Working Paper
Capital Account Liberalization and Management
This paper reviews the history and controversies associated with capital account management. It first looks at the transition from the acceptance at the Bretton Woods conference of capital account regulations as a normal policy instrument to the...
Working Paper
Supply-Side Constraints, Capital Goods Imports, and the Quality of Sub-Saharan African Countries’ Exports
In the last decade, a large portion of capital goods imports of Sub-Saharan African countries is telecommunications equipment, and China is now the main source of equipment for 30 Sub-Saharan African countries. A connection between specific types of...
Working Paper
Social Capital, Survival Strategies, and their Potential for Post-Conflict Governance in Liberia
This paper investigates how people created, adapted and used social capital and conflict resolution during more than a decade of violent conflict in Liberia, and the potential of such capital to contribute to post-conflict peacebuilding and self...
Working Paper
Information Technology and Economic Growth
This paper explores the impacts of information technology investment on economic growth in a cross-section of 39 countries in the period 1980-95 by applying an explicit model of economic growth, the augmented version of the neoclassical (Solow)...
Working Paper
The Distribution of Assets in Transitional Economies
An equal distribution of assets is a crucial element in the process of economic transition from plan to market. In the socialist era most physical assets were owned by the state and private ownership was not very important for most individuals. When...
Working Paper
A new social contract inclusive of informal workers
This paper makes the case that current social contracts are often inadequate, irrelevant, or unjust for informal workers. It outlines three possible future scenarios: the bad old contract, an even worse contract, and a better new contract. Under the...
Working Paper
Foreign Aid and Mobilization of Growth Factors in Sub-Saharan Africa
This study addresses the macroeconomic effect of foreign aid on the factors of growth. Specifically, we examine the effects of foreign aid on capital investment (human capital, physical capital) in sub-Saharan Africa. Our methodological approach...
Working Paper
Assessing Foreign Aid’s Long-Run Contribution to Growth in Development
This paper confirms recent evidence of a positive impact of aid on growth and widens the scope of evaluation to a range of outcomes including proximate sources of growth (e.g., physical and human capital), indicators of social welfare (e.g., poverty...
Working Paper
Proposals for Curbing the Boom-Bust Cycle in the Supply of Capital to Emerging Markets
This paper examines what might be done to limit the boom-bust cycle in the flow of capital to emerging markets. Although the paper accepts that some types of capital flow (notably foreign direct investment) are much less problematic in this respect...
Book
From Capital Surges to Drought
This collection analyses the new trends in capital flows to emerging markets since the Asian crisis, their determinants and policy implications. It explains why such flows have declined so dramatically in recent years, emphasising both structural and...
Journal Special Issue
The New Economy
The world economy is undergoing a fundamental structural change driven by the globalization of business on the one hand and by the revolution in information andcommunication technology on the other. The New Economy is the superior economic structure...
Working Paper
The Transition from Official Aid to Private Capital Flows
India’s capital account displays a sharp swing in external financing from official assistance to private capital transfers in the 1990s. This paper examines the implications of this transition for the country. An analysis of the private resource...
Working Paper
Optimality and Overuse of Labour in Estonian Manufacturing Enterprises
For transition economies labour market flexibility is necessary for successful restructuring and reallocation of labour force and for coping with the requirements of the European Monetary Union. In this paper we apply a novel approach to the issue of...
Working Paper
Capital flight and foreign direct investment in Africa
This paper aims to provide theoretical and empirical insights into the puzzling simultaneous rise in foreign direct investment (FDI) inflows in Africa and capital flight from the continent over the past decades. It specifically explores two questions...