the past ten years the most engaging story in global economics has been therise of emerging markets. The continuing success of the Pacific Rim economies,the turnaround in Latin Americaspread of market-driven economic reform, re-structuringtriggered an unprecedented shift in global capital flows.of the former Soviet Union and theand privatization programmes have Since the early 1980s the total portfolio flows, foreign direct investment (FDI), officialdevelopment finance and private debt finance from the mature industrial economies to thedeveloping world, has totalled US$1,600 billion and is now running at more than US$225billion a year.
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