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This paper documents the expanding economic linkages between low-income countries (LICs) and a narrow group of "Emerging Market leaders" that have become major players in regional and global trade and financial flows. VAR models show that these linkages have increased the share of growth volatility that can be attributed to foreign shocks in LICs. Dynamic panel models further analyze the impact of LIC trade orientation and production structure on the sensitivity to foreign shocks. The empirical results demonstrate that the elasticity of growth to trading partners' growth is high for LICs in Asia, Latin America and the Caribbean, and Europe and Central Asia. However, for commodity-exporting LICs in Sub-Saharan Africa and the Middle East, terms of trade shocks and demand from the emerging market leaders are the main channels of transmission of foreign shocks.

International economic integration --- Economic development --- Common markets --- Economic integration, International --- Economic union --- Integration, International economic --- Markets, Common --- Union, Economic --- International economic relations --- Econometric models. --- Exports and Imports --- Finance: General --- Macroeconomics --- Time-Series Models --- Dynamic Quantile Regressions --- Dynamic Treatment Effect Models --- Diffusion Processes --- Business Fluctuations --- Cycles --- Economic Integration --- Economic Growth of Open Economies --- Externalities --- Trade: General --- International Investment --- Long-term Capital Movements --- General Financial Markets: General (includes Measurement and Data) --- Commodity Markets --- Finance --- International economics --- Spillovers --- Exports --- Foreign direct investment --- Emerging and frontier financial markets --- Commodity price fluctuations --- Financial sector policy and analysis --- International trade --- Balance of payments --- Financial markets --- Prices --- International finance --- Investments, Foreign --- Financial services industry --- China, People's Republic of

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Frappés de plein fouet par la crise économique mondiale, les jeunes font entendre leur voix et réclament le changement. Cette édition de F&D examine la problématique des jeunes et l’urgente nécessité de définir des solutions et de leur ouvrir des débouchés. Dans «Leur avenir est en jeu», David Bloom, professeur à Harvard, trace les contours du problème et rappelle combien il est important d’être à l’écoute des jeunes. L’article intitulé «L’école doit plancher» passe en revue ce que les systèmes d’éducation doivent transmettre aux jeunes pour les préparer au marché du travail. Dans la rubrique «Entre nous», Nemat Shafik, directrice générale adjointe du FMI, partage ses réflexions sur les retombées économiques et sociales du chômage des jeunes. «Une génération marquée à vie» traite des conséquences de la crise économique mondiale pour les jeunes travailleurs des pays avancés. Dans «Paroles de jeunes», nous nous mettons à l’écoute des jeunes aux quatre coins du monde. La montée du renminbi, la réglementation du système financier et l’autonomisation des femmes comme moteur du PIB. Dans les pages qui suivent, nous examinons la montée en puissance de la devise chinoise, le rôle des agences de notation et la mise en valeur des femmes dans l'économie, et offrons une initiation à la réglementation macroprudentielle, jugée d'une importance grandissante pour la stabilité financière. « Paroles d'économistes » : C. Fred Bergsten, Un mondialiste américain ; « L'ABC de l'économie » : Le rôle multidimensionnel des banques dans nos systèmes financiers.

International economic integration --- Globalization --- Global cities --- Globalisation --- Internationalization --- International relations --- Anti-globalization movement --- Common markets --- Economic integration, International --- Economic union --- Integration, International economic --- Markets, Common --- Union, Economic --- International economic relations --- Finance: General --- Labor --- Macroeconomics --- Money and Monetary Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Education: General --- Economics of Gender --- Non-labor Discrimination --- Unemployment: Models, Duration, Incidence, and Job Search --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Finance --- Labour --- income economics --- Education --- Monetary economics --- Gender studies --- women & girls --- Credit rating agencies --- Women --- Unemployment --- Credit ratings --- Money --- United States

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Cinco años después de los primeros sacudones de la crisis, algunos países se han recuperado, pero otros aún no han dejado atrás los problemas. F&D examina la actualidad mundial y observa un panorama complejo y desigual para el futuro de la economía mundial. “Tras la pista de la recuperación mundial” muestra que la mayoría de los mercados emergentes parecen haber superado los efectos de la crisis, pero no así la mayor parte de las economías avanzadas. “Arreglar el sistema” describe cómo se ha desacelerado el ritmo de las reformas encaminadas a afianzar la regulación financiera. Bernard Hoekman, economista del Banco Mundial especializado en comercio internacional, hace un balance del incipiente movimiento hacia el proteccionismo en “Política comercial: ¿Hasta ahora, todo bien?”. “Testigos del derrumbe” examina cómo capearon la recesión mundial los países de mercados emergentes y de bajo ingreso. En “Desequilibrio estable”, el financista Mohamed El-Erian evalúa la amenaza potencial que plantean los superávits y déficits de pagos. Este número aborda también lo que está ocurriendo en los mercados de materias primas, el surgimiento de las tecnologías verdes, los cambios en la fuerza laboral de Asia meridional y el perjuicio que el lavado de dinero puede causar a las economías nacionales. En “Gente del mundo de la economía”, F&D traza una semblanza de Laura Tyson y en “Vuelta a lo esencial” explica de qué manera los mercados monetarios permiten a los prestatarios satisfacer las necesidades financieras a corto plazo.

International economic integration --- International finance --- International monetary system --- International money --- Finance --- International economic relations --- Common markets --- Economic integration, International --- Economic union --- Integration, International economic --- Markets, Common --- Union, Economic --- Finance: General --- Labor --- Macroeconomics --- Criminology --- General Financial Markets: General (includes Measurement and Data) --- Illegal Behavior and the Enforcement of Law --- Informal Economy --- Underground Econom --- Financial Crises --- Environment and Growth --- Labour --- income economics --- Economic growth --- Economics of specific sectors --- Informal economy --- Sustainable growth --- Employment --- Financial crises --- Emerging and frontier financial markets --- Informal sector --- Economics --- Money laundering --- Economic development --- Financial services industry --- Prices --- United States

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This book investigates whether the effects of economic integration differ according to the size of countries.The analysis incorporates a classification of the size of countries, reflecting the key economic characteristics of economies in order to provide an appropriate benchmark for each size group in the empirical analysis of the effects of asymmetric economic integration. The formation or extension of Preferential Trade Areas (PTAs) leads to a reduction in trade costs. This poses a critical secondary question as to the extent to which trade costs differ according to the size of countries.The extent to which membership of PTAs has an asymmetric impact on trade flow according to the size of member countries is analyzed by employing econometric tools and general equilibrium analysis, estimating both the ex-post and ex-ante effects of economic integration on the size of countries, using a data set of 218 countries, 45 of which are European.

Customer services -- Management. --- Delivery of goods -- Management. --- Industrial procurement. --- Marketing channels -- Management. --- Materials management. --- Physical distribution of goods -- Management. --- International economic integration --- Financial crises --- Commerce --- Business & Economics --- International Commerce --- International economic integration. --- Financial crises. --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Common markets --- Economic integration, International --- Economic union --- Integration, International economic --- Markets, Common --- Union, Economic --- Econometrics. --- International economics. --- European Economic Community literature. --- Economics. --- International Economics. --- European Integration. --- Crises --- International economic relations --- European Economic Community lite. --- Economics, Mathematical --- Statistics --- Economic policy, Foreign --- Economic relations, Foreign --- Economics, International --- Foreign economic policy --- Foreign economic relations --- Interdependence of nations --- International economic policy --- International economics --- New international economic order --- Economic policy --- International relations --- Economic sanctions

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Capital markets in the East African Community (EAC) face common challenges of low capitalization and liquidity, but to different degrees. EAC member countries have made noticeable progress in developing domestic capital markets through a regional approach, removing constraints on capital transactions and harmonizing market infrastructure. Nevertheless, empirical analysis suggests capital market integration has not deepened during the past few years in the EAC, although convergence of investment returns is taking place to some extent. Learning from the experience of the West African Economic and Monetary Union and the Association of Southeast Asian Nations, EAC countries would benefit from four actions to accelerate financial market integration: (i) further harmonize market infrastructure; (ii) strengthen regional surveillance mechanisms; (iii) encourage local currency bond issuance by multilateral financial institutions; and (iv) build the capacity of the existing regional institutions.

Monetary unions --- Capital market --- International economic integration. --- Common currencies --- Currency areas --- Currency unions --- Optimum currency areas --- Currency question --- Money --- Common markets --- Economic integration, International --- Economic union --- Integration, International economic --- Markets, Common --- Union, Economic --- International economic relations --- Capital markets --- Market, Capital --- Finance --- Financial institutions --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Efficient market theory --- Econometric models. --- Africa, Eastern --- Eastern Africa --- Economic integration. --- Exports and Imports --- Finance: General --- Investments: General --- Financial Aspects of Economic Integration --- International Financial Markets --- General Financial Markets: Government Policy and Regulation --- Economic History: Financial Markets and Institutions: Africa --- Oceania --- General Financial Markets: General (includes Measurement and Data) --- Investment & securities --- International economics --- Stock markets --- Securities markets --- Treasury bills and bonds --- Capital market integration --- Financial markets --- Economic integration --- Stock exchanges --- Government securities --- International economic integration --- Kenya