Abstract There is an evident global imbalance puzzle: debt levels in developed countries are continuing to expand despite their huge size whereas the size of foreign exchange reserves held by developing countries continues to grow. This paper argues that this pattern of global imbalances is a...

This study applies data envelopment analysis (DEA) to 1990-91 maize production data for small-holders in the Northern Transvaal homelands of KaNgwane, Lebowa and Venda. There are extremely large differences in efficiency, both between farms and between regions. Within regions, the poorest farms...

This study is an investigation of convergence in per capita incomes and total factor productivity (TFP) for agriculture in the African continent. The concept of convergence, which is a basic prediction of the neoclassical growth model, has been shown to have considerable explanatory power. Here,...

The establishment of a successful stock market in a developing economy can be a major source of economic growth if it provides development finance by channelling domestic savings and attracting foreign investment. However, this objective is not always met, particularly in very small markets...

After more than a century of apartheid, the African National Congress (ANC) inherited one of the most unequal societies in the world. The degree of inequality and discrimination are remarkably well documented. Periodic income and expenditure surveys during the 1980s and 1990s and annual...