"How can the impact of aid be estimated in the presence of fungibility? And how far does fungibility reduce its benefits? These questions are analyzed in a context where a donor wants to target its efforts on a specific sector and specific geographic areas. A traditional...

"In December 1999, the Boards of the World Bank and the International Monetary Fund approved a new approach to their relations with low-income countries. The approach was centered around the development and implementation of Poverty Reduction Strategies (PRS), which are intended to be...

"This paper examines the conceptual and empirical basis of corruption and governance and concludes that decentralized local governance is conducive to reduced corruption in the long run. This is because localization helps to break the monopoly of power at the national level by bringing...

"The authors assess the effects of private capital and independent regulatory agencies on telecommunications performance by using cross-country panel data from 1990 to 2003. In general, they find that having independent regulatory agencies positively affects affordability and labor productivity,...

"This paper identifies systematic performance differences between younger and older democracies: younger democracies are more corrupt; exhibit less rule of law, lower levels of bureaucratic quality, and lower secondary school enrollments; and spend more on public investment and government...