Using panel data from 39 countries, this paper examines the effects of financial deepening and openness to trade and foreign capital (FDI) on rural-urban inequality in Africa. Four estimations were performed: OLS pooled cross-section, GLS pooled cross-section, fixed effects model and an adjusted...

In the short run, efficient financial intermediaries with small initial wealth endowments may not have a sufficient stake in the market to persuade the market of their reliability. This paper demonstrates that the most efficient information producer may emerge as a credible intermediary in the...

In a model of vertical product differentiation, duopolistic firms face qualitydependent costs and compete in quality and price in two segmented markets. Minimum quality standards, set uniformly or according to the principle of Mutual Recognition, can be used to increase welfare. The analysis...