Political economy theories of financial development argue that in countries where a narrow elite controls political decisions, financial development may be obstructed to deny access to finance to potential competitors. We use panel data on developed and developing countries from 1975ndash;2000...

Naval counter-piracy measures off Somalia have failed to change the incentives for pirates, raising calls for land-based approaches that may involve replacing piracy as a source of income. This paper evaluates the effects of piracy on the Somali economy to establish which (domestic) groups...