How did the East Asian miracle turn into one of the worst financial crisis of the century? The authors address the question using Malaysia as a case study. Many discussions of the East Asian crisis address proximate and short-run causes of the crisis, such as the current account deficit,...

Rsearch on the sources of growth shows several factors to be relevant to all countries, rich or poor. Whether developing countries can substantially raise per capita incomes depends on policies that address these variables: labor, human capital, capital investment in research and development,...

The authors estimate social rates of return to electricity-generating capacity and paved roads, relative to the return on general capital, by examining the effect on aggregate output and comparing that effect with the costs of construction. They find that both types of infrastructure capital are...

Cross-national data on economic growth rates show that increases in educational capital resulting from improvements in the educational attainment of the labor force have had no positive impact on the growth rate of output per worker. In fact, contends the author, the estimated impact of growth...

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 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...

In any economic environment where decisions are decentralized, agents consider the risk that others might unfairly exploit informational asymmetries to their own disadvantage. Incomplete results, especially, lies at the heart of financial transactions in which agents trade real claims for...

An understanding of corporate governance theory can promote the adoption of appropriate governance tools to limit agency problems in public pension fund management. The absence of a market for corporate control hinders the translation of lessons from the private sector corporate world to public...

In an economy where decisions are decentralized and made under conditions of uncertainty, the financial system can be seen as the complex of institutions, infrastructure, and instruments that society adopts to minimize the costs of trading promises when agents have incomplete trust and limited...

One of the best documented empirical facts in economic research has been the positive relationship between internal finance and cash flows and capital expenditures and investment. But disputes about the analytical basis for the cash flow theory have been largely unresolved. There are two...