Most aggregate theories of financial frictions model credit available at a cost of financing equal to the savings rate but rationed. However, using a comprehensive firm-level credit registry, we document both high levels and high dispersion in ex post credit spreads to Brazilian firms. We...

This paper presents an integrated overview of the literature linking institutions, financial development and economic growth. From the large body of research on institutional development, the paper first selects those contributions that make it possible to study the role of institutional...

Jamaica seems to be a puzzling case for economic growth: despite the structural reforms implemented in the last three decades and adequate investment levels, real GDP per capita is roughly the same as in 1970. The disappointing performance of this economy suggests that productive development...

While Mexico has potential to grow rapidly, its economic growth has remained low for the past three decades. There is no consensus on the country's development path or on how to achieve specific goals. Since the policy debate remains ideological and lacks pragmatism, productive development...

In contrast to the limited impact of aggregate-level productive development policies (PDPs) in Argentina, micro-level PDPs in several sectors have proven highly successful. This study seeks to understand how these PDPs succeeded in a challenging environment, what kinds of mechanisms were...

This paper reviews and assesses some of the Productive Development Policies currently being implemented in Uruguay. Three horizontal and three vertical policies are considered in light of the market and public failures they attempt to address and minimize. Horizontal policies comprise...

This paper reviews productive development policies (PDPs) in Guatemala, focusing on the alleged justification of existing programs in terms of the market or government failures they are meant to address. An effort is made to identify how the different instruments complement or contradict each...

While effective industrial policy requires close cooperation between government and business, there is little agreement on what makes that cooperation work best. This paper analyzes institutional arrangements for public-private cooperation and the character of private sector representation....

Even as Trinidad and Tobago seeks productive diversification away from the energy sector, the process underlying the country's productive development policies (PDP) is in a state of transition from state-directed industrial policy to a newer approach with extensive private-public participation....

This paper assesses the institutional setting and productive impact of selected productive development policies (PDPs), institutions, and programs implemented in Peru during the period 1990-2007. The assessment is based on a simple, basic framework of a series of economic or market failures that...