Estimation of a structural economic growth equation using data for 26 sub-Saharan African countries over the years 1974-92 reveals positive growth effects of membership in the French African Community (CFA) zone stemming from an enhanced productivity of investment. However, these effects appear...

We present critical review of McKinnon's (1991) perspective on the correct reform sequence for financially repressed economies is presented, distinguishing between its application to less developed countries (LDCs) and reforming centrally planned economies (RCPEs). Empirical support for...

Neoclassical economists suggest that the promotion of economic development requires deregulation of the financial sector, especially removal of the interest rate ceilings commonly enacted by the state in Third World countries. But this view ignores the relations between financial development,...