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2. Aid procurement and the development of local industry: A question for Africa
- Author:
- Christine Zhang and Jeffrey Gutman
- Publication Date:
- 06-2015
- Content Type:
- Working Paper
- Institution:
- The Brookings Institution
- Abstract:
- Economic development is often tied to the evolution of local industry. One way to assess a country’s emergence as a major player in the global economy is by examining the ability of its domestic firms to compete on the global market. Public procurement—the purchase of goods, works, and services by governments—represents a significant portion of this market, making up an estimated average of 15 to 30 percent of a country’s GDP. Procurement in the developing world is especially noteworthy, since large projects are often partially or wholly financed by external donors such as the World Bank and other international financial institutions (IFIs), which encourage developing country governments to internationally advertise the goods, works, or services they require and to select the most competitive bid they receive. Yet the role of IFI-funded procurement in the emergence of global markets, particularly for and among developing countries, is seldom a topic of empirical study, despite its linkages to global growth.
- Topic:
- Development, Economics, Emerging Markets, World Bank, and Developing World
- Political Geography:
- Global Focus
3. Financial Globalization and Economic Policies
- Author:
- Eswar Prasad, Kenneth Rogoff, M. Ayhan Kose, and Shang-Jin Wei
- Publication Date:
- 04-2009
- Content Type:
- Working Paper
- Institution:
- The Brookings Institution
- Abstract:
- We review the large literature on various economic policies that could help developing economies effectively manage the process of financial globalization. Our central findings indicate that policies promoting financial sector development, institutional quality and trade openness appear to help developing countries derive the benefits of globalization. Similarly, sound macroeconomic policies are an important prerequisite for ensuring that financial integration is beneficial. However, our analysis also suggests that the relationship between financial integration and economic policies is a complex one and that there are unavoidable tensions inherent in evaluating the risks and benefits associated with financial globalization. In light of these tensions, structural and macroeconomic policies often need to be tailored to take into account country specific circumstances to improve the risk-benefit tradeoffs of financial integration. Ultimately, it is essential to see financial integration not just as an isolated policy goal but as part of a broader package of reforms and supportive macroeconomic policies.
- Topic:
- Development, Economics, Globalization, and International Trade and Finance
- Political Geography:
- Global Focus