This paper evaluates the impact of privatization on the development of capital markets in a two-country general equilibrium model. We draw particular attention to two divestment techniques, share issue privatizations (in developed market systems) and voucher privatizations (in transition...

In this paper, we build a heterogeneous agents-dynamic general equilibrium model wherein saving constraints interact with credit constraints. Saving constraints in the form of fixed costs to use the financial system lead households to seek informal saving instruments (cash) and result in lower...

In less than a decade, China transformed its inadequate, unjust health care system in order to provide basic universal health coverage (UHC) for its people. What forces made it possible for China to achieve this? What kind of transformation took place? What are the impacts of these policy...