One rationale for debt reduction operations under the Brady Plan has been, by alleviating the debt overhang, to improve investment efficiency. Brady-type debt and debt-service reduction (within a strong policy framework, where there is a track record of economic adjustment) has been shown to...

The author analyzes the fiscal policy of primary commodity exporters. After the initial boom in fiscal spending that accompanies a commodity boom, he asks, why do commodity-exporting countries tend to maintain higher spending levels despite a drop in commodity prices. He identifies three factors...

The authors present new estimates of long-term total factor productivity (TFP) growth for 83 industrial and developing countries for 1960-87. These estimates are based on new data developed for the research project on total factor productivity growth (and available on diskette). Although based...