" (Kaufman, "Banking And Currency Crises And Systemic Risk: Lessons From Recent Events")
World Banks
Trade requires capital. There are approximately two hundred financial institutions throughout the worldwide that account for more than eighty percent of the world's total international banking exposure. Of these, there are twenty banks that have exposure of more than ten billion dollars and seven of them are from the United States, four are from the United Kingdom, three are from West Germany, three are from France, two are from Japan, and there is one from Canada. "The borrowing countries still have much to do at the macroeconomic level to enforce reasonable demand-management policy and at the micro-level to achieve savings mobilization and better sectoral allocation in a context of lesser government controls. In turn, private and official creditors have a special responsibility to stand ready to assist genuine adjustments efforts with the needed long-term financing." (Boon-Chye, The Economics of International Debt Renegotiation: The Role of Bargaining and Information)
Of the remaining two hundred, the vast majority of them have exposure levels below the three billion dollar mark. But, this still implies that throughout the world, international banks have provided loans of more than six hundred billion dollars in the emerging and third world countries. "The banks knew, of course, they had lent money to Mexico, the Philippines, or Zaire through trade-related credits, interbank lines, and syndicated loans. They lacked, however, a clear knowledge of these countries' financial, economic, and social conditions and the actual use of the loan proceeds. Still less clear were the long-run prospects of the borrowing countries." (Bouchet, The Political Economy of International Debt: What, Who, How Much, and Why)
This measure encompasses all debt including international debt, gross disbursed and outstanding debts as well as short- and long-term loans owed to the industrialized nation creditors. "The current crisis of developing countries' external indebtedness reflects crisis of economic development, the international financial system, bank management, and economic thinking." (Bouchet, The Political Economy of International Debt: What, Who, How Much, and Why)
Globalization
Globalization by most is considered to be good for creating global wealth and also considered a positive development for emerging nations. The world has begun to operate more like an entrepreneurial spirit as more individual freedoms are realized. Open competition and trade in the world markets leads to reduced pricing, creation of new opportunities for innovation while enabling organizations and nations...
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Economic development is a key element of growth and sustainability of a country, as well as of equity, prosperity and well-being of its population. Recently the world has witnessed rapid economic growth of two Southeast Asian countries: China and Vietnam. Both of the countries faced major challenges for the growth of their economy, they survived these challenges well and proved themselves to be the success stories of development. Vietnam continues
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