This paper examines the effects of political institutions, openness to trade, and social cohesion on development in fragile states. The empirical results indicate that beyond a certain level, openness to trade may actually be harmful to income, particularly in countries with high export...

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...