Tests for the efficiency wage hypothesis have proposed to use production functions to ask if wage increases can pay for themselves. Tests for rent sharing have used a profit term in the earnings function. In this note the relationship between these tests is investigated empirically. Evidence is...

The question posed in this paper is whether structural adjustment programs have had the consequences policy intended and theory predicts. It uses evidence from a micro survey of manufacturing firms in Ghana to assess whether policy has effected an expansion of the exportable sector within...

A striking feature of South Africa`s trade liberalisation is that, until 1995, it did not involve any import liberalisation. The focus of earlier liberalisation was the reduction of anti-export bias, and, on the import side, the replacement of QRs with equivalent tariffs and other duties. This...

This paper contains the preliminary results from an empirical investigation into the economic role played by entrepreneurial networks in the Ghanaian Manufacturing Sector. The results suggest that such networks are an important factor determining the outputs of the sampled enterprises. Three...

Uganda suffers from a high rate of child mortality which has improved little if at all in the last twenty years. The paper uses data from the 1992 Integrated Household Survey to model the determinants of child mortality and malnutrition. Parental beliefs about health have a strong and very...

ABSTRACT: The concept of a poverty function is introduced, modelling the shortfall of household consumption from the poverty line as a function of reduced form determinants such as human capital and land holdings. The model is estimated using a tobit and data from Uganda. Parameters from the...

A simple model of an open exchange economy with two commodities is used to investigate the relative merits of small and large reforms: reforms are represented as movements in the relative price of the two commodities, achieved by tightening or relaxing quotas. Three approaches, based on majority...

The appropriateness of financial liberalisation in Africa - at least over the short-term - is in doubt. It has been suggested that the credit risks faced by financial institutions will be detrimental to the supply of credit. The contribution of this paper is to point out that financial...

ABSTRACT: Civil wars dramatically reduce income. Peace might therefore be expected to generate a dividend which both the government and the private sector can spend. Paradoxically, those civil wars which are prolonged and therefore do most damage create only small instant peace dividends. Income...

We often observe disproportionate reactions to tangible information in large stock price movements. Moreover these movements feature an asymmetry: the number of crashes is more than that of frenzies in the S&P 500 index. This paper offers an explanation for these two characteristics of large...