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Publications (5)
Working Paper
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Motivated by the fact that the taxation of natural resources is both crucial and particularly challenging for developing countries, this paper draws on a unique dataset to produce empirical evidence on two issues pertaining to the fiscal impact of oil. On a sample of 31 countries during the 2000s...
Working Paper
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– Emergency financing and debt workouts
This paper analyses the history and effectiveness of the two major mechanisms of resolution of balance of payments crisis. It argues that IMF lending has met its counter-cyclical objectives through history and has been improving in terms of providing adequate lending facilities as well as focusing...
Working Paper
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– The Global Reserve System
This paper analyses three major problems of the current international monetary system: the asymmetric-adjustment problem, dependence on the monetary policy of the main reserve-issuing country, and the large demand for self-insurance by developing countries. It then proposes two reform routes...
Working Paper
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Financial development is vulnerable to social conflict. Conflict reduces the demand for domestic currency as a medium of exchange and a store of value. Conflict also leads to poor quality governance, including weak regulation of the financial system, thereby undermining the sustainability of...
Working Paper
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Ethiopia is one of a number of SSA economies that adopted state-led development strategies in the 1970s (others include Angola and Mozambique), and suffered from intense conflict (leading to the fall of the Derg regime in 1991). The new government was therefore faced with the twin tasks of...
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