The Keynesian analysis of financial stability as developed by Hyman Minsky, provides considerable insights into understanding the nature and dynamics of boom-bust cycles driven by international capital flows in emerging markets. Its main policy conclusion that financial control rather than...

This paper develops a general equilibrium model of North-South trade with different wage setting regimes and a nontradeables sector. Simulations confirm that substantial gains from trade openness can be accompanied by a significant deterioration in the position of unskilled Northern workers....

Conventional explanations of poor African economic performance generally fail to pay adequate attention to causal mechanisms of growth, decline and stagnation. Many African countries experienced investment booms after independence but, in contrast to East Asian newly industrialising economies,...