By facilitating mutually beneficial transactions in the absence of perfect legal institutions, trust is a crucial ingredient for economic development. We focus on the conceptual connections between imperfect legal institutions, uncertainty and vulnerability, and their consequences on trust, with the goal of understanding the role for a social safety net in economic development. We study a model...

The central role of legal reforms in sustaining economic growth and financial development is widely recognized in India. Exactly what elements of the legal system affect the financial system and how, are less clear. We review the recent literature on law and finance and assess the state of India’s legal and judicial system as well as that of its financial system, particularly relative to the re...

Few studies have attempted to examine analytically various aspects of the contract enforcement institutions in post-Soviet Russia. Researchers agree that the lack of legislation for improving the operation of the legal system, which in turn would enhance the ability of exchange, is producing severe obstacles for economic growth. After the collapse of the Soviet Union, when the administrative hi...

The procurement system is a key means through which the client creates preconditions for successful achievement of project specific objectives. Various factors affect the use and development of procurement systems in any construction industry. Thus, it is interesting to discover different systems being used in different instances. This paper present the results of a Panel Data Analysis carried ...

Argentina's urban poverty declined between 1990 and 1994 together with the achievement of economic stability and growth. This was a dramatic reversal of the trend during the latter part of the 1980's. While Argentina has been quite successful with its recent stabilization and reform efforts, outcomes in the area of employment have been disappointing and some of the previous gains in poverty red...

Identifying and measuring the impact of public support to industry is a difficult task. Recent OECD studies analyse transfers to industrial firms which are categorised in two groups: the first consisting of money transfers (for R&D and innovation contracts, and for procurement of innovated products and processes); the second of financial incentives (regular grants, reimbursable grants, interest...

Shows equilibrium always exists (Rothschild-Stiglitz-Wilson model) when firms enforce policy exclusivity via strategic (profit-maximizing) communication of client purchases. Strategic communication induces two equilibrium types: partial communication of purchase information or non-communication which exhibits a lemon effect (low-risk purchase no insurance). Nonetheless, Jaynes' configuration (J...

A stable and effective industrial relations system is vital for the economic and social development of any country. It is on this foundation that sustained economic growth with equitable distribution of income, especially to labour, can be achieved. In turn, collective bargaining, which is an integral component of industrial relations, is essential if sustained economic growth is to be achieved...

Fixed term and casual employment have become increasingly common in OECD countries in the last decade. Research suggests that non-permanent contracts are associated with lower job quality. This paper examines differentials in three indicators of job quality in Ireland: hourly wage, probability of training and level of autonomy. The paper also examines four hypotheses on job quality derived from...

This paper develops a dynamic model of Rational Partisan Business Cycles, wherein wage contracts overlap elections and wage setters have to make a prediction about the election result. Uncertainty leads to preand post-election date output fluctuations. Election result probabilities are imputed and then used to construct variables in electoral uncertainty. Using data from 20 OECD countries over ...