Institutional quality in transition countries is roughly as expected given per capita incomes. Institutions are improving continuously. Given prevailing assumptions that the institutional situation is dismal, the developments giving rise to this surprising finding must be investigated more fully. This investigation begins by cataloging the mechanisms that could have improved institutional index...

This paper investigates the relationship between formal and informal financial institutions in India. Traditional views treat formal financial institutions and the informal ones as substitutes, in which case previously credit-constrained entities will replace their informal financing by formal financing eventually as they gain access to bank loans. However, in this paper, I take a close look at...

Institutions are the rules of the game that help to shape the long-term historical development of societies. They mediate human interaction and can be more or less formal (or tangible) in nature ranging from systems of government to common modes of behaviour. Most formal institutions can be distinguished as economic, social, political or cultural in nature although such distinctions are more di...

Higher education policy has been subject to considerable reform in OECD states over the past two decades. Some states have introduced tuition fees for the first time, others have massively increased public funding for higher education, and still others remain in stasis, retaining the elitist model with which they began the post-war era. This paper develops a formal model of the politics of high...

Financial systems reform and corporate reform are deeply intertwined and thus are best addressed simultaneously and comprehensively. Indonesia is seeking to do this by developing rules, institutions, and mechanisms to achieve good corporate governance, while working to build an effectively functioning financial system that facilitates good corporate governance. This paper explores this quest in...