This paper discusses the role that finance plays in promoting the capital development of the economy, with particular emphasis on the current situation of the United States and the United Kingdom. We define both "finance" and "capital development" very broadly. We begin with the observation that...

The literature on aid effectiveness has focused more on recipient policies than the determinants of aid allocation yet a consistent result is that political allies obtain more aid from donors than non-allies. This paper shows that aid allocated to political allies is ineffective for growth,...

We study the sectoral allocation of public infrastructure investments in the agriculture and manufacturing sectors in India. In addition to the changing employment and output shares of these two sectors, the capital output ratio in agriculture in India has fallen, while it has risen in...

Using panel data for Peru for the period 1994-2000, we find that when households receive two or more services jointly, the welfare increases of the household, as measured by changes in consumption, are larger than when services are provided separately. Such an increase appears to be more than...

Economy: Comparing California before and after the 1970 passage of the California Environmental Quality Act (CEQA), and benchmarking against performance in the other 49 states, this study finds that 1) California per capita GDP, 2) California housing relative to population, 3) California...

This essay explores the role of the state in promoting exports and industrialization in the quest for transformation of African economies. It does this by exploring the role of trade in African economies followed by a brief look at the East Asian Developmental state. This is followed by an...

This paper examines the relationship between stock market development and economic growth in case of Argentina's economy. Apply Granger causality and exogeneity tests based on VEC (vector error correction) models with monthly data covering the period 1993:1-2010:8. The results show that the...

We present results from a novel experiment on the effect of a policy designed to encourage cooperation in a prisoner's dilemma game. We find that the effect of this policy on the level of cooperation is greater when it was chosen democratically by the subjects than when it was exogenously...

Much of the recent interest in the relationship between growth and distribution has focused on advanced economies and neglected issues of development and structural transformation. The purpose of this paper is to make a contribution to this gap by arguing that, even in the short-run, some of the...

Modern Money Theory (MMT) has generated considerable scrutiny and discussions over the past decade. While it has gained some acceptance in the financial sector and among some politicians, it has come under strong criticisms from all sides of the academic spectrum and from conservative political...