successful implementation of the (two fold) topics of discussion of this paper, namely, monitoring and liquidity risk … measurements. The importance of successfully communicating results obtained from monitoring and measuring such risks, and the role …

monitoring. We �nd that when disutility of labor is the only unobservable variable, a workfare policy is ine¢ cient because it …, monitoring may be the best instrument for preventing fraud. When income-generating ability is the only unobservable variable …, choosing between workfare and monitoring depends not only on the cost function associated with the latter, but also on income …

effective corporate governance systems are essential in facilitating high levels of monitoring, accountability and disclosure …