Although there is a rationale for a more conservative management of the remaining tropical forests, policy-makers in the tropical countries tend to be reluctant to implement appropriate policy measures, because they fear the short-run economic costs of environmental protection. Taking Indonesia...

While there are strong equity and efficiency reasons for subsidizing education in developing countries, the prevailing dominance of governments in the financing and provision of educational services can be questioned. There is some evidence supporting the conclusion that a partial cost recovery...

Two macroeconomic constraints determine the credibility of an exchange rate system: the availability of foreign exchange and the sustainability of fiscal balance. The following paper analyses the relative importance of these constraints for fixed and flexible exchange rate systems, examines the...

Institutional development in new and potential member countries determines the success of deepening European integration. This papers argues that the timing of future enlargement should depend on institutional convergence between the EU and potential accession candidates. It therefore looks at...

Based on theory and on evidence from the Southern Cone the following paper concludes for emerging market economies (1) that fiscal reform is of utmost importance for macroeconomic reforms, (2) that credibility cannot be imported via a fixed exchange rate but has to be established by internal...