One year into the global economic crisis, it has become clear that the paradigm for international development has changed irrevocably. With leadership, moral authority and the capacity of the West in international development diminishing, developing countries. recovery and future growth will...

Africa is the developing region most at risk from the global economic crisis. Its recent strong growth has been interrupted. Already home to the largest number of low-income countries in the world, the region is now likely to experience higher unemployment and poverty; increases in infant...

Following the financial crisis that broke in the US and other Western economies in late 2008, there is now serious concern about its impact on the$

This paper analyzes how differences in legal origin, judicial efficiency, and investor protection affect firm leverage and earnings volatility across developing countries. Using a large number of developing countries, four main findings are highlighted. First, firms in civil legal origin...

Amartya Sen, the Nobel economist, explains why mortality should, or could, be an indicator of economic success. While mortality is not in itself an economic phenomenon, the influences that increase or reduce mortality often have distinctly economic causes. Consequently there is a prima facie...

The purpose of this paper is to assess the state of corporate governance as a major factor affecting the growth performance of the private sector in MENA countries. For this purpose both country-specific assessments, carried out by World Bank-IMF teams (so-called ROSC’s assessments) and...

This essay reflects upon the relationship between the current theory of financial intermediation and real-world practice. Our critical analysis of this theory leads to several building blocks of a new theory of financial intermediation. Current financial intermediation theory builds on the...