The most common form of government intervention in the rural sector has been massive lending at subsidized interest rates. Credit programs generally aim to reach small farmers. However, despite the expansion of credit over the last three decades, few farmers in low income countries seem to have...

The authors find that raw materials inventories in the manufacturing sector in the 1970s and 1980s were two to three times higher in developing countries than in the United States, despite the fact that in most developing countries real interest rates were at least twice as high. Those...

Numerous renegotiations have plagued water and transport concession contracts in Latin America. Using a panel dataset of over 300 concession contracts from Latin America between 1989 and 2000, we show that country-level corruption is a significant determinant of these renegotiations and that the...