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Determinants of Globalization and Growth Prospects for Sub-Saharan African Countries

ACCOUNTING ADVANCED ECONOMIES ADVERSE EFFECT ASSET PRICES BALANCE OF PAYMENTS BALANCE OF PAYMENTS CRISIS BANK POLICY BOND BOND MARKETS BRAIN DRAIN BUSINESS CLIMATE CAPITAL ACCUMULATION CAPITAL FLIGHT CAPITAL FLOWS CAPITAL FORMATION CAPITAL INVESTMENTS CAPITAL MARKETS CAPITAL STOCK CAPITAL STOCKS COMMODITIES COMMODITY COMMODITY EXPORTS COMMODITY PRICES COMMUNICATION TECHNOLOGY COMPETITIVENESS CONNECTIVITY CORPORATE FINANCE COUNTRY INITIATIVE COUNTRY RISK COUNTRY RISKS CURRENCY CURRENT ACCOUNT SURPLUS CURRENT ACCOUNT SURPLUSES DATA AVAILABILITY DEBT DEBT OVERHANG DEBT RELIEF DEFICIT FINANCING DEPRESSION DEREGULATION DERIVATIVE DERIVATIVES DEVALUATION DEVELOPING COUNTRIES DEVELOPMENT BANK DEVELOPMENT ECONOMICS DEVELOPMENT PATH DEVELOPMENT STRATEGIES DISTRIBUTION OF TRADE DOMESTIC CAPITAL DOMESTIC CURRENCIES ECONOMETRIC ANALYSIS ECONOMIC COOPERATION ECONOMIC DEVELOPMENT ECONOMIC DOWNTURNS ECONOMIC GROWTH ECONOMIC INTEGRATION ECONOMIC ORDER ECONOMIC OUTCOMES ECONOMIC OUTLOOK ECONOMIC PERFORMANCE ECONOMIC RESEARCH ECONOMIC THEORY ECONOMICS RESEARCH ELASTICITY ELASTICITY OF SUBSTITUTION EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET ECONOMIES EMERGING MARKETS EMERGING MARKETS ECONOMIES EQUIPMENT EXCHANGE CONTROLS EXCHANGE RATE REGIME EXPANSIONARY MONETARY POLICIES EXPENDITURE EXPENDITURES EXPORT PERFORMANCE EXPORTER EXPORTERS EXTERNAL BORROWING EXTERNAL DEBT EXTERNAL DEFICITS EXTERNAL FINANCE EXTERNAL FINANCING EXTERNAL INDEBTEDNESS FEDERAL RESERVE FEDERAL RESERVE SYSTEM FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL FLOWS FINANCIAL RISKS FINANCIAL SHOCK FINANCIAL STRESS FINANCIAL TRANSACTIONS FISCAL DEFICITS FIXED CAPITAL FIXED EXCHANGE RATE FIXED EXCHANGE RATES FLEXIBLE EXCHANGE RATE FLOW OF CAPITAL FOREIGN DIRECT INVESTMENTS FOREIGN EXCHANGE FOREIGN EXCHANGES FREE TRADE FUTURE RESEARCH GLOBAL CAPITAL GLOBAL CAPITAL FLOWS GLOBAL DEVELOPMENT FINANCE GLOBAL ECONOMIES GLOBAL ECONOMY GLOBAL EXPORT GLOBAL EXPORTS GLOBAL MARKET GLOBAL OUTPUT GLOBAL TRADE GLOBALIZATION GOLD STANDARD GOOD GOVERNANCE GROWTH MODELS GROWTH POTENTIAL GROWTH RATE GROWTH RATES HOUSEHOLD INCOME HUMAN CAPITAL HUMAN CAPITAL DEVELOPMENT INDUSTRIAL COUNTRIES INEFFICIENCY INFLATION INFLATIONARY PRESSURES INSTITUTIONAL BARRIERS INTERNATIONAL BANK INTERNATIONAL FINANCE INTERNATIONAL TRADE INVESTING INVESTMENT FUNCTIONS INVESTMENT RATES KNOWLEDGE ECONOMY LEVEL PLAYING FIELD LOW-INCOME COUNTRIES MACROECONOMIC INSTABILITY MACROECONOMIC LEVEL MACROECONOMIC STABILITY MACROECONOMIC UNCERTAINTY MANUFACTURING INDUSTRIES MARKET PRICES MIDDLE-INCOME COUNTRY MONETARY FUND MONETARY POLICIES MORTGAGE MULTINATIONAL CORPORATIONS NATIONAL DEVELOPMENT NATIONAL ECONOMIES NATIONAL OUTPUT NATURAL RESOURCES NET CAPITAL OUTPUT OUTPUT DECLINE OUTPUT GAPS PARTIAL EQUILIBRIUM ANALYSIS PER CAPITA INCOME POLITICAL ECONOMY PORTFOLIOS POVERTY REDUCTION POWER PARITY PRICE STABILITY PRIVATE CAPITAL PRIVATE CAPITAL FLOWS PRODUCTION FUNCTION PRODUCTION FUNCTIONS PRODUCTION STRUCTURE PRODUCTIVE INVESTMENTS PRODUCTIVITY PRODUCTIVITY GROWTH PROPERTY RIGHTS PUBLIC DEBT PUBLIC DEBT MANAGEMENT PURCHASING POWER RATE OF GROWTH RATES OF INFLATION REAL EXCHANGE RATE RECESSION RESERVE BANK RESERVES RETURN RETURNS RISK DIVERSIFICATION SAVINGS STRUCTURAL CHANGE TECHNOLOGICAL ADVANCES TECHNOLOGICAL CHANGE TECHNOLOGICAL CHANGES TOTAL FACTOR PRODUCTIVITY TOTAL FACTOR PRODUCTIVITY GROWTH TRADE DEFICITS TRADE REGIME TRADING TRADING BLOCS TRANSACTION UNEMPLOYMENT UNEMPLOYMENT RATES VIRTUOUS CYCLE VOLATILITY WORLD DEVELOPMENT INDICATORS WORLD ECONOMIC INDICATORS WORLD ECONOMIES WORLD ECONOMY WORLD MARKETS
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Africa | Africa | Africa
2012-03-19T19:11:54Z | 2012-03-19T19:11:54Z | 2009-08-01

Over the decades leading to the global financial crisis, the world witnessed a deepening integration of world economies, irrespective of a country s geographical location on the spherical space. This process of increasing interdependence of world economies, most notably illustrated by the scale of financial flows and movements of goods and services now termed globalization, has been facilitated by research and development and advances in technology, especially in the area of information and communication technology. In spite of its global nature, its expected benefits have not been uniformly distributed, however. This paper shows that the countries and regions that are driving the process of knowledge creation and production of high-tech and manufactured goods, building on frontier technology, are benefiting the most from globalization, increasingly acting as drivers and relegating Sub-Saharan Africa to the end-user status. In this process, the income gap between Sub-Saharan Africa and the globalizers has increased even more. However, the paper also shows that raising the level of technological endowment in Sub-Saharan Africa to that of developed countries could go a long way to bridge Africa's output gaps and improve its export performance in the new globalization landscape of the post-financial crisis era.

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