<title>A<sc>BSTRACT</sc> </title> There is little doubt that protecting property rights, reducing corruption, and improving public services are desirable long-term objectives for all countries. But are such institutional prescriptions sufficient, or even necessary, to achieve investment and growth? By exploring the...

Anti-poverty programmes often seek to improve their impact by targeting households for assistance according to welfare measures in a single time period. However, a growing literature shows the importance to poor households of fluctuations in their welfare from month to month and year to year....