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Financial inclusion is a policy priority in both developed and developing countries. Yet almost one in four people remain financially excluded around the globe, with the vast majority living in the developing world. In this paper, we argue that financial resilience: an individual's ability to function effectively in adverse financial situations, can better help us assist people to cope with financial adversity, develop effective policy and, ultimately, improve economic development. This paper builds on an existing financial resilience meas-urement framework and adapts it to develop a measure appropriate to the context of devel-oping countries. Indonesia, where one in three people are financially excluded, is used as a case country from which to draw conclusions. We use the Indonesia Family Life Sur-vey and put forward the country's first snapshot of financial resilience. Implications for research and policy are presented.

The Asian paradox suggests a net grease-the-wheel effect of corruption.

We explain the firm downsizing trend of the recent decades by the new abundance of information -the ICT revolution. Production processes differ in their information requirements: while decentralized production by means of market exchanges is information intensive, less information per unit of output is needed in the hierarchically integrated production of firms, and the information/output ratio is decreasing firm size.We formulate a quantity of information theory of the firm embodying these differences and derive a Coase-Rybczinski effect for the aggregate economy, which predicts a decreasing employment share of large firms and an increasing share of small ones when the aggregate quantity of information increases Panel data regressions and other evidence provide support for this hypothesis.

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In this article we unpack Baumol's (1990) theory of entrepreneurship's outcomes (productive, unproductive, and destructive) in a framework of failing institutions, considering that entrepreneurship is instead first characterized by two non-mutually exclusive types of behavior (conforming versus evasive). We hypothesize that the evasive activity (firm-level corruption) is undertaken as a second-best response to poor institutional quality, supporting the conforming activity. Using instrumental variable panel regression in the context of Indonesia, we evidence the mediating effect of bribing on the relation between local institutional quality and new business density, thus unveiling the real effect of institutional quality on entrepreneurship.

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