Capital flight – the unrecorded export of capital from developing countries – often represents a significant cost for developing countries. It also poses a puzzle for standard economic theory, which would predict that poorer countries be importers of capital due to its scarcity. This...

The people of South Africa, and the African National Congress-led government, have made extraordinary social and economic advances since ending apartheid and beginning the transition to democracy in 1994. But the country still faces severe problems of mass unemployment, underemployment and...

This book, written by an international team of economists, develops concrete, country specific alternatives to inflation targeting, the dominant policy framework of central bank policy that focuses on keeping inflation in the low single digits to the virtual exclusion of other key goals such as...

Introduction: Strange bedfellows and the rise of the modern money theory -- MMT basics and the sustainability of money financed deficits -- Institutional specificity and the limited policy relevance of modern money theory -- The role of the dollar as an international currency and its limits in a...