International aid has an ambiguous effect on the macroeconomy of the recipient country. To the extent that aid raises consumer expenditure, there will be some real exchange rate appreciation and a shift of resources away from traded goods production and into non-traded goods production. However, aid for investment in the traded goods sector can mitigate this effect...

This paper extends the model of Fielding (1999), which is designed to explain changes in investment in South Africa during the Apartheid period, by allowing a role for indicators of political instability and political and civil rights, as measured by Fedderke et al. (1999). The conclusions based on estimation of the original model are robust to the inclusion of the...

There is a large literature on the impact of exchange rate and monetary policy regimes on inflation volatility in emerging markets. Other determinants of inflation volatility are less well understood. Using monthly time-series data on the prices of ninety-six individual products in thirty-seven Nigerian states, I explore the non-monetary state-specific characterist...

The paper extends existing work on inequality and economic development by estimating a cross-country structural model that identifies bi-directional relationships between income inequality and other indicators of social and economic development. Overall, lower inequality is associated with improvements in other development indicators, but this is the result of seve...