Using Vector Error-Correction (VEC) model estimation on monthly data from Morocco for the period January 1974 to December 1992, this article tests the hypothesis that there is a long-run stable relationship between the official and the black-market exchange rates for US dollars. We also examine...

This paper examines the contribution of institutions, social cohesion, and trade to development per-capita income) with an emphasis on fragile states in Africa. Results from Arellano-Bond GMM estimations suggest that political institutions, openness to trade, and social cohesion affect growth in...