This volume brings together some of the most influential scholars in development economics to explore how to improve the well-being of the poor, how to design effective structures and institutions for poverty reduction and what the role of economic, political and social dimensions are (and...

Success in development over the past half-century was based on manufacturing-led export growth. Because the share of global employment in manufacturing will decline, manufacturing won't play the same role in the coming decades. An increase in manufacturing employment won't suffice to meet the...

Success in development over the past half-century was based on manufacturing-led export growth. Because the share of global employment in manufacturing will decline, manufacturing won't play the same role in the coming decades. An increase in manufacturing employment won't suffice to meet the...

The existing theoretical analysis of microfinance focuses on the nature of the loan contract such as group liability. We draw attention to the role of missing or imperfect labor market in understanding some of the important `second generation' debates in microfinance. Our analysis helps explain...

This paper argues that there is a fundamental conflict between financial liberalization and private sector led development strategy in developing countries. Using a simple model of occupational choice with moral hazard, it shows that under financial liberalization banks may (i) fail to finance...

This paper argues that there is a fundamental conflict between financial liberalization and private sector led development strategy in developing countries. Using a simple model of occupational choice with moral hazard, it shows that under financial liberalization banks may (i) fail to finance...

The existing theoretical analysis of microfinance focuses on the nature of the loan contracts that mitigates the pervasive problems of moral hazard and adverse selection in the absence of physical collateral. We depart from the existing literature and draw attention to the role of missing or...