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  • 1
    Online Resource
    Online Resource
    Washington, DC, USA : World Bank Group, Macroeconomics, International Finance Corporation
    Language: English
    Pages: 1 Online-Ressource (circa 66 Seiten) , Illustrationen
    Series Statement: Policy research working paper 8815
    Series Statement: World Bank E-Library Archive
    Series Statement: Policy research working paper
    Parallel Title: Erscheint auch als Reed, Tristan Assessing the Value of Market Access from Belt and Road Projects
    Keywords: Graue Literatur
    Abstract: This paper describes a parsimonious approach to the economic analysis of transportation investments. In a gravity model of trade, project benefits may be summarized by a money metric for the change in market access experienced by all cities due to the investment. This metric is equivalent to the change in the value of all payments to urban land-the fixed factor of production. Using this model and an original geographic information system data set of Belt and Road Initiative projects in Eurasia, the paper predicts additional income paid to owners of urban land, for each project and city. Individually, nearly half of the proposed infrastructure is estimated to provide significant gains; however, the rest is estimated to be of little value because it fails to create new least-cost paths between large populations centers. Considering the proposed new transport infrastructure as a system, the share of projects that provide gains increases to almost two-thirds. While gains in market access accrue primarily to low-income countries, gains from many projects accrue outside the project country, and in dollar terms more so to richer countries. This finding is consistent with the idea that infrastructure investment along international trade corridors can be a public good. These estimates should be taken as lower bounds, because they do not include direct benefits to users, for instance, time savings. Even so, they offer a useful way for governments to estimate the short-run gains from infrastructure and prioritize infrastructure spending
    URL: Volltext  (lizenzpflichtig)
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  • 2
    Online Resource
    Online Resource
    [Washington, DC, USA] : World Bank Group, Development Economics, Development Research Group
    Language: English
    Pages: 1 Online-Ressource (circa 16 Seiten) , Illustrationen
    Series Statement: Policy research working paper 8997
    Series Statement: World Bank E-Library Archive
    Series Statement: Policy research working paper
    Parallel Title: Erscheint auch als Reed, Tristan The Large-Firm Wage Premium in Developing Economies
    Keywords: Graue Literatur
    Abstract: Large firms pay higher wages. In developing economies, the large-firm wage premium is comparable to the average gap between male and female wages, or two-thirds of the gap between urban and rural wages. There is substantial variation across countries in the share of the premium that is explained by sorting of human capital into large firms. The average large-firm wage premium declines in national income and has declined over time. Across industries, it is highest in public utilities and commerce. These stylized facts suggest several hypotheses about differences between labor markets in developing and advanced economies
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  • 3
    Online Resource
    Online Resource
    [Washington, DC, USA] : World Bank Group, Development Economics, Development Research Group, Finance, Competitiveness and Innovation Global Practice & International Finance Corporation
    Language: English
    Pages: 1 Online-Ressource (circa 49 Seiten) , Illustrationen
    Series Statement: Policy research working paper 9366
    Series Statement: World Bank E-Library Archive
    Series Statement: Policy research working paper
    Parallel Title: Erscheint auch als Cole, Shawn Long-Run Returns to Impact Investing in Emerging Market and Developing Economies
    Keywords: Graue Literatur
    Abstract: There is growing interest in impact investing, the idea of deploying capital to obtain both financial and social or environmental returns. Examination of every equity investment made by one of the largest and longest-operating impact investors across 130 emerging market and developing economies shows this portfolio has outperformed the S and P 500 by 15 percent. Investments in larger economies have higher returns, and returns decline as banking systems deepen and countries relax capital controls. These results are consistent with imperfect integration of international capital markets and the thesis of impact investing that some eligible markets do not receive sufficient investment capital
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  • 4
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (47 pages)
    Parallel Title: Erscheint auch als Print Version: Agarwal, Ruchir How to End The COVID-19 Pandemic by March 2022
    Abstract: How can the world reach herd immunity against COVID-19 before the second anniversary of the pandemic, or March 2022? A study of vaccine demand and supply answers this question. A target of vaccinating 60 percent of the population in each country by March 2022 is likely sufficient to achieve worldwide herd immunity under a baseline scenario with limited mutation. Achieving this target appears feasible given stated production capacity of vaccine manufacturers and the pace of current and historical vaccination campaigns. Considering existing pre-purchase contracts for vaccines, achieving this target requires addressing a procurement gap of just 350 million vaccine courses in low- and middle-income countries. Immediate additional donor funding of about USD 4 billion or in-kind donations of excess orders by high-income countries would be sufficient to close this gap. There are additional challenges along the path to achieving world-wide herd immunity-including supply chain issues, trade restrictions, vaccine delivery, and mutations. Overall however, this analysis suggests multilateral action now can bring an end to the acute phase of the pandemic early next year
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  • 5
    Language: English
    Pages: 1 Online-Ressource (49 pages)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als Pinelopi Koujianou, Pinelopi Koujianou Income Distribution, International Integration and Sustained Poverty Reduction
    Abstract: What is the pathway to development in a world with less international integration? This paper answers this question within a model that emphasizes the role of demand-side constraints on national development, which is identified with sustained poverty reduction. In this framework, development is linked to the adoption of an increasing returns to scale technology by imperfectly competitive firms that need to pay the fixed setup cost of switching to that technology. Sustained poverty reduction is measured as a continuous decline in the share of the population living below USD 1.90/day purchasing power parity in 2011 US dollars over a five year period. This outcome is affected in a statistically significant and economically meaningful way by domestic market size, which is measured as function of the income distribution, and international market size, which is measured as a function of legally-binding provisions to international trade agreements, including the General Agreement on Tariffs and Trade, the World Trade Organization and 279 preferential trade agreements. Counterfactual estimates suggest that, in the absence of international integration, the average resident of a low or lower-middle income country does not live in a market large enough to experience sustained poverty reduction
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  • 6
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (28 pages)
    Parallel Title: Erscheint auch als Agarwal, Ruchir Financing Vaccine Equity: Funding for Day-Zero of the Next Pandemic
    Keywords: Coronavirus Vaccine Fund ; COVID-19 Vaccine ; Disease Control and Prevention ; Global Health Access ; Health Economics and Finance ; Health Equity ; Health, Nutrition and Population ; Immunizations ; Next Pandemic ; Pandemic Preparedness ; Pharmaceuticals and Pharmacoeconomics ; Poverty Reduction ; Universal Access To Vaccine ; Vaccine Accessibility ; Vaccine Equity ; Vaccine Financing
    Abstract: A lack of timely financing for purchases of vaccines and other health products impeded the global response to the COVID-19 pandemic. Based on analysis of contract signature and delivery dates in COVID-19 vaccine advance purchase agreements, this paper finds that 60-75 percent of the delay in vaccine deliveries to low- and middle-income countries is attributable to their signing purchase agreements later than high-income countries, which placed them further behind in the delivery line. A pandemic Advance Commitment Facility with access to a credit line on day-zero of the next pandemic could allow low- and middle-income countries to secure orders earlier, ensuring a much faster and equitable global response than during COVD-19. The paper outlines four options for a financier to absorb some or all of the risk associated with the credit line and discusses how the credit would complement other proposals to strengthen the financing architecture for pandemic preparedness, prevention, and response
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  • 7
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (68 pages)
    Parallel Title: Erscheint auch als Print Version: Leone, Fabrizio The Falling Price of Cement in Africa
    Abstract: The average price of cement in Africa was the highest of any continent in 2011, but by 2017 it had fallen by 35 percent, the largest decline in the world, according to data from the International Comparison Program. An empirical industry equilibrium model distinguishes between the fundamental drivers of differences in prices across countries: demand elasticity, costs, conduct, and entry. The model reveals that in 2011 average prices in Africa included the highest markups and marginal costs in the world. The price decline in 2017 is accounted for by a rapid increase in the number of firms producing cement, which lowered markups, and a declining marginal cost of production. Improvements in the quality of infrastructure or institutions could explain declining marginal costs, as could new technology installed by new entrants. Estimated fixed costs of entry are positive, although not systematically higher in Africa compared with other continents, suggesting equally free entry in the presence of a minimum efficient scale that does not vary across continents. These results suggest that the small size of national markets rather than regulation of entry explains why the price of cement was so high in Africa. As the market has grown, prices have fallen
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  • 8
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (51 pages)
    Parallel Title: Erscheint auch als Reed, Tristan Is the Global Economy Deglobalizing? And if so, Why? and What is Next?
    Keywords: Deglobalisierung ; Außenhandel ; Internationale Beziehungen ; Handelskonflikt ; Protektionismus ; Kapitalmobilität ; Importbeschränkung ; Internationaler Wettbewerb ; Geopolitik ; Geoökonomie ; Welt ; Deglobalization ; Economic Impacts Of Globalization ; Geoeconomics ; Geopolitical Risk ; Health Policy ; Health, Nutrition and Population ; International Relations ; Internationalpolitical Economy ; National Security ; Resilience ; Trade ; Trade War
    Abstract: Data on global trade as well as capital and labor flows indicate a slowdown, but not reversal, of globalization post the 2008-09 financial crisis. Yet profound changes in the policy environment and public sentiment in the largest economies over the past five years suggest the beginning of a new era. Increasing anxiety about the labor market effects of import competition from low-wage countries, especially China, laid the groundwork, but was not the catalyst for the reversal in attitudes towards globalization. Similarly, the COVID pandemic provided novel arguments against free trade based on global supply chain resilience, but neither the pandemic nor short run policy response had enduring effects on trade flows. Global trade was remarkably resilient during the pandemic and that supply shortages would likely have been more severe in the absence of international trade. After a temporary decline in 2020, global trade in goods and services increased sharply in 2021. Russia's invasion of Ukraine raised new concerns about national security and the exposureof supply chains to geopolitical risk. This was followed by demands to diversify away from "non-friendly" countries and to the employment of trade policy, export restrictions in particular, to halt China's technological development. The future of globalization is highly uncertain at this point, but these new policies will likely slow global growth, innovation, and poverty reduction even if they benefit certain industries in certain countries. Regarding resilience, the main goal of recent trade policy changes, measures of trade volatility or concentration can be helpful, but resilience will be elusive as long as we lack benchmarks against which policy performance can be measured
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  • 9
    Language: English
    Pages: 1 Online-Ressource (57 pages)
    Parallel Title: Erscheint auch als Reed, Tristan Cartels, Antitrust Enforcement, and Industry Performance: Evidence from Mexico
    Keywords: Abuse of Dominance ; Access To Markets ; Antitrust ; Antitrust Enforcement ; Cartel ; Collusion ; Competition Law ; Competitiveness and Competition Policy ; Federal Competition Commission ; Federal Economic Competition Commission ; International Economics and Trade ; Law and Development ; Macroeconomics and Economic Growth ; Market Power ; Monopolistic Practices ; Per Se Illegal ; Rule of Reason
    Abstract: Forty percent of economic activities in Mexico weighed by sales have been investigated for illegal monopolistic practices since the Federal Competition Commission was established in 1993. By exploiting some unique features of the Mexican investigative system, and using a synthetic control approach, this paper examines the causal impact of antitrust sanctions on industry performance and aggregate outcomes. Sanctions cause sales and wages to increase and profit margins to fall in the sanctioned sectors, thus benefiting consumers and workers. Overall, antitrust enforcement contributes roughly half a percent of per capita gross domestic product growth. Outcomes of investigations that are closed without sanction fail to reject the hypothesis that some harmful conduct is not sanctioned because investigators lack resources to prove it conclusively. An implication is that the Commission could generate greater benefits with additional investigative resources
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  • 10
    Language: English
    Pages: 1 Online-Ressource (25 pages)
    Parallel Title: Erscheint auch als Arezki, Rabah Natural Resource Dependence and Monopolized Imports
    Keywords: Domestic Prices ; Energy ; Energy Markets ; Fuel Exporting Economies ; Imports ; Market Concentration ; Monopoloization of Imports ; Natural Resource Curse ; Natural Resources ; Rural Development ; Tariff Evasion
    Abstract: Countries with greater commodity export intensity have more concentrated markets for imported goods. Within countries over time, import market concentration is associated with higher domestic prices, suggesting that markups due to greater concentration outweigh any potential cost efficiency. Hydrocarbon fuel exporting economies especially have higher tariffs, tariff evasion, and non-tariff measures that concentrate markets. These results suggest a novel channel for the resource curse stemming from the monopolization of imports
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