Antonio Fatás, Beatrice Weder di Mauro, 07 May 2018

Economists have been dismissive of cryptocurrencies, but fintech entrepreneurs and enthusiasts continue to see their disruptive potential. This column considers the theoretical and practical arguments on both sides of the debate. Traditional currencies are overwhelmingly superior as forms of money, and cryptocurrencies’ advantage in terms of lax regulation is unlikely to last. There remains, however, ample potential for innovation in payment systems.

Joan Costa-i-Font, 22 August 2012

National healthcare systems are under financial pressure around the globe. One commonly suggested reform involves decentralisation. This column argues that the success of healthcare decentralisation depends on the political and design incentives. But if successful decentralisation is achieved, it can result in higher satisfaction and more fairness at no additional cost.

Ejaz Ghani, Lakshmi Iyer, Saurabh Mishra, 10 April 2012

What policies can narrow the huge gap between the rich and the poor within India and other South Asian countries? One way is to devolve power to local governments in the hope they can better target the poverty. This column argues that simply directing financial resources to poor regions is not enough and needs to be complemented with increases in capacity and accountability of the local authorities.

Vassilis Tselios, Andrés Rodríguez-Pose, Andy Pike, John Tomaney, Gianpiero Torrisi, 15 October 2011

Devolution can have incongruous effects on equality. Decentralisation of powers and resources to lower tiers of government can either increase or reduce interpersonal inequalities, depending on characteristics of the devolved region. This column uses data from regions of Western Europe to show that greater fiscal decentralisation is associated with lower income inequality.

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