There is little empirical evidence to support the claim that public spending improves education and health indicators. This paper uses cross-sectional data for 50 developing and transition countries to show that expenditure allocations within the two social sectors improve both access to and...

Computable general equilibrium models are used to study the short-run impact of fluctuating primary commodity prices on the economies of Colombia, Ivory Coast and Kenya. The results indicate that these economies are destabilized by primary commodity price fluctuations unless governments act to...

The role of the futures markets in stabilising spot prices has been widely discussed. However, the success of these markets in performing the stabilising function critically depends on whether they are efficient (Fama 181, page 383) in the sense that the futures prices fully reflect the...

As part of its mandate, the IMF seeks to create the conditions necessary for sustained high-quality growth, which encompasses a broad range of elements. These include sound macroeconomic policies, growth-enhancing structural reforms, good governance, and such social policies as cost-effective...

The reform of fiscal policies and institutions lies at the heart of structural adjustment in developing countries. Although the immediate aim of such reform is to reduce fiscal imbalances to achieve macroeconomic stability, the long-term goal is to secure more durable improvements in fiscal...