This paper discusses the different functions that capital markets and banks have in economic development, and it reviews the debate about marketbased vs. bank-based financial systems. Using data for a sample of 40 countries over the period 1975-98, the paper then shows that variation in both...

In this paper, we perform a Tobit analysis of aid allocations, covering the period 1999-2002 and accounting for both altruistic and selfish donor motives. We first compare the allocative behavior of all bilateral donors taken together with that of multilateral aid agencies, and then look at nine...

There is an active global debate on corporate governance. A few years ago, there was serious concern about whether US companies would be able to compete against the powerful corporate groupings supported by closely involved banks in the Far East. Now, following the collapse of the East Asian...