There has been a dramatic change in the division of responsibility betweenthe state and the private sector for the delivery of public goods and services inrecent years with an increasing trend toward contracting out to the private sectorand “public-private partnerships.” This paper analyzes...

This paper explores the consequences of improving property rights to facilitate the use of fixed assets as collateral, popularly attributed to the influential policy advocate Hernando de Soto. We use an equilibrium model of a credit market with moral hazard to characterize the theoretical...

There has been a dramatic change in the division of responsibility between the state and the private sector for the delivery of public goods and services in recent years with an increasing trend toward contracting out to the private sector and "public-private partnerships." This paper analyzes...