The proliferation of financial crises provoked by volatile capital flows since the mid-1990s raises grave concerns. Unfortunately, existing theory is ill adapted to analysing capital account crises, when weak institutions and incomplete domestic financial liberalisation (DFL) interact with...

The relation between the "informational quality" of financial systems and economic development is assessed for 21 OECD and 34 emerging market economies (EMEs) following Asia's 1997-98 crisis. Institutional economics suggest that the heart of any financial system is its...

The proliferation of financial crises provoked by volatile capital flows since the mid- 1990s raises grave concerns. Unfortunately, existing theory is ill adapted to analysing capital account crises, when weak institutions and incomplete domestic financial liberalisation (DFL) interact with...

In this ground-breaking study, over 50 countries, including emerging market economies (EMEs) and OECD, are examined for the informational quality of their financial systems using nearly 30 microeconomic and institutional indicators. By assessing recent institutional and structural reforms...

In this ground-breaking study, over 50 countries, including emerging market economies (EMEs) and OECD, are examined for the informational quality of their financial systems using nearly 30 microeconomic and institutional indicators. By assessing recent institutional and structural reforms...