In this paper we present a dynamic model of subsidized credit provision to examine how asymmetric information exacerbates ineciency caused by corruption. Though designed to empower the underprivileged, the fate of such credit programs largely depends on the eciency of the credit delivery system....

This paper shows that, in case of differentiated products mixed duopoly, environmental damage increases (decreases) with the level of privatization, if the level of privatization is less (more) than certain level. It also shows that partial privatization is optimal from the social welfare point...