In this paper the authors try to identify components of a cost-minimizing strategy of structural adjustment which aims to overcome the contrast between stabilization policy and development policy. In order to explain the emergence of the crisis the study analyses the inherited structural...

Over the past 30 years (1990-2019), African economies have experienced remarkable improvements in real macroeconomic conditions, characterized by higher and more stable real per-capita growth rates, and lower and more stable inflation. This paper documents and seeks to explain these changes at...