This paper examines the effects of income inequality in a risk sharing model with limited commitment, that is, when insurance agreements have to be self-enforcing. In this context, numerical dynamic programming is used to examine three questions. First, I consider heterogeneity in mean income,...

We show that project evaluation should be based on free cash flows at nominal prices. We present a case where the results from the constant price method are biased upwards and there is a risk to accept bad projects. It is a widespread practice to evaluate projects at constant prices. With an...

This paper discusses the relationship between the quality of political and economic institutions and the performance of the infrastructure industries reform process in developing countries. Our point of departure is that, when thinking about this relationship, it is necessary to take into...

Many of the present difficulties of the world economy have been blamed on the two oil-price explosions of the 1970s. Professor Chichilnisky shows that, at least in the case of the oil-importing developing countries, the negative effects have been overestimated. In fact, in some respects the oil...

In recent years, a number of studies have shown that institutions are crucial to economic development. This literature has highlighted a relationship between the quality of the macro-institutional environment and the performance of reform policies conducted in some key sectors of the economy....

The experiences of the developed countries reveals that a good corporate governance could reduces risk, stimulates performance, improves access to capital markets, enhances the marketability of goods and services, improves leadership, increases the value of the corporations, enables the...

This study analyzes underlying themes of the international policy discourse on Intellectual Property (IP) and in this sense raises awareness on common pitfalls currently associated with international policy making in the area of innovation. Methodologically it is situated within the domain of...

Abstract During the 1980s and 1990s, many developing countries (DCs) have been engaged in far-reaching reforms of their financial systems, liberalising them and making them more market-oriented. This liberalisation, involving inter alia ‘financial de-repression’ has been inspired partly by...

In recent years, enormous changes are noted worldwide when broad adoption of new Information and Communication Technologies (ICTs). These unique technologies – often perceived as economic development incentives – have a great ability to spread at high pace and low cost in world countries,...

The concept of S&DT for developing countries represented an important advance in international economic law in the second half of the last century, for its recognition of the principle of non - reciprocity in international economic relations. This principle acknowledges that there are unequal...