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This paper analyzes the pervasiveness and persistence of rent seeking, misgovernance, and public sector inefficiency in many developing and transition economies. We formalize evidence from country experiences and empirical studies into a stylized analytical framework that reflects realistic constraints faced in these countries. Our work departs from the standard economic literature by assuming that (i) the relationship between the government and its population is regulated through an implicit social consensus; (ii) traditional incentives (in the form of public expenditure controls, sanctions, or monetary incentives to perform) are, for various reasons, ineffective in many of these countries; and (iii) the persistence of high corruption reflects a very stable equilibrium, which in turn reflects the fact that several constraints are simultaneously binding. We argue that, when traditional incentives fail, transparency-information provision and disclosure, together with the means to use it-by relaxing different constraints, can contribute to improving public outcomes.

Corruption -- Developing countries -- Prevention -- Econometric models. --- Electronic books. -- local. --- Rent (Economic theory) -- Econometric models. --- Transparency in government -- Econometric models. --- Law, Politics & Government --- Human Rights --- Corruption --- Rent (Economic theory) --- Transparency in government --- Prevention --- Econometric models. --- Economic rent --- Ground-rent --- Government in the sunshine --- Openness in government --- Sunshine, Government in the --- Transparence in government --- Corrupt practices --- Economics --- Land use --- Rent seeking --- Open government (Transparency in government) --- Public administration --- Ethics --- Labor --- Taxation --- Criminology --- Demography --- Bureaucracy --- Administrative Processes in Public Organizations --- Wages, Compensation, and Labor Costs: General --- Taxation, Subsidies, and Revenue: General --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Demographic Economics: General --- Corporate crime --- white-collar crime --- Labour --- income economics --- Public finance & taxation --- Civil service & public sector --- Population & demography --- Tax incentives --- Civil service --- Population and demographics --- Population --- Bolivia --- Income economics --- White-collar crime

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The aim of this Master thesis is to describe the ecosystem of Impact Investing ‘for development’ and to analyse the best practices of impact investing intermediaries to contribute to the achievement of the 2030 Agenda. According to the “The Impact Imperative for Sustainable Development” framework published in 2019 by the OECD, intermediaries need to attract investors and invest efficiently (‘financing imperative’), foster innovation (‘innovation imperative’) and measure impact on development (‘data imperative’). A qualitative research was conducted via semi-structured interviews with ten intermediaries located in Belgium and Luxembourg. The main finding is that the ecosystem is composed of four different models of intermediaries and that certain investment practices have merely been rebranded under the term Impact Investing. Regarding the financing of the SDGs, the intermediaries are attracting public and private investors, but overall the market remains small and the capability to attract ‘new’ capital continues to be debatable. In terms of the ‘innovation imperative’, the intermediaries are looking for innovation, but there are no specific methods or criteria except benchmarking. As to the ‘data imperative’, it was found that the intermediaries are gradually aligning their strategy to the SDGs. Since the goals are well-known, generally accepted and easy to understand, they are mainly used for external and investor communication. Eventually, the effort in recent years to navigate towards a more global approach for development materialised by the SDGs has led to a greater diversity of the ecosystem and its investment practices. Without a clear set of best practices, there is a potential risk of the complete appropriation of this term by commercial investors as a marketing tool. Future research should, inter alia, include a multi-stakeholder approach and consider field observations of the best practices.

Impact investing --- Impact investing for development --- Social finance --- Sustainable Development Goals --- SDG investing --- Development finance --- Financing for development --- Development cooperation --- OECD --- Impact investing intermediaries --- Belgium --- Luxembourg --- Sciences économiques & de gestion > Economie sociale