Corrupt, mismanaged, and seemingly hopeless: that’s how the international community viewed Nigeria in the early 2000s. Then Nigeria implemented a sweeping set of economic and political changes and began to reform the unreformable. This book tells the story of how a dedicated and politically...

Robert B. Zoellick, President the World Bank Group, discussed the launch of this very important event-a day of initiatives that recognize the value of integrity, governance, and anti-corruption work to the institution to build an inclusive and sustainable globalization. The Volcker Report ended...

This paper estimates the long run elasticity of the demand for fixed nonresidential capital (both equipment and structures) to changes in its user cost using a quarterly panel of two-digit manufacturing data from South Africa from 1970 to 2001. Using a difference specification that does not rely...

Using panel data of 192 countries from 1970 through 1999, and 195 currency crisis episodes, this study examines the effect of membership in a currency union on the probability of experiencing a currency crisis. Both parametric and non-parametric estimates suggest that membership in a currency...

The maturity date of a mortgage loan marks the end of monthly mortgage payments for homeowners. In the period after the last payment, homeowners experience an increase in their disposable income. Our study interprets this event as an anticipated increase in income, and tests whether households...

The paper interprets the imposition in 1985 and removal in 1993 of the embargo on South Africa as financial autarky and financial integration 'natural experiments', and studies the effects on the economy. The aggregate data indicate a decrease in the levels and growth rates of investment,...