The inclusiveness of growth depends on the extent of access to economic and social opportunities. This paper applies the concept of social opportunity function to ascertain the inclusiveness of growth episodes in selected African countries. Premised on the concept of social welfare function,...

Intro -- Contents -- I. INTRODUCTION -- II. STRUCTURE OF THE ECONOMY -- III. TRENDS IN GDP AND PER CAPITA GDP GROWTH -- IV. GROWTH ACCOUNTING AND TOTAL FACTOR PRODUCTIVITY -- V. IMPLICATIONS FOR MEDIUM-TERM GROWTH -- VI. DETERMINANTS OF PRODUCTIVITY IN PAPUA NEW GUINEA -- VII. SUMMARY AND...

The present paper investigates whether tourism specialization is a viable strategy for development. We estimate standard growth equations augmented with a variable measuring tourism specialization using instrumental variables techniques for a large cross-section of countries for the period...

This paper analyses economic implications and the transmission mechanisms of different options for creating and using fiscal space. For creating fiscal space, we consider prioritizing expenditures, raising revenue, and scaled-up aid. Fiscal space is used for increasing health and education...

While India’s growth has been strong in recent decades, its structural transformation remains incomplete. In this paper, we first take stock of India’s growth to date. We find that economic activity has shifted from agriculture to services, but agriculture remains the predominant employer....

Intro -- Contents -- I. INTRODUCTION -- II. POLITICAL AND SECURITY SITUATION -- III. ECONOMIC PERFORMANCE SINCE 1970 -- IV. THE ROLE OF OIL IN CONGO -- V. NATURAL RESOURCES AND GROWTH -- VI. EMPIRICAL ANALYSIS OF THE DETERMINANTS OF ECONOMIC GROWTH -- VII. REAL EFFECTIVE EXCHANGE RATE...

This paper evaluates the demand for broad money (M2) in The Gambia for January 1988-June 2007. There appears to be a long-run relationship for demand for real M2, but the relationship is not stable. Exogenous output shocks, financial innovation, changes in income velocity, and inadequate data...

This is the fifth of a series of papers that are being written as part of a larger project to estimate a small quarterly Global Projection Model (GPM). The GPM project is designed to improve the toolkit to which economists have access for studying both own-country and cross-country linkages. In...

The paper assesses the effects of certain institutional factors on financial sector development in Sub- Saharan Africa (SSA). Data Envelopment Analysis (DEA) is applied to determine the extent to which these institutions affect the financial sector, and to suggest which institutions play a more...

This paper offers possible explanations for three generally observed facts about fiscal policy and development: (F1) The relative size of government increases as an economy develops, (F2) The rise in government and taxation are associated with rising or constant economic growth rates, and (F3)...