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The informal sector accounts for a very large share in African economies, both in terms of GDP and employment. However, most national surveys on the informal sector focus on labor market issues and informal employment ...

International reserve accumulation by developing countries is just one example of the puzzling behavior of international capital flows. Capital should flow to where its return is highest, which ought to be where capital ...

We provide an analysis of enforcement policies applicable to informal labor market in a framework with heterogeneous firms, endogenous determination of informal wage and politically dictated strategies. We argue that firms ...

Many developing countries have increased their foreign reserve stocks dramatically in recent years, in large part motivated by the desire for precautionary self-insurance. One of the negative consequences of large accumulations ...

This paper examines the recent upsurge in foreign direct investment by emerging-market firms into the United States. Traditionally, direct investment flowed from developed to developing countries, bringing with it superior ...

To what extent does the lack of access to formal financial services impede business growth in low-income countries? While most research on this issue has so far focused on credit market failures, this paper focuses on the ...

This paper provides new measures of government enforcement of labor regulations in Latin America and explores how it is affected by external and domestic factors. Using a panel of presidential terms in 18 Latin American ...

We construct an endogenous growth model that includes a cultural variable along the dimension of individualism-collectivism. The model predicts that more individualism leads to more innovation because of the social rewards ...