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Economists seeking explanations for the global financial crisis of 1997–99 are reaching consensus that a major factor was weak financial institutions, which resulted in part from inadequate government regulations. At the same time many developing countries are struggling with an overregulated...
This article analyzes the costs and benefits of different degrees of competition and different configurations of permissible activities in the financial sector and discusses the related implications for regulation and supervision. Theory and experience demonstrate the importance of competition...
The Asian financial crisis in the late 1990s not only highlighted the welfare consequences of transparency in the financial sector but also linked this relatively narrow problem to the broader context of transparency in governance. It has been observed that objections to transparency, often on...
Unless developing countries embrace a corporate governance perspective, privatization is unlikely to provide the benefits of improved performance with accountability. This article introduces the concept of governance chains that can constrain the grabbing hands of public and private actors by...
Although the link between improved infrastructure services and economic growth is uncertain, it is clear that reforms aimed at creating competition and regulating natural monopolies establish an environment conducive to private sector participation, incentives for companies to strive for...
This paper examines the design of social investment funds (sifs) and explores the ways they affect agents' incentives to propose, select, and implement good projects. Compared with other forms of decentralized service provision, sifs possess features of administratively delegated authority and...
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