The existence of a “shadow economy” which is defined here as economic activity which is unrecorded in official statistics and hence not subject to normal taxation and regulation, is a phenomenon which has been much studied in both western industrial countries and in post- Soviet era...

This paper discusses the policy issues facing the country of Sno TomJ e PrRncipe, a small island country in the Gulf of Guinea, given the discovery and imminent exploitation of large reserves of oil in its territorial waters. While presenting huge opportunities, the history of other African...

GDP accounts are customarily compiled in several alternative ways, each aggregating transactions in different ways, but all (at least in theory) adding to the same total. Two of the most common aggregations are that focused on expenditures (based on the standard national income accounting...

This paper attempts to answer the following question: How, in economic terms, was being colonized by Portugal “different” for Lusophone African countries than was being colonized by France or Britain? Gervase Clarence-Smith addressed this question for the period after 1825, and comes to the...

Angola is more dependent on oil than any other country in Sub Saharan Africa and most other countries as well, apart from a handful of OPEC members. Contributing half or more of GDP, oil revenues condition and distort every other macroeconomic variable in the country, a situation that has...

This paper discusses the current status of the Angolan macroeconomy, with a particular focus on the role of oil income both now and in the future. Emphasis is placed on the distortions that can result from large inflows of foreign exchange both in terms of the real exchange rate and also in...

Oil and diamond money are at the same time the biggest economic opportunity for Angola as well as being the biggest economic problem. Angola suffers from an extreme case of “Dutch Disease”, the common name for the constellation of distortions and problems that often plague oil-rich low...

This study presents a new explanation of asymmetric price behavior infood markets based on the presence of transactions costs,and provides evidence from a developing country. Price liberalization can in many cases be insufficient for efficien toperation of African food markets. This is mainly...

Major investments in infrastructure rehabilitation have been undertaken by govemments, development banks and donors in developing countries in recent decades. In Sub-Saharan Africa roaddeterioration isperceivedtobeoneofthemaincausesforthelimitedsupplyresponseafter price liberalization in...