This article develops a model of bank runs and crises and analyses how the presence of a lender of last resort (LOLR) affects the solvency of the banking system. We obtain a one to one mapping from the depositors' equilibrium strategy to an optimal contract prevailing in the economy. The study...

In the Mexican Peso crisis 1994/95, the lack of readily available information, particularly regarding monetary aggregates, has often been commented on. This paper analyzes empirically whether information disparity with respect to economic fundamentals contributed to the crisis. Using historical...

The costs and benefits of harmonization of international accounting and disclosure practices by firms is an important policy issue. This paper investigates the extent to which voluntary disclosure practices by Japanese firms have converged since the collapse of Japan’s financial ‘bubble’...

The Commonwealth Government asked the Productivity Commisison to review cost recovery arrangements across the Government's regulatory,administrative and information agencies,and to develop guidelines for the future application of cost recovery.

This paper presents estimates of six dimensions of governance covering 199 countries and territories for four time periods: 1996, 1998, 2000, and 2002. These indicators are based on several hundred individual variables measuring perceptions of governance, drawn from 25 separate data sources...