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Critics of the tight monetary policies pursued by some of the countries hurt by the 1997 Asian financial crisis have questioned the presumption that tight money can help sustain the value of a currency. The issue is actually an empirical one because theory does not unambiguously predict the...
In recent years foreign banks have expanded their presence significantly in several developing economies. In Argentina and Chile in Latin America and in the Czech Republic, Hungary, and Poland in Eastern Europe, foreign‐controlled banks now hold more than half of total banking assets. In other...
A review of the evidence on judicial reform across countries shows that those seeking to improve economic performance should not focus on judicial efficiency alone but on independence as well. It also shows that the level of resources poured into the judicial system and the accessibility of the...
The pattern of legal change in countries that have their legal systems transplanted from abroad differs markedly from countries that develop their own systems, irrespective of the legal family from which their laws come. In “transplant” countries, law often stagnates for long periods of time;...
Underfunded, inefficient road maintenance is a perennial problem in many developing economies. To address it, some countries have created “second‐generation” road funds that are financed by fuel levies and managed by boards representing the interests of road users. Macroeconomists often oppose...
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