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  • Washington, D.C : The World Bank  (83)
  • Washington, D.C. : World Bank Group, Development Economics, Development Research Group  (1)
  • Washington, DC, USA : World Bank Group, Development Economics, Development Research Group  (1)
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  • 1
    Online Resource
    Online Resource
    Washington, DC, USA : World Bank Group, Development Economics, Development Research Group
    Language: English
    Pages: 1 Online-Ressource (circa 33 Seiten) , Illustrationen
    Series Statement: Policy research working paper 8799
    Series Statement: World Bank E-Library Archive
    Series Statement: Policy research working paper
    Parallel Title: Erscheint auch als De Mel, Suresh Micro-Equity for Microenterprises
    Keywords: Graue Literatur
    Abstract: Many microenterprises in developing countries have high returns to capital, but also face risky revenue streams. In principle, equity offers several advantages over debt when financing investments of this nature, but the use of equity in practice has been largely limited to investments in much larger firms. The authors develop a model contract to make self-liquidating, quasi-equity investments in microenterprises. This contract has three key parameters that can be used to shift risk between the entrepreneur and the investor, resulting in a continuum of contracts ranging from a debt-like contract that shifts little risk from the entrepreneur to a pure revenue-sharing contract in which the investor absorbs much more of the risk. The paper discusses implementation choices, and then provides lessons from a proof-of-concept carried out by an investment partner, KGC Equity, which made nine investments averaging USD 3,800 in Sri Lankan microenterprises. This pilot demonstrates that this new contract structure can work in practice, but also highlights the difficulties of micro-equity investments in an environment with weak contract enforcement
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  • 2
    Language: English
    Pages: 1 Online-Ressource (circa 73 Seiten) , Illustrationen
    Series Statement: Policy research working paper 8541
    Series Statement: World Bank E-Library Archive
    Series Statement: Policy research working paper
    Parallel Title: Erscheint auch als Cusolito, Ana Paula Can Government Intervention Make Firms More Investment-Ready? A Randomized Experiment in the Western Balkans
    Keywords: Gründungsförderung ; Investitionspolitik ; Wirkungsanalyse ; Unternehmensgründung ; Private Equity ; Risikokapital ; Südosteuropa ; Graue Literatur
    Abstract: Many innovative start-ups and small and medium-size enterprises have good ideas, but do not have these ideas fine-tuned to the stage where they can attract outside funding. Investment readiness programs attempt to help firms to become ready to attract and accept outside equity funding through a combination of training, mentoring, master classes, and networking. This study conducted a five-country randomized experiment in the Western Balkans that worked with 346 firms and delivered an investment readiness program to half of the firms, with the control group receiving an inexpensive online program instead. A pitch event was then held for these firms to pitch their ideas to independent judges. The investment readiness program resulted in a 0.3 standard deviation increase in the investment readiness score, with this increase occurring throughout the distribution. Two follow-up surveys show that the judges' scores predicted investment readiness and investment outcomes over the subsequent two years. Treated firms attained significantly more media attention and were 5 percentage points more likely to have made a deal with an outside investor, although this increase is not statistically significant (95 confidence interval of -4.7 to +14.7 percentage points)
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  • 3
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Mckenzie, David An Econometric Analysis of the Creditworthiness of IBRD Borrowers
    Keywords: Arrears ; Bank Creditors ; Bank Policy ; Borrowers ; Commercial Bank ; Country Risk ; Creditor ; Creditworthiness ; Debt Markets ; Debt Service ; Default ; Exchange ; Finance and Financial Sector Development ; Financial Literacy ; Government Budget ; Arrears ; Bank Creditors ; Bank Policy ; Borrowers ; Commercial Bank ; Country Risk ; Creditor ; Creditworthiness ; Debt Markets ; Debt Service ; Default ; Exchange ; Finance and Financial Sector Development ; Financial Literacy ; Government Budget ; Arrears ; Bank Creditors ; Bank Policy ; Borrowers ; Commercial Bank ; Country Risk ; Creditor ; Creditworthiness ; Debt Markets ; Debt Service ; Default ; Exchange ; Finance and Financial Sector Development ; Financial Literacy ; Government Budget
    Abstract: Mckenzie econometrically ascertains the determinants of default to the International Bank for Reconstruction and Development (IBRD) through panel logit analysis. Creditworthiness with a lag of one period is determined by the extent of arrears to private creditors, the proportion of total debt service that is being paid, the government budget deficit, the extent of military involvement in the government of a country, and by the G7's current account balance. Default to the IBRD falls into a graduated hierarchy, whereby default occurs first to Paris Club and commercial bank creditors, with subsequent default triggered by portfolios with high proportions of IBRD and short-term debt, as well as the factors mentioned above. Default to these other creditor groups can be explained by more traditional country risk variables, although Mckenzie's analysis highlights the importance of political and external factors in explaining default to all creditors studied. He finds sovereign default to be a state-dependent process, whereby the repayment behavior of a country changes once it enters into default. Operationally, Mckenzie arrives at a model that can be used to assess short-term creditworthiness, although data imperfections and availability still limit the usefulness of the model for some countries. Longer-term risk assessment proves more difficult, which raises operational questions for the IBRD. This paper—a product of the Credit Risk Division, Office of the Senior Vice President and Chief Financial Officer—is part of a larger effort in the Bank to monitor the creditworthiness of IBRD borrowers. The author may be contacted at mckenstanford.edu
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  • 4
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: Online-Ressource (1 online resource (31 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: McKenzie, David J A Profile of The World's Young Developing Country Migrants
    Keywords: Adolescent Health ; Communities & Human Settlements ; Country of Origin ; Culture & Development ; Developing Countries ; Gender ; Gender and Development ; Gender and Health ; Health, Nutrition and Population ; Housing and Human Habitats ; Human Capital ; Internal Migration ; Labor Force ; Migrant ; Migrants ; Migration ; Movement of People ; Policy ; Policy ; Policy Research ; Population Policies ; Population and Development ; Social Development ; Voluntary and Involuntary Resettlement ; Youth and Government ; Adolescent Health ; Communities & Human Settlements ; Country of Origin ; Culture & Development ; Developing Countries ; Gender ; Gender and Development ; Gender and Health ; Health, Nutrition and Population ; Housing and Human Habitats ; Human Capital ; Internal Migration ; Labor Force ; Migrant ; Migrants ; Migration ; Movement of People ; Policy ; Policy ; Policy Research ; Population Policies ; Population and Development ; Social Development ; Voluntary and Involuntary Resettlement ; Youth and Government ; Adolescent Health ; Communities & Human Settlements ; Country of Origin ; Culture & Development ; Developing Countries ; Gender ; Gender and Development ; Gender and Health ; Health, Nutrition and Population ; Housing and Human Habitats ; Human Capital ; Internal Migration ; Labor Force ; Migrant ; Migrants ; Migration ; Movement of People ; Policy ; Policy ; Policy Research ; Population Policies ; Population and Development ; Social Development ; Voluntary and Involuntary Resettlement ; Youth and Government
    Abstract: The paper uses individual level census and household survey data to present a rich profile of the young developing migrants around the world. Youth are found to comprise a large share of all migrants, particularly in migration to other developing countries, with the probability of migration peaking in the late teens or early twenties. The paper examines in detail the age and gender composition of migrants, whether young migrants move alone or with a parent or spouse, their participation in schooling and work in the destination country, the types of jobs they do, and the age of return migration. The results suggest a high degree of commonality in the youth migrant experience across a number of destination countries. In particular, developing country youth tend to work in similar occupations all around the world, and are more concentrated in these occupations than older migrants or native youth. Nevertheless, there is also considerable heterogeneity among youth migrants: 29 percent of 18 to 24 year olds are attending school in their destination country, but another 29 percent are not working or in school. This illustrates both the potential of migration for building human capital, and the fear that lack of integration prevents it from being used
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  • 5
    Language: English
    Pages: Online-Ressource (1 online resource (28 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: McKenzie, David Self-Selection Patterns In Mexico-U.S. Migration
    Keywords: Anthropology ; Communities & Human Settlements ; Culture & Development ; Finance and Financial Sector Development ; Financial Literacy ; Gender ; Gender and Social Development ; Health, Nutrition and Population ; Human Migrations and Resettlements ; Immigrants ; Immigration ; Important Policy ; Income Inequality ; Industry ; International Migration ; Job Opportunities ; Labor Market ; Language Proficiency ; Migrant ; Migrants ; Migration ; Population Policies ; Social Development ; Technology Industry ; Voluntary and Involuntary Resettlement ; Anthropology ; Communities & Human Settlements ; Culture & Development ; Finance and Financial Sector Development ; Financial Literacy ; Gender ; Gender and Social Development ; Health, Nutrition and Population ; Human Migrations and Resettlements ; Immigrants ; Immigration ; Important Policy ; Income Inequality ; Industry ; International Migration ; Job Opportunities ; Labor Market ; Language Proficiency ; Migrant ; Migrants ; Migration ; Population Policies ; Social Development ; Technology Industry ; Voluntary and Involuntary Resettlement ; Anthropology ; Communities & Human Settlements ; Culture & Development ; Finance and Financial Sector Development ; Financial Literacy ; Gender ; Gender and Social Development ; Health, Nutrition and Population ; Human Migrations and Resettlements ; Immigrants ; Immigration ; Important Policy ; Income Inequality ; Industry ; International Migration ; Job Opportunities ; Labor Market ; Language Proficiency ; Migrant ; Migrants ; Migration ; Population Policies ; Social Development ; Technology Industry ; Voluntary and Involuntary Resettlement
    Abstract: The authors examine the role of migration networks in determining self-selection patterns of Mexico-U.S. migration. They first present a simple theoretical framework showing how such networks impact on migration incentives at different education levels and, consequently, how they are likely to affect the expected skill composition of migration. Using survey data from Mexico, the authors then show that the probability of migration is increasing with education in communities with low migrant networks, but decreasing with education in communities with high migrant networks. This is consistent with positive self-selection of migrants being driven by high migration costs, and with negative self-selection of migrants being driven by lower returns to education in the U.S. than in Mexico
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  • 6
    Language: English
    Pages: Online-Ressource (1 online resource (31 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: McKenzie, David Does It Pay Firms To Register For Taxes ?
    Keywords: Debt Markets ; E-Business ; Employment ; Entrepreneurs ; Finance and Financial Sector Development ; Firm Size ; Firms ; Macroeconomics and Economic Growth ; Medium Enterprises ; Microenterprises ; Microfinance ; Private Sector Development ; Small Enterprises ; Small Firms ; Stores ; Supplier ; Taxation and Subsidies ; Transport ; Transport Economics, Policy and Planning ; Debt Markets ; E-Business ; Employment ; Entrepreneurs ; Finance and Financial Sector Development ; Firm Size ; Firms ; Macroeconomics and Economic Growth ; Medium Enterprises ; Microenterprises ; Microfinance ; Private Sector Development ; Small Enterprises ; Small Firms ; Stores ; Supplier ; Taxation and Subsidies ; Transport ; Transport Economics, Policy and Planning ; Debt Markets ; E-Business ; Employment ; Entrepreneurs ; Finance and Financial Sector Development ; Firm Size ; Firms ; Macroeconomics and Economic Growth ; Medium Enterprises ; Microenterprises ; Microfinance ; Private Sector Development ; Small Enterprises ; Small Firms ; Stores ; Supplier ; Taxation and Subsidies ; Transport ; Transport Economics, Policy and Planning
    Abstract: This paper estimates the impact of registering for taxes on firm profits in Bolivia, the country with the highest levels of informality in Latin America. A new survey of micro and small firms enables the authors to control for a rich set of measures of owner ability and business motivations that can affect both profits and the decision to formalize. The paper identifies the impact of tax registration on business profitability using the distance of a firm from the tax office where registration occurs, conditional on the distance to the city center, as an instrument for registration. Proximity to the tax office provides firms with more information about registration, but is argued to not directly affect profits. The findings show that tax registration leads to significantly higher profits for the firms that the instrument affects. However, there is also evidence of heterogeneous effects of tax formality on profits. Tax registration is found to increase profits for the mid-size firms in the sample, but to lower profits for both the smaller and larger firms, in contrast to the standard view that formality increases profits. The analysis shows that owners of large firms who have managed to stay informal have higher entrepreneurial ability than formal firm owners, in contrast to the standard view (correct among smaller firms) that informal firm owners have low ability
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  • 7
    Language: English
    Pages: Online-Ressource (36 p)
    Edition: 2012 World Bank eLibrary
    Parallel Title: David McKenzie Distortions in the International Migrant Labor Market
    Abstract: The authors use an original panel dataset of migrant departures from the Philippines to identify the responsiveness of migrant numbers and wages to gross domestic product shocks in destination countries. They find a large significant elasticity of migrant numbers to gross domestic product shocks at destination, but no significant wage response. This is consistent with binding minimum wages for migrant labor. This result implies that labor market imperfections that make international migration attractive also make migrant flows more sensitive to global business cycles. Difference-in-differences analysis of a minimum wage change for maids confirms that minimum wages bind and demand is price sensitive without these distortions
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  • 8
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: Online-Ressource (19 p)
    Edition: 2013 World Bank eLibrary
    Parallel Title: McKenzie, David Eliciting Illegal Migration Rates through List Randomization
    Abstract: Most migration surveys do not ask about the legal status of migrants due to concerns about the sensitivity of this question. List randomization is a technique that has been used in a number of other social science applications to elicit sensitive information. This paper trials this technique by adding it to surveys conducted in Ethiopia, Mexico, Morocco, and the Philippines. It shows how, in principal, this can be used both to give an estimate of the overall rate of illegal migration in the population being surveyed, as well as to determine illegal migration rates for subgroups such as more or less educated households. The results suggest that there is some useful information in this method: higher rates of illegal migration in countries where illegal migration is thought to be more prevalent and households who say they have a migrant are more likely to report having an illegal migrant. Nevertheless, some of the other findings also suggest some possible inconsistencies or noise in the conclusions obtained using this method. The authors suggest directions for future attempts to implement this approach in migration surveys
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  • 9
    Language: English
    Pages: 1 Online-Ressource (22 p)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als McKenzie, David The Demand for, and Impact of, Youth Internships: Evidence from a Randomized Experiment in Yemen
    Abstract: This paper evaluates a youth internship program in the Republic of Yemen that provided firms with a 50 percent subsidy to hire recent graduates of universities and vocational schools. The first round of the program took place in 2014 and required both firms and youth to apply for the program. The paper examines the demand for such a program, and finds that in the context of an economy facing substantial political and economic uncertainty, it appears there is an oversupply of graduates in science, technology, engineering, and mathematics, and a relative undersupply of graduates in marketing and business. Conditional on the types of graduates firms were looking to hire as interns, applicants were then randomly chosen for the program. Receiving an internship resulted in an almost doubling of work experience in 2014, and a 73 percent increase in income during this period compared with the control group. A short-term follow-up survey conducted just as civil conflict was breaking out shows that internship recipients had better employment outcomes than the control group in the first five months after the program ended
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  • 10
    Language: English
    Pages: Online-Ressource (1 online resource (29 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: McKenzie, David Using The Global Positioning System In Household Surveys For Better Economics And Better Policy
    Keywords: Accessibility ; Air ; Aircraft ; Costs ; E-Business ; Externalities ; Health Monitoring and Evaluation ; Health, Nutrition and Population ; Infrastructure ; Policies ; Private Sector Development ; Railway ; Railway Lines ; Road ; Road Network ; Roads ; Roads and Highways ; Signals ; Training ; Transport ; Transport Economics, Policy and Planning ; Accessibility ; Air ; Aircraft ; Costs ; E-Business ; Externalities ; Health Monitoring and Evaluation ; Health, Nutrition and Population ; Infrastructure ; Policies ; Private Sector Development ; Railway ; Railway Lines ; Road ; Road Network ; Roads ; Roads and Highways ; Signals ; Training ; Transport ; Transport Economics, Policy and Planning ; Accessibility ; Air ; Aircraft ; Costs ; E-Business ; Externalities ; Health Monitoring and Evaluation ; Health, Nutrition and Population ; Infrastructure ; Policies ; Private Sector Development ; Railway ; Railway Lines ; Road ; Road Network ; Roads ; Roads and Highways ; Signals ; Training ; Transport ; Transport Economics, Policy and Planning
    Abstract: Distance and location are important determinants of many choices that economists study. While these variables can sometimes be obtained from secondary data, economists often rely on information that is self-reported by respondents in surveys. These self-reports are used especially for the distance from households or community centers to various features such as roads, markets, schools, clinics, and other public services. There is growing evidence that self-reported distance is measured with error and that these errors are correlated with outcomes of interest. In contrast to self-reports, the Global Positioning System (GPS) can determine almost exact location (typically within 15 meters). The falling cost of GPS receivers (typically below US
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