Drawing on preliminary results from a massive study conducted by the World Bank to probe the links between stabilization and growth, Cooper examines the experience of developing countries faced by the oil shocks of the 1970s and the debt crisis of the 1980s. He points out that a global slowdown...

Most of the literature on exchange rate regimes has focused on the developed countries. Since the recent crises in emerging markets, however, attention has shifted to the choice of exchange rate regimes for developing countries, especially those that are more integrated into the world capital...

Over the past three decades the developing world has seen increasing devolution of political and economic power to local governments. Decentralization is considered an important element of participatory democracy and, along with privatization and deregulation, represents a substantial reduction...