This paper presents evidence on the making of the middle class in Africa by exploiting a comparable micro data from the Demographic and Health Surveys (DHS) for thirty-seven countries over two decades consisting of over seven hundred thousand household histories. We constructed a pseudo-panel to...

We model the arrival of heterogeneous information in a financial market as a doubly-stochastic Poisson process (DSPP). A DSPP is a member of the family of Poisson processes in which the mean value of the process itself is governed by a stochastic mechanism. We explore the implications for...

We model the arrival of heterogeneous information in a financial market as a doubly-stochastic Poisson process (DSPP). A DSPP is a member of the family of Poisson processes in which the mean value of the process itself is governed by a stochastic mechanism. We explore the implications for...

In response to the global financial crisis which began in 2008, the US government launched the Troubled Assets Relief Program (TARP), the largest government bailout in US history. TARP was controversial and publicly unpopular. This article examines the market responses to the TARP-related events...

Since mid-2000s, Ethiopia has been one of the fastest growing countries in the world. However, productive entrepreneurship in high-value added activities has made limited contributions to this growth, in part because of a weak business environment. Moreover, the low-productive firms in the...

OVERVIEW. - Economic policy in South Africa-past, present and future / Haroon Bhorat, Alan Hirsch, Ravi Kanbur and Mthuli Ncube --. - PART 1: THE ECONOMICS OF POST-APARTHEID SOUTH AFRICA. - Twenty years of economic policymaking-putting people first / Trevor Manuel --. - South Africa's growth...