Municipal corporate centres not only perform multiple administrative functions, including supervision, monitoring and budgeting of the overall operation of local government, but also absorb significant resources. From a public policy perspective, it is thus important to determine whether...

China is actively investigating ways to introduce project financing, specifically through the build-operate-transfer (BOT) scheme to meet the needs for the country's infrastructure and to be attractive to foreign investors and lenders. The advent of concession agreements, backed by new BOT laws,...

Despite the Asian financial crisis, there was still growing international interests by sponsors in China's infrastructure projects financed on build-operate-transfer (BOT) concession contracts. With the closure of the Guangdong International Trust and Investment Corporation (GITIC), foreign...

In the aftermath of the collapse of communism in Eastern Europe, transition economies faced acute problems in transforming their economic institutions to be compatible with a market economy, including the financial sector. This article explores some of the major problems involved in this...

The economic rationale for government intervention in a market economy has traditionally been provided by the theory of market failure. This article reviews the market failure paradigm in the light of the more recent literature on government failure. One implication of the theory of government...

Conventional economic analysis of public policy has been traditionally conducted in the conceptual context of the theory of market failure. The resultant analytical framework enabled analysts to assess the economic efficiency of market outcomes, and prescribe appropriate government intervention...