International ®nancial institutions like the World Bank are caught in the grip of two ®nancial forces: the increasing demand from developing countries for borrowing to cope with the costs of natural hazard losses, and stagnant budgets that have not increased with the demand on their resources. The squeeze creates interest on the part of these institutions in the possible use of catastrophe hedg...

INTRODUCTION Health care financing provides the resources and economic incentives for operating health systems and is a key determinant of health system performance. Equitable financing is based on: financial protection, progressive financing and cross-subsidies. This paper describes Uganda's health care financing landscape and documents the key equity issues associated with the current financi...

limited government resources, inadequate domestic bank resources and international financial restrictions are major obstacles to the implementation of infrastructure projects in the country and providing development programs. now the proceeds from the sale of crude oil are the main source of revenue for the country's infrastructure development. meanwhile, sukuk of istisna can prove their c...

A dynamic model with credit under limited commitment is constructed, in which limited memory can weaken the effects of punishment for default. This creates an endogenous role for government debt in credit markets. Default can occur in equilibrium, and government debt essentially plays a role as collateral and thus improves borrowers’ incentives. The optimal provision of government debt acts to ...

1. Introduction Addressing the relationship between political order and development, Samuel Huntington (1968, p. 1) once stated, " the most important … distinction among countries concerns not their forms of government but their degree of government. " Events in Angola, Afghanistan, Sierra Leone and Zaire illustrate Huntington's point: Political order may not be sufficient, but, these cases sug...

This paper describes how wealth inequality may distort public resource allocation. A government seeks to allocate limited resources to productive sectors, but sectoral productivity is privately known by agents with vested interests in those sectors. They lobby the government for preferential treatment. The government—even if it honestly seeks to maximize economic efficiency—may be confounded by...

In Romania local autonomy is administrative and financial. If local financial resources are not independent from the state budget and they continue to depend on it exclusively and if financial independence remains only a target which has not been materialized in practice, then the administrative autonomy of the communes, towns and counties will not yield the expected results and will still be l...