Developing countries made considerable gains during the first decade of the 21st century. Their economies grew at unprecedented rates, resulting in large reduction in extreme poverty and a significant expansion of the middle class. But more recently that progress has slowed with an economic...

Data from the Groningen Growth and Development Center's Africa Sector Database and the Demographic and Health Surveys reveals that much of Africa's recent growth and poverty reduction has been associated with a substantive decline in the share of the labor force engaged in agriculture. This...

Firms often cite financing constraints as one of their primary obstacles to investment. Global capital flows, by bringing in scarce capital, may ease the financing constraints of host country firms. But if incoming foreign investors borrow heavily from domestic banks, foreign direct investment...