The paper tests for the relative importance of international capital market integration in determining interest rates in a broad sample of both industrial and developing countries. The recent turbulence in industrial country financial markets has underscored these concerns. One view holds that...

The authors study what drives private capital flows to developing countries, as well as the apparent response of official lending for the years 1978-97. Econometric results reveal that non-foreign direct investment portfolio flows to a country tended to rise in response to: 1) An increase in the...

The remarkable surge in private capital flow to developing countries since 1990 has greatly facilitated their rapid growth, at a time when OECD countries have been in, or passed through, recession. The importance of these flows to the current account of severallarge developing countries has...

The authors examine how the economic interactions between rapidly emerging China and the rest of the world may evolve over the coming two decades. They discuss China's growth potential, drawing a parallel between China's rise and the historical rise of Britain, Japan and the United States....