Trade Liberalisation affects not only the aggregate level of investment but also its composition. We present evidence that African trade liberalisations have been associated with sharp shifts in the composition of investment: investment involving tradable capital goods (equipment) has fallen...

In the 1980s conditional lending for structural adjustment in developing countries moved the IMF beyond its role of macroeconomic crisis management. Fund-supported adjustment programmes have often been flawed by a lack of distributional analysis and by poor sequencing of reforms, notably...

Many developing countries are currently experiencing oil windfalls, whether due to discoveries or to price effects. Such windfalls pose a series of policy dilemmas. The literature has focused on one of these: the choice between using windfall savings for public capital formation and investment...