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Swart R. Ghosh and Mr. Atish R. Ghosh
This paper examines the role of structural factors—governance and rule of law, corporate sector governance (creditor rights and shareholder rights), corporate financing structure—as well as macroeconomic variables in currency crises. Using a technique known as a binary recursive tree allows for interactions between the various explanatory variables. It is found that structural vulnerabilities play an important role in the occurrence of “deep” currency crises (those with a real GDP growth decline of at least 3 percentage points) and that there are complex interactions between these structural vulnerabilities and macroeconomic imbalances.
C. P. McMeekan

of realistic policies for agricultural research. New Zealand is still an under-developed country in the sense that its natural resources of land and climate are still far from being fully exploited even on a basis of existing know-how. Thirty years ago, when organized agricultural research was just beginning, it was much less developed; the problems that then faced New Zealand in the development of a modern agriculture were little different in principle and nature from those facing most of the newly emerging nations today. There was no organized agricultural

Mr. Eduard H. Brau

total imports came from these countries. 1 Developed countries are, therefore, the major market for developing countries’ exports as well as the major source of their imports. This has pervasive consequences. It means that the export opportunities of developing countries depend fundamentally on demand conditions in developed countries in the sense that the higher the economic activity of these countries, the higher are the exports of the developing countries. Higher export receipts give developing countries an increased capacity to import needed consumer and capital

Muzaffer Ahmad

the role of the public enterprise is greater in economically backward countries in the sense that its share in gross fixed capital formation, industrial investment, and industrial gross domestic product is greater than in economically advanced countries. He leaves out altogether the compulsion of the nature of the state and such factors as the decoloniza