"The authors study how the effect of trade openness on economic growth depends on complementary reforms that help a country take advantage of international competition. This issue is illustrated with a simple Harris-Todaro model where output gains after trade liberalization depend on the degree...

"A well developed financial system enhances competition in the industrial sector by allowing easier entry. The impact varies across industries, however. For some, small changes in financial development quickly induce entry and dissipate incumbents' rents, generating strong incentives to oppose...

This comprehensive report-actually four compartmentalized reports in one-- focuses on policies to improve Brazil's trade performance. Specifically, three questions are addressed: What are the merits of alternative trade liberalization or integration options ? What domestic policies should be...

By 2025, six major emerging economies--Brazil, China, India, Indonesia, South Korea, and Russia--will account for more than half of all global growth, and the international monetary system will no longer be dominated by a single currency. As economic power shifts, these successful economies will...

"External exposure can be measured by the sensitivity of first and second moments of economic growth to openness and foreign shocks. This paper provides an empirical evaluation of external exposure using panel data methods for a worldwide sample of countries. Controlling for domestic conditions,...

Cover -- Contents -- Foreword -- Acknowledgments -- Abbreviations and Glossary -- Overview -- 1 Conceptual Framework, Stylized Facts, and the Role of the Government -- 2 The Use of Long-Term Finance by Firms and Households: Determinants and Impact -- 3 The Use of Markets for Long-Term Finance --...

The Philippine quarterly update provides an update on key economic and social developments, and policies over the past three months. Despite heightened global economic uncertainty, the Philippine economy grew by 6.4 percent in the first quarter of 2012, a solid recovery from the relatively low...