In many developing economies, notably in Africa, both governments and private agents live in a high risk environment but have only poor risk coping mechanisms at their disposal. Nevertheless development is typically analyzed as if it occurs in a world without risk. This may be because the effect...

In many developing economies, notably in Africa, both governments and private agents live in a high risk environment but have only poor risk coping mechanisms at their disposal. Nevertheless development is typically analyzed as if it occurs in a world without risk. This may be because the effect...

In recent years the policy debate on development aid has focused on aid?s effectiveness. There has been relatively little discussion of the justification for aid, as opposed to other rich countries? policies that may help developing countries. Implicitly effectiveness is considered as not only a...