The Almost Ideal Demand System can be made integrable by a slight change in its specification.

This paper employs a stochastic option-pricing models to investigate when should an emerging market engage in financial liberalisation in a framework inwhich policymakers choose an optimal exchange rate target aimed at minimising price volatility and the risk of a debt crisis.

The use of hierarchical models of educational effectiveness are reviewed. The paper also draws attention to the inedequacy of official performance indicators currently available and in particular the anattention to ressource issues.