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By Viral V Acharya; et al

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Together these developments became the key globalizationenablers of the last quarter of the twentieth century. They coalesced to 28 Financial Globalization promote and support spread of economic and financial globalization during this era. 1) benefited from globalization by the successful exploitation of market-led outer-oriented development strategy, and by climbing the ladder of development by first producing and exporting labor-intensive goods and then by capital- and technology-intensive goods.

It came up with several valuable inferences. In brief, export volumes as a proportion of GDP grew for the sample countries by an average of 30 percent between 1980 and 2005. Improvement in institutional and financial frameworks accounted for as much as 25 percent of this increase. Another 25 percent of this increase was accounted for by reduced macroeconomic policy distortions. They included the relaxing of exchange restrictions, the dismantling of tariff barriers and the reduction in currency overvaluation.

The so-called New World economies had a comparative advantage in exporting food grains because of their abundant arable land. In turn, the industrialized economies of Europe exported manufactured products to these and other countries. By this time, the Industrial Revolution had made a great deal of progress and the industrially advanced economies of Europe had a massive demand for the import of bulky raw materials like bauxite, coal, nitrates, oil and rubber. 16 Capital market integration was never a linear, ever-increasing, continuous process.

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