While economic growth raises income and wealth and promotes financial intermediation, financial intermediation facilitates economic growth, since it raises the returns to investment. In this article we study the development of an important informal financial intermediary in Japan, the rotating...

This paper applies the common agency framework and the theory of nonprofit organization to the functioning of international financial institutions such as the IMF, IBRD and ADB. Webs of intricate monitoring networks exist among member countries of an institution, its sevretariat, and countries...