We develop and implement a method for measuring the frequency of changes in power among distinct leaders and ideologically distinct parties that is comparable across political systems. We find that more frequent alternation in power is associated with the emergence of better governance in...

The existing theoretical analysis of microfinance focuses on the nature of the loan contract such as group liability. We draw attention to the role of missing or imperfect labor market in understanding some of the important `second generation' debates in microfinance. Our analysis helps explain...

This paper analyzes a social insurance system that integrates unemploymentinsurance with a pension program through an individual account, allowingworkers to borrow against their future wage income to finance consumptionduring an unemployment episode and thus improving their search...