In most developing countries, irrigation, road, and power networks are not in good condition. In Latin America, for example, the effectiveness of such public infrastructure is only about 74% of that of industrialized countries. Low effectiveness imposes a cost on these countries in terms of...

We calibrate a simple neoclassical growth model adapted to illustrate a process of structural transformation or industrialization to a group of nine South American countries. The paper shows that low levels of agricultural productivity can substantially delay the process of industrialization,...

This paper uses VAR techniques to investigate the potential for forming monetary unions in Eastern and Southern Africa. All countries in the sample are members of various regional economic organizations. Some of the organizations have a monetary union as an immediate objective whereas others...