Lant Pritchett, Mary Hallward-Driemeier, 23 July 2010

Does government policy make any difference? This column argues that, in many developing countries, firms often make decisions based not on the policy itself, but what it implies in terms of “deals” they may have to make with middle men and corrupt officials. This “policy uncertainty” is a major concern for firms and can help explain some of the puzzles of development.

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CEPR Policy Research