Institutions are important for proper economic performance, but are replaceable by trust or other social norms. We show that when proper institutions and trust are missing, integrity of the individuals can replace them. We construct a model of a transactions-based economy with contracts...

The paper analyzes the relationship between remittances and financial development using the autoregressive distributed lag (ARDL) method based on Kenyan quarterly data from 2006 to 2016. Five different indicators of financial development are used in the study. The study used credit to the...