The purpose of this paper is to address a fundamental question about higher education. If a country wanted to design a system of higher education, what would the optimal institutional structure of the system look like? This question is very broad so we limit our initial approach by analyzing one...

We examine the role of financial development in economic growth in the former Communist countries of Central and Eastern Europe and the Commonwealth of Independent States during the first two decades since the beginning of transition. These countries, which had undeveloped financial systems...