This paper analyses the history and effectiveness of the two major mechanisms of resolution of balance of payments crisis. It argues that IMF lending has met its counter-cyclical objectives through history and has been improving in terms of providing adequate lending facilities as well as...

In the wake of the current financial and economic crises, the economies of sub-Saharan Africa find themselves squeezed between likely reductions in official development assistance and the pressing challenge to eradicate poverty. Public expenditure allocation to the social sector and to public...

Rising public debt in sub-Saharan Africa remains a matter of concern. We provide an analysis of public debt and debt sustainability in Tanzania, focusing on external debt. Though current and previous analyses using the IMF-World Bank debt sustainability framework indicate low risk of public...

Sub-Saharan Africa (SSA)'s public debt burden remains a challenge to development. Key drivers of public debt include large-scale financing of infrastructure development, adverse impact of multiple shocks including COVID-19 pandemic, maturity mismatches, and high vulnerability to exchange rate...

This paper proposes a comprehensive yet evolutionary reform of the global monetary non-system that evolved out of the breakdown of the original Bretton Woods arrangement in the early 1970s. It includes: (i) a global reserve system that mixes the multi-currency arrangement with an active use of...

I analyse the evolution of the International Monetary Fund tax policy advice in three countries commonly used for tax evasion or avoidance: Panama, Seychelles, and the Netherlands. A review of loan agreements and Country Reports covering 1999 to 2017 highlights the dependence of the Fund’s...

This paper discusses the recent history of education aid policy. It highlights an important shift in policy thinking in the international aid architecture that has dominated the global education aid agenda since the early 1990s. It argues that Rawlsian principles of social justice, human rights...

This paper offers a critical review of the methods used to estimate the extent of capital flight and illicit financial flows from developing countries. The largest estimates in the literature are based on imperfect methods with a great margin for error. Emerging new studies have built on...

This paper provides a critical survey and synthesis of the recent economic literature on intergenerational mobility in developing countries, with a focus on data and methodological challenges. The attenuation due to measurement error is compounded by sample truncation resulting from co-residency...

The identification of potential innovation efforts plays an important role in evaluating the innovation process. The innovation efforts of firms in developing countries might be different to those of Western enterprises. This paper evaluates innovation processes in developing countries,...