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The paper analyzes how the UNDP, the World Bank, and the IMF classify countries based on their level of development. These systems are found lacking in clarity with regard to their underlying rationale. The paper argues that a country classification system based on a transparent, data-driven methodology is preferable to one based on judgment or ad hoc rules. Such an alternative methodology is developed and used to construct classification systems using a variety of proxies for development attainment.

Economic development --- Econometric models. --- Developing countries --- Developed countries --- Advanced countries --- Advanced nations --- Developed nations --- Economically advanced countries --- Economically advanced nations --- First World --- Industrial countries --- Industrial nations --- Industrial societies --- Industrialized countries --- Industrialized nations --- Western countries --- Emerging nations --- Fourth World --- Global South --- LDC's --- Least developed countries --- Less developed countries --- Newly industrialized countries --- Newly industrializing countries --- NICs (Newly industrialized countries) --- Third World --- Underdeveloped areas --- Underdeveloped countries --- Banks and Banking --- Foreign Exchange --- Macroeconomics --- International Economics --- Poverty and Homelessness --- Economic Development: General --- Economic Development: Human Resources --- Human Development --- Income Distribution --- Migration --- Personal Income, Wealth, and Their Distributions --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Welfare, Well-Being, and Poverty: General --- International Agreements and Observance --- International Organizations --- Banking --- Poverty & precarity --- International institutions --- Currency --- Foreign exchange --- Personal income --- Poverty --- International organization --- Purchasing power parity --- Income --- Banks and banking --- South Africa

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This paper applies a partial equilibrium model to analyze the fiscal revenue implications of the prospective economic partnership agreement between the Economic Community of West African States (ECOWAS) and the European Union. The authors find that, under standard import price and substitution elasticity assumptions, eliminating tariffs on all imports from the European Union would increase ECOWAS' imports from the European Union by 10.5-11.5 percent for selected ECOWAS countries, namely Cape Verde, Ghana, Nigeria, and Senegal. This increase in imports would be accompanied by a 2.4-5.6 percent decrease in total government revenues, owing mainly to lower fiscal revenues. Tariff revenue losses should represent 1 percent of GDP in Nigeria, 1.7 percent in Ghana, 2 percent in Senegal, and 3.6 percent in Cape Verde. However, the revenue losses may be manageable because of several mitigating factors, in particular the likelihood of product exclusions, the length of the agreement's implementation period, and the scope for reform of exemption regimes. The large country-by-country differences in fiscal revenue loss suggest that domestic tax reforms and fiscal transfers within ECOWAS could be important complements to the agreement's implementation.

Applied Tariff --- Debt Markets --- Economic Theory and Research --- Exports --- Finance and Financial Sector Development --- Free Trade --- Gross Domestic Product --- Import Tariff --- International Economics & Trade --- International Trade and Trade Rules --- Macroeconomics and Economic Growth --- Public Sector Development --- Regional Trade --- Tariff Rates --- Tariff revenue --- Trade Agreement --- Trade Liberalization --- Trade Policy