Peaceful Protest Puts Focus Back On IMF Extensive Street Closures Prompt Some Complaints
By Manny Fernandez Washington Post Staff Writer Monday, April 14, 2003; Page B01
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More recently, an IMF study dated March 17, 2003 and titled "Effects of Financial Globalisation on Developing Countries: Some Empirical Evidence", which includes Kenneth Rogoff among its co-authors, has gone even further. It recognises: (i) that "an objective reading of the vast research effort to date suggests that there is no strong, robust and uniform support for the (neo-liberal) theoretical argument that financial globalisation per se delivers a higher rate of economic growth; and (ii) that even though neo-liberal theory suggests that "the volatility of consumption relative to that of output should go down as the degree of financial integration increases, since the essence of global financial diversification is that a country is able to offload some of its income risk in world markets," in practice "the volatility of consumption growth relative to that of income growth has on average increased for the emerging market economies in the 1990s, which was precisely the period of a rapid increase in financial globalisation." http://www.flonnet.com/fl2008/stories/20030425003110300.htm