The paper presents a model in which credit-constrained firms might delay the adoption of new and more productive technologies because of the very high external financing costs they face. Our point of departure is that the efficiency of the banking...
The paper examines the source of financial market fragmentation in sub-Saharan Africa in the framework of institutional economics. Based on fieldwork data from Ghana, Malawi, Nigeria, and Tanzania, it analyses financial risk management, the...
This paper examines the financial sector reform experience of Bangladesh. It finds that while there have been some improvements in competition and efficiency, loan defaults still remain a significant problem. It also finds urban bias in loan...
In developing countries, particularly in those countries that have experienced declining growth rates, institutional failure (bad policies) is closely related to development failure and growth collapses. This paper addresses the issues of commitment...
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