The 2010 European debt crisis has revived the discussion concerning the optimum adjustment strategy in the face of asymmetric shocks. Whereas Mundell's (1961) seminal theory on optimum currency areas suggests depreciation in the face of crisis, the most recent emergence of competitive...

Productivity gains are the prime engine of economic growth. This paper uses a rich amount of firms' accounting information from the Single Information Collecting Centre in Senegal over the period 1998-2011. To investigate the two main obstacles to growth, poor education and poor access to...

Senegal is a typical sub-Saharan economy, which conducted an import substitution policy over 1960-86, followed by a policy of support for the private sector and liberalization of the economy. It suffers from a low level of economic development, hindering the process of economic diversification,...