Syndicate content

Macroeconomic Management

China in the Age of Globalization

Yan Wang's picture

In a little over a quarter of a century, economic reforms and openness have let to rapid economic growth and poverty reduction in China with her international trade soaring to reach $1.1 trillion in 2004 when China became the world’s third largest trading economy (WTO 2005, 16).  Policymakers and development practitioners the world over are wondering how.  In a recent NBER paper “China’s Embrace of Globalization”, Lee Branstetter and Nick Lardy (2006) provided an excellent overview of China&

Almost a free lunch: Lawrence Summers at the World Bank

Ignacio Hernandez's picture

Lawrence Summers delivered today at the World Bank his presentation “Almost a Free Lunch: Investing Foreign Exchange Reserves in Global Equity Markets”, following similar presentations at the Reserve Bank of India in Mumbai or at the Center for Global Development in Washingt

Financial Development and Poverty

Ignacio Hernandez's picture

From Raj Nallari and Breda Griffith's lecture notes.


A large body of both theoretical and empirical literature supports a positive causal link between a well-functioning financial system and economic growth.   In particular, the economic growth studies of the last decade show that financial depth causes economic growth and that it is one of the few robust determinants of the subsequent growth path of countries.