We estimate the demand for money in Vietnam during the 1990s within a framework which distinguishes between currency substitution and portfolio dimensions of dollarization. This leads to a representation for the demand function in which the long-run income elasticity of demand is no longer...

Deforestation is a phenomenon that has largely been concentrated in the developing world. We construct a theoretical model of deforestation that focuses on the factors affecting the incentives to transform forested land into agricultural land. We show that: (i) lower discount rates (associated...

The purpose of this paper is to examine what kind of global measures may be efficiently implemented to help the developing countries to face price shocks, avoiding the past failures, which needs to take into account the long term trend of the markets. Firstly, we recall the nature of the...

In this paper we consider the link often alleged between ethnic diversity and the growth rate of GDP per capita. We first assume that it is ethnic polarization rather than ethnic fragmentation that is harmful for growth so that the relationship may be non-linear. Second, we hypothesize that the...

Currency substitution – the use of foreign money to finance transactions between domestic residents – is widespread in low income and transition economies. Traditionally, however, empirical models of the demand for money tend to concentrate on the portfolio, motive for holding foreign...

Au cours de la dernière décennie, la Chine et le Vietnam ont mené des politiques de taux de change sensiblement différentes, justifiées par une situation monétaire radicalement différente, l'économie vietnamienne étant largement dollarisée. Cet article a pour intérêt de comparer ces...

For several years, the conditionality underpinning budgetary support to developing countries has been the object of severe criticism. This criticism has led to the belief that the “ownership of policies” by the recipient country governments is essential for the effective implementation of...

For several years, the conditionality underpinning budgetary support to developing countries has been the object of severe criticism. This criticism has led to the belief that the “ownership of policies” by the recipient country governments is essential for the effective implementation of...

A dominant trend in the literature maintains that donor assistance should be targeted to poor countries with sound institutions and policies. In this context, donor selectivity refers to what extent aid is allocated according to the principles of this "canonical" model. This paper shows that it...