<title>Abstract</title> Academic research on urban systems has recently come under criticism for its role in the promotion and justification of certain forms of state policy. This critical literature on research impact has identified increased client control of research agendas and processes. However, this...

type="main" <p>Transitioning from outright communism and central planning, China has already plucked the low-hanging fruits of marketization. Reforms have stalled well short of a free economy. In this transcript of a recent presentation, a widely recognized authority on Chinese corporate governance...</p>

Empirical evidence suggests that capital-market constraints prevent low-wealth individuals from setting up in business. This paper shows this finding to be consistent with socially excessive lending and an interest-rate tax being welfare-improving. One feature of the model, banks' inability to...

This paper by K.G. (Ben) Knight and David Webb evaluates the experience of UK companies who have invested in central Europe in the 1990s. Most firms are attracted by the opportunity of new, large and expanding markets rather than just the chance to employ low-cost labour. Most report positively...

This paper investigates the implications of adverse selection for capital market equilibrium when borrowers are risk averse. K. J. Arrow and R. C. Lind (1970) argue that when capital markets fail to spread risk properly interest rates are too high. The market adds a risk premium that the social...

Within an asymmetric information set-up in which individuals di¤er in terms of their risk aversion and can choose whether or not to take preventative action, we illustrate in a uni…ed framework the equilibrium possibilities with stand-alone long-term care insurance and annuity contracts. With...

Equilibrium credit rationing, in the sense of Stiglitz and Weiss (1981), implies the borrower faces an infinite marginal cost of funds. Infinitessimily delaying the project to accumulate more wealth is therefore advantageous to the borrower. As a result, the well-known conditions for credit...