impact of lower import price inflation from the low - cost countries relative to the high - cost ones over the sample period ( 0. 5 percentage points per year ). 17 so far, i have only referred to the downward impact of low - cost countries on manufacturing import prices. however, there have also been globalisation - related effects on euro area import prices working in the opposite direction as the strong growth in the non - oecd economies in recent years seems to partly explain the significant rise in the prices of oil and non - energy commodities since 1999. 18 overall, chart 5 shows how globalisation forces have helped to keep extra euro area manufacturing import prices fairly flat since the start of the 2000s, while the rising price of oil and other commodities ( particularly metals and foods ) are reflected in the stronger growth of total extra euro area import prices over the same period. see for further details ecb ( 2008 ), “ globalisation, trade and the euro area macroeconomy, ” monthly bulletin, january. this calculation is subject to caveats, notably that the accuracy of the results may be affected by the fact that unit value indices do not control for changes in quality. among the low - cost countries, china and the new eu member states ( nms ) were the main contributors to this increase with their shares roughly doubling since the mid - 1990s to stand at around 12 % and 14 % respectively in 2004. see ecb ( 2008 ). this methodology follows the methodology in kamin, s., marazzi, m. and schindler, j. ( 2004 ), “ is china exporting deflation ”, board of governors of the federal reserve system international finance discussion papers, no 791 ( april ). see, e. g. pain n, i koske and m sollie ( 2006 ), “ globalisation and inflation in the oecd economies, ” oecd economics department working paper no. 52. they calculate that if the gdp of the non - oecd countries during the period 2000 - 2005 had grown at the slower pace of the oecd countries then the world real oil price would have been up to 40 % lower by the end of 2005. wages turning briefly to recent euro area wage developments, globalisation may have been one contributing factor to an extended period of wage moderation within the euro area ( for instance, through offshoring or the threat of offshoring ), across both manufacturing and service sector. while productivity

the opportunity for entrepreneurship to people who otherwise might not have it. although some businesses will inevitably fall by the wayside, those that flourish and grow are likely to have better management and better long - term prospects than they would have without the support accion usa, get a loan, https : / / secure. accionusa. org. of microenterprise programs. successful microbusinesses provide jobs as well as valuable products and services to their communities. not least important, they can provide economic independence and self - reliance for the owner - entrepreneurs. the full benefits of this movement are difficult to calculate. indeed, one important challenge for the future is to find ways to better measure the impact and cost effectiveness of microfinance programs. what is clear is that the microfinance movement has grown and adapted considerably during its short history in the united states. i hope that microfinance organizations will sustain their energetic spirit of innovation and experimentation as they strive to become more self - sufficient and adapt to our ever - changing economy. references assanie, laila, and raghav virmani ( 2006 ). " incubating microfinance : the texas border experience ", federal reserve bank of dallas, southwest economy ( september / october ), pp. 3 - 7. board of governors of the federal reserve system ( 2007 ). report to the congress on the availability of credit to small businesses. washington : board of governors of the federal reserve system, october. carr, james h., and zhong yi tong, eds. ( 2002 ). replicating microfinance in the united states. washington : woodrow wilson center press. cowan, charles d., and adrian m. cowan ( 2006 ). " a survey - based assessment of financial institution use of credit scoring for small business lending ( 690 kb pdf ) ". washington : u. s. small business administration, office of advocacy, november. edgcomb, elaine l., and joyce a. klein ( 2005 ). " opening opportunities, building ownership : fulfilling the promise of microenterprise in the united states ". washington : microenterprise fund for innovation, effectiveness, learning and development ( field ) at the aspen institute, february, www. fieldus. org / projects / movingforward. html. holtz - eakin, douglas, david joulfaian, and harvey s. rosen ( 1994a ). " entrepreneurial decisions and liquidity constraints "