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Global Development Horizons 2011 : Multipolarity - The New Global Economy

  • World Bank
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    The world economy is in the midst of a transformative change. One of the most visible outcomes of this transformation is the rise of a number of dynamic emerging-market countries to the helm of the global economy. It is likely that, by 2025, emerging economies, such as Brazil, China, India, Indonesia, and the Russian Federation, will be major contributors to global growth, alongside the advanced economies. As they pursue growth opportunities abroad and encouraged by improved policies at home, corporations based in emerging markets are playing an increasingly prominent role in global business and cross border investment. The international monetary system is likely to cease being dominated by a single currency. Emerging-market countries, where three-fourths of official foreign exchange reserves are currently held and whose sovereign wealth funds and other pools of capital are increasingly important sources of international investment, will become key players in financial markets. In short, a new world order with a more diff use distribution of economic power is emerging, thus the shift toward multipolarity. The new report serves as a vehicle for stimulating new thinking and research on anticipated structural changes in the global economic landscape. To retain this forward looking orientation and to serve the World Bank Group's mandate of development and poverty alleviation, it is envisaged that future editions of Global Development Horizon (GDH) will be dedicated to themes of importance to the emerging development agenda and global economic governance, including changing global income inequality, increasing economic insecurity, global population aging, and the future shape of development finance.

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    File URL: https://openknowledge.worldbank.org/bitstream/handle/10986/2313/626980PUB0Mult000public00BOX361489B.pdf?sequence=1
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    This book is provided by The World Bank in its series World Bank Publications with number 2313 and published in 2011.
    ISBN: 978-0-8213-8692-7
    Handle: RePEc:wbk:wbpubs:2313
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    Web page: https://openknowledge.worldbank.org
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    1. Menzie Chinn & Jeffrey Frankel, 2005. "Will the Euro Eventually Surpass the Dollar as Leading International Reserve Currency?," NBER Working Papers 11510, National Bureau of Economic Research, Inc.
    2. Adam S. Posen, 2008. "Why the Euro will Not Rival the Dollar," International Finance, Wiley Blackwell, vol. 11(1), pages 75-100, 05.
    3. Mundaca, Gabriela, 2011. "Exchange rate uncertainty and optimal participation in international trade," Policy Research Working Paper Series 5593, The World Bank.
    4. Kiyotaki, Nobuhiro & Wright, Randall, 1989. "On Money as a Medium of Exchange," Journal of Political Economy, University of Chicago Press, vol. 97(4), pages 927-54, August.
    5. Thimann, Christian, 2009. "Global roles of currencies," Working Paper Series 1031, European Central Bank.
    6. Takatoshi Ito & Satoshi Koibuchi & Kiyotaka Sato & Junko Shimizu, 2010. "Why has the yen failed to become a dominant invoicing currency in Asia? A firm-level analysis of Japanese Exporters' invoicing behavior," NBER Working Papers 16231, National Bureau of Economic Research, Inc.
    7. Eichengreen, Barry, 1987. "Conducting the international orchestra: Bank of England leadership under the classical gold standard," Journal of International Money and Finance, Elsevier, vol. 6(1), pages 5-29, March.
    8. Linda S. Goldberg, 2010. "Is the international role of the dollar changing?," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 16(Jan).
    9. Tavlas, G.S., 1991. "On the International Use of Currencies: the Case of the Deutsche Mark," Princeton Studies in International Economics 181, International Economics Section, Departement of Economics Princeton University,.
    10. Romain Ranciere & Olivier Jeanne, 2006. "The Optimal Level of International Reserves for Emerging Market Countries; Formulas and Applications," IMF Working Papers 06/229, International Monetary Fund.
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