Fofack, Hippolyte2012-03-192012-03-192009-08-01https://hdl.handle.net/10986/4211Over the decades leading to the global financial crisis, the world witnessed a deepening integration of world economies, irrespective of a country s geographical location on the spherical space. This process of increasing interdependence of world economies, most notably illustrated by the scale of financial flows and movements of goods and services now termed globalization, has been facilitated by research and development and advances in technology, especially in the area of information and communication technology. In spite of its global nature, its expected benefits have not been uniformly distributed, however. This paper shows that the countries and regions that are driving the process of knowledge creation and production of high-tech and manufactured goods, building on frontier technology, are benefiting the most from globalization, increasingly acting as drivers and relegating Sub-Saharan Africa to the end-user status. In this process, the income gap between Sub-Saharan Africa and the globalizers has increased even more. However, the paper also shows that raising the level of technological endowment in Sub-Saharan Africa to that of developed countries could go a long way to bridge Africa's output gaps and improve its export performance in the new globalization landscape of the post-financial crisis era.CC BY 3.0 IGOACCOUNTINGADVANCED ECONOMIESADVERSE EFFECTASSET PRICESBALANCE OF PAYMENTSBALANCE OF PAYMENTS CRISISBANK POLICYBONDBOND MARKETSBRAIN DRAINBUSINESS CLIMATECAPITAL ACCUMULATIONCAPITAL FLIGHTCAPITAL FLOWSCAPITAL FORMATIONCAPITAL INVESTMENTSCAPITAL MARKETSCAPITAL STOCKCAPITAL STOCKSCOMMODITIESCOMMODITYCOMMODITY EXPORTSCOMMODITY PRICESCOMMUNICATION TECHNOLOGYCOMPETITIVENESSCONNECTIVITYCORPORATE FINANCECOUNTRY INITIATIVECOUNTRY RISKCOUNTRY RISKSCURRENCYCURRENT ACCOUNT SURPLUSCURRENT ACCOUNT SURPLUSESDATA AVAILABILITYDEBTDEBT OVERHANGDEBT RELIEFDEFICIT FINANCINGDEPRESSIONDEREGULATIONDERIVATIVEDERIVATIVESDEVALUATIONDEVELOPING COUNTRIESDEVELOPMENT BANKDEVELOPMENT ECONOMICSDEVELOPMENT PATHDEVELOPMENT STRATEGIESDISTRIBUTION OF TRADEDOMESTIC CAPITALDOMESTIC CURRENCIESECONOMETRIC ANALYSISECONOMIC COOPERATIONECONOMIC DEVELOPMENTECONOMIC DOWNTURNSECONOMIC GROWTHECONOMIC INTEGRATIONECONOMIC ORDERECONOMIC OUTCOMESECONOMIC OUTLOOKECONOMIC PERFORMANCEECONOMIC RESEARCHECONOMIC THEORYECONOMICS RESEARCHELASTICITYELASTICITY OF SUBSTITUTIONEMERGING ECONOMIESEMERGING MARKETEMERGING MARKET ECONOMIESEMERGING MARKETSEMERGING MARKETS ECONOMIESEQUIPMENTEXCHANGE CONTROLSEXCHANGE RATE REGIMEEXPANSIONARY MONETARY POLICIESEXPENDITUREEXPENDITURESEXPORT PERFORMANCEEXPORTEREXPORTERSEXTERNAL BORROWINGEXTERNAL DEBTEXTERNAL DEFICITSEXTERNAL FINANCEEXTERNAL FINANCINGEXTERNAL INDEBTEDNESSFEDERAL RESERVEFEDERAL RESERVE SYSTEMFINANCIAL CRISESFINANCIAL CRISISFINANCIAL FLOWSFINANCIAL RISKSFINANCIAL SHOCKFINANCIAL STRESSFINANCIAL TRANSACTIONSFISCAL DEFICITSFIXED CAPITALFIXED EXCHANGE RATEFIXED EXCHANGE RATESFLEXIBLE EXCHANGE RATEFLOW OF CAPITALFOREIGN DIRECT INVESTMENTSFOREIGN EXCHANGEFOREIGN EXCHANGESFREE TRADEFUTURE RESEARCHGLOBAL CAPITALGLOBAL CAPITAL FLOWSGLOBAL DEVELOPMENT FINANCEGLOBAL ECONOMIESGLOBAL ECONOMYGLOBAL EXPORTGLOBAL EXPORTSGLOBAL MARKETGLOBAL OUTPUTGLOBAL TRADEGLOBALIZATIONGOLD STANDARDGOOD GOVERNANCEGROWTH MODELSGROWTH POTENTIALGROWTH RATEGROWTH RATESHOUSEHOLD INCOMEHUMAN CAPITALHUMAN CAPITAL DEVELOPMENTINDUSTRIAL COUNTRIESINEFFICIENCYINFLATIONINFLATIONARY PRESSURESINSTITUTIONAL BARRIERSINTERNATIONAL BANKINTERNATIONAL FINANCEINTERNATIONAL TRADEINVESTINGINVESTMENT FUNCTIONSINVESTMENT RATESKNOWLEDGE ECONOMYLEVEL PLAYING FIELDLOW-INCOME COUNTRIESMACROECONOMIC INSTABILITYMACROECONOMIC LEVELMACROECONOMIC STABILITYMACROECONOMIC UNCERTAINTYMANUFACTURING INDUSTRIESMARKET PRICESMIDDLE-INCOME COUNTRYMONETARY FUNDMONETARY POLICIESMORTGAGEMULTINATIONAL CORPORATIONSNATIONAL DEVELOPMENTNATIONAL ECONOMIESNATIONAL OUTPUTNATURAL RESOURCESNET CAPITALOUTPUTOUTPUT DECLINEOUTPUT GAPSPARTIAL EQUILIBRIUM ANALYSISPER CAPITA INCOMEPOLITICAL ECONOMYPORTFOLIOSPOVERTY REDUCTIONPOWER PARITYPRICE STABILITYPRIVATE CAPITALPRIVATE CAPITAL FLOWSPRODUCTION FUNCTIONPRODUCTION FUNCTIONSPRODUCTION STRUCTUREPRODUCTIVE INVESTMENTSPRODUCTIVITYPRODUCTIVITY GROWTHPROPERTY RIGHTSPUBLIC DEBTPUBLIC DEBT MANAGEMENTPURCHASING POWERRATE OF GROWTHRATES OF INFLATIONREAL EXCHANGE RATERECESSIONRESERVE BANKRESERVESRETURNRETURNSRISK DIVERSIFICATIONSAVINGSSTRUCTURAL CHANGETECHNOLOGICAL ADVANCESTECHNOLOGICAL CHANGETECHNOLOGICAL CHANGESTOTAL FACTOR PRODUCTIVITYTOTAL FACTOR PRODUCTIVITY GROWTHTRADE DEFICITSTRADE REGIMETRADINGTRADING BLOCSTRANSACTIONUNEMPLOYMENTUNEMPLOYMENT RATESVIRTUOUS CYCLEVOLATILITYWORLD DEVELOPMENT INDICATORSWORLD ECONOMIC INDICATORSWORLD ECONOMIESWORLD ECONOMYWORLD MARKETSWorld Bank10.1596/1813-9450-5019