There has been a very rapid rise since the early 1990s in foreign reserves held by developing countries. These reserves have climbed to almost 30 percent of developing countries' GDP and 8 months of imports. Assuming reasonable spreads between the yield on reserve assets and the cost of foreign...

This is an attempt to derive broad, strategic lessons from the diverse experience with economic growth in last fifty years. The paper revolves around two key arguments. One is that neoclassical economic analysis is a lot more flexible than its practitioners in the policy domain have generally...

Large gaps in labor productivity between the traditional and modern parts of the economy are a fundamental reality of developing societies. In this paper, we document these gaps, and emphasize that labor flows from low-productivity activities to high-productivity activities are a key driver of...

The question addressed in this paper is whether the gap in performance between the developed and developing worlds can continue, and in particular, whether developing nations can sustain the rapid growth they have experienced of late. The good news is that growth in the developing world should...

The focus of policy reform in developing countries has moved from getting prices right to getting institutions right, and accordingly countries are increasingly being advised to move towards quot;best-practicequot; institutions. This paper argues that appropriate institutions for developing...

This volume brings together some of the most influential scholars in development economics to explore how to improve the well-being of the poor, how to design effective structures and institutions for poverty reduction and what the role of economic, political and social dimensions are (and...

The economics of growth has come a long way since it regained centerstage for economists in the mid-1980s. Here for the first time is aseries of country studies guided by that research. The thirteenessays, by leading economists, shed light on some of the mostimportant growth puzzles of our time....

Front Matter -- Half Title -- Advance Reviews -- Title -- Copyright -- Table of Contents -- List of Contributors -- Foreword -- Main Matter -- Introduction, by Ariel Buira -- 1. Governance and key policy issues -- 2. Managing capital movements and preventing crises -- 3. Millennium Development...