If equity markets are financially integrated, the price of risk should be the same across markets. If the markets are not financially integrated - possibly because of barriers to capital flows across markets - the price of risk may differ across markets. The author investigates one measure of...

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...

The authors of this paper examine trends in private foreign direct investment in sub - Saharan Africa, assess how this has affected the host economies, and discuss the prospects for increased investment in the 1990s. They examine new or nontraditional forms of investment as well as more...

Taking price changes from the Global Trade Analysis Project (GTAP) model of world trade, the authors use a small open economy computable general equilibrium comparative static model of the Russian economy to assess the impact of global free trade and a successful completion of the Doha Agenda on...

As many East Asian countries plunged into economic decline, the structure of concentrated ownership and associated corporate governance, along with weak corporate performance, have been blamed for the crisis. There is little empirical evidence, however, of the nature of ownership structures in...

The authors investigate whether firms'access to external financing, to fund growth differs between market-based, and bank-based financial systems. Using firm-level data for forty countries, they compute the proportion of firms in each country that relies on external finance, and examine how that...

The link between economic growth, and better provision of infrastructure services may be unproven, but it is clear that reforms to make infrastructure services more competitive (where possible), and to provide strong, and independent economic regulation of natural monopolies, do create an...

The authors compare and contrast the design and outcomes of different foreign exchange auctions in four countries in sub-Saharan Africa and present a typology of such auctions. They identify two distinct sets of countries in terms of the auctions'features, policy interventions, and outcomes. In...

There has been much debate recently about the role of international development institutions, such as the World Bank in middle-income countries. Some observers have suggested that middle-income countries have reached a stage in their economic development that calls into question the rationale...

The authors study whether capital controls affect the link between domestic and foreign stock market prices and interest rates. To examine the characteristics of international market integration and the effects of capital controls in the short and long run, they apply band-pass filter techniques...