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April 2006

When debt is not terrible

Michel Camdessus, former director of the IMF, and Jean-Michel Severino, director general of France's international development agency, believe that labeling all debt as bad is going to far. A previous note of ours on the grants vs. loans debate.

Measuring corruption

Corruption - the theft of public resources for private gain – imposes large costs on businesses and society. The first type of costs is redistributive. Redistribution costs are incurred whenever business or individuals with more financial or political power abuse their privileged position to gain contracts or services (including regulatory services) at the expense of their competitors. The second type is a welfare cost to the overall economy as a result of corruption, making everyone worse off.