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The United Nations Millennium Development Goals (MDGs) set targets that are implausible for a large number of countries. Many aid recipients will miss the goals, notwithstanding rapid progress by historical standards. Available estimates of the “cost” of the MDGs constitute necessary expenditures if the goals were to somehow be met, not expenditures that are sufficient for them to be met. Aid is on...
The number of stock markets in African countries has doubled over the last 7 years. Although these markets remain small and illiquid, they are growing rapidly, and will become an increasingly important part of many African economies. Using examples taken from experience in other developing regions and Africa's recent past, this paper evaluates the common economic criticisms of stock markets and...
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