For dozens of developing countries, the financial upheavals of the 1980s have set back economic development by a decade or more. Poverty in those countries has intensified as they struggle under the burden of an enormous external debt. In 1988, more than six years after the onset of the crisis,...

What constraints do history and the global economy place upon Africa's economic development? To answer this question, Alemayehu Geda offers a new study of international finance and trade in Africa using a global macro model focused on the region. A unique study of the African continent, this...

During the 1980s, following the Mexican payments crisis of August 1982, a number of debt "plans" and "strategies" have been introduced, but overall progress in resolving the situation has been slow. This paper results from a project to investigate the relationship between macroeconomic...