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Publications (31)
Working Paper
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Efforts to realize the issue of development-focused Special Drawing Rights (SDR) by the International Monetary Fund (IMF) have been on-going for many years. Recently, however, the campaign first gained a new momentum immediately after the Asian financial crises with the new liquidity problems of...
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– Issues and Evidence
Remittances, after foreign direct investment, are currently the most important source of external finance to developing countries. Remittances surpass foreign aid, and tend to be more stable than such volatile capital flows as portfolio investment and international bank credit. Remittances are also...
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– Over-Arching Issues
In analysing proposals for new sources of development funding, there are several issues that arise across the board. What is the role of new sources in relation to existing overseas development assistance? Should we be seeking new sources that generate a double dividend? Can the key elements of a...
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This paper considers lessons from the practice of fiscal federalism for guidance on new approaches to development finance. Despite the fact that inter-regional redistribution in a federation relies on a central government with strong fiscal powers, the form of that redistribution can be used as a...
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This paper considers the role of global environmental taxes both as instruments for improving the global environment and as a source of revenue for funding economic development. It reviews the general case for environmental taxes and the particular issues that arise for the adoption of such taxes in...
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Charitable donations by private individuals and firms can help fund the Millennium Development Goals. What are the prospects for increasing donations for international development, whether from small-scale donors, the super-rich (as in the recent gifts by Bill Gates and Ted Turner), or the corporate...
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– A Critical Appraisal
The paper assesses the potential of currency transaction taxes (CTT, widely known as the Tobin tax), to raise revenue for global development. Though Tobin proposed and others assessed CTTs in terms of reducing exchange rate volatility and improving macroeconomic policy environments, this paper...
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The world lottery market now amounts to at least US$126 billion in sales. World market sales for all gaming products (public, charitable and commercial) total some US$1 trillion, of which Internet gambling accounts for US$32 billion. This paper assesses the prospects for harnessing this large and...
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– The UK HM Treasury-DFID Proposal to Increase External Finance to Developing Countries
The paper discusses the International Finance Facility (IFF), a joint HM Treasury–DFID proposal to increase development aid substantially for the Millennium Development Goals to be achieved by 2015. The main conclusion of the paper is that the proposed IFF is a promising, forward-looking and...
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Institutions are altered by conflict, depending on the scale, duration and type of war. At one extreme, formal political, social and economic institutions may be completely destroyed (e.g. Somalia), while the importance and type of informal institutions may be changed. This survey addresses some of...
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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...
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– Lessons from Eritrea
With the Derg's overthrow in 1991, Eritrea embarked on the construction of a new state. New economic institutions were created, and considerable reform undertaken. Problems in co-ordinating reform and reconstruction were largely avoided, mainly because of the institutional ‘clean slate’ facing the...
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Privatization, together with liberalization and deregulation, constituted the core of Mozambique's economic transition. Privatization in Mozambique has taken place on an unusually large scale in comparison with the rest of Africa. Privatization interacted with military demobilization and political...
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In 1991, the new Government of Ethiopia faced a triple fiscal challenge. First, a major effort was required to overhaul and modernize the tax system. Second, the need to switch expenditure from military to civilian uses had to take place within a potentially severely reduced resource total. The...
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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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Angola’s difficulties in achieving macro-economic stability and economic liberalization have serious implications for private-sector development. Hyperinflation, and frequent policy reversal, constrain and distort investment in both the informal and formal parts of the private sector. But macro...
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