For many children around the world, access to higher education and the labour market depends on becoming fluent in a second language. This presents a challenge to education policy: when and how in the school programme should a transition to the second language occur? While a large theoretical...

Have recent expansions of access to primary schooling in African countries led to deterioration in the quality of education delivered? This paper helps clarify this question by presenting an appropriate conceptual framework: instead of considering country average test scores and enrolment rates...

The volatility processes of the S&P 100 index and all its constituent stocks are compared after estimating ARCH models from ten years of daily returns, from 1983 to 1992. The leverage effect of Black (1976) is estimated from an extension of the asymmetric volatility model of Glosten et al....