Botswana is one of a small group of countries in the contemporary era, virtually the only African country that has sustained rapid economic growth over an extended period. Over the past three decades, Botswana's real per capita income grew by more than 7 percent per annum, which is comparable to...

The overall impact of financial globalization on the domestic financial sector is profound. Liberalization of capital flows has effectively made domestic financial repression obsolete. The consequences have not been uniformly favorable. Following liberalization, domestic interest rates in...