... larger at the start of the 20thcentury than at its end! However, whereas capital flows at the turn of the century were overwhelmingly in the form of loans, now theyconsist mainly of foreign direct ... value. (The rationale underlying this measure is that,other things equal, the more “open” an economy, the closershould be the PPP and foreign exchange values of its currency,and conversely.) The ... the 3rd annual conference between RANDand the China Reform Forum, held in Beijing in November 2000, on The Challenges ofGlobalization.Cross-Cutting Issues in Asia, the United States,and the...