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Opportunistic politicians maximize the probability of reelection and rents from office holding. Can it be optimal from their point of view to delegate policy choices to independent bureaucracies? The answer is yes: politicians will delegate some policy tasks, though in general not those that would be socially optimal to delegate. In particular, politicians tend not to delegate coalition forming redistributive policies and policies that create large rents or effective campaign contributions. Instead they prefer to delegate risky policies to shift risk (and blame) on bureaucracies.

Financial crises.

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Capital market. --- Financial crises --- Financial crises --- Financial crises --- International finance.

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The evaluation of the IMF/Netherlands Program for legal and judicial reform in Indonesia was undertaken during July 2004 in Jakarta by a team of three persons appointed by the Government of Indonesia, the Government of the Netherlands, and the IMF. All three are well acquainted with Indonesia and its legal institutions. Together they interviewed over sixty-six persons from twenty-nine institutions and organizations, including IMF and World Bank personnel, judicial personnel, other government officials, private contractors, non-governmental organizations in any way connected with the Program, and foreign donor organizations engaged in relevant programs. The members of the evaluation team and the list of those whom they interviewed can be found in appendixes one and two.

Financial crises. --- Economic development.

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The compendium of papers in this volume focuses on aspects of economic uncertainty, financial instabilities and asset bubbles.Economic uncertainty is modeled in continuous time using the mathematical techniques of stochastic calculus. A detailed treatment of important topics is provided, including the existence and uniqueness of asymptotic economic growth, the modeling of inflation and interest rates, the decomposition of inflation and its volatility, and the extension of the quantity theory of money to allow for randomness.The reader is also introduced to the methods of chaotic dynamics, and

Business cycles. --- Financial crises.

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The evaluation of the IMF/Netherlands Program for legal and judicial reform in Indonesia was undertaken during July 2004 in Jakarta by a team of three persons appointed by the Government of Indonesia, the Government of the Netherlands, and the IMF. All three are well acquainted with Indonesia and its legal institutions. Together they interviewed over sixty-six persons from twenty-nine institutions and organizations, including IMF and World Bank personnel, judicial personnel, other government officials, private contractors, non-governmental organizations in any way connected with the Program, and foreign donor organizations engaged in relevant programs. The members of the evaluation team and the list of those whom they interviewed can be found in appendixes one and two.

Financial crises. --- Economic development.