Must policymakers seeking to replicate the success of Silicon Valley’s venture capital market first replicate other US institutions, such as deep and liquid stock markets? Or can legal reforms alone make a significant difference? In this paper, we compare the economic and legal determinants of venture capital investment, fundraising and exits. We introduce a cross-sectional and time series empi...

roads, schools, fire stations, hospitals, airports, and much more— all of these different types of infrastructure are financed through municipal capital markets. These markets are vital to american households, both as savers and as consumers of the services these markets enable. objective and informed research on the ways in which municipal markets operate can help inform the decisions of both ...

What has been the effect of the shift in emerging market capital flows toward private sector borrowers? Are emerging markets capital flows more efficient? If not, can controls on capital flows improve welfare? This paper studies these questions in a world with two forms of default risk. When private loans are enforceable, but there is the risk of national default, constrained efficient capital ...