This paper argues that there is a fundamental conflict between financial liberalization and private sector led development strategy in developing countries. Using a simple model of occupational choice with moral hazard, it shows that under financial liberalization banks may (i) fail to finance...

In this paper the choice between public and private provision of goods and services is considered. In practice, both modes of operation involve significant delegation of authority, and thus appear quite similar in some respects. The argument here is that the main difference between the two modes...

Este artículo trata de responder a la siguiente pregunta: ¿cuáles han sido los efectos de la planeación del desarrollo sobre las transformaciones económicas y sociales de los últimos treinta años?, de acuerdo con el autor, la principal consecuencia de las transformaciones más recientes...

Initially, the intention of this book's work, was to take a fresh look at East Asia's regional experience during the 1990s, and to expand, and revise as necessary the findings of the World Bank's "East Asian Miracle", (published in 1993). However, while work began in 1997 - when the East Asian...

This paper examines the impact of financial market imperfections on long-term productivity growth. It focuses on failures in markets for the sale of equity securities and hence on the failure of markets which help firms diversify the risks of real investment. The paper examines separately...

The financial crisis and the Great Recession to which it gave rise exposed the deep flaws in standard macro-economic models, and in the way those models were deployed. In this paper, based on a talk given to the Turkish Economic Association in November 2012, Joseph E. Stiglitz discusses the...

This paper conducts a cross-country empirical study of the impact of institutions and agency conflicts on ownership reforms and their implications for changes in performance and efficiency. We examine two main questions. First, we evaluate the effects of certain property rights and institutional...