"Financial sector development fosters economic growth and reduces poverty by widening and broadening access to finance and allocating society's savings more efficiently. The author first discusses three pillars on which sound and efficient financial systems are built: macroeconomic stability and...

"External exposure can be measured by the sensitivity of first and second moments of economic growth to openness and foreign shocks. This paper provides an empirical evaluation of external exposure using panel data methods for a worldwide sample of countries. Controlling for domestic conditions,...

"The authors contribute to the field of urban governance and globalization through an empirically-based exploration of determinants of the performance of cities. They construct a preliminary worldwide database for cities, containing variables and indicators of globalization (at the country and...

"In infrastructure, the possibility of a positive relationship between operators' profitability and the degree of concentration is a major political issue in view of the wide diversity of feelings about the potential role of the private sector. This is particularly important because of (1) the...

"There has been much debate about how much poor people in developing countries gain from trade openness, as one aspect of 'globalization.' Ravallion views the issue through both 'macro' and 'micro' empirical lenses. The macro lens uses cross-country comparisons and aggregate time series data....

"Greater trade integration has often been viewed as requiring greater standardization in institutions, without which the benefits of trade do not materialize. There are many current debates concerning the degree and area of standardization needed and these debates are likely to continue for the...