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  • 2005-2009  (14)
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  • 1
    Online Resource
    Online Resource
    Fiscal Rules, Public Investment, And Growth (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (36 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Serven, Luis Fiscal Rules, Public Investment, And Growth
    Keywords: Access to Finance ; Cash Flows ; Debt Markets ; Expenditures ; Finance and Financial Sector Development ; Financial Market ; Financial Market Participants ; Financial Markets ; Fiscal Policy ; International Bank ; International Financial Institutions ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Public Investment ; Public Sector Economics and Finance ; Public Sector Expenditure Analysis and Management ; Solvency ; Access to Finance ; Cash Flows ; Debt Markets ; Expenditures ; Finance and Financial Sector Development ; Financial Market ; Financial Market Participants ; Financial Markets ; Fiscal Policy ; International Bank ; International Financial Institutions ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Public Investment ; Public Sector Economics and Finance ; Public Sector Expenditure Analysis and Management ; Solvency ; Access to Finance ; Cash Flows ; Debt Markets ; Expenditures ; Finance and Financial Sector Development ; Financial Market ; Financial Market Participants ; Financial Markets ; Fiscal Policy ; International Bank ; International Financial Institutions ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Public Investment ; Public Sector Economics and Finance ; Public Sector Expenditure Analysis and Management ; Solvency
    Abstract: Solvency is an intertemporal concept, relating to the present value of revenues and expenditures, and encompassing both assets and liabilities. But the standard practice among policy makers, financial market participants and international financial institutions is to assess the strength of the fiscal accounts solely on the basis of the cash deficit. Short-term cash flows matter, but a preponderant focus on them can encourage governments to invest too little, especially during episodes of fiscal tightening. This has potentially adverse consequences for growth and, paradoxically, even for fiscal solvency itself. The paper offers an overview of the links between fiscal targets, public investment, and public sector solvency. After reviewing the international experience with public investment under fiscal adjustment, the paper lays out an analytical framework to illustrate the consequences of using the public deficit as a guide to solvency. The paper then discusses some alternatives to conventional cash deficit rules and their implications for investment and fiscal solvency
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 2
    Online Resource
    Online Resource
    Walking Up The Down Escalator : Public Investment And Fiscal Stability (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Easterly, William Walking Up The Down Escalator
    Keywords: Accounting ; Bank Policy ; Banks and Banking Reform ; Budget ; Cash Flow ; Cash Flows ; Debt ; Debt Markets ; Defic Exchange ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Discipline ; Future ; Investment Spending ; Investment and Investment Climate ; Investments ; Liquidity ; Macroeconomics and Economic Growth ; Private Finance ; Private Sector Development ; Public Sector Economics and Finance ; Public Sector Expenditure Analysis and Management ; Accounting ; Bank Policy ; Banks and Banking Reform ; Budget ; Cash Flow ; Cash Flows ; Debt ; Debt Markets ; Defic Exchange ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Discipline ; Future ; Investment Spending ; Investment and Investment Climate ; Investments ; Liquidity ; Macroeconomics and Economic Growth ; Private Finance ; Private Sector Development ; Public Sector Economics and Finance ; Public Sector Expenditure Analysis and Management ; Accounting ; Bank Policy ; Banks and Banking Reform ; Budget ; Cash Flow ; Cash Flows ; Debt ; Debt Markets ; Defic Exchange ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Discipline ; Future ; Investment Spending ; Investment and Investment Climate ; Investments ; Liquidity ; Macroeconomics and Economic Growth ; Private Finance ; Private Sector Development ; Public Sector Economics and Finance ; Public Sector Expenditure Analysis and Management
    Abstract: Fiscal adjustment becomes like walking up the down escalator when growth-promoting spending is cut so much as to lower growth and thus the present value of future tax revenues to a degree that more than offsets the improvement in the cash deficit. Although short-term cash flows matter, a preponderant focus on them encourages governments to invest too little. Cash flow targets also encourage governments to shift investment spending off budget, by seeking private investment in public projects-irrespective of its real fiscal or economic benefits. To evade the action of cash flow targets, some have suggested excluding from their scope certain investments (such as those undertaken by public enterprises deemed commercial or financed by multilaterals). These stopgap remedies might sometimes help protect investment, but they do not provide a satisfactory solution to the underlying problem. Governments can more effectively reduce the biases created by the focus on short-term cash flows by developing indicators of the long-term fiscal effects of their decisions, including accounting and economic measures of net worth, and where appropriate including such measures in fiscal targets or even fiscal rules, replacing the exclusive focus on liquidity and debt
    URL: Volltext  (Deutschlandweit zugänglich)
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    MPI Ethno. Forsch.
  • 3
    Online Resource
    Online Resource
    Real Exchange Rates, Saving And Growth : Is There A Link? (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (36 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Montiel, Peter J Real Exchange Rates, Saving And Growth
    Keywords: Currencies and Exchange Rates ; Debt Markets ; Economic Stabilization ; Economic growth ; Emerging Markets ; Exchange rate depreciation ; Finance and Financial Sector Development ; Growth rate ; Macroeconomic Management ; Macroeconomic impact ; Macroeconomics and Economic Growth ; Policy research ; Private Sector Development ; Real exchange ; Real exchange rate ; Real exchange rate volatility ; Real exchange rates ; Currencies and Exchange Rates ; Debt Markets ; Economic Stabilization ; Economic growth ; Emerging Markets ; Exchange rate depreciation ; Finance and Financial Sector Development ; Growth rate ; Macroeconomic Management ; Macroeconomic impact ; Macroeconomics and Economic Growth ; Policy research ; Private Sector Development ; Real exchange ; Real exchange rate ; Real exchange rate volatility ; Real exchange rates ; Currencies and Exchange Rates ; Debt Markets ; Economic Stabilization ; Economic growth ; Emerging Markets ; Exchange rate depreciation ; Finance and Financial Sector Development ; Growth rate ; Macroeconomic Management ; Macroeconomic impact ; Macroeconomics and Economic Growth ; Policy research ; Private Sector Development ; Real exchange ; Real exchange rate ; Real exchange rate volatility ; Real exchange rates
    Abstract: The view that policies directed at the real exchange rate can have an important effect on economic growth has been gaining adherents in recent years. Unlike the traditional "misalignment" view that temporary departures of the real exchange rate from its equilibrium level harm growth by distorting a key relative price in the economy, the recent literature stresses the growth effects of the equilibrium real exchange rate itself, with the claim being that a depreciated equilibrium real exchange rate promotes economic growth. While there is no consensus on the precise channels through which this effect is generated, an increasingly common view in policy circles points to saving as the channel of transmission, with the claim that a depreciated real exchange rate raises the domestic saving rate -- which in turn stimulates growth by increasing the rate of capital accumulation. This paper offers a preliminary exploration of this claim. Drawing from standard analytical models, stylized facts on saving and real exchange rates, and existing empirical research on saving determinants, the paper assesses the link between the real exchange rate and saving. Overall, the conclusion is that saving is unlikely to provide the mechanism through which the real exchange rate affects growth
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 4
    Online Resource
    Online Resource
    Infrastructure and economic development in Sub-Saharan Africa (2008)
    [Washington, D.C] : World Bank
    Details
    Language: English
    Pages: Online-Ressource
    Edition: Online-Ausg. World Bank E-Library Archive Also available in print
    Series Statement: Policy research working paper 4712
    Parallel Title: Calderán, César Infrastructure and economic development in Sub-Saharan Africa
    Keywords: Income distribution ; Infrastructure (Economics) ; Income distribution ; Infrastructure (Economics)
    Abstract: "An adequate supply of infrastructure services has long been viewed by both academics and policy makers as a key ingredient for economic development. Sub-Saharan Africa ranks consistently at the bottom of all developing regions in terms of infrastructure performance, and an increasing number of observers point to deficient infrastructure as a major obstacle for growth and poverty reduction across the region. This paper offers an empirical assessment of the impact of infrastructure development on growth and inequality, with a focus on Sub-Saharan Africa. The paper uses a comparative cross-regional perspective to place Africa's experience in the international context. Drawing from an updated data set of infrastructure quantity and quality indicators covering more than 100 countries and spanning the years 1960-2005, the paper estimates empirical growth and inequality equations including a standard set of control variables augmented by infrastructure quantity and quality measures, and controlling for the potential endogeneity of the latter. The estimates illustrate the potential contribution of infrastructure development to growth and equity across Africa. "--World Bank web site
    Note: Includes bibliographical references , Title from PDF file as viewed on 5/18/2009 , Also available in print.
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 5
    Online Resource
    Online Resource
    Medium-Term Business Cycles in Developing Countries (2009)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (58 p)
    Edition: 2009 World Bank eLibrary
    Parallel Title: Comin, Diego Medium-Term Business Cycles in Developing Countries
    Abstract: Empirical evidence - including the current global crisis - suggests that shocks from advanced countries often have a disproportionate effect on developing economies. Can this account for the fact that aggregate fluctuations are larger and more persistent in the latter than in the former economies? And what are the mechanisms at play? This paper addresses these questions using a model of an industrial and a developing economy trading goods and assets, with (i) a product cycle shaping the range of intermediate goods used to produce new capital in each country, and (ii) investment adjustment costs in the developing economy. Innovation by the advanced economy results in new intermediate goods, at first produced at home, and eventually transferred to the developing economy through direct investment. The pace of innovation and technology transfer is driven by profitability. This process of technology diffusion creates a medium-term connection between both economies, over and above the short-term link through trade. Calibration of the model to match Mexico-United States trade and foreign direct investment flows shows that this mechanism can explain why shocks to the United States economy have a larger effect on Mexico than on the United States itself, and hence why Mexico shows higher volatility than the United States; why business cycles in the United States lead to medium-term fluctuations in Mexico; and why consumption is not less volatile than output in Mexico
    DOI: 10.1596/1813-9450-5146
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 6
    Online Resource
    Online Resource
    Fiscal Redistribution And Income Inequality In Latin America (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (31 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Goni, Edwin Fiscal Redistribution And Income Inequality In Latin America
    Keywords: Debt Markets ; Economic Theory and Research ; Effective tax rates ; Emerging Markets ; Finance and Financial Sector Development ; Indirect taxation ; Macroeconomics and Economic Growth ; Poverty Impact Evaluation ; Poverty Reduction ; Private Sector Development ; Tax ; Tax collection ; Tax incidence ; Tax rate ; Tax rates ; Tax revenue ; Tax revenues ; Tax system ; Taxation and Subsidies ; Debt Markets ; Economic Theory and Research ; Effective tax rates ; Emerging Markets ; Finance and Financial Sector Development ; Indirect taxation ; Macroeconomics and Economic Growth ; Poverty Impact Evaluation ; Poverty Reduction ; Private Sector Development ; Tax ; Tax collection ; Tax incidence ; Tax rate ; Tax rates ; Tax revenue ; Tax revenues ; Tax system ; Taxation and Subsidies ; Debt Markets ; Economic Theory and Research ; Effective tax rates ; Emerging Markets ; Finance and Financial Sector Development ; Indirect taxation ; Macroeconomics and Economic Growth ; Poverty Impact Evaluation ; Poverty Reduction ; Private Sector Development ; Tax ; Tax collection ; Tax incidence ; Tax rate ; Tax rates ; Tax revenue ; Tax revenues ; Tax system ; Taxation and Subsidies
    Abstract: Income inequality in Latin America ranks among the highest in the world. It can be traced back to the unequal distribution of assets (especially land and education) in the region. But the extent to which asset inequality translates into income inequality depends on the redistributive capacity of the state. This paper documents the performance of Latin American fiscal systems from the perspective of income redistribution using newly-available information on the incidence of taxes and transfers across the region. The findings indicate that: (i) the differences in income inequality before taxes and transfers between Latin America and Western Europe are much more modest than those after taxes and transfers; (ii) the key reason is that, in contrast with industrial countries, in most Latin American countries the fiscal system is of little help in reducing income inequality; and (iii) in countries where fiscal redistribution is significant, it is achieved mostly through transfers rather than taxes. These facts stress the need for fiscal reforms across the region to further the goal of social equity. However, different countries need to place different relative emphasis on raising tax collection, restructuring the tax system, and improving the targeting of expenditures
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 7
    Online Resource
    Online Resource
    Are all the sacred cows dead? : Implications of the financial crisis for macro and financial policies (2009)
    [Washington, D.C] : World Bank
    Details
    Language: English
    Pages: Online-Ressource
    Edition: 2009 World Bank eLibrary Also available in print
    Series Statement: Policy research working paper 4807
    Parallel Title: Demirgüç-Kunt, Aslı Are all the sacred cows dead?
    Keywords: Economic policy ; Financial crises ; Economic policy ; Financial crises
    Abstract: "The recent global financial crisis has shaken the confidence of developed and developing countries alike in the very blueprint of financial and macro policies that underlie the western capitalist systems. In an effort to contain the crisis from spreading, the authorities in the US and many European governments have taken unprecedented steps of providing extensive liquidity, giving assurances to bank depositors and creditors that include blanket guarantees, and structuring bail-out programs that include taking large ownership stakes in financial institutions, in addition to establishing programs for direct provision of credit to non-financial institutions. Emphasizing the importance of incentives and tensions between short term and longer term policy responses to crisis management, this paper draws on a large body of research evidence and country experiences to discuss the implications of the current crisis for financial and macroeconomic policies going forward. "--World Bank web site
    Note: Includes bibliographical references , Title from PDF file as viewed on 5/8/2009 , Also available in print.
    DOI: 10.1596/1813-9450-4807
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 8
    Online Resource
    Online Resource
    Informality in Latin America and the Caribbean (2009)
    [Washington, D.C] : World Bank
    Details
    Language: English
    Pages: Online-Ressource
    Edition: 2009 World Bank eLibrary Also available in print
    Series Statement: Policy research working paper 4888
    Parallel Title: Loayza, Norman Informality in Latin America and the Caribbean
    Keywords: Informal sector (Economics ; Informal sector (Economics ; Informal sector (Economics ; Informal sector (Economics
    Abstract: "This paper studies the causes and consequences of informality and applies the analysis to countries in Latin America and the Caribbean. It starts with a discussion on the definition and measures of informality, as well as on the reasons why widespread informality should be of great concern. The paper analyzes informality's main determinants, arguing that informality is not single-caused but results from the combination of poor public services, a burdensome regulatory regime, and weak monitoring and enforcement capacity by the state. This combination is especially explosive when the country suffers from low educational achievement and features demographic pressures and primary production structures. Using cross-country regression analysis, the paper evaluates the empirical relevance of each determinant of informality. It then applies the estimated relationships to most countries in Latin America and the Caribbean in order to assess the country-specific relevance of each proposed mechanism. "--World Bank web site
    Note: Includes bibliographical references , Title from PDF file as viewed on 5/7/2009 , Also available in print.
    DOI: 10.1596/1813-9450-4888
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 9
    Online Resource
    Online Resource
    Too Poor To Grow (2009)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (38 p)
    Edition: 2009 World Bank eLibrary
    Parallel Title: Lopez, Humberto Too Poor To Grow
    Abstract: Recent theoretical literature has suggested a variety of mechanisms through which poverty may deter growth and become self-perpetuating. A few papers have searched for empirical regularities consistent with those mechanisms - such as aggregate non-convexities and convergence clubs. However, a seemingly basic implication of the theoretical models, namely that countries suffering from higher levels of poverty should grow less rapidly, has remained untested. This paper attempts to fill that gap and provide a direct empirical assessment of the impact of poverty on growth. The paper’s strategy involves including poverty indicators among the explanatory variables in an otherwise standard empirical growth equation. Using a large panel dataset, the authors find that poverty has a negative impact on growth that is significant both statistically and economically. This result is robust to a variety of specification changes, including (i) different poverty lines; (ii) different poverty measures; (iii) different sets of control variables; (iv) different estimation methods; (v) adding inequality as a control variable; and (vi) allowing for nonlinear effects of inequality on growth. The paper also finds evidence that the adverse effect of poverty on growth works through investment: high poverty deters investment, which in turn lowers growth. Further, the data suggest that this mechanism only operates at low levels of financial development, consistent with the predictions of theoretical models that underscore financial market imperfections as a key ingredient of poverty traps
    DOI: 10.1596/1813-9450-5012
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 10
    Online Resource
    Online Resource
    Lessons from NAFTA for Latin America and the Caribbean (2005)
    Palo Alto, Calif : World Bank
    Details
    ISBN: 0804752397 , 0804752400 , 0821358138
    Language: English
    Pages: Online-Ressource (xx, 407 p) , ill , 23 cm
    Edition: Online-Ausg. World Bank E-Library Archive
    Series Statement: Latin American development forum
    DDC: 382/.918
    Keywords: Canada ; Canada ; Free trade ; Free trade ; Free trade ; Free trade ; Canada ; Free trade ; Free trade
    Note: Includes bibliographical references and index
    URL: Volltext  (Deutschlandweit zugänglich)
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