Jean-Paul Faguet is professor of the political economy of development in the Department of International Development at the London School of Economics and Political Science. He is the co-programme director of the MSc in Development Management and chair of the Decentralization Task Force at Columbia University’s Initiative for Policy Dialogue. He works at the frontier between economics and political science, using quantitative and qualitative methods to investigate the institutions and organisational forms that underpin development transformations. He has published in the economics, political science and development literatures, including Is Decentralization Good for Development? Perspectives from Academics and Policymakers (Oxford, 2015) and Governance from Below: Decentralization and Popular Democracy in Bolivia (Michigan), which won the W.J.M. Mackenzie Prize for best political science book of 2012.Sarmistha Pal is professor of financial economics at the University of Surrey. In the past, she served as a research fellow at the Department of Applied Economics at the University of Cambridge, research affiliate at the Centre for the Study of African Economies at the University of Oxford, and a Leverhulme research fellow in the United Kingdom. She is currently a research fellow at the IZA – Institute of Labour Economics in Bonn, Germany, and an academic member of the European Corporate Governance Institute. She also serves as an editorial board member for the Journal of Development Studies. Her research focuses on public finance, public policy, institutions and political economy, with an emphasis on emerging economies. She conducts empirical analysis to examine the impact of laws, social policies, corporate practices and public policies on economic outcomes for individuals, households, firms, banks and communities, using a range of quasi-experimental methods.