Financial intermediaries may increase economic efficiency through intertemporal risk smoothing. However without an adequate regulation, intermediation may fail to do this. This paper studies the effects of a production shock in a closed economy and compares abilities of market-based and...

Evaluation is widely recognised as an important component for learning and improving development effectiveness. Evaluation responds to public and taxpayer demands for credible information and independent assessment of development co-operation activities. The Development Assistance Committee’s...