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...

Many poor countries are now discovering valuable non-renewable natural resources. Unlike most other sources of tax revenue, the government revenues from the depletion of these resources are both unsustainable and volatile. Each of these features implies that the savings rate appropriate for...

Many poor countries are now discovering valuable non-renewable natural resources. Unlike most other sources of tax revenue, the government revenues from the depletion of these resources are both unsustainable and volatile. Each of these features implies that the savings rate appropriate for...

The population of South Asia lives almost entirely in one mega-country or two large ones. In contrast, the rather smaller population of sub-Saharan Africa is spread across some fifty countries. Does this political fragmentation have economic consequences? We suggest that both private economic...