metrics that can be collected in typical household surveys. We test the performance of the Fragility Exposure Index by …We explore the micro-foundations of fragility by discussing how to measure the exposure to fragility at the individual … level. We focus on two notions that are not covered by existing aggregate, state-centric indicators of fragility. First …

Over the last couple of decades, it has become a commonplace to claim that institutions matter" for economic … development. Yet, institutions are not exogenous but the result of hu-man action. It is argued here that the values and norms held … by substantial parts of society’s members are an important determinant of its institutions. It is further argued that …

In this paper we argue the case for greater exploitation of synergies between research on specific institutions based … on micro-data and the big questions posed by the institutions and growth literature. To date, the macroeconomic … literature on institutions and growth has largely relied on cross-country regression evidence. This has provided compelling …

I study the coexistence of formal and informal finance in underdeveloped credit markets. While weak institutions …

productive activities. We show that in this model two stable equilibria can emerge. As Baumol (1990) hypothesized, institutions … the importance of high quality institutions in developing countries and sheds light on the situation in conflict and post …-conflict countries, where both informal and formal institutions arguably have broken down. Under such circumstances, our analysis shows …