Marchesi, Silvia; Sabani, Laura; Dreher, Axel - 2009
information is valuable, a centralized control is indeed optimal. To the contrary, when local knowledge is more important than the …, when local knowledge is more important than the
agency bias we expect delegation to dominate. Controlling for economic and … Fund needs to have some country-specific
information which is privately owned by the government (i.e., its local knowledge …