This paper studies the interaction between different actors in the policy-making process of fiscal transfer reform in Colombia. To analyse this reform, we use the “life cycle of reform” framework. In that context, we follow critical phases in the reform process: planning, dialogue and...

This paper contributes to literature on the process of reform in Latin America. We study political economy aspects and the policy making process of reforms in what we identify as the five critical steps through the "life cycle" of a policy reform: the Planning, Dialogue, Adoption,...

• Biotechnology offers the potential for more environmentally-friendly agriculture but the conditions for developing countries to take advantage of that potential should be created. • Policy intervention is needed to ensure that biotechnology responds to the priorities set for agriculture....

This paper studies sovereign debt crises during the period 1993-2006 through the prism of the primary sovereign bond market. Two conclusions emerge. First, investment banks price sovereign default risk well before crises occur and before investors detect default risk. Between three and one years...

This study examines the potential impact of changes in the public/private sector balance for biotechnology development and diffusion in developing country agriculture. It focuses on biotechnology related to two important developing country crops: rice and cocoa. The study highlights the...

A growing number of international initiatives are being undertaken to stimulate the development of agricultural biotechnology applications in developing countries. These initiatives, which include a wide range of biotechnology research, information and advisory activities, are supported by...

Political cycles represent a core issue for capital markets in developing and emerging countries. This paper analyses the intricate links between financial markets and emerging democracies and highlights changes in the ways analysts and investors react to political cycles in emerging markets....

The paper addresses two core questions: do investment banks’ recommendations have an impact on the allocation of portfolio flows in the emerging-markets asset class? Above all, are these recommendations related to the business of investment banks? In order to answer these questions, we...

The signature of the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS Agreement), which entered into force on 1st January, 1995, marked a turning point in efforts to strengthen and extend intellectual property protection. Under the terms of the Agreement, many developing...

In this paper we test the impact of elections on fiscal policy in Latin American economies in comparison to OECD countries over the period 1990-2006. We find that in Latin American countries, the average primary balance declines by an amount close to 0.7 per cent of GDP during an election year,...