Bhagwati, Jagdish, “Directly Unproductive, Profit-Seeking (DUP) Activities,” Journal of Political Economy, Vol. 90(5) (October 1982), pp. 988–1002.
Clark, Peter, and others, Exchange Rates and Economic Fundamentals: A Framework for Analysis, Occasional Paper No.115, (Washington: International Monetary Fund, December 1994).
Dhonte, P., and others, “Economic Trends in Africa: The Economic Performance of Sub-Saharan African Countries,” IMF Working Paper 93/71, (Washington: International Monetary Fund, September 1993).
Dhonte, P., and others, “Economic Trends in Africa: The Economic Performance of Sub-Saharan African Countries,” IMF Working Paper 94/109, (Washington: International Monetary Fund, September 1994).
Fischer, Stanley, “The Role of Macroeconomic Factors in Growth,” Journal of Monetary Economics, Vol. 32 (December 1993), pp. 485–512.
Guitián, Manuel, “Adjustment and Economic Growth: Their Fundamental Complementarity,” in Growth-Oriented Adjustment Programs, (Washington: International Monetary Fund, 1987).
Hadjimichael, Michael, and others, Sub-Saharan Africa: Growth, Savings, and Investment, 1986-93, Occasional Paper No. 118, (Washington: International Monetary Fund, January 1995).
Khan, Mohsin, and Jonathan Ostry, “Real Exchange Rate Response to External and Policy Shocks”, World Development, September 1992.
Knight, Malcolm, Norman Loayza, and Delano Villanueva, “Testing the Neoclassical Theory of Economic Growth: A Panel Data Approach,” Staff Papers, International Monetary Fund, Vol. 40 (September 1993), pp. 512–41.
World Bank, “Sub-Saharan Africa: From Crisis to Sustainable Growth,” Long-Term Perspective Study, (Washington: World Bank, 1989).
World Bank, “Adjustment in Africa, Reforms, Results and the Road Ahead,” World Bank Policy Research Report (Oxford University Press for the World Bank, 1994).
I am grateful to A. Basu, J. Clément, E. Maciejewski, R.C. Williams, and participants in an IMF Institute seminar for very helpful comments, and to G. Windsperger for research assistance.
Statement by Mr. Michel Camdessus, Managing Director of the International Monetary Fund, before the United Nations Economic and Social Council, Geneva, July 11, 1990.
See the survey of exchange and trade liberalization in sub-Saharan Africa in the early 1990s by G. Terrier in Dhonte et al. (1994).
The linkage between terms of trade changes and changes in the equilibrium exchange rate is clearly expressed in Khan and Ostry (1992).
Botswana, Cape Verde, Ghana, Kenya, Lesotho, Mauritius, Mozambique, Nigeria, Seychelles, Swaziland, Tanzania, and Uganda.