This paper re-examines the incentives of mutual fund managers arising from investor flows. We provide evidence that the convexity of the flow-performance relationship varies with economic activity. We show that the effect is economically large and is not driven by abnormal years. We test two...

This paper formalizes ideas from classical and radical political economy on task allocation and technology adoption under capitalism. A few previous studies have attempted this, but the framework and results in this paper are different. I model labor contracts that are incomplete owing to...

This paper reviews the experience of undertaking reforms in Indonesia after the economic crisis 1997/98, focusing on the reforms made under the last two presidents : Megawati and Susilo Bambang Yudhoyono. The review leads the paper to draw some lessons from the experience. Among other, the role...

This paper reviews and highlights lessons from the stabilisation and reform programme that Thailand, Malaysia and Korea implemented in response to the 1997 crisis. The three countries rapid recovery from a deep economic downturn in 1998 and their reduced vulnerability to balance of payments...

Creation of the Council on Economic and Fiscal Policy (CEFP) made Japans economic and fiscal policy making more transparent, consistent and coherent. This new institutional arrangement accelerated structural reform and improved economic and fiscal policy making in general, thus contributing to...

This paper reviews the experience of undertaking reforms in Indonesia after the economic crisis 1997/98, focusing on the reforms made under the last two presidents - Megawati and Susilo Bambang Yudhoyono. The review leads the paper to draw some lessons from the experience. Among other, the role...