Finance, institutions and economic development

Title : ANALYSING ECONOMIC REGULATION THROUGH INSTITUTIONS , FINANCE AND PUBLIC

Contracting Institutions and Economic Development

This paper studies the effects of contracting institutions on economic development. A model is presented with endogenous incomplete markets, where financial frictions generated by the imperfect enforcement of contracts depend on the future growth of the economy, which determines the costs of being excluded from financial markets after defaulting. As the economy approaches its steady state, fric...

Long-Term Finance and Economic Development

What are the linkages between the maturity of corporate debt, the liquidity of financial markets and the real economy? Relative to developed countries, firms on emerging economies borrow at shorter maturities and assets are traded in markets with larger frictions. This paper studies how firms choose and finance long-term investment projects in a production economy subject to an over-the-counter...

Institutions and Policy Learning Supporting Economic Development

The paper argues that a narrow conceptualization of institutions as more or less similar to ‘good governance’ is not conductive for an understanding of the institutional underpinnings of the learning economy. In stead an explicit focus on a broad set of institutions that support learning is needed. Improving learning and innovation capabilities is not only a question of more resources for educa...

Institutions for Economic Development and Growth

Growth theory has identified a plethora of determinants for development; however, the more carefully economists study institutions, the more crucial they seem to become for the growth process. For decades economists focused on physical/human capital as well as technical change as sources of the wealth of nations. Crises and failed transition experiments in the 1990s brought to light that even t...