In most African economies, both agricultural production and the terms- of-trade are highly uncertain. This paper re-examines the implications of such uncertainty for the optimal mix of production and trade under alternative assumptions about international capital flows. The ultimate objective is...

The manufacturing sectors of less developed countries (LDCs) have traditionally been relatively protected. They have also been subject to heavy regulation, much of which is biased in favor of large enterprises. Accordingly, it is often argued that manufacturers in these countries perform poorly...

The manufacturing sectors of less developed countries (LDCs) have traditionally been relatively protected. They have also been subject to heavy regulation, much of which is biased in favor of large enterprises. Accordingly, it is often argued that manufacturers in these countries perform poorly...