Marchesi, Silvia; Sabani, Laura; Dreher, Axel - 2009
information is valuable, a centralized control is indeed optimal. To the contrary, when local knowledge is more important than the … centralized control is indeed optimal. To the contrary, when
local knowledge is more important than the agency bias we expect … privately owned by the government (i.e., its local knowledge). In
preparing the loan arrangement, IMF …