By Charles Calomiris
The global pattern towards privatization, liberalization, and globalization has produced sizeable fiscal advantages.
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Extra resources for A Globalist Manifesto for Public Policy (Occasional Paper, 124)
That decline did not reflect a lack of interest in wealth, per se, 8 34 Although it is not important for our present purposes, I note in passing that economic historians are also rediscovering the importance of geography in explaining the locational origins of economic success. Europe and Asia were favourable locations for building early agricultural economies – on which the development of towns and cities depends – owing to their temperate climates. European temperatures, in particular, permit year-round harvesting of crops – a consequence of the Gulf Stream.
When they do, for many developing countries that will mean choosing to import financial service providers. Figure 8 is drawn from the recent World Bank Policy Research Report, Finance for Growth (2001). As this figure shows, most of the world’s existing domestic banking systems are tiny – roughly one-third of the 166 countries surveyed by the World Bank had total banking system assets of under $1 billion. That small size reflects the history of developing-country governments’ taxation and control of the financial sector, as well as the small size of many countries’ economies.
There is a growing body of new academic studies that confirm Dollar’s findings. 14 They find that the gap between relatively high urban and low rural income in 14 ‘Globalisation and Inequality: Evidence from within China’, Working Paper, National Bureau of Economic Research, 2001. 45 a globalist manifesto for public policy Figure 1 Worldwide household inequality, 1960–1999 Mean log deviation, % 100 Between Within 80 60 40 20 0 1960–64 65–69 70–74 75–79 80–84 85–89 90–94 95–99 Figure 2 Convergence among open economies, 1975–1999 GDP per capita growth, % per annum 6 Taiwan, China 5 Korea, Rep.
A Globalist Manifesto for Public Policy (Occasional Paper, 124) by Charles Calomiris