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While global rebalancing will mainly involve structural realignment among major advanced and emerging market economies, it could have significant impact on low-income countries (LICs). Simulations using a global general equilibrium model show that a more balanced global economy would tend to improve the current account balance in LICs with limited impact on domestic output. However, there could be adverse terms of trade effects on some LICs as the prices of manufactured goods rise. On the other hand, such prices increases could provide an impetus to export diversification in many LICs, raising growth in the long run. The output and terms of trade effects would be significantly amplified if structural adjustment is impeded by factor immobility and other rigidities.

International finance --- International monetary system --- International money --- Finance --- International economic relations --- Econometric models. --- Developing countries --- Emerging nations --- Fourth World --- Global South --- LDC's --- Least developed countries --- Less developed countries --- Newly industrialized countries --- Newly industrializing countries --- NICs (Newly industrialized countries) --- Third World --- Underdeveloped areas --- Underdeveloped countries --- Economic conditions. --- Economic conditions --- Investments: Commodities --- Exports and Imports --- Foreign Exchange --- Trade: General --- Empirical Studies of Trade --- Commodity Markets --- International economics --- Currency --- Foreign exchange --- Investment & securities --- Exports --- Real exchange rates --- Terms of trade --- Trade balance --- Commodities --- International trade --- Economic policy --- nternational cooperation --- Balance of trade --- Commercial products --- China, People's Republic of --- Nternational cooperation

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Current U.S. trade policy stresses establishing free trade areas (FTAs) with partners spanning the globe. Motivations include enhancing goods and services trade; stimulating investment flows; extending standards on intellectual property rights, labor, and the environment; and addressing geopolitical concerns. Simulations of FTAs with the United States highlight the importance of trade complementarity, trade diversion, and welfare losses for nonmembers. Agriculture and textiles play a central role in determining welfare outcomes. Initial improvement in market access enjoyed by participants could be eroded progressively as global liberalization proceeds, and this preference erosion might act as a disincentive to participate in multilateral liberalization.

Regionalism --- Free trade --- Commercial policy. --- Foreign trade policy --- International trade --- International trade policy --- Trade policy --- Economic policy --- International economic relations --- Government policy --- United States --- Exports and Imports --- Simulation Methods --- Economic Integration --- Macroeconomic Aspects of International Trade and Finance: Forecasting and Simulation --- Trade Policy --- International Trade Organizations --- Trade: General --- International economics --- Trade liberalization --- Exports --- Imports --- Trading arrangements --- North American Free Trade Agreement --- Commercial policy --- Commercial treaties

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Trade and financial ties between low-income countries (LICs) and Brazil, Russia, India, and China (BRICs) have expanded rapidly in recent years. This gives rise to the potential for growth to spill over from the latter to the former. We employ a global vector autoregression (GVAR) model to investigate the extent of business cycle transmission from BRICs to LICs through both direct (FDI, trade, productivity, exchange rates) and indirect (global commodity prices, demand, and interest rates) channels. The estimation results show that there are significant direct spillovers while indirect spillovers also matters in many cases. Based on these results, we show that growing LIC-BRIC ties have significantly helped alleviate the adverse impact of the recent global financial crisis on LIC economies.

Economic development--Developing countries--Econometric models. --- Economic development--Econometric models. --- Developing countries. --- Econometrics --- Exports and Imports --- Macroeconomics --- Time-Series Models --- Dynamic Quantile Regressions --- Dynamic Treatment Effect Models --- Diffusion Processes --- State Space Models --- General Aggregative Models: Forecasting and Simulation --- Macroeconomic Aspects of International Trade and Finance: Forecasting and Simulation --- Externalities --- Commodity Markets --- Energy: Demand and Supply --- Prices --- International Investment --- Long-term Capital Movements --- Econometrics & economic statistics --- Finance --- Spillovers --- Commodity prices --- Vector autoregression --- Oil prices --- Foreign direct investment --- Financial sector policy and analysis --- Econometric analysis --- Balance of payments --- International finance --- Investments, Foreign --- United States --- Economic development --- Econometric models.

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Agriculture and state --- Agriculture --- Food supply --- Economic aspects --- China --- Economic policy

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Flows of development financing from the BRICs (Brazil, Russia, India, and China) to low income countries (LICs) have surged in recent years. Unlike aid from traditional donors, BRICs (excluding Russia) view their financing as primarily based on the principles of South-South cooperation, focusing on mutual benefits without attachment of policy conditionality. This paper provides an overview of the philosophies and modalities of BRIC financing and examines their implications for LIC economies and future LIC-BRIC engagement.

Economic development projects --- Economic history --- Development projects, Economic --- Projects, Economic development --- Economic assistance --- Technical assistance --- Economic conditions --- History, Economic --- Economics --- Public investments --- Finance. --- BRIC countries --- Big Four countries --- BRICS countries --- Economic conditions. --- Exports and Imports --- Financial Risk Management --- Infrastructure --- Social Services and Welfare --- Public Finance --- Foreign Aid --- Investment --- Capital --- Intangible Capital --- Capacity --- International Lending and Debt Problems --- Government Policy --- Provision and Effects of Welfare Program --- Debt --- Debt Management --- Sovereign Debt --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- International economics --- Macroeconomics --- Social welfare & social services --- Finance --- Public finance & taxation --- Development assistance --- Debt sustainability --- Poverty reduction --- Debt relief --- Foreign aid --- National accounts --- External debt --- Poverty --- Public investment and public-private partnerships (PPP) --- Expenditure --- International relief --- Debts, External --- Saving and investment --- Public-private sector cooperation --- China, People's Republic of