This book aims to improve readers’ understanding of the puzzle of Malawi’s development performance and identify ways for the country to achieve robust growth and stay on a stable growth path that helps the poor. The book places a strong emphasis on assessing Malawi’s growth experience...

With urban industrialization on the scale achieved by East Asian economies looking increasingly less plausible, small economies in Africa need an alternative strategic approach to long-term growth. The purpose of this paper is to identify a growth strategy with the greatest potential for small,...

Do parameter uncertainties regarding different risk factors have symmetric effects on asset prices? In a general equilibrium setting where uncertainties regarding consumption and portfolio returns are of concern to investors but all the structural parameters of consumption and dividend growth...

We examine information aggregation and capital accumulation when there is structural uncertainty regarding capital productivity at the industry-level and information is revealed strategically through bilateral contracting. Firms enter sequentially and uninformed investors design sequentially...

Will corporations hedge even if risk management does not raise firm value? We address this question by examining theoretically and empirically the effects of CEO entrenchment and overinvestment on corporate hedging. Our theoretical analysis indicates that the avoidance of financial distress...