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Driving Forces of Globalization in Emerging Market Economies Developing Countries

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  • Ghirmai T Kefela

Abstract

The paper will deal mainly with the macroeconomics of globalization (trade and finance), but before proceeding, a final distinction needs to be drawn between globalization and liberalization. Developing countries themselves had to take some important steps before the full impact of globalization could be felt. Specifically, they had to open their own economies, to lower the barriers to trade and capital flows that had been an important component of the import-substitution industrialization model that almost all followed for some period. Without these policy shifts, globalization would be much less relevant than it is today, especially in the developing world. Liberalization, then, is the other side of globalization.

Suggested Citation

  • Ghirmai T Kefela, 2011. "Driving Forces of Globalization in Emerging Market Economies Developing Countries," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 1(2), pages 83-94.
    • Handle: RePEc:asi:aeafrj:v:1:y:2011:i:2:p:83-94:id:713
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    Cited by:

    1. Michael Donadelli & Marcella Lucchetta, 2013. "Emerging Stock Premia: Some Evidence From Industrial Stock Market Data," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 3(4), pages 398-422, April.
    2. Hiroyuki Taguchi, 2012. "Capital Inflows and Asset Prices: The Recent Evidence of Selected East Asian Economies," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 2(8), pages 902-920, December.

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