French Abstract: Dérivé du terme crowdsourcing, le crowdfunding (ou financement participatif) est une méthode de levée de fonds, principalement sur Internet, qui s'appuie sur les réseaux sociaux et les plates-formes communautaires. Face aux contraintes réglementaires restreignant son...

This paper is an attempt to analyze regulation in LDCs taking into account their specificities compared to developed countries. By using a regulation model with an imperfect contract enforcement mechanism, we show how the separation of powers improves the enforcement quality and social welfare...