A radical new strategy for dealing with the problems of energy and the environment in the Sahel is being implemented in Niger. Rather than have urban wood traders go into the countryside to cut the wood and truck it back to the cities, the government is giving village communities control over...

A second-generation model of currency crises is combined with a standard model ofbanks as providers of insurance against liquidity risk. In a pegged exchange rateregime, after funds have been committed to the banks, news arrives about the qualityof the banks’ assets and about the exchange rate...