This paper examines the impact of transaction costs on economic welfare and development. We extend the static model of Romer (1994), in which transaction costs reduce welfare by the reducing the equilibrium number of intermediate goods, and estimate the welfare losses in the case of domestic...

Abstract This paper investigates the relationship between information technology and the capital markets. The central analytical and policy question addressed here is what kind of financial system or capital market arrangements are most conducive to fostering information technology and its use...

Abstract As Mr. Barber Conable observes in his Foreword, the World Development Report 1991 "synthesises and interprets the lessons of forty years of development experience" (p. iii). In view of the World Bank's leading role in development financing for poor countries around the globe over much...

Abstract The notes were originally prepared for the South Centre (the successor to the South Commission) as its contribution to a development agenda for the UN for the 1990s. The notes suggest employment as the central focus of the new development agenda for the global community.