This essay takes a fresh look at the lender-of-last-resort issue and asks whether, how, and to what extent national practices should be adapted to the international environment. It begins by reviewing national practices. Then it analyzes, through both theory and evidence, the features that make...

This paper exploits uniquely detailed data and cross-institution variation in aid for three large public universities to identify the effects of aid on the probability of college graduation. The results indicate that need-based and merit-based aid both increase graduation rates at large public...

In a report presented at the UN Conference on Financing for Development in March 2002, the World Bank claims that the effectiveness of its financial aid has improved substantially by targeting aid at poor developing countries pursuing sound economic policies. This paper argues that the World...