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This paper uses a unique panel dataset on firm-level corruption. It contains quantitative information on bribe payments by a sample of formal and informal Vietnamese firms. We show that bribe incidence is highly associated with firm-level differences in (i) visibility, (ii) sunk costs, (iii) ability...
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The paper summarises the findings of field research projects on emerging Russian entrepreneurship carried out by the author over a six-year period. The main stages of small and medium enterprise (SME) formation in Russia since the late 1980s are considered. Then, the dynamics of the SME sector are...
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The abundance of private capital flows confronts many emerging-market authorities with a transfer problem. They must decide whether to accept or resist the net capital inflow, or how much to accept and how much to resist. This paper aims at assisting that decision by focusing on the rationale, the...
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This paper analyses in depth the causes of the Mexican peso crisis, so as to learn relevant lessons for similar crisis occurring in other developing or transitional economies. The study follows a relatively chronological order, examining first the apparently golden period, when Mexico was acclaimed...
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The emergence of a select group of developing countries as destinations for private portfolio investment in the 1990s (and the subsequent peso crisis in Mexico in 1994) has rekindled the old issues about the responsibilities and capacities public authorities have with regard to managing the...
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– Are There Any Lessons?
We have now witnessed more than half a decade of relatively heavy capital inflows to a large group of highly heterogeneous developing countries and economies in transition in Asia, Eastern Europe, the Former Soviet Union, Latin America, and parts of Africa and the Middle East—in effect, we have...
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This paper discusses the process, problems and impacts of the financial sector reform in Indonesia, particularly since the late 1980s. The reform has encouraged a surge in private sector capital inflows to supplement the already high domestic savings for financial investment and consumption...
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