We explore the consequence for taxation and regulation of bonus pay when investors are protected by taxpayers from downside risk. The paper develops a model where workers in financial sector firms make decisions about effort and risktaking which are influenced by the structure of bonus pay....

This paper reviews some issues relevant to the delivery of public services. It reviews some of the debates and flags some issues that are significant worldwide, especially in Africa. It emphasises how the debate has moved along in terms of defining the relative responsibilities of the public and...