Active cross-border (illegal) trade in many African countries has meant that producers of exports, and importers as well, direct their activities in accord with marketing-board prices, foreign trade taxes, and the convertibility of currencies. This paper demonstrates how these factors interact...

The hypothesis that inflation, up to a point, can be beneficial to growth in developing countries is traditionally discussed in the context of structuralism and inflationary financing of government investment (inflation tax) and of private investment. In structuralism, the argument is that...

Changes in the exchange rate can be used (a) as an instrument of monetary adjustment where there is an excess supply of money; (b) as a device to tax (subsidize) asset accumulation in the public sector; (c) as an instrument to impose a once and for all wealth tax on some producers in the private...