This paper presents a set of statistics that characterize the degree of income polarization in Latin America and the Caribbean (LAC). The study is based on a dataset of household surveys from 21 LAC countries in the period 1989-2004. Latin America is characterized by a high level of income...

Over the past decade, Kenya's traditional model of local, community finance and management of schools has been crowded out from two directions. First, the Kenyan government has expanded its role in public education, through free provision of primary and, more recently, secondary education....

The recent political economy literature on institutions for growth views low and ineffective spending on service delivery sectors as a symptom of the underlying institutional environment. But if institutions are the outcome of decisions by policymakers and serve the purpose of benefitting some...

The existing literature on sub-game perfect risk-sharing suffers from a basic inconsistency. While a group of size "n" is able to coordinate on a risk-sharing outcome, it is assumed that deviating subgroups cannot. I relax this assumption and characterise the optimal contract among all...