This paper discusses the emergence of two new middles since the Cold War, namely middle-income countries and people living above absolute poverty but below a security-from poverty-line. The paper sets out what has happened. It is argued that although there has been substantial economic growth,...

Goal of the text is to find links between current phase of economic globalisation and income distribution in developing economies. Dynamics and structure of income in so called emerging economies is in the bigger and bigger extend affected by growing international flows of trade and capital....

Distributional consequences typically receive limited attention in economic models that analyze the effects of monetary and financial sector policies. These consequences deserve more attention since financial markets are incomplete, imperfect, and economic agents' access to them is often...