Michael Francis - Latest
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Institutional Quality, Trade, and the Changing Distribution of World Income
Conventional wisdom holds that institutional changes and trade liberalization are two main sources of growth in per capita income around the world. -
Governance and Financial Fragility: Evidence from a Cross-Section of Countries
The author explores the role of governance mechanisms as a means of reducing financial fragility. First, he develops a simple theoretical general-equilibrium model in which instability arises due to an agency problem resulting from a conflict of interest between the borrower and lender.