A firm may leave an industry in at least three ways: through merger, voluntary liquidation, or bankruptcy. There are important economic differences between forms of exit, yet previous work has treated exits as homogeneous. This article develops a model of the relation between the forms of exit...

Amidst intense debt relief, and alongside dramatically improved governance, investment and growth increased substantially across Africa during the past decade. This paper interprets the timing of the Heavily Indebted Poor Countries (HIPC) Initiative, launched by the IMF and World Bank in the...