This paper investigates the role of aid in mitigating the adverse effects of commodity export price shocks on growth in commodity-dependent countries. Using a large crosscountry dataset, we find that negative shocks matter for short-term growth, while the ex ante risk of shocks does not seem to...

Empirical work in labour economics has focused on rent sharing as an explanation for the observed correlation in cross-sections between wages and profitability. The alternative explanation of risk sharing between workers and employers has not been tested. Using a unique panel data set for four...

This paper investigates the scope for international rules to address market failures in trade in natural resources and the associated international transactions of prospecting and investment in resource exploitation. We argue that several market failures are likely to have substantial costs....

The paper considers the macroeconomic impact of shocks to agricultural output and of negative and positive price shocks. It is shown that negative price shocks have particularly large externalities: it is estimated that the overall impact of these negative shocks on GDP may well be double their...

The origins of European populism are two socio-economic divergences that began around 1980 and have been at their most extreme in Britain. One is spatial, the other educational.

Cette étude propose de définir les Etats fragiles par les caractéristiques qui les éloignent de l'Etat d'intérêt commun et de l'autocratie répressive. Les « Failed states » constituent un des plus grands défis du développement car ils ont peu de raisons de tendre vers ces deux formes...

Many poor countries are now discovering valuable non-renewable natural resources. Unlike most other sources of tax revenue, the government revenues from the depletion of these resources are both unsustainable and volatile. Each of these features implies that the savings rate appropriate for...

In many African countries a market for private provision of formal sector mass housing is largely absent. This is not inevitable, but is the consequence of policy failure surrounding five key issues. The affordability of housing, with costs often inflated by inappropriate building regulations...

The financial sector is becoming more important because of the natural resource booms. The taxation of natural resource exports will generate large increases in revenues and this will transform the ability of governments to borrow in the markets for sovereign debt. These constitute temporary...