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Additional resources for Annual World Bank Conference on Development Economics 2001/2002
By some measures, international capital flows have never been as important as they were in the late 19th century, despite all the rhetoric about the unprecedented nature of today’s globalization. Capital flows diminished during the 1920s, but things would soon get worse. The onset of the Great Depression was followed by a wave of default in developing countries, where capital flows remained limited for decades thereafter. Between 1945 and 1972 most of the limited capital flows that occurred took the form of direct government and multinational institutional investment abroad.
Surveys of firms should stand next to surveys of households as a centerpiece of microeconomic research and statistics in developing countries. Focusing on Other Areas of Research on the Investment Climate The investment climate lens brings into focus other areas where research is needed, on both the theoretical and the empirical front. In a standard neoclassical growth framework, investment in physical capital is subject to diminishing returns. Yet the examples of successful reformers, from China to Chile, suggest that the returns to reforms in the investment climate can help power robust growth for years and even decades.
A. a. a. a. a. a. a. a. a. a. 5 Argentina Brazil China Colombia India Iran, Islamic Rep. 3 — Not available. a. Not applicable. a. Refers to the Soviet Union, which ran such a restrictive trade policy that average tariffs were irrelevant. b. Refers to 1997. c. Refers to 1996. d. Approximation. e. Refers to 1993. Source: Bairoch 1989, 1993; World Bank, World Development Indicators 2000. Financial Statistics) reveal no discernible general trend toward commodity price convergence during the past four decades (O’Rourke 2002).