The authors extend the recent literature on the link between financial development and economic volatility by focusing on the channels through which the development of financial intermediaries affects economic volatility. Their theoretical model predicts that well-developed financial...

March 2000 - What can the international community do to prevent financial contagion? Chang and Majnoni try to identify and evaluate the public policy implications of financial contagion on the basis of a very simple model of financial crises. In this model, financial contagion can be driven by a...

What factors influence community participation in the delivery of urban services? In particular, does security of tenure enhance the probability of participation as it provides individuals with incentives to act collectively in pursuit of a common objective? And are collective efforts less...