funds are withdrawn in the short term). This study introduces a new perspective on the role of corruption in investment … growth and provides quantitative estimates of the impact of corruption on the investment inflows. Motivated by these issues …, the main objective of this article is to empirically reexamine the effects of corruption on foreign direct investment (FDI …

The relationship between corruption, particularly when systemic, and the rule of law is a circular one. On the one hand …, corruption undermines the rule of law; on the other hand, a weak rule of law facilitates corruption. In a sort of parasitic … relationship, corruption quickly attaches to the flaws and the loopholes of the legal-institutional system and from them it grows …

interest payments. We find that the value of the political connections persisted after the Anti-Corruption Campaign of 2012. It … value of connections in the private sector increased after the Anti-Corruption Campaign because they became a less risky … alternative to corruption. We also show that connected firms do not perform better …