early stages of development, the range of projects and the amount of information are limited and agency costs are high … investigation of the development of financial institutions. We contrast the information aggregation role of stock markets and … information production role of banks. Because the amount of available information increases with development, our model predicts …

-term contracts sacrificing managerial selection may be optimal at early stages of economic development and when access to information …

differ as these societies have access to different amounts of information. This lack of information makes it hard to give the … right incentives to managers and entrepreneurs. We argue that differences in the amount of information arise because of the … poor economies, thus insufficient information to set the appropriate standards for firm performance. The model predicts a …

-9), as well as the impact of voting registration on education outcomes at different points in time, namely in 1917 and in the … 1950s. Finally, we turn to the determinants of a broad array of development indicators for the year 1960 and for the 1960 …-2000 period. Our main conclusion is that race, rather than political institutions and education policies, is the main force …

initial racial gap in education and that slavery affects growth indirectly through this channel. …

achievements are wasted as children fail to build upon their parents’ achievements. Policies affecting the education system and the … returns to human capital can be decisive in determining the outcome. The model provides a basis for distinguishing development …

private and public resources spent on foreign education, there is no systematic evidence that foreign educated individuals … indeed foreign-educated individuals promote democracy in their home country, but only if the foreign education is acquired in …