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The Staggering Rise of the South?

  • Yilmaz Akyüz

    (The South Centre)

Registered author(s):

    This paper argues that the unprecedented acceleration of growth in the developing world in the new millennium in comparison with advanced economies is due not so much to improvements in underlying fundamentals as to exceptionally favourable global economic conditions, shaped mainly by unsustainable policies in advanced economies. The only developing economy which has had a major impact on global conditions, notably on commodity prices, is China. However, growth in China has been driven first by a rapid expansion of exports to advanced economies and more recently, after the global crisis, by an investment boom, neither of which is replicable or sustainable over the longer term. To maintain a rapid growth, export-led Asian economies need to reduce their dependence on foreign markets. For Latin American and African commodity exporters, gaining greater autonomy and achieving rapid and stable growth depend on their success in reducing reliance on capital flows and commodity earnings – the two key determinants of their growth which are largely beyond national control.

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    File URL: http://www.tek.org.tr/dosyalar/RP44_YA-FIN.pdf
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    Paper provided by Turkish Economic Association in its series Working Papers with number 2012/3.

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    Length: 50 pages
    Date of creation: 2012
    Date of revision:
    Handle: RePEc:tek:wpaper:2012/3
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    1. Alejandro Izquierdo & Randall Romero & Ernesto Talvi, 2008. "Booms and Busts in Latin America: The Role of External Factors," IDB Publications (Working Papers) 6736, Inter-American Development Bank.
    2. Prema-chandra Athukorala, 2011. "South-South Trade: An Asian Perspective," Departmental Working Papers 2011-09, The Australian National University, Arndt-Corden Department of Economics.
    3. Andrea Ferrero, 2012. "House price booms, current account deficits, and low interest rates," Staff Reports 541, Federal Reserve Bank of New York.
    4. Sébastien Miroudot & Alexandros Ragoussis, 2009. "Vertical Trade, Trade Costs and FDI," OECD Trade Policy Papers 89, OECD Publishing.
    5. Poonam Gupta, 2008. "What Constrains Indian Manufacturing," Working Papers id:1597, eSocialSciences.
    6. Robert Koopman & William Powers & Zhi Wang & Shang-Jin Wei, 2011. "Give Credit where Credit is Due: Tracing Value Added in Global Production Chains," Working Papers 312011, Hong Kong Institute for Monetary Research.
    7. Cesa-Bianchi, A. & Pesaran, M. H. & Rebucci, A. & Xu, T., 2011. "China’s Emergence in the World Economy and Business Cycles in Latin America," Cambridge Working Papers in Economics 1150, Faculty of Economics, University of Cambridge.
    8. Lewis, Arthur, 1979. "The Slowing Down of the Engine of Growth," Nobel Prize in Economics documents 1979-2, Nobel Prize Committee.
    9. Kose, M. Ayhan & Otrok, Christopher & Prasad, Eswar, 2008. "Global Business Cycles: Convergence or Decoupling?," IZA Discussion Papers 3442, Institute for the Study of Labor (IZA).
    10. Lee, Hyun-Hoon & Park, Donghyun & Wang, Jing, 2011. "The Role of the People’s Republic of China in International Fragmentation and Production Networks: An Empirical Investigation," Working Papers on Regional Economic Integration 87, Asian Development Bank.
    11. Cornia, Giovanni Andrea & Martorano, Bruno, 2011. "A New Fiscal Pact, Tax Policy Changes and Income Inequality," Working Paper Series UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
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