Developing countries made considerable gains during the first decade of the 21st century. Their economies grew at unprecedented rates, resulting in large reductions in extreme poverty and a significant expansion of the middle class. But more recently that progress has slowed with an economic...

We estimate the respective contributions of institutions, geography, and trade in determining income levels around the world, using recently developed instruments for institutions and trade. Our results indicate that the quality of institutions trumps' everything else. Once institutions are...

The question addressed in this paper is whether the gap in performance between the developed and developing worlds can continue, and in particular, whether developing nations can sustain the rapid growth they have experienced of late. The good news is that growth in the developing world should...

This paper examines Cambodia's socioeconomic development since the early 1990s peace settlement. The country's economic growth has arguably been the fastest among post-conflict societies, driven by the credible restoration of peace and security, large public and private capital inflows, economic...

This paper reviews recent trends and effects of FDI in developing Asia; domestic policy changes in six Asian host economies (People’s Republic of China, India, Republic of Korea, Malaysia, Thailand, and Viet Nam); and how these policies and experiences influence their attitudes toward managing...

The disappointments of the Washington Consensus have led to the search for a new paradigm to replace it. The chief failing of the Washington Consensus was that it represented an approach based on "rules of thumb". As such it was not well grounded either in economic theory or in the reality of...

This paper opens with a discussion of the types of institutions that allow markets to perform adequately. While we can identify in broad terms what these are, there is no unique mapping between markets and the non-market institutions that underpin them. The paper emphasizes the importance of...