The technological dependency of securities exchanges on internet-based (IP) platforms has dramatically increased the industry's exposure to reputation, market, and operational risks. In addition, the convergence of several innovations in the market are adding stress to these systems. These...

The authors used the policy game approach to gain insight into a problem that has puzzled analysts of high inflation economies. Why are programs based on tight fiscal and monetary policies slow at reducing inflation in high inflation countries? Distinguishing between regimes of rule and...

The author gives examples of research recently published in professional journals that directly helped, or could help, in formulating policy advice (and perhaps even policymaking). An article by Younger (1992) was helpful in analyzing a problem in Ghana, where aid flows to government crowded out...

The issue of trade in services is the subject of increasing interest. Evidence of this is its inclusion in the Uruguay Round of GATT negotiations. As a contribution to the analysis of the issue, this paper analyzes the influence of a country's resource endowments on its net trade in financial...

The authors use a computable general equilibrium model of the Russian economy to assess the impact of accession to the World Trade Organization (WTO), which encompasses improved market access, tariff reduction, and reduction of barriers against multinational service providers. They assume that...

Developing viable new business is critical to recovery, and long-term growth, especially in transition economies. There has been a long history of public support of enterprise development, starting with centralized state agency initiatives, but moving more recently to decentralized instruments...

In 1989, the former communist countries embarked on a transition from centrally planned command economies to market economies (and from repressive dictatorships to Western-style democracies). In addressing the question,"What is the optimal strategy for this transformation?", the author revisits...

Countries vary systematically with respect to the incentives of politicians to provide broad public goods, and to reduce poverty. Even in developing countries that are democracies, politicians often have incentives to divert resources to political rents, and to private transfers that benefit a...

Emergency programs are designed to soften the impact of economic crises-income shocks experienced by an entire community or country-on consumption and human capital accumulation. Of particular concern are poor people: as a result of inadequate savings or inadequate access to credit or insurance...

Do inward-focused development strategies reduce competition in factor markets and incentives for more efficient skills development? Do outward-focused development strategies improve them? The authors compared vocational education and training systems in six developing countries in the 1980s....