This paper builds on the case of West African banks to propose an analysis of the issues raised by government interference, privatization to foreign investors and regulation, in developing countries. In the late 80s, there was a severe crisis in the West African banking system, partly due to...

This paper builds on the case of West African banks to propose an analysis of the issues raised by government interference, privatisation to foreign investors and regulation in developing countries. In the late 1980s, there was a severe crisis in the West African banking system, partly due to...

This paper endeavours to shed light on the respective roles of the formal and the informal credit markets in developing countries. We use survey data for manufacturing firms in Côte d'Ivoire, documenting their access to informal credit markets, their investments, and their financing. We...

This paper builds on the case of West African banks to propose an analysis of the issues raised by government interference, privatization to foreign investors and regulation in developing countries. In the late 80s, there was a severe crisis in the West African banking system, partly due to...

We analyze a game between citizens and governments, whose type (benevolent or predatory) is unknown to the public. Opportunistic governments mix between predation and restraint. As long as restraint is observed, political expectations improve, people enter the modern sector, and the economy...

Purpose – How is liquidity formed in emerging financial markets? Do traders preannounce their orders to attract outside liquidity providers (a practice referred to as sunshine trading)? The purpose of this paper is to study liquidity formation of infrequently traded stocks. It also...

The devaluation of the CFA Franc in 1994 generated a public investment boom in Senegal. The increase in public investment was made possible thanks to an improved budgetary situation related to the reduction in real terms of the public wage bill which had been too large for some time. The rise in...

This paper analyzes Senegal's experience with telecommunications liberalization and privatization. Senegal privatized its incumbent operator in 1997, and granted the newly privatized firm seven years of fixed-line exclusivity while introducing"managed competition"in the cellular market and free...

The rents agents can extract from principals increase with the magnitude of incentive problems, which the literature usually takes as given. We endogenize it, by allowing agents to choose technologies that are more or less opaque and correspondingly prone to agency problems. In our overlapping...