Students around the world are going to school but are not learning – an emerging gap in human capital formation. To understand this gap, this paper introduces a new data set measuring learning in 164 countries and territories. The data cover 98 percent of the world's population from 2000 to...

We analyze investment decisions when information is costly, with and without delegation to an agent. We use a rational-inattention model and compare it with a canonical signal-extraction model. We identify three "investment conditions". In "sour" conditions, no information is acquired and no...

This study offers fresh insights on and investigates the effects of corruption on foreign direct investment (FDI) inflow from 1995 to 2009 in 16 Asian economies. The empirical result suggests that a 1 percent increase in corruption level triggers an approximately 9.1 percentage point decrease in...