Papers by Rafael de Hoyos
Southern Engines of Global Growth, 2010
Over the past twenty years, aggregate measures of global inequality have changed little, even if ... more Over the past twenty years, aggregate measures of global inequality have changed little, even if significant structural changes have been observed. The high growth rates of China and India lifted millions out of poverty, while the stagnation in many African countries caused them to fall behind. Using the World Bank's global general equilibrium model LINKAGE and the newly developed global income distribution dynamics (GIDD) tool, this chapter assesses the distribution and poverty effects of a scenario where these trends continue in the future. Even by anticipating a deceleration, growth in China and India is a key force behind the expected convergence of per capita incomes at the global level. Millions of Chinese and Indian consumers will enter into a rapidly emerging global middle class—a group of people who can afford, and demand access to, the standards of living previously reserved mainly for the residents of developed countries. Notwithstanding these positive developments, f...
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Papers by Rafael de Hoyos