This paper considers the effect of corruption on the effciency of capital investment. Using firm-level level data from the World Bank enterprise surveys, covering 90 developing and transition economies, we consider whether the cost of informal bribe payments distorts the efficient allocation of...

The current research on entrepreneurship as an economic phenomenon often assumes its desirability as a driver of economic development and growth. However, entrepreneurial talent can be allocated among productive, unproductive, and destructive activities. This process is theorized as driven by...

Aid is not generally aimed at the poorest people, though most multilateral or bilateral agencies would like to think they get included. However, donors. strategies are generally blind to differentiation among the poor, and have not improved in this respec