This paper locates the chief culprit for the failure of structural adjustment in Africa at the conceptual level rather than the weak implementation capacity of African governments. The neo-classical economic microfoundations, associated intermediate propositions and theories underlying...

On the promise of enormous benefits from financial openness, many developing countries have embraced financial globalization by adopting internal and external financial liberalization. Yet, despite the rhetoric of its proponents, there is little evidence of enhanced development finance or any...

This paper presents an introduction to the EEJ symposium. It initially focuses on the problems that have arisen in the wake of the ascendancy of the neo-liberal model into the realm of international Policymaking. Liberalization, privatization, and stabilization have been introduced with little...

The stringent deficit criterion followed by the EMU is motivated by the belief that a sustainable fiscal arrangement is a must for a viable monetary union. In this paper we provide an empirical analysis of the issue of deficit convergence in the Euro area and compare and contrast the Euro-zone...

Recent theoretical developments and practical monetary policy concerns have revived interest on the concept of a “natural” equilibrium real interest rate. The natural real interest rate is potentially an important concept for monetary policy makers. The observable market real interest rate...

This paper argues that the inception of the euro itself, with its restrictive monetarist institutional structures, to an area which is in a divergent state, which has recently been widened by a process of divergence, is ample reason for long term investors, and, indeed, post-"euphoric", short...

We collect data on a number of financial restraints, including restrictions on interest rates and capital flows and reserve and liquidity requirements, and capital adequacy requirements from central banks of 14 countries. We estimate the effects of these policies on the aggregate productivity of...

In recent years free movement of financial capital following financial liberalization has given the impression that financial markets are truly globalized. In this paper we argue that free movement of financial capital alone does not constitute financial globalization. To achieve true financial...