CONTENTS Foreword xi Acknowledgments xv Glossary xvii Abbreviations xix OVERVIEW 1 Emerging Growth Poles Will Alter the Balance of Global Growth 2 Emerging-Market Multinationals Becoming a Potent F.orce in Reshaping the Process of Industrial Globalization 4 Multipolar International Economy to Lead to a Larger Role for the Euro and, in the Long Term, for the Renminbi 6 Multipolarity to Bring Benefits and New Challenges to the Developing World 9 1 Changing Growth Poles and Financial Positions 13 Growth Poles and the Global Macroeconomy in the Postcrisis Era 14 The Character of Growth in the Potential Emerging Economy Poles 24 Dynamics of New Growth Poles: Implications for Domestic Output, Trade Flow Patterns, and Global Payments Imbalances 36 Growth Poles and Multipolarity in the Future World Economy 45 Policy Challenges and the Development Agenda 47 Annexes 51 Notes 62 References 65 2 The Changing Global Corporate Landscape 73 Emerging-Market Multinationals: Agents of Change in a Multipolar World 75 The Growth and Globalization of Emerging-Market Corporate Finance 89 Devising an Effective Framework for Cross-Border Investment 104 Annexes. 108 Notes 118 References 120 3 Multipolarity in International Finance 125 International Currency Use 127 Moving to a Multicurrency International Monetary System 133 The Shape of Things to Come: Some Scenarios for a Future International Monetary System 142 A Path toward Improved Institutional Management of a Multipolar World 147 Conclusion 151 Annexes 153 Notes 155 References 157