This paper addresses the mechanisms by which trade openness affects growth volatility. Using a diverse set of export diversification indicators, it presents strong evidence pointing to an important role for export diversification in reducing the effect of trade openness on growth volatility. The...

The scope and complexity of international trading arrangements in the Middle East, as well as their spotty historical record of success, underscores the urgent need for an adequate understanding of the relative costs and benefits of participation in preferential trading arrangements and, more...

Purpose The purpose of this paper is to answer one important question: in the aftermath of a systemic banking crisis, can the expected deviations in credit supply, liquidity, and other bank characteristics become entrenched in that they do not converge back to “normal”?...

[eng] The Franc Zone today : challenges and necessary measures . In January 1994, the CFA Franc was devalued of 50 % against the other foreign currencies. This article deals with the economic changes of the Franc Zone during the last ten years, exposes the challenges the Franc Zone faces and...