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A Perplexed Economist Confronts 'Too Big to Fail'
(John F. Kennedy School of Government, Harvard University, 2010)
This paper, written for a conference at the Fordham University Law School, examines various facets of the “too big to fail” debate. It notes that in the current context, “too big to fail” may imply systemic risks from large ...
The Unintended Consequences of Successful Resource Mobilization: Financing Development in Vietnam
(United Nations Development Programme and the Fulbright Economics Teaching Program, 2011)
The total amount of development finance generated by Vietnam has been exceptionally high from all significant sources using all standard measures of comparison. However, there are many potential unintended consequences of ...
A Lesson from the South for Fiscal Policy in the US and Other Advanced Countries
(Palgrave Macmillan, 2011)
Two decades ago, many people had drawn a lesson from the 1980s: Japan's variant of capitalism was the best model. Other countries around the world should and would follow it. Japan's admired institutions included relationship ...
Funding Economic Development: A Comparative Study of Financial Sector Reform in Vietnam and China
(United Nations Development Programme and Fulbright Economics Teaching Program, 2009)
Although there is considerable debate among economists as to the impact of financial sector development on economic growth, empirical evidence indicates a strong, direct link between the two. A recent comprehensive review ...
If The Banks Are Doing So Well, Why Can’t I Get A Loan? Regulatory Constraints to Financial Inclusion in Indonesia
(Wiley-Blackwell, 2011)
Indonesia’s financial sector has two paradoxes: 1) Indonesia has been a global leader in microfinance for
the past 25 years, but access to microfinance services is declining; and 2) Indonesia’s commercial banks
are liquid, ...
The Tax Everyone Loves to Hate: Principle of Property Tax Reform
(Wiley-Blackwell, 2012)
The dilemma is real and profound: most countries have a property tax, but few of their citizens like the tax. The property tax is the tax everyone loves to hate. Countries can seldom live with the tax as initially designed, ...
Over-optimism in Forecasts by Official Budget Agencies and its Implications
(Oxford University Press, 2011)
The paper studies forecasts of real growth rates and budget balances made by official government agencies among 33 countries. In general, the forecasts are found: (i) to have a positive average bias, (ii) to be more biased ...
Can Leading Indicators Assess Country Vulnerability? Evidence from the 2008-09 Global Financial Crisis
(Elsevier, 2012)
This paper investigates whether leading indicators can help explain the cross-country incidence of the 2008-09 financial crisis. Rather than looking for indicators with specific relevance to the current crisis, the selection ...
Why it Worked: Critical Success Factors of a Financial Reform Project in Africa
(John F. Kennedy School of Government, Harvard University, 2011)
Little is written about the critical success factors that make or break a project implementing a public financial management reform in Africa. Based on the twelve year experience of Harvard’s DSA project which transformed ...
Bank Credit And Business Networks
(John F. Kennedy School of Government, Harvard University, 2011)
We construct the topology of business networks across the population of firms in an emerging economy, Pakistan, and estimate the value that membership in large yet diffuse networks brings in terms of access to bank credit ...