A noted European economist argues that the Russian economy and its post-2000 growth have been heavily dependent on natural resources, especially hydrocarbons, and are bound to remain so for some time to come. Given that many economists have come to view rich natural resource endowments as a...

Policy makers in small open economies continue to manage exchange rates as though there is a relationship between the US dollar value of the domestic currency (if they have one) and the performance of the economy. This paper, which presents some essential messages of my recent book Development...

Turkey's relatively recent engagement with sub-Saharan Africa has been the subject of debate among scholars and policymakers. Various attempts have been made to answer questions such as “why Africa?” and “why now?” but these have largely ignored two key variables explaining Turkey's...

The new growth literature, using both endogenous growth and neoclassical models, has generated strong claims for the effect of national policies on economic growth. Empirical work on policies and growth has tended to confirm these claims. This paper casts doubt on this claim for strong effects...

The objective of this paper is to discuss macroeconomic policies that would help African countries, especially the low income countries, reach strong, sustained and shared growth in the post-crisis world. The paper first reviews, with a special focus on LICs, macroeconomic policies in Africa...