization and Its Challenges,” American Economic Review 93 (2003): 1–30; Johan Norberg, In Defense of Global Capitalism (Washington, D.C.: Cato Institute, 2003); and Martin Wolf, Why Globalization Works (New Haven, Conn.: Yale University Press, 2004).

4. The data reflect world exports plus imports. The source of this data is the International Monetary Fund, Direction of Trade Statistics (Washington, D.C.: International Monetary Fund, 2004). The 1960 numbers have been converted into today's dollars using the GDP implicit price deflator for the United States found in Economic Report of the President(Washington, D.C.: United States Government Printing Office, 2005).

5. International capital flows in 1975 were $165 billion in today's dollars ($57 billion in 1975 dollars). The source of this data is the Bank for International Settlements, 47th Annual Report (Basel: Bank for International Settlements, June 1976). The more recent data are from Bank for International Settlements, 74th Annual Report (Basel: Bank for International Settlements, June 2004).

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