This paper conducts a theoretical and empirical investigation of global portfolio diversification for long-horizon investors in the presence of permanent cash flow shocks and transitory discount rate shocks to asset prices and returns. An increase in the cross-country correlations of cash flow...

In the early 1990s, the People's Republic of China opened its urban water sector to nonstate capital to help meet increasing urban water demand under severe water resource constraints. By 2007, more than 30% of urban water utilities had attracted private sector participation (PSP). To understand...

Community based health insurance is an emerging and promising concept that has attracted the attention of policy makers as it addresses health care challenges faced by the poor. This paper discusses solutions to important incentive problems in micro-health insurance schemes which threaten their...