Suchergebnisse

With respect to investment in education, two important questions need to be examined. The first is concerned with the amount to be invested in primary and secondary schools, and the institutions of higher learning, and the second relates to the distribution of total costs among the state, private institutions, and those who receive education.This short article first evaluates the existing formal educational system in Sierra Leone with the help of the cost-benefit technique. In order to obtain guidelines for future investment policies the internal social rates of return are computed for the various levels of education. Then the supply and demand of trained personnel are estimated for the period 1975–9 on the basis of the following classification: (i) high level (those with university education), (ii) middle level (those with some secondary education and technical/vocational training), and (iii) primary- and secondary-school teachers. The projections show that shortages will occur in all three groups during the next five years, above all at the middle level where a 70 per cent increase in the expected supply will be necessary to meet the requirements.

This paper derives four alternative measures of "hot money" outflows of capital from Latin America's three major debtors–Argentina, Brazil, and Mexico. These measures are based on two sources of quarterly data from 1977 to 1986: (i) the balance of payments statistics and (ii) changes in the U.S. bank deposits of non‐banking entities in the debtor countries. The portfolio adjustment model then is used to specify the factors influencing capital flight. These factors are grouped into two types. The push factors relate to characteristics of the so‐called source countries for capital flight and include the interest and inflation rates, the degree of currency overvaluation, and the environmental risks embodied in both frequent regime changes and the onset of the 1982 debt crisis. The pull factors include the interest and inflation rates in the host country, the United States. The principal findings of the paper show that the push factors alone are significant in explaining capital outflows from Argentina and Brazil. For Mexico, by contrast, the push factors as well as the pull factors are found to be relevant in explaining the behavior of flight capital, as measured by changes in the deposits of Mexican non‐bank entities in the U.S. banking system.