Infl ows of foreign knowledge are the key for developing countries to catch up with the world technology frontier. In this paper, I construct a simple tractable model to analyze (a) the incentives of foreign fi rms to bring their know-how to a developing country and (b) the incentives of...

Global diversification of financial institutions, including the insurance sector, has proven beneficial to many economies by providing them with increasing capital flow, higher competition, and introduction of newer technologies and distribution channels. This paper aims to critically evaluate...

According to the Washington Consensus, developing countries’ growth would benefit from reductions in barriers to trade. However, the empirical basis for judging trade reforms is weak. Econometrics are mostly ad hoc; results are typically not judged against models; policies are poorly measured;...