In the aftermath of the collapse of communism in Eastern Europe, transition economies faced acute problems in transforming their economic institutions to be compatible with a market economy, including the financial sector. This article explores some of the major problems involved in this...

Conventional economic analysis of public policy has been traditionally conducted in the conceptual context of the theory of market failure. The resultant analytical framework enabled analysts to assess the economic efficiency of market outcomes, and prescribe appropriate government intervention...

The economic rationale for government intervention in a market economy has traditionally been provided by the theory of market failure. This article reviews the market failure paradigm in the light of the more recent literature on government failure. One implication of the theory of government...

Voluminous theoretical and empirical literature examines the relation between financial-sector development and economic growth. However, previous studies have largely ignored progress in former Soviet Central Asian republics engaged in transition from socialist command economies to market...

A significant research effort has been directed at establishing the determinants of foreign direct investment (FDI), with taxation policy identified as an important factor. However, the empirical literature has been limited in several respects, with most work focused exclusively on host country...

Australian local government is widely acknowledged to be under severe financial distress that has been mainly manifest in local infrastructure under-investment. The Commonwealth government’s Roads to Recovery funding programme has provided substantial funding relief to municipalities to...