In most African economies, both agricultural production and the terms- of-trade are highly uncertain. This paper re-examines the implications of such uncertainty for the optimal mix of production and trade under alternative assumptions about international capital flows. The ultimate objective is...

There is a consensus among scholars that overvalued exchange rates result in currency crises. This paper estimates the equilibrium real exchange rate for Turkey and finds that the lira was indeed overvalued before the crises in 1994 and 2001. However, the actual real exchange rate is at present...

The movement of illegal goods and illegal migrants also points to the importance of Mexico. Ignoring Mexico leaves a large hole in the U.S. security perimeter. If it is so easy for goods and people to move across the border, how does the United States plan to improve security without Mexican...