Development Economics II:
Macroeconomic Issues, Growth, and Financial Development
Harvard Economics 2390c / HKS PED 319, Spring 2011
Monday and Wednesday 1-2:30
Harvard Hall 102
Michael Kremer
M-20, Littauer Center, Harvard
617-495-9145
mkremer@fas.harvard.edu
Office Hours: Mon 2:45-4:45
Phillipe Aghion
222 Littauer Center, Harvard
617-495-6675
paghion@fas.harvard.edu
Office Hours: TBA
Shawn Cole
271 Baker Library, HBS
617-495-6525
scole@hbs.edu
Office Hours: TBA
Teaching Fellow:
Frank Schilbach
fnschilb@fas.harvard.edu
Office hours: TBA
Section hours: TBA.
If you plan to enroll in the class, please send an email to Frank by the end of Tuesday, Jan 25th.
You will then receive an email where you will be asked for your preferences among several options for
section time. Sections will start the second week of classes.
Overview:
Michael Kremer will teach the first part of the class, followed by six guest lectures
taught by Philippe Aghion. Shawn Cole will teach the remainder of the course.
Part I of the course will cover macro-economic topics including aggregate and nonaggregate growth models, models of technology diffusion and choice, and population
growth, as well as cultural factors (e.g. reputation, trust, and social norms) affecting
economic development.
Part II will be a selection of topics related to economic growth, among them club
convergence, trade, competition, volatility, education, health, and the environment.
Part III of the course is intended to bring students to the forefront of research on
finance in emerging markets. Topics will include the relationship between financial
development and economic growth, consumer finance; small and medium enterprise
finance; debt and equity markets; the role of management and corporate governance;
the political economy of finance, and corruption.
Prerequisites:
This class contributes to the fulfillment of requirements for the Development field for
Economics Ph.D. students. Non-Ph.D. students should consult with the instructors
before enrolling. Students should have either taken the fall class (MIT 14.771/Harvard
2390b) OR have taken or be concurrently taking PhD level macroeconomics,
microeconomics, and econometrics.
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Requirements:
The final exam will be in class (April 27th) and will count 40% of the final grade.
Problem sets and the research proposal will each count 25%, and class participation
will account for the remaining 10%. Students are required to read carefully the starred
papers prior to the corresponding lecture, usually two papers per topic.
Research prospectus
Writing the research prospectus is intended to help you get started on your own
research. You should motivate a research idea in the context of the existing literature,
present suggestive statistics from available data, lay out the research design, and
present preliminary results when possible. The prospectus should discuss any
difficulties with interpreting the results in the desired manner, and ways how to deal
with these problems. Your prospectus should be about 10 to 15 (double-spaced) pages
long, and there will be a heavy emphasis on conciseness and clarity.
• For a more theoretical paper, it should include the main model, its predictions, how
these predictions differ from existing models, and how these differences could be
observed in data.
• For a more empirical paper, it should include the theoretical basis for the paper, the
empirical strategy/specification, and the data (and additional data that you plan to have
– be realistic).
Timeline:
You are required to hand in a 2 to 3-page sketch of your prospectus by February 28th.
On this day, you will present your preliminary ideas in class (5 to 10 minutes each).
You should discuss your topic with Michael or Shawn by March 31st, and turn in your
proposal by the end of the reading period (May 5th).
Development Workshop:
Everyone is strongly encouraged to attend the Harvard/MIT Economic Development workshop, which
meets at MIT in the spring semester on Wednesdays 2:30 - 4:00 in Building E51, Room 376 (you can find
the building on this map). The schedule is available at http://econ-www.mit.edu/events/development.
Development Lunch:
Everyone is also strongly encouraged to attend the Development Lunches. The Harvard Development
Lunch meets on Tuesdays from 11:45 am to 12:45 pm in Perkins Room (R-415), 4th Floor Rubenstein
Building, Harvard Kennedy School, beginning Jan 25. To sign up for the mailing list, please email Melissa
(mecclest@fas.harvard.edu) or Supreet (kaur@fas.harvard.edu).
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DATE
January 24
January 26
January 31
February 2
February 7
February 9
February 14
February 16
February 21
February 23
February 28
March 2
March 7
March 9
March 14 and 16
March 21
March 23
March 28
March 30
April 4
April 6
April 11
TBD
April 18
April 20
April 25
April 27
TOPIC (TENTATIVE)
Accounting for Income Differences I
Accounting for Income Differences II
Population & Technology
Technology
Returns to Capital & Non-Aggregate
Models of Growth
Culture and Reputation I
Culture and Reputation II
Culture and Reputation III
Holiday
Interaction of Culture and Institutions
Student Presentations
Club Convergence
Trade and Growth
Competition and Entry
Spring Break
Macro-policy of Growth
Education, health and growth
The Environment
Financial Development and Growth
Household Finance/Insurance
Small Business Finance
Firms I: Debt
Firms II: Equity
Firms III: Management/Boards/Networks
Political Economy and Finance
Corruption
In-Class Final Exam
PROBLEM SETS
PROFESSOR (TENTATIVE)
M. Kremer-1
M. Kremer-2
PS1 posted
M. Kremer-3
M. Kremer-4
PS1 due
M. Kremer-5
PS2 posted
M. Kremer-6
M. Kremer-7
M. Kremer-8
M. Kremer-9
M. Kremer-10
P. Aghion-1
P. Aghion-2
P. Aghion-3
P. Aghion-4
P. Aghion-5
P. Aghion-6
S. Cole-1
S. Cole-2
S. Cole-3
S. Cole-4
S. Cole-5
S. Cole-6
S. Cole-7
S. Cole-8
PS2 due
PS3 posted
PS3 due
PS4 posted
PS4 due
PS5 posted
PS5 due, PS6 posted
PS6 due
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Michael Kremer’s Reading List
1. GROWTH AND TECHNOLOGY
Introduction
Kaldor, Nicholas (1961): “Capital Accumulation and Economic Growth,” in F.A. Lutz and D.C.
Hague, eds., The Theory of Capital, 177-222. New York: St. Martin’s Press.
Jones, Charles and Paul M. Romer (2010): “The New Kaldor Facts: Ideas, Institutions,
Population, and Human Capital,”AEJ Macroeconomics, Vol. 2 (1), pp. 224-245.
Xavier Sala-i-Martin (2006): “The World Distribution of Income: Falling Poverty and …
Convergence, Period,” Quarterly Journal of Economics, Vol. 121(2), pp. 351–397.
Lucas, Robert (1988): “On the Mechanics of Economic Development”, Journal of Monetary
Economics, Vol. 22, pp. 3-42.
Jones, Charles and Pete Klenow (2010): “Beyond GDP? Welfare across Countries and Time,”
mimeo.
Accounting for Income Differences (2 lectures)
*Mankiw, N. Gregory, David Romer, and David N. Weil (1992): “A Contribution to the
Empirics of Economic Growth,” Quarterly Journal of Economics, Vol. 107 (2), pp. 407437.
*Klenow, Pete and Andres Rodriguez-Clare (1997): “The Neoclassical Revival in Growth
Economics: Has it Gone too Far?” NBER Macroeconomics Annual, pp. 73-114.
*Kremer, Michael (1993): “The O-Ring Theory of Economic Development” Quarterly Journal of
Economics, Vol. 108 (3), pp. 551-575.
Jones, Charles (2010): “Intermediate Goods and Weak Links in the Theory of Economic
Development,” Forthcoming in AEJ Macroeconomics.
Romer, Paul (1986): “Increasing Returns and Long-Run Growth," Journal of Political Economy,
Vol. 94(5), pp. 1002-1037.
Shleifer, Andrei, and K. Murphy and R. Vishny (1989): “Industrialization and the Big Push,”
Journal of Political Economy, Vol. 97(5), pp. 1003-1026.
Parente, Stephen, and Edward Prescott (1999): “Monopoly Rights: A Barrier to Riches,”
American Economic Review, Vol. 89(5), 1216-1233.
Young, Alwyn (1995): “The Tyranny of Numbers: Confronting the Statistical Realities of the
East Asian Growth Experience,” Quarterly Journal of Economics, Vol. 110(3), pp. 641-680.
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Chang-Tai Hsieh (1999): “Productivity Growth and Factor Prices in East Asia,” American
Economic Review P&P, Vol. 89(2), pp. 133-138.
Population (1 lecture)
Malthus, T.R. (1798): “Essay on the Principle of Population 1798, Chapters 1 & 2,” The Works of
Thomas Robert Malthus, Pickering & Chatto Publishers Limited, London, 1986.
Gary S. Becker (1981): “A Treatise on the Family”, Cambridge, MA: Harvard University Press,
1981.
*Kremer, M. (1993): “Population Growth and Technological Change: 1,000,000 B.C. to 1990,”
Quarterly Journal of Economics, Vol. 108 (3), pp. 681-716.
Galor, O., and David N. Weil (1996): “The Gender Gap, Fertility, and Growth,” American
Economic Review, Vol. 86 (3), pp. 374-387.
Technology (1 lecture)
*Banerjee, Abhijit (1992): “A Simple Model of Herd Behavior,” Quarterly Journal of Economics, Vol.
107(3), pp. 797-817.
Ellison, G. and D. Fudenberg (1993): “Rules of Thumb for Social Learning,” Journal of Political
Economy, Vol. 101(4), pp. 612-643.
Rabin, Matthew and Eric Eyster (2009): “Rational and Naive Herding,” mimeo.
Foster, Andrew and Mark Rosenzweig (1996): “Technical Change and Human Capital Returns
and Investments: Evidence from the Green Revolution,” American Economic Review, Vol. 86(4),
pp. 931-953.
Suri, Tavneet (2011): “Selection and Comparative Advantage in Technology Adoption,”
Econometrica, Vol. 79(1), pp. 159–209
*Basu and Weil (1998): “Appropriate Technology and Growth,” Quarterly Journal of Economics,
Vol. 113(4), pp. 1025-1054.
Diego A. Comin and Bart Hobijn (2010): “An Exploration of Technology Diffusion,” American
Economic Review, Vol. 100(5), pp. 2031–59.
Non-Aggregate Models of Growth and Returns to Capital (1 lecture)
*Lucas, Robert (1990): “Why doesn’t capital flow from rich to poor countries?” American
Economic Review, Vol. 80(2), pp. 92–96.
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*Banerjee, Abhijit and Esther Duflo (2005): “Growth theory through the Lens of Development
Economics”, in Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, Edition 1,
Volume 3, Chapter 1, Elsevier.
Caselli, Francesco (2005): “Accounting for Cross-Country Income Differences,” in Philippe
Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, Edition 1, Volume 1, Chapter 9,
pages 679-741, Elsevier.
Duflo, E., M. Kremer, and J. Robinson (2008): “How High Are Rates of Return to Fertilizer?
Evidence from Field Experiments in Kenya.” The American Economic Review P&P, Volume 98 (2)
2, pp. 482-488.
Suresh de Mel, David McKenzie and Christopher Woodruff (2008): “Returns to capital in
microenterprises: evidence from a field experiment,” Quarterly Journal of Economics, Vol. 123(4),
pp. 1329-1372.
Udry, Christopher, and Santosh Anagol (2006): "The Return to Capital in Ghana," American
Economic Review, Vol. 96(2), pp. 388-393.
Banerjee, A. and E. Duflo (2010): “Do Firms Want to Borrow More? Testing Credit Constraints
Using a Directed Lending Program,” Revised and Resubmitted, Review of Economic Studies.
Caselli, Francesco, and James Feyrer (2007): “The Marginal Product of Capital,” Quarterly Journal
of Economics, Vol. 122(2), pp. 535-568.
*Hsieh, Chang-Tai and Peter Klenow (2009): “Misallocation and Manufacturing TFP in China
and India,” Quarterly Journal of Economics, Vol. 124(4), pp. 1403-1448.
Institutions
Engerman, Stanley L. and Kenneth L. Sokoloff (1997): “Factor endowments, institutions, and
differential paths of growth among New World economies: a view from economic historians of
the United States,” In How Latin America Fell Behind, ed. S. Haber, Stanford University Press, pp.
260-304.
Acemoglu, Daron, Simon Johnson, James A. Robinson (2001): “The Colonial Origins of
Comparative Development: An Empirical Investigation,” American Economic Review, Vol. 91(5),
pp. 1369-1401.
Acemoglu, Daron, Simon Johnson and James A. Robinson (2002): “Reversal of Fortune:
Geography and Institutions in the Making of the Modern World Income Distribution,” Quarterly
Journal of Economics, Vol. 117(4), pp. 1231-1294.
Edward L. Glaeser, Rafael La Porta, Florencio Lopez-de-Silanes, and Andrei Shleifer (2004):
“Do Institutions Cause Growth?” Journal of Economic Growth, Vol. 9, pp. 271-303.
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Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny (1998):
“Law and Finance,” Journal of Political Economy, Vol. 106(6), pp. 1113-1155.
Banerjee, Abhijit and Lakshmi Iyer (2005): “History, Institutions and Economic Performance:
The Legacy of Colonial Land Tenure Systems in India,” American Economic Review, Vol. 95(4), pp.
1190-1213.
Iyer, Lakshmi (2010): “Direct versus Indirect Colonial Rule in India: Long-term Consequences,”
Review of Economics and Statistics, Vol. 92(4), pp. 693-713.
2. CULTURE
Culture and reputation (3 lectures)
Miguel, Edward and Ray Fisman (2007): “Corruption, Norms and Legal Enforcement: Evidence
from Diplomatic Parking Tickets,” Journal of Political Economy, Vol. 115(6), pp. 1020-1048.
Raquel Fernandez, A. Fogli (2009): “Culture: An Empirical Investigation of Beliefs, Work, and
Fertility,” AEJ: Macroeconomics, Vol. 1(1), pp. 146-177.
Guiso, L., P. Sapienza, and L. Zingales (2006): “Does Culture Affect Economic Outcomes?”
Journal of Economic Perspectives, Vol. 20, pp. 23-48.
Raquel Fernandez (2008): “Culture and Economics,” New Palgrave Dictionary of Economics, 2nd
edition.
George Akerlof, Rachel E. Kranton (2000): “Economics and Identity,” Quarterly Journal of
Economics (2000), Vol. 115(3), pp. 715-7532.
*Tirole, Jean (1996): “A Theory of Collective Reputations (With Applications to the Persistence
of Corruption and to Firm Quality),” Review of Economic Studies, Vol. 63 (1), pp. 1-22.
*Avner Greif (1993): “Contract Enforceability and Economic Institutions in Early Trade: The
Maghribi Traders’ Coalition.” American Economic Review, Vol. 83(3), pp. 525-548.
*Banerjee, Abhijit and Esther Duflo (2000): “Reputation Effects and the Limits of Contracting:
A study of the Indian Software Industry,” Quarterly Journal of Economics. Vol. 115(3), pp. 989-1017.
Interaction of Culture and Institutions (1 lecture)
*Clingingsmith, David, Asim Ijaz Khwaja, and Michael Kremer (2009): “Estimating the Impact
of the Hajj: Religion and Tolerance in Islam's Global Gathering,” Quarterly Journal of Economics,
Vol. 124(3), pp. 1133-1170.
*Nathan Nunn, Leonard Wantchekon (2010): “The Slave Trade and the Origins of Mistrust in
Africa” American Economic Review, forthcoming.
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*Lori Beaman, Raghabendra Chattopadhyay, Esther Duflo, Rohini Pande, Petia Topalova
(2009): “Powerful Women: Does Exposure Reduce Bias?” Quarterly Journal of Economics, Vol.
124(4), pp. 1497-1540.
*Michael Kremer, Jessica Leino, Edward Miguel, and Alix Peterson Zwane (2010): “Spring
Cleaning: Rural Water Impacts, Valuation, and Property Rights Institutions,” Forthcoming,
Quarterly Journal of Economics.
Di Tella, Rafael, Sebastian F. Galiani, and Ernesto S. Schargrodsky (2007): “The Formation of
Beliefs: Evidence from the Allocation of Land Titles to Squatters,” Quarterly Journal of Economics,
Vol. 122(1), pp. 209–241.
Willa Friedman, Michael Kremer, Edward Miguel, and Rebecca Thornton (2011): “Education
and Liberation,” mimeo.
Eliana La Ferrara, Alberto Chong and Suzanne Duryea (2008): “Soap operas and fertility:
Evidence from Brazil”, mimeo.
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Philippe Aghion’s Reading List
Textbook: P. Aghion and P. Howitt: The Economics of Growth (MIT Press, 2008)
1. Club Convergence
 Ch 9: General Purpose Technologies*
 Ch 11: Institutions and Non-convergence Traps*
2. Stages of Growth
 Ch 15 Trade and Growth*
3. Competition
 Ch 12: Fostering Competition and Entry*
4. Macro-policy of Growth
 Ch 14: Reducing Volatility and Risk*
5. Education, Health and Growth
 Ch 13: Investing in Education*
6. The Environment:
 Ch 16: Preserving the Environment*
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Shawn Cole’s Reading List
March 30: Financial Development and Growth
Rajan, Raghuram G. and Luigi Zingales (1998): “Financial Dependence and Growth,” American
Economic Review, Vol. 88(3), pp. 559-586.
* Burgess, Robin, and Rohini Pande (2005): “Do Rural Banks Matter? Evidence from the Indian
Social Banking Experiment,” American Economic Review, Vol. 95(3), pp. 780–795.
* Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny (1998):
“Law and Finance,” Journal of Political Economy, Vol. 106(6), pp. 1113-1155.
Asli Demirguc-Kunt, Thorsten Beck, and Patrick Honohan (2008): “Finance for All? Policies
and Pitfalls in Expanding Access,” open access publications from Tilburg University.
Guiso, Luigi, Paola Sapienza, and Luigi Zingales (2004): “The Role of Social Capital in Financial
Development,” American Economic Review, Vol. 94(3), pp. 526–556.
April 4-Household Finance / Insurance
* Townsend, Robert M. (1994): “Risk and Insurance in Village India,” Econometrica, Vol. 62(3),
pp. 539-591.
* Cole, Shawn A., Xavier Gine, Jeremy Tobacman, Petia Topalova, Robert Townsend, and
James Vickery (2010): “Barriers to Household Risk Management: Evidence from India.” Harvard
Business School Working Paper, No. 09-116, April 2009. (Revised November 2010.)
Guiso, Luigi, Paola Sapienza, and Luigi Zingales (2008): “Trusting the Stock Market,” Journal of
Finance, 63(6), pp. 2557–2600.
Cole, Shawn A., Thomas Sampson, and Bilal Zia (2011): “Prices or Knowledge? What Drives
Demand for Financial Services in Emerging Markets?” Forthcoming, Journal of Finance.
Anagol, Santosh, Shawn Cole, and Shayak Sarkar (2011): “Bad Advice: Explaining the
Persistence of Whole Life Insurance,” mimeo, Harvard Business School.
Paxson, C.H. (1992): “Using Weather Variability to Estimate the Response of Savings to
Transitory Income in Thailand,” American Economic Review, Vol. 82(1), pp. 15-33.
April 6-Small and Family Firms
* De Mel, Suresh, David McKenzie, and Christopher Woodruff (2008): “Returns to Capital in
Microenterprises: Evidence from a Field Experiment,” Quarterly Journal of Economics, Vol. 123(4),
pp. 1329-1372.
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* Marianne Bertrand, Simon Johnson, Krislert Samphantharak, Antoinette Schoar (2008):
“Mixing Family With Business: A Study of Thai Business Groups and the Families Behind
Them,” Journal of Financial Economics, Vol. 88 (3), pp. 466-498.
Bertrand, Marianne and Antoinette Schoar (2006): “The Role of Family in Family Firms,” Journal
of Economic Perspectives, Vol. 20(2), pp. 73-96.
Banerjee, Abhijit, and Esther Duflo (2005): “Growth Theory through the Lens of Development
Economics,” in Steve Durlauf and Philippe Aghion, (eds.), Handbook of Economic Growth, Elsevier
Science Ltd.-North Holland, Vol. 1A, pp. 473-552.
Hertzberg, Andrew, Jose Liberti, and Daniel Paravisini (2010): “Public Information and
Coordination: Evidence from a Credit Registry Expansion,” Forthcoming, Journal of Finance.
April 11-Firms I: Debt
Paravisini, Daniel (2008): “Local Bank Financial Constraints and Firm Access to External
Finance,” Journal of Finance, Vol. 63(5), pp. 2161–2193.
Asim Khwaja, Atif Mian, and Bilal Zia (2010): “Dollars Dollars Everywhere, Nor any Dime to
Lend: Credit Limit Constraints on Financial Sector Absorptive Capacity,” Review of Financial
Studies, Vol. 23(12), pp. 4281-4323.
* Asim Khwaja, and Atif Mian (2008): “Tracing the Impact of Bank Liquidity Shocks: Evidence
from an Emerging Market,” American Economic Review, Vol. 98(4), pp. 1413-42 4.
* Jose M. Liberti, and Atif R. Mian (2010): “Collateral Spread and Financial Development,”
Journal of Finance, Vol. 65(1), pp. 147-177.
April 13-Firms II: Equity
* Bertrand, M., Mehta, P. & Mullainathan, S. (2002): “Ferreting Out Tunneling: An Application
to Indian Business Groups,” Quarterly Journal of Economics, Vol. 117(1), pp. 121-148.
* Fisman, R. (2001): “Estimating the Value of Political Connections,” American Economic Review,
Vol. 91(4), pp. 1095-1102.
Dyck, A. & Zingales, L. (2004): “Private Benefits of Control: An International Comparison,”
Journal of Finance, Vol. 59(2), pp. 537-600.
Lerner, J. & Schoar, A. (2005): “Does Legal Enforcement Affect Financial Transactions? The
Contractual Channel in Private Equity,” Quarterly Journal of Economics, Vol. 120(1), pp. 223-246.
Claessens, S., Djankov, S. & Lang, L.H.P. 2000: “The Separation of Ownership and Control in
East Asian Corporations,” Journal of Financial Economics, Vol. 58(1-2), pp. 81-112.
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Doidge, C., Karolyi, G.A. & Stulz, R. (2004): "Why Are Foreign Firms Listed in the U.S. Worth
More?" Journal of Financial Economics, Vol. 71(2), pp. 205-238.
Johnson, Simon, R. La Porta, F. Lopez-de-Silanes, and A. Shleifer (2000): “Tunneling,” American
Economic Review P&P, Vol. 90(2), pp. 22-27.
April 18-Firms III: Management/Boards/Networks
* Hertzberg, Andrew, J Liberti, and D Paravisini (2010): “Information and Incentives Inside the
Firm: Evidence from Loan Officer Rotation,” Journal of Finance Vol. 65(3), pp. 795–828.
* Nicholas Bloom, Benn Eifert, David McKenzie, Aprajit Mahajan & John Roberts (2010):
“Does Management Matter,” mimeo, Stanford University.
Atif Mian, A Khwaja and A Qamar (2010): “The Value of Super Networks,” mimeo, Harvard
University.
Porta, R., Lopez-de-Silanes, F. & Shleifer, A. (2002): "Government Ownership of Banks,”
Journal of Finance, Vol. 57(1), pp. 265-301.
April 20-Political Economy and Finance
Khwaja, A.I. & Mian, A. (2005): “Do Lenders Favor Politically Connected Firms? Rent
Provision in an Emerging Financial Market,” Quarterly Journal of Economics, Vol. 120(4), pp. 13711411.
* Cole, Shawn (2009): “Fixing Market Failures or Fixing Elections,” American Economic Journal:
Applied Economics, Vol. 1(1), pp. 219-50.
Osili, Okonkwo, and Anna Paulson (2008): “Institutions and Financial Development: Evidence
from International Migrants in the United States,” Review of Economics and Statistics, Vol.
90(3), pp. 498-512.
* Faccio, M. (2006): “Politically Connected Firms,” American Economic Review, Vol. 96, no. 1, pp.
369-386.
Brown, Craig and Dinc, I. Serdar (2005): “The Politics of Bank Failures: Evidence from
Emerging Markets,” Quarterly Journal of Economics, Vol. 120(4), pp. 1413-44.
April 25-Corruption
* Shleifer, Andrei and Rob Vishney (1993): “Corruption,” Quarterly Journal of Economics, Vol.
108(3), pp. 599-617.
Olken, B.A. (2007): “Monitoring Corruption: Evidence from a Field Experiment in Indonesia,”
Journal of Political Economy, Vol. 115(2), pp. 200-249.
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* Banerjee, Abhijit (1997): “A Theory of Misgovernance,” Quarterly Journal of Economics, Vol.
112(4), pp. 1289-1332.
Bertrand, Marianne, Simeon Djankov and Rema Hanna and Sendhil Mullainathan (2007):
“Obtaining a Driving License in India: An Experimental Approach to Studying Corruption,”
Quarterly Journal of Economics, Vol. 122(4), pp. 1639-1676.
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