Latin American sovereign bonds represent a significant share of the emerging debt class (50 per cent by early 2001) and so have considerably shaped the dynamics of this market. Recent financial turmoil, contagion episodes and investors’ renewed concerns with debt default call for a better...

This paper reviews the process of agricultural policy reforms in Morocco in the 1980's, with particular emphasis on the cereals and sugar sub-sectors. Agricultural policy is reviewed in historical perspective, to show that the liberalisation process which was proposed in the framework of...

Les immigrés originaires de la région de Kayes au Mali, principale région malienne pourvoyeuse d'émigrés vers la France, constituent une communauté culturellement et ethniquement homogène qui se distingue par un fort dynamisme associatif. Si la migration a d'abord été conçue par les...

During the 1990s, China has experienced a surge in imports of services, particularly those of communication, insurance and other business services, despite the fact that the authorities have maintained a plethora of restrictive measures limiting access to the service sector. Not only does this...

Cette étude analyse les liens entre la croissance et l’investissement public au cours des années 80 à l’aide d’un modèle économétrique d’équations simultanées, estimé sur un échantillon de 28 pays en développement sur onze ans (1981-91). Ce modèle décrit les déterminants de...

The variety of channels through which devaluation of the exchange rate impacts on real tax receipts, calls for empirical clarification. This paper should be seen as a first attempt towards empirical evidence. It establishes the causal relationships between the real exchange rate and real tax...

One of the particular features of poor countries’ economies is their volatility, due mostly to their dependence on commodities. The paper shows that this volatility is a prime factor behind the debt crises of the poorest countries. It advocates the adoption by donors of a new lending...

Ce document présente un modèle dynamique de simulation de l'économie mexicaine, centré sur les effets de l'endettement public. Trois principales variables sont au coeur de la dynamique économique qui est décrite ici: le taux d'intérêt réel interne, le prix du marché secondaire de la...

A basic feature of development dynamics is the reallocation of labour from low– productivity to higher–productivity activities (generally more capital–intensive and also often more skill–intensive). The expansion of skilled labour supply that accompanies rising per capita incomes is both...

This paper studies sovereign debt crises during the period 1993-2006 through the prism of the primary sovereign bond market. Two conclusions emerge. First, investment banks price sovereign default risk well before crises occur and before investors detect default risk. Between three and one years...