Benin is a small slow-growing economy whose development relies on three sources of rent, controlled by self-centered elites. Patrimonialism governs the Beninese society as a forceful struggle for political power takes place between the oligarchs who control these sources and use them as formidable levers of power. Benin and State Capture in a Rent-Based Society argues that this struggle causes the instability and unpredictability of economic policies, resulting in a series of institutional problems that make economic diversification and growth difficult. Based on a thorough account of the economic, social and political development of Benin, this institutional diagnostic provides a detailed analysis of its critical institution- and development-sensitive areas such as electoral campaign finance and state capture by business and elites, management issues of a dominant sector, the tax effort, the critical role of informal trading between Benin and Nigeria, and the political economy of land reform. This title is also available as Open Access.

This collection of essays, by Reding, in the emergent field of Sino-Hellenic studies, explores the neglected inchoative strains of rational thought in ancient China and compares them to similar themes in ancient Greek thought, right at the beginnings of philosophy in both cultures. Reding develops and defends the bold hypothesis that Greek and Chinese rational thinking are one and the same phenomenon. Rather than stressing the extreme differences between these two cultures - as most other writings on these subjects - Reding looks for the parameters that have to be restored to see the similarities. Reding maintains that philosophy is like an unknown continent discovered simultaneously in both China and Greece, but from different starting-points. The book comprises seven essays moving thematically from conceptual analysis, logic and categories to epistemology and ontology, with an incursion in the field of comparative metaphorology. One of the book's main concerns is a systematic examination of the problem of linguistic relativism through many detailed examples.

This collection of essays, by Reding, in the emergent field of Sino-Hellenic studies, explores the neglected inchoative strains of rational thought in ancient China and compares them to similar themes in ancient Greek thought, right at the beginnings of philosophy in both cultures. Reding develops and defends the bold hypothesis that Greek and Chinese rational thinking are one and the same phenomenon. Rather than stressing the extreme differences between these two cultures - as most other writings on these subjects - Reding looks for the parameters that have to be restored to see the similarities. Reding maintains that philosophy is like an unknown continent discovered simultaneously in both China and Greece, but from different starting-points. The book comprises seven essays moving thematically from conceptual analysis, logic and categories to epistemology and ontology, with an incursion in the field of comparative metaphorology. One of the book's main concerns is a systematic examination of the problem of linguistic relativism through many detailed examples.

Monetary Policy in Low Financial Development Countries provides a broad coverage of the monetary policy issues faced by developing countries with low financial depth. These low and lower middle income countries are characterized by the predominance of bank finance, shallow financial markets, low financial inclusion, weak integration with world capital markets, and a high degree of informality in economic activity. Monetary policy acquires special twists, making it different in many aspects from the policies followed in advanced and emerging market economies. This book covers the main facets of monetary policy making, using an approach that combines discussions of theoretical arguments, of results from empirical studies and of relevant policy experiences. It presents the monetary policy instruments that central banks rely on in these countries. It assesses the specificities of their monetary transmission mechanism, i.e. the way central banks' actions affect output and prices. It evaluates the advantages, drawbacks, and challenges of the different nominal anchors they may choose from: exchange rate targeting, monetary targeting, and inflation targeting. This discussion is set against the background of the three main goals pursued by central banks: price, output, and financial stability. Particular attention is devoted to the issue of the credibility of central banks and to the trade-offs they face when external shocks, to which these countries are very vulnerable, lead to conflicts among the three goals they pursue. The authors also cover more specific topics, such as the coordination between monetary and fiscal policy, the challenges raised by dollarization, the implications of informal labour markets and of microfinance institutions for monetary policy-making, as well as the role of models for forecasting and policy evaluation by central banks.