Natural resources are being discovered in more countries, both rich and poor. Many of the new and aspiring resource exporters are low-income countries that are still receiving substantial levels of foreign aid. Resource discoveries open up enormous opportunities, but also expose producing...

Sovereign wealth funds represent a large and growing pool of savings. An increasing number of these funds are owned by natural resource exporting countries and have a variety of objectives, including intergenerational equity and macroeconomic stabilization. Traditionally, these funds have...

The World Bank's new Program for Results (PforR) instrument is only the third financing instrument approved since 1944. The PforR portfolio is expanding rapidly and represents an appreciable part of “results-based” development finance. This paper analyzes the first 35 operations. They...

Der Zusammenbruch von Partei- und staatlicher Dominanz in Gesellschaft und Wirtschaft, überließ die Länder Osteuropas einer entmutigenden Herausforderung: sich hin zu einer kompetitiven Marktwirtschaft orientieren und zur gleichen Zeit die neuerreichte Demokratie zu festigen. Die...