In Japan, the growth rate of the money stock (M2+CDs) has been relatively high since the latter half of the 1990s, exceeding that of nominal GDP, even when the growth rate of the economy remained generally low and prices continued moderate declines. As a result, the amount outstanding of the...

The Japanese economy has been following a recovery path after it hit the bottom in April 1999. Since the fall of 2000, however, the economy has entered an adjustment phase triggered by the abrupt demand contraction in the IT-related sector worldwide, which is a growing industry. One of the...

The year-on-year growth rate of banknotes in circulation surged during the period before the blanket deposit insurance was partially removed in April 2002, but became sluggish thereafter, and is recently at around 1 percent. Demand for banknotes is influenced mainly by transaction demand, the...

We examine the effects of the ‘natural resource curse’ on Chad and find little evidence for Dutch disease. Structural vector auto-regression suggests that changes in domestic output and prices are overwhelmingly determined by aggregate demand and supply shocks, and while oil production and...

We examine the effects of the ‘natural resource curse’ on Chad and find little evidence for Dutch disease. Structural vector auto-regression suggests that changes in domestic output and prices are overwhelmingly determined by aggregate demand and supply shocks, and while oil production and...

This paper compares and contrasts the performance of rural and urban manufacturing firms in Ethiopia to assess the impact of market integration and the investment climate on firm performance. Rural firms are shown to operate in isolated markets, have poor access to infrastructure and a...

This paper uses uniquely matched household, enterprise and community survey data from four major regions in rural Ethiopia to characterize the performance, constraints and opportunities of nonfarm enterprises. The nonfarm enterprise sector is sizeable, particularly important for women, and plays...

Mankiw et al. (1992) have extended the Solow (1956) model by augmenting the production function with human capital. Its empirical success is impressive and it showed a procedure to improve the explanatory power of the neoclassical growth model. This article suggests an empirical procedure to...

Tanzania’s Pilot Rural Investment Climate Assessment (RICA) measures the economic environment of non-farm entrepreneurs. The pilot assessment has three key objectives: it aims to better understand the rural non-farm economy in Tanzania, shed light on rural enterprise dynamics and business...