We set up a two-country, regional model of trade in financial services. Competitive firms in each country manufacture untraded consumer goods in an uncertain productive environment, borrowing funds from a bank in either the home or the foreign market. Duopolistic banks can choose their levels of monitoring of firms and thus the levels of risk-taking, where the risk of bank failure is partly bor...

The Center for Global Development (CGD) has been working on a new approach to foreign aid called Cash on Delivery Aid (COD Aid) in which donors commit to make payments in direct proportion to measured progress towards a shared objective. The COD Aid approach builds on a trend in foreign aid modalities to pay for results and give greater autonomy to recipient countries in determining how to spen...

B asically, many developed and developing countries need to expand tourism activities for accessing to the goals of national economic development and attracting foreign funds, therefore evaluating the efficiency of tourism industry can have significant help in recognizing the existed tourism potentials. The Chabahar zone in spite of numerous potential abilities in attracting domestic...

Financial literacy of investors reduces uncertainty on future decisions and increases predictability of investment policies in financial markets. Thus, the lack of clear information on financial markets is a determining factor in the arrival of domestic and foreign capitals and their quick exit in case of crisis. The lack of transparency and basic knowledge on decisions and failure to provide r...

The last ten years of the 20 century was the decade of pension reforms in Central and Eastern European countries. A three-pillar pension system has been adopted in most of that countries, including Poland, where the second pillar is created by open pension funds (OFEs), managed by pension fund companies (PTEs). The aim of this article is to identify and analyze barriers to the increased effecti...

In the decades before the 1997–1998 Asian financial crisis, South Korea and Thailand experienced sustained economic growth attributable to investment growth and productivity gains. The investment underlying this economic expansion was financed by relatively high levels of private savings as well as by foreign borrowing. During the crisis, international creditors lost confidence in these countri...