The World Region
In an earlier post, we highlighted a feature of the global pattern of investment in recent times: that since 2000, developing countries have gradually increased their share of global investment, moving from around 20 percent through much of the second half of the last century, to around 46 percent by 2010. The rapidity of this rise notwithstanding, the natural question is whether this trend will continue into the future.
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Latest business surveys for the Euro Area suggest that the nascent recovery in activity in the region may be shortlived. Recent data suggests that Euro-Area deleveraging has had a negative impact on trade finance, but that trade finance availability should firm during 2012.
For any macroeconomist concerned about growth in nations, economic convergence---the catch-up of less developed economies with the mature industrialized ones---is the ultimate dream. The basic premise behind the notion of convergence gas been around for at least a half century, following on Robert Solow's groundbreaking work on the dynamics of economic growth. Alas, convergence, at least as commonly understood by the profession, has remained elusive for the majority of developing countries in the world.
As the U.S.