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Chapter 22 Developing Countries:Growth, Crisis, and ReformPrepared by Iordanis PetsasTo Accompany International Economics: Theory and Policy, Sixth Editionby Paul R. Krugman and Maurice ObstfeldChapter OrganizationIntroductionIncome, Wealth, and Growth in the World EconomyStructural Features of Developing CountriesDeveloping Country Borrowing and DebtLatin America: From Crisis to Uneven ReformEast Asia: Success and CrisisLessons of Developing Country CrisesReforming the World’s Financial “Architecture”SummaryCopyright ? 2003 Pearson Education, Inc.Slide 22-IntroductionThe macroeconomic problems of the world’s developing countries affect the stability of the entire international economy.There has been greater economic dependency between developing and industrial countries since WWII.This chapter examines the macroeconomic problems of developing countries and the repercussions of those problems on the developed countries.Example: Causes and effects of the East Asian financial crisis in 1997Copyright ? 2003 Pearson Education, Inc.Slide 22-Income, Wealth, and Growth In the World EconomyThe Gap Between Rich and PoorThe worlds economies can be divided into four main categories according to their annual per-capita income levels:Low-income economiesLower middle-income economiesUpper middle-income economiesHigh-income economiesCopyright ? 2003 Pearson Education, Inc.Slide 22-Income, Wealth, and Growth in the World EconomyTable 22-1: Indicators of Economic Welfare in Four Groups of Countries, 1999Copyright ? 2003 Pearson Education, Inc.Slide 22-Income, Wealth, and Growth in the World EconomyHas the World Income Gap Narrowed Over Time?Industrial countries have shown convergence in their per capita incomes.Developing countries have not shown a uniform tendency of convergence to the income levels of industrial countries.Countries in Africa and Latin America have grown at very low rates.East Asian countries have tended to grow at very high rates.Copyright ? 2003 Pearson Educatio