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ABSTRACT. Global financial markets have few incentives to equip poor countries to be globally productive; on the whole trade is not as unequal as has been widely thought. Some markets appear more integrated (based on flow variables) than one would expect on the basis of statutory restrictions imposed by nation-states. The pressures for financial integration are powerful, bordering on the irresistible. The Asian crisis revealed the dark side of that region's successful development model.

 

DORIN DOBRISAN
 
 
 

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