This paper examines access to external financing in the privatization context and provides new evidence on the effects of financing constraints on performance and investment. Ownership reforms increase firms' reliance on external financing. Empirically, performance and investment changes around...

A much-needed critical investigation of the root causes of the European sovereign debt crisis, featuring contributions from Nobel Laureate Joseph Stiglitz and the Argentine chief negotiator with the IMF, Roberto Lavagna

After long suffering from benign neglect if not outright contempt, industrial policy is almost fashionable again. The global financial and economic crisis known as the Great Recession has forced researchers and policy makers to confront the reality that market forces alone generally do not lead...