The paper emphasizes the role of institutions and incentives in the presence of externalities. An economy with multiple … effective institutions exist for overcoming coordination failure. External financing may weaken incentives for adjustment over … that strengthen incentives to provide effort. Uncertainty regarding future taxes reduces present effort and the …

effective insolvency procedures, which play a critical role in fostering growth and competitiveness and may also assist in the … insolvency system, a discussion of the advantages and disadvantages of these choices, and a number of specific recommendations …

investment critically depends on its efficiency. Comparing the value of public capital (input) and measures of infrastructure … percent. The economic dividends from closing this efficiency gap are substantial: the most efficient public investors get …

or may not improve economic efficiency …

This background paper describes five different tools that can be used for the assessment of tax incentives by … framework for assessment. Evaluations of the various costs and benefits of tax incentives are vital for informed decision making … light on the implications of tax parameters - including targeted tax incentives - on investment returns and help understand …

and Codes (ROSC) on the Securities Regulation, Insolvency and Creditor Rights Systems, and Payment Systems in Colombia …