Just as equality of opportunity becomes an increasingly prominent concept in normative economics, the authors argue that it is also a relevant concept for positive models of the links between distribution and aggregate efficiency. Persuasive microeconomic evidence suggests that inequalities in...

Policy measures to encourage recovery of private investment in Zimbabwe should focus not on measures to raise current profits but on measures to relieve supply side constraints, to reduce perceived risk, to clearly define the rules of the game for foreign investors, and to create a more...

Inflation always has a monetary dimension, but managing inflation is not a simple question of monetary management. Other factors to contend with are the indexation process (including policies on wage and price controls), the level and financial composition of fiscal deficits, and supply...

On January 12, 1994, the CFA franc - the currency of the thirteen African states of the CFA Franc Zone - was devalued 50 percent. The event had been expected for some time, but the magnitude and one-shot nature of the devaluation posed problems for members of the zone's two monetary unions. The...

The old days in the now transition societies were characterized by stagnant incomes, rationed goods, and few civil liberties, but a high degree of income security. The early days of reform have brought crashing incomes, more goods, civil liberties, and rising insecurity. Most countries are set...

This paper examines the potential role of civil society action in increasing state accountability for development in Sub-Saharan Africa. It further develops the analytical framework of the World Development Report 2004 on accountability relationships, to emphasize the underlying political...

Six years into the debt crisis, questions about the relevance of policy measures to alleviate the crisis still abound. Conditionality by international financial institutions and rescheduling by commercial creditors have been dismissed in favor of debt reduction as strategies for restoring the...

Closed-end national index funds (NIFs of country funds) invest primarily in the stocks of the originating countries, such as Brazil, India, and the Republic of Korea. They are typically traded in the organized exchanges of industrial countries, such as the United States and the United Kingdom....

In evaluating the benefits of a voluntary debt reduction scheme, look for efficiency gains that allow both debtor and creditor to gain. In particular certain debt reduction operations can: (i) increase the incentives for growth in highly indebted countries; (ii) allocate risk more efficiently...

The authors review the case for market-based debt reduction and concerted debt reduction. They explain the new menu-based approach to debt reduction and discuss why it may be preferred to market-based and concerted debt reduction. In a review of the five recent debt-reduction agreements, they...