Foreign direct investment is a key ingredient of successful economic growth and development in developing countries--partly because the very essence of economic development is the rapid and efficient transfer and cross-border adoption of"best practices."Foreign direct investment is especially...

Over the years, the term private sector development, has been misunderstood and misconstrued - variously vilified and sanctified. During the decade of the 1990s, the role of the private sector in economic development, received increased attention, with controversy surrounding such issues as...

We study the determinants of the dollar/pound real exchange rate from 1879 to 1914 focusing on the role of fiscal policy. We present a simple dynamic model of the real exchange rate to frame our analysis. The econometric results are based upon the decomposition of the sources of the innovation...

We show a statistically significant and economically relevant effect of open capital accounts on financial deepness and economic growth in a cross-section of countries over the period 1986 to 1995. Countries with open capital accounts over some or all of this period had a significantly greater...