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  • MPI Ethno. Forsch.  (306)
  • HBZ  (1)
  • 1995-1999  (307)
  • Washington, D.C : The World Bank  (307)
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  • 1
    Online Resource
    Online Resource
    Investing in health : development effectiveness in the health, nutrition, and population sector (1999)
    Washington, D.C : The World Bank
    Details
    ISBN: 0821343106
    Language: English
    Pages: Online-Ressource (xix, 71 p) , ill , 28 cm
    Edition: Online-Ausg. World Bank E-Library Archive
    Series Statement: Operations evaluation study
    DDC: 362.1/09172/4
    Keywords: World Bank Evaluation ; World Bank Evaluation ; Nutrition policy Developing countries ; Evaluation ; Public health International cooperation ; Public health administration Evaluation ; Nutrition policy Developing countries ; Evaluation ; Public health International cooperation ; Public health administration Evaluation ; Developing countries Population policy ; Evaluation ; Developing countries Population policy ; Evaluation
    Note: Includes bibliographical references (p. 67-69)
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  • 2
    Online Resource
    Online Resource
    Annual World Bank Conference on Development Economics 1998 (1999)
    Washington, D.C : The World Bank
    Details
    ISBN: 0821343211 , 9780821343210
    Language: English
    Pages: Online-Ressource (1 online resource (421 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Series Statement: Annual World Bank Conference on Development Economics
    Abstract: The 1998 Annual World Bank Conference on Development Economics, the tenth anniversary, was held at the Bank on April 20-21, 1998. The discussions focused on four areas of inquiry:1) the role of geography in countries'success, 2) the role of effective competition and regulatory policies, 3) the causes of financial crises and ways to prevent them, and 4) the effects of ethnic diversity on democracy and growth. The welcoming address by World Bank President James D. Wolfensohn, the opening remarks by chief Economist Joseph Stiglitz, and the tenth anniversary address by the International Monetary Fund Deputy Managing Director Stanley Fischer all focused both on the role of the conference and on the changing perspectives for development
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  • 3
    Online Resource
    Online Resource
    Emerging stock markets factbook 1999 (1999)
    Washington, D.C : The World Bank
    Details
    ISBN: 082134403X , 9780821344033
    Language: English
    Pages: Online-Ressource (1 online resource (300 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Abstract: This thirteenth annual survey of emerging stock markets, prepared by the Emerging Markets Group of the International Finance Corporation (IFC), provides essential coverage of stock market characteristics for the 45 markets covered by the IFC's three highly regarded stock market indexes--the Global, Investable, and Frontier Index series
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  • 4
    Online Resource
    Online Resource
    Public Choices between Lifesaving Programs : How Important Are Lives Saved? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (78 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Cropper, Maureen Public Choices between Lifesaving Programs
    Keywords: Air Quality and Clean Air ; Breast Cancer ; Brown Issues and Health ; Children ; Disease Control and Prevention ; Environment ; Environmental Economics and Policies ; Environmental Health ; Finance and Financial Sector Development ; Health ; Health Care ; Health Education ; Health Monitoring and Evaluation ; Health Services ; Health, Nutrition and Population ; Implementation ; Industrial Pollution ; Industry ; Insurance and Risk Mitigation ; Internet ; Knowledge ; Ozone ; Population Policies ; Public Health ; Risks ; Screening ; Smokers ; Smoking ; Strategy ; Water Pollution ; Water Resources ; Water and Industry ; Workplace ; Air Quality and Clean Air ; Breast Cancer ; Brown Issues and Health ; Children ; Disease Control and Prevention ; Environment ; Environmental Economics and Policies ; Environmental Health ; Finance and Financial Sector Development ; Health ; Health Care ; Health Education ; Health Monitoring and Evaluation ; Health Services ; Health, Nutrition and Population ; Implementation ; Industrial Pollution ; Industry ; Insurance and Risk Mitigation ; Internet ; Knowledge ; Ozone ; Population Policies ; Public Health ; Risks ; Screening ; Smokers ; Smoking ; Strategy ; Water Pollution ; Water Resources ; Water and Industry ; Workplace
    Abstract: August 1995 - Do funding priorities for health and safety policies reflect irrational fears? the disaster of the month - rather than address more fundamental problems? A thousand people were surveyed to gauge popular feelings about funding choices between environmental and public health programs. In developing and industrial countries alike, there is concern that health and safety policy may respond to irrational fears - to the disaster of the month - rather than address more fundamental problems. In the United States, for example, some policymakers say the public worries about trivial risks while ignoring larger ones and that funding priorities reflect this view. Many public health programs with a low cost per life saved are underfunded, for example, while many environmental regulations with a high cost per life saved are issued each year. Does the existing allocation of resources reflect people's preoccupation with the qualitative aspects of risks, to the exclusion of quantitative factors (lives saved)? Or can observed differences in the cost per life saved of environmental and public health programs be explained by the way the two sets of programs are funded? Cropper and Subramanian examine the preferences of U.S. citizens for health and safety programs. They confronted a random sample of 1,000 U.S. adults with choices between environmental health and public health programs, to see which they would choose. The authors then examined what factors (qualitative and quantitative) seem to influence these choices. Respondents were asked about pairs of programs, among them: smoking education or industrial pollution control programs, industrial pollution control or pneumonia vaccine programs, radon eradication or a program to ban smoking in the workplace, and radon eradication or programs to ban pesticides. The survey results, they feel, have implications beyond the United States. They find that, while qualitative aspects of the life-saving programs are statistically significant in explaining people's choices among them, lives saved matter, too. Indeed, for the median respondent in the survey, the rate of substitution between most qualitative risk characteristics and lives saved is inelastic. But for a sizable minority of respondents, choice among programs appears to be insensitive to lives saved. The interesting question for public policy is what role the latter group plays in the regulatory process. This paper - a joint product of the Environment, Infrastructure, and Agriculture Division, Policy Research Department, and the Environment and Natural Resources Division, Asia Technical Department - is part of a larger effort in the Bank to see what can be learned about efficient environmental policy by examining the U.S. experience with environmental regulation. The authors may be contacted at mcropperworldbank.org or usubramanian@worldbank.org
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  • 5
    Online Resource
    Online Resource
    The Dynamics of Poverty : Why Some People Escape from Poverty and Others Don't?An African Case Study (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Kanbur, Ravi The Dynamics of Poverty
    Keywords: Chronically Poor ; Communities & Human Settlements ; Debt Markets ; Economic Policies ; Economic Theory and Research ; Farm Size ; Finance and Financial Sector Development ; Financial Literacy ; Household Income ; Household Size ; Household Welfare ; Housing and Human Habitats ; Human Capital ; Incidence Of Poverty ; Income ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; New Poor ; Nonfarm Income ; Old Age ; Poor People ; Poverty ; Poverty Diagnostics ; Poverty Incidence ; Poverty Lines ; Poverty Monitoring and Analysis ; Poverty Reduction ; Rural ; Rural Areas ; Rural Development ; Rural Poverty Reduction ; Targeting ; Temporarily Poor ; Transfers ; Chronically Poor ; Communities & Human Settlements ; Debt Markets ; Economic Policies ; Economic Theory and Research ; Farm Size ; Finance and Financial Sector Development ; Financial Literacy ; Household Income ; Household Size ; Household Welfare ; Housing and Human Habitats ; Human Capital ; Incidence Of Poverty ; Income ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; New Poor ; Nonfarm Income ; Old Age ; Poor People ; Poverty ; Poverty Diagnostics ; Poverty Incidence ; Poverty Lines ; Poverty Monitoring and Analysis ; Poverty Reduction ; Rural ; Rural Areas ; Rural Development ; Rural Poverty Reduction ; Targeting ; Temporarily Poor ; Transfers
    Abstract: August 1995 - In urban areas of Côte d'Ivoire, human capital is the endowment that best explains welfare changes over time. In rural areas, physical capital - especially the amount of land and farm equipment owned - matters most. Empirical investigations of poverty in developing countries tend to focus on the incidence of poverty at a particular point in time. If the incidence of poverty increases, however, there is no information about how many new poor have joined the existing poor and how many people have escaped poverty. Yet this distinction is of crucial policy importance. The chronically poor may need programs to enhance their human and physical capital endowments. Invalids and the very old may need permanent (targeted) transfers. The temporarily poor, on the other hand, may best be helped with programs that complement their own resources and help them bridge a difficult period. Results from analyses of panel surveys show significant mobility into and out of poverty and reveal a dynamism of the poor that policy should stimulate. Understanding what separates chronic from temporary poverty requires knowing which characteristics differentiate those who escape poverty from those who don't. In earlier work, Grootaert, Kanbur, and Oh found that region of residence and socioeconomic status were important factors. In this paper they investigate the role of other household characteristics, especially such asset endowments as human and physical capital, in the case of Côte d'Ivoire. In urban areas of Côte d'Ivoire, human capital is the most important endowment explaining welfare changes over time. Households with well-educated members suffered less loss of welfare than other households. What seems to have mattered, though, is the skills learned through education, not the diplomas obtained. Diplomas may even have worked against some households in having oriented workers too much toward a formal labor market in a time when employment growth came almost entirely from small enterprises. In rural areas, physical capital - especially the amount of land and farm equipment owned - mattered most. Smallholders were more likely to suffer welfare declines. Households with diversified sources of income managed better, especially if they had an important source of nonfarm income. In both rural and urban areas, larger households suffered greater declines in welfare and households that got larger were unable to increase income enough to maintain their former welfare level. Households whose heads worked in the public sector maintained welfare better than other households, a finding that confirms earlier observations. The results also suggest that government policies toward certain regions or types of household can outweigh the effects of household endownments. Surprisingly, migrant non-Ivorian households tended to be better at preventing welfare losses than Ivorian households, while households headed by women did better than those headed by men (after controlling for differences in or changes in endowment). The implications for policymakers? First, education is associated with higher welfare levels and helps people cope better with economic decline. Second, targeting the social safety net to larger households - possibly through the schools, to reach children - is justified in periods of decline. Third, smallholders might be targeted in rural areas, and ways found to encourage diversification of income there. This paper - a joint product of the Social Policy and Resettlement Division, Environment Department, and the Africa Regional Office, Office of the Chief Economist - is the result of a research project on The Dynamics of Poverty: Why Some People Escape Poverty and Others Don't, A Panel Analysis for Côte d'Ivoire (RPO 678-70)
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  • 6
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    Africa's Growth Tragedy : A Retrospective, 1960 - 89 (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (44 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Levine, Ross Africa's Growth Tragedy
    Keywords: Black Market ; Business Cycle ; Country Regressions ; Currencies and Exchange Rates ; Economic Growth ; Economic Theory and Research ; Educational Attainment ; Exchange Rate ; Finance and Financial Sector Development ; Financial Development ; Financial Sector ; Financial Systems ; Growth ; Growth Performance ; Growth Rate ; Growth Rates ; Health, Nutrition and Population ; Inequality ; Long-Run Growth ; Macroeconomics and Economic Growth ; Nutrition ; Per Capita Income ; Policy Change ; Policy Research ; Political Instability ; Political Stability ; Poor Countries ; Poor Growth ; Poverty Reduction ; Pro-Poor Growth ; Black Market ; Business Cycle ; Country Regressions ; Currencies and Exchange Rates ; Economic Growth ; Economic Theory and Research ; Educational Attainment ; Exchange Rate ; Finance and Financial Sector Development ; Financial Development ; Financial Sector ; Financial Systems ; Growth ; Growth Performance ; Growth Rate ; Growth Rates ; Health, Nutrition and Population ; Inequality ; Long-Run Growth ; Macroeconomics and Economic Growth ; Nutrition ; Per Capita Income ; Policy Change ; Policy Research ; Political Instability ; Political Stability ; Poor Countries ; Poor Growth ; Poverty Reduction ; Pro-Poor Growth
    Abstract: August 1995 - Problems associated with Sub-Saharan Africa's slow growth are low school attainment, political instability, poorly developed financial systems, large black-market exchange-rate premia, large government deficits, and inadequate infrastructure. Improving policies alone boosts growth substantially. But if neighboring countries adopt a policy change together, the effects on growth are more than double what they would have been if one country had acted alone. Africa's economic history since 1960 fits the classical definition of tragedy: potential unfulfilled, with disastrous consequences. Easterly and Levine use one methodology - cross-country regressions - to account for Sub-Saharan Africa's growth performance over the past 30 years and to suggest policies to promote growth over the next 30 years. They statistically quantify the relationship between long-run growth and a wider array of factors than any previous study. They consider such standard variables as initial income to capture convergence effects, schooling, political stability, and indicators of monetary, fiscal, trade, exchange rate, and financial sector policies. They also consider such new measures as infrastructure development, cultural diversity, and economic spillovers from neighbors' growth. Their analysis: ° Improves substantially on past attempts to account for the growth experience of Sub-Saharan African countries. ° Shows that low school attainment, political instability, poorly developed financial systems, large black-market exchange-rate premia, large government deficits, and inadequate infrastructure are associated with slow growth. ° Finds that Africa's ethnic diversity tends to slow growth and reduce the likelihood of adopting good policies. ° Identifies spillovers of growth performance between neighboring countries. The spillover effects of growth have implications for policy strategy. Improving policies alone boosts growth substantially, but if neighboring countries act together, the effects on growth are much greater. Specifically, the results suggest that the effect of neighbors' adopting a policy change is 2.2 times greater than if a single country acted alone. This paper - a joint product of the Macroeconomics and Growth Division and the Finance and Private Sector Development Division, Policy Research Department - is part of a larger effort in the department to understand the link between policies and growth. The study was funded by the Bank's Research Support Budget under the research project Patterns of Growth (RPO 678-26)
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  • 7
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    Mutual Funds and Institutional Investments : What Is the Most Efficient Way to Set Up Individual Accounts in a Social Security System? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (65 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: James, Estelle Mutual Funds and Institutional Investments
    Keywords: Administrative Costs ; Bank ; Contribution ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Industry ; Financial Literacy ; Financial Markets ; Financial Sustainability ; Individual Accounts ; Investment ; Investment Companies ; Investment and Investment Climate ; Investments ; Macroeconomics and Economic Growth ; Money ; Money Market ; Mutual Fund ; Mutual Funds ; Populations ; Private Sector Development ; Research Assistance ; Retirement ; Retirement Benefits ; Saving ; Social Security ; Administrative Costs ; Bank ; Contribution ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Industry ; Financial Literacy ; Financial Markets ; Financial Sustainability ; Individual Accounts ; Investment ; Investment Companies ; Investment and Investment Climate ; Investments ; Macroeconomics and Economic Growth ; Money ; Money Market ; Mutual Fund ; Mutual Funds ; Populations ; Private Sector Development ; Research Assistance ; Retirement ; Retirement Benefits ; Saving ; Social Security
    Abstract: April 1999 - Among three options for constructing funded social security pillars, one system - individual accounts invested in the institutional market, with constrained choice among investment companies - appears to offer reduced administrative and marketing costs, significant worker choice, and more insulation from political interference than a single centralized fund or individual investments in the retail market would offer. One of the main criticisms of the defined-contribution, individual-account components of social security systems is that they are too expensive. James, Ferrier, Smalhout, and Vittas investigate the cost-effectiveness of three options for constructing funded social security pillars: ° Individual accounts invested in the retail market with relatively open choice. ° Individual accounts invested in the institutional market with constrained choice among investment companies. ° A centralized fund without individual accounts or differentiated investments across individuals. The authors asked several questions: What is the most cost-effective way to organize a system with mandatory individual accounts? How does the cost of an efficient individual account system compare with that of a single centralized fund? And are the cost differentials great enough to outweigh other important considerations? The authors concentrate on countries with well-functioning financial markets, such as the United States, but make comparative references to developing countries. Based on empirical evidence about U.S. mutual and institutional funds, the authors found that the retail market (option 1) allows individual investors to benefit from scale economies in asset management-but at the cost of the high marketing expenses needed to attract large pools of small investments. By contrast, a centralized fund (option 3) can be much cheaper because it achieves scale economies without high marketing costs. But it gives workers no choice and is subject to political manipulation and misallocation of capital. The system of constrained choice (option 2) is much cheaper than the retail option and only slightly more expensive than a single centralized fund. It allows scale economies in asset management and record-keeping while incurring low marketing costs and allowing significant worker choice. It is also more effectively insulated from political interference than a single centralized fund. The authors estimate that option 2 would cost only 0.14 percent-0.18 percent of assets annually. Such large administrative cost savings imply a Pareto improvement-so long as choice is not constrained too much. This paper-a product of Poverty and Human Resources and Finance, Development Research Group-was prepared for a National Bureau of Economic Research Conference on Social Security held on December 4, 1998. The authors may be contacted at ejames3worldbank.org or dvittas@worldbank.org
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  • 8
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    Approaches to Liberalizing Services (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (100 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Stephenson, M. Sherry Approaches to Liberalizing Services
    Keywords: Barriers ; Commodities ; Common Market ; Communities & Human Settlements ; Developing Countries ; Developing Country ; Developing Economies ; Economic Development ; Economic Theory and Research ; Emerging Markets ; Foreign Competition ; Free Trade ; Free Trade ; Free Trade Agreement ; Free Trade Agreements ; Future ; Housing and Human Habitats ; ICT Policy and Strategies ; Information and Communication Technologies ; Intangible ; Interest ; International Economics & Trade ; Investment ; Law and Development ; Liberalization ; Macroeconomics and Economic Growth ; Market Access ; Output ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Public Sector Development ; Regional Integration ; Share ; Trade ; Trade Law ; Trade Policy ; Trade and Services ; Barriers ; Commodities ; Common Market ; Communities & Human Settlements ; Developing Countries ; Developing Country ; Developing Economies ; Economic Development ; Economic Theory and Research ; Emerging Markets ; Foreign Competition ; Free Trade ; Free Trade ; Free Trade Agreement ; Free Trade Agreements ; Future ; Housing and Human Habitats ; ICT Policy and Strategies ; Information and Communication Technologies ; Intangible ; Interest ; International Economics & Trade ; Investment ; Law and Development ; Liberalization ; Macroeconomics and Economic Growth ; Market Access ; Output ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Public Sector Development ; Regional Integration ; Share ; Trade ; Trade Law ; Trade Policy ; Trade and Services
    Abstract: May 1999 - Liberalization of services at the subregional level has followed two broad approaches-the GATS model and the NAFTA model-neither of which automatically guarantees the full liberalization of trade in services. The question that participants in integration efforts at both the subregional and the broader regional level must ask is what kind of approach to liberalizing services offers both maximum transparency and the greatest degree of nondiscrimination for service suppliers. Only since completion of the Uruguay Round have developing countries in East Asia and the Western Hemisphere shown interest in liberalizing services. Ambitious efforts are now being made to incorporate services in liberalization objectives of both subregional and regional integration efforts, including in the Asia-Pacific region under APEC and in the Western Hemisphere under the Free Trade Area of the Americas (FTAA) process. At the subregional level, member countries of both ASEAN (in East Asia) and MERCOSUR (in Latin America) have chosen to follow the liberalization model set forth in the World Trade Organization's (WTO) General Agreement on Trade in Services (GATS), and to open their services markets gradually and piecemeal. In the Western Hemisphere, Mexico has successfully promoted the NAFTA model of a more comprehensive liberalization of services markets-and several Latin American countries have adopted the same approach. Regionally, APEC has chosen a concerted voluntary approach to liberalizing services markets. Within the Western Hemisphere, participants are defining which approach they will use in the negotiations on services launched as part of the FTAA in April 1998. In all these efforts, a stated desire to promote more efficient services markets is often hindered by reluctance to open services markets rapidly or comprehensively because of historically entrenched protectionism in the sector and ignorance of the regulatory measures that impede trade in services. Presumably it would be easier to liberalize services at the subregional level, among countries at similar stages of development (although liberalization's economic value there might be questioned). Liberalizing services at the broader regional level is a difficult and ambitious goal, given the diversity of countries involved in such efforts. Thus liberalization will probably move more slowly at the regional than at the subregional level-perhaps even more slowly than at the multilateral level. It is possible that the new round of multilateral talks on services scheduled to begin under the WTO in 2000 may well eclipse the recently begun regional efforts. This paper-a product of Trade, Development Research Group-is part of a larger effort in the group to assist developing countries in the multilateral trade negotiations. The author may be contacted at sstephensonoas.org
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  • 9
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    Fiscal Management in Federal Democracies : Argentina and Brazil (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (43 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Webb, B. Steven Fiscal Management in Federal Democracies
    Keywords: Bailouts ; Banks and Banking Reform ; Creditors ; Debt Markets ; Deficits ; Developing Countries ; Domestic Debt ; Emerging Markets ; External Debts ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Decentralization ; Fiscal Deficits ; Inflation ; Interest ; Levy ; Macroeconomic Stabilization ; Monetary Fund ; Municipal Financial Management ; Private Sector Development ; Public Finances ; Public Sector Deficits ; Public Sector Economics and Finance ; Public Spending ; Public and Municipal Finance ; Return ; Revenue ; Tax ; Urban Development ; Urban Economics ; Bailouts ; Banks and Banking Reform ; Creditors ; Debt Markets ; Deficits ; Developing Countries ; Domestic Debt ; Emerging Markets ; External Debts ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Decentralization ; Fiscal Deficits ; Inflation ; Interest ; Levy ; Macroeconomic Stabilization ; Monetary Fund ; Municipal Financial Management ; Private Sector Development ; Public Finances ; Public Sector Deficits ; Public Sector Economics and Finance ; Public Spending ; Public and Municipal Finance ; Return ; Revenue ; Tax ; Urban Development ; Urban Economics
    Abstract: May 1999 - Argentina and Brazil-two of the most decentralized public sectors in Latin America and (along with Colombia and India) among the most decentralized democracies in the developing world-faced similar problems in the 1980s: excessive public deficits and high inflation exacerbated by subnational deficits. In the 1990s, Argentina was more successful at macroeconomic stabilization, partly because it imposed harder budget constraints on the public sector nationally and partly because it had stronger party control of both national legislators and subnational governments. In shifting to decentralized public finances, a country's central government faces certain fiscal management problems. First, during and soon after the transition, unless it reduces spending or increases its own tax resources, the central government tends to have higher deficits as it shifts fiscal resources to subnational governments through transfers, revenue sharing, or delegation of tax bases. Reducing spending is hard not only because cuts are always hard but because subnational governments might not take on expected tasks, leaving the central government with a legal or political obligation to continue spending for certain services. Second, after decentralization, the local or state government faces popular pressure to spend more and tax less, creating the tendency to run deficits. This tendency can be a problem if subnational governments and their creditors expect or rely on bailouts by the central government. Econometric evidence from 32 large industrial and developing countries indicates that higher subnational spending and deficits lead to greater national deficits. Dillinger and Webb investigate how, and how successfully, Argentina and Brazil dealt with these problems in the 1990s. In both countries, subnational governments account for about half of public spending and are vigorous democracies in most (especially the largest) jurisdictions. The return to democracy in the 1980s revived and strengthened long-standing federal practices while weakening macroeconomic performance, resulting in unsustainable fiscal deficits, high inflation, sometimes hyperinflation, and low or negative growth. Occasional stabilization plans failed within a few years. Then Argentina (in 1991) and Brazil (in 1994) introduced successful stabilization plans. National issues were important in preventing and then bringing about macroeconomic stabilization, but so were intergovernmental fiscal relations and the fiscal management of subnational governments. State deficits and federal transfers were often out of control in the 1980s, contributing to national macroeconomic problems. Stabilization programs in the 1990s needed to establish control, and self-control, over subnational spending and borrowing. This paper-a product of Poverty Reduction and Economic Management, Latin America and the Caribbean Region-is part of the LCR regional studies program on fiscal decentralization in Latin America. The authors may be contacted at wdillingerworldbank.org or swebb@worldbank.org
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  • 10
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    Access to Land in Rural India (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (56 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Mearns, Robin Access to Land in Rural India
    Keywords: Agrarian Structure ; Agriculture ; Common Property Resource Development ; Communities & Human Settlements ; Countries ; Farm Size ; Farmland ; Land ; Land Administration ; Land Distribution ; Land Markets ; Land Ownership ; Land Records ; Land Reform ; Land Reforms ; Land Registration ; Land Rights ; Land Tenure ; Land Transfers ; Land Use and Policies ; Land and Real Estate Development ; Landlessness ; Macroeconomics and Economic Growth ; Municipal Housing and Land ; Political Economy ; Poverty Reduction ; Private Sector Development ; Public Access To Land ; Public Land ; Public Sector Management and Reform ; Real Estate Development ; Rural Development ; Rural Development Knowledge and Information Systems ; Rural Land Policies for Poverty Reduction ; Rural Poverty Reduction ; Agrarian Structure ; Agriculture ; Common Property Resource Development ; Communities & Human Settlements ; Countries ; Farm Size ; Farmland ; Land ; Land Administration ; Land Distribution ; Land Markets ; Land Ownership ; Land Records ; Land Reform ; Land Reforms ; Land Registration ; Land Rights ; Land Tenure ; Land Transfers ; Land Use and Policies ; Land and Real Estate Development ; Landlessness ; Macroeconomics and Economic Growth ; Municipal Housing and Land ; Political Economy ; Poverty Reduction ; Private Sector Development ; Public Access To Land ; Public Land ; Public Sector Management and Reform ; Real Estate Development ; Rural Development ; Rural Development Knowledge and Information Systems ; Rural Land Policies for Poverty Reduction ; Rural Poverty Reduction
    Abstract: May 1999 - Access to land is deeply important in rural India, where the incidence of poverty is highly correlated with lack of access to land. The author provides a framework for assessing alternative approaches to improving access to land by India's rural poor. He considers India's record implementing land reform and identifies an approach that includes incremental reforms in public land administration to reduce transaction costs in land markets (thereby facilitating land transfers) and to increase transparency, making information accessible to the public to ensure that socially excluded groups benefit. Reducing constraints on access to land for the rural poor and socially excluded requires five key issues: restrictions on land-lease markets, the fragmentation of holdings, the widespread failure to translate women's legal rights into practice, poor access to (and encroachment on) the commons, and high transaction costs for land transfers. Among guidelines for policy reform the author suggests: -Selectively deregulate land-lease (rental) markets, because rental markets may be important in giving the poor access to land. -Reduce transaction costs in land markets, including both official costs and informal costs (such as bribes to expedite transactions), partly by improving systems for land registration and management of land records. -Critically reassess land administration agencies and find ways to improve incentive structures, to reduce rent-seeking and base promotions on performance. -Promote women's independent land rights through policy measures to increase women's bargaining power within the household and in society generally. -Improve transparency of land administration and public access to information, to reduce rent-seeking by land administration officers and to strengthen poor people's land rights (and knowledge thereof). -Strengthen institutions in civil society to provide the awareness, monitoring, and pressure needed for successful reform and to provide checks and balances on inappropriate uses of state power. -In a companion paper (WPS 2124) the author addresses these issues at the level of a particular state - Orissa, one of India ' s poorest states - in an empirical study, from a transaction costs perspective, of social exclusion and land administration. This paper - a product of the Rural Development Sector Unit, South Asia Region - is part of a larger effort in the region to promote access to land and to foster more demand-driven and socially inclusive institutions in rural development
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  • 11
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    Hungary's Integration into European Union Markets : Production and Trade Restructuring (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (33 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Kaminski, Bartlomiej Hungary's Integration into European Union Markets
    Keywords: Access to Markets ; Agribusiness and Markets ; Agriculture ; Capital ; Central Planning ; Comparative Advantage ; Competitive Markets ; Competitiveness ; Debt Markets ; Economic Relations ; Economic Theory and Research ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Exports ; Finance and Financial Sector Development ; Free Trade ; GDP ; General System Of Preferences ; Goods ; Industry ; International Economics & Trade ; Investment ; Macroeconomics and Economic Growth ; Markets ; Markets and Market Access ; Private Sector Development ; Production ; Public Sector Development ; Rural Development ; Shares ; Trade ; Trade Barriers ; Trade Policy ; Transition Economies ; Transition Economy ; Value ; Water Resources ; Water and Industry ; Access to Markets ; Agribusiness and Markets ; Agriculture ; Capital ; Central Planning ; Comparative Advantage ; Competitive Markets ; Competitiveness ; Debt Markets ; Economic Relations ; Economic Theory and Research ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Exports ; Finance and Financial Sector Development ; Free Trade ; GDP ; General System Of Preferences ; Goods ; Industry ; International Economics & Trade ; Investment ; Macroeconomics and Economic Growth ; Markets ; Markets and Market Access ; Private Sector Development ; Production ; Public Sector Development ; Rural Development ; Shares ; Trade ; Trade Barriers ; Trade Policy ; Transition Economies ; Transition Economy ; Value ; Water Resources ; Water and Industry
    Abstract: June 1999 - Can Hungarian firms cope with competitive pressures and market forces within the European Union market (a criterion for joining)? The empirical evidence suggests that Hungary can withstand such competitive pressures without suppressing the real incomes of Hungary's citizens. Hungary has achieved impressive results in reorienting both its production and trade. Between 1989 and 1992, as the former CMEA markets collapsed and Hungary liberalized imports and the exchange rate regime, exports to the European Union (EU) expanded, with manufactured exports redirected largely to Western (mostly EU) markets. During this first phase of expansion, characterized by a dramatic reorientation and explosion of trade, the value of Hungary's exports increased 84 percent. In 1993 export expansion lost steam and EU-oriented exports fell 12 percent. In a second phase of expansion (in 1994-97), driven by restructured and rapidly changing export offers, exports again registered strong performance, their value increasing 132 percent. There was a dramatic shift from an export basket dominated by resource-intensive, low-value-added products to one driven by manufactures, with a rapidly accelerating growth of engineering products. Machinery and transport equipment rose from 12 percent of exports to the EU in 1989 to more than 50 percent in 1997. The shift from natural resource and unskilled-labor-intensive products to technology- and capital-intensive products in EU-oriented exports suggests the potential for integration higher in the value-added spectrum. More stringent EU environmental regulations will affect a relatively low, and falling, share of Hungary's exports. The Hungarian share of environmentally dirty products imported by the EU has increased, but these products have not been trendsetters among Hungarian exports, their share in exports falling from 26 percent in 1989 to 16 percent in 1996. The rapid pace of Hungary's turnaround seems to reflect the emergence of second-generation firms, mostly foreign-owned. Foreign-owned firms tend to be more export-oriented. Hungary has been one of the more successful transition economies because its economy was receptive to foreign direct investment from the outset. Between 1990 and 1997, Hungary absorbed roughly half of all foreign capital invested in Central Europe. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to study regional integration. The author may be contacted at bkaminskiworldbank.org
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  • 12
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    The Slippery Slope : Explaining the Increase in Extreme Poverty in Urban Brazil, 1976 96 (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (78 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Barros, de Paes Ricardo The Slippery Slope
    Keywords: Economic Growth ; Economic Theory and Research ; Extreme Poverty ; Finance and Financial Sector Development ; Financial Literacy ; Formal Safety Nets ; Health, Nutrition and Population ; Household Composition ; Household Income ; Household Per Capita Income ; Income ; Income Distribution ; Income Inequality ; Inequality ; Inequality ; Labor Markets ; Labor Policies ; Macroeconomics and Economic Growth ; Measures ; Poor ; Poor Households ; Population Policies ; Poverty Incidence ; Poverty Indices ; Poverty Line ; Poverty Lines ; Poverty Measures ; Poverty Reduction ; Pro-Poor Growth ; Rural ; Rural Development ; Rural Poverty Reduction ; Services and Transfers to Poor ; Social Protections and Labor ; Unemployment ; Economic Growth ; Economic Theory and Research ; Extreme Poverty ; Finance and Financial Sector Development ; Financial Literacy ; Formal Safety Nets ; Health, Nutrition and Population ; Household Composition ; Household Income ; Household Per Capita Income ; Income ; Income Distribution ; Income Inequality ; Inequality ; Inequality ; Labor Markets ; Labor Policies ; Macroeconomics and Economic Growth ; Measures ; Poor ; Poor Households ; Population Policies ; Poverty Incidence ; Poverty Indices ; Poverty Line ; Poverty Lines ; Poverty Measures ; Poverty Reduction ; Pro-Poor Growth ; Rural ; Rural Development ; Rural Poverty Reduction ; Services and Transfers to Poor ; Social Protections and Labor ; Unemployment
    Abstract: October 1999 - During the turbulent years 1976-96, aggregate data for Brazil appear to show only small changes in mean income, inequality, and incidence of poverty - suggesting little change in the distribution of income. But a small group of urban households - excluded from formal labor markets and safety nets - was trapped in indigence. Based on welfare measured in terms of income alone, the poorest part of urban Brazil has experienced two lost decades. Despite tremendous macroeconomic instability in Brazil, the country's distributions of urban income in 1976 and 1996 appear, at first glance, deceptively similar. Mean household income per capita was stagnant, with minute accumulated growth (4.3 percent) over the two decades. The Gini coefficient hovered just above 0.59 in both years, and the incidence of poverty (relative to a poverty line of R
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  • 13
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    Is African Manufacturing Skill-Constrained? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (26 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Pack, Howard Is African Manufacturing Skill-Constrained?
    Keywords: Access and Equity in Basic Education ; Agriculture ; Capital ; Costs ; Development ; Distribution ; E-Business ; Economic Theory and Research ; Education ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Foreign Competition ; Foreign Direct Investment ; GDP ; Goods ; Human Capital ; ICT Policy and Strategies ; Incentives ; Industry ; Information and Communication Technologies ; Inputs ; International Economics & Trade ; Macroeconomic Policies ; Macroeconomics and Economic Growth ; Microfinance ; National Economy ; Private Sector Development ; Production ; Production Function ; Productivity Growth ; Real Exchange Rates ; Small Scale Enterprises ; Technology Industry ; Theory ; Total Factor Productivity ; Variables ; Access and Equity in Basic Education ; Agriculture ; Capital ; Costs ; Development ; Distribution ; E-Business ; Economic Theory and Research ; Education ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Foreign Competition ; Foreign Direct Investment ; GDP ; Goods ; Human Capital ; ICT Policy and Strategies ; Incentives ; Industry ; Information and Communication Technologies ; Inputs ; International Economics & Trade ; Macroeconomic Policies ; Macroeconomics and Economic Growth ; Microfinance ; National Economy ; Private Sector Development ; Production ; Production Function ; Productivity Growth ; Real Exchange Rates ; Small Scale Enterprises ; Technology Industry ; Theory ; Total Factor Productivity ; Variables
    Abstract: October 1999 - Continued efforts to develop high-level industrial skills in Sub-Saharan African countries may be wasteful without a more competitive environment in the industrial sector. But lack of such skills may limit the benefits to the industrial sector from future liberalization. As a result, the supply response to improved incentives may be weak. Total factor productivity has been low in most of Sub-Saharan Africa. It is often said that the binding constraint on African industrial development is the inadequate supply of technologically capable workers. And many cross-country studies imply that the low level of human capital in Africa is an important source of low growth in per capita income. The results of Pack and Paxson's study do not necessarily conflict with this view. They indicate that in noncompetitive industrial sectors with little inflow of new technology, the contribution of technological abilities, however it is measured, is limited. If liberalization of the economy generated greater competition, or if export growth were accelerated - permitting the import of inputs embodying new technology - local skills could contribute significantly more in raising output. The experience of other countries also suggests that as the economy opens to flows of international knowledge - whether through technology transfers or through informal transfers from purchasers of exports - the technological capacity of local industry becomes important. The policy implications of this analysis are clear: Without the prospect of a more competitive environment, continued efforts to develop high-level industrial skills may be wasteful. But the absence of such skills may limit the benefits to the industrial sector from future liberalization, as a result of which the supply response to improved incentives may be weak. This paper - a product of Public Economics, Development Research Group - is part of a larger effort in the group to analyze the effect of public policies on industrial productivity. The authors may be contacted at packhwharton.upenn.edu or cpaxson@wws.princeton.edu
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  • 14
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    Corruption and Trade Tariffs, or a Case for Uniform Tariffs (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (22 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Gatti, Roberta Corruption and Trade Tariffs, or a Case for Uniform Tariffs
    Keywords: Accounting ; Currencies and Exchange Rates ; Customs Administration and Reform ; Debt Markets ; Developing Countries ; Economic Efficiency ; Economic Theory and Research ; Exchange ; Finance and Financial Sector Development ; Free Trade ; Future ; Good ; Goods ; Government Revenue ; Government Revenues ; International Economics & Trade ; International Trade and Trade Rules ; Law and Development ; Macroeconomics and Economic Growth ; Market ; Market Prices ; Open Economy ; Public Sector Corruption and Anticorruption Measures ; Public Sector Development ; Returns ; Revenue ; Share ; Tariff ; Tariffs ; Tax ; Tax Law ; Taxes ; Trade Policy ; Transparency ; Accounting ; Currencies and Exchange Rates ; Customs Administration and Reform ; Debt Markets ; Developing Countries ; Economic Efficiency ; Economic Theory and Research ; Exchange ; Finance and Financial Sector Development ; Free Trade ; Future ; Good ; Goods ; Government Revenue ; Government Revenues ; International Economics & Trade ; International Trade and Trade Rules ; Law and Development ; Macroeconomics and Economic Growth ; Market ; Market Prices ; Open Economy ; Public Sector Corruption and Anticorruption Measures ; Public Sector Development ; Returns ; Revenue ; Share ; Tariff ; Tariffs ; Tax ; Tax Law ; Taxes ; Trade Policy ; Transparency
    Abstract: November 1999 - A highly diversified trade tariff menu may fuel bribe-taking behavior. Setting trade tariff rates at a uniform level limits public officials' ability to extract bribes from importers. By explicitly accounting for the interaction between importers and corrupt customs officials, Gatti argues that setting trade tariff rates at a uniform level limits public officials' ability to extract bribes from importers. If the government's main objective is to raise revenues at the minimum cost to welfare, optimally-set tariff rates will be inversely proportional to the elasticity of demand for imports. So they will generally differ across goods. Such a menu of tariff rates endows customs officials with the opportunity to extract rent from importers. If officials have enough discretionary power, they might threaten to misclassify goods into more heavily taxed categories unless importers pay them a bribe. Because of the bribe, the effective tariff rate for the importing firm increases, so demand for the good decreases. The resulting drop in import demand implies an efficiency loss as well as lower government revenues, compared with the optimal taxation benchmark without corruption. A similar argument applies when customs officials offer to classify goods into low-tariff categories in exchange for a bribe. Setting trade tariffs at a uniform level eliminates officials' opportunities to extract rents. Thus, when corruption is pervasive, a uniform tariff can deliver more government revenues and welfare than the optimally set (Ramsey) tariff benchmark. The empirical evidence confirms that these considerations are relevant to policymaking, since a robust association between the standard deviation of trade tariffs - a measure of the diversification of tariff menus - and corruption emerges across countries. This paper - a product of Macroeconomics and Growth, Development Research Group - is part of a larger effort in the group to study corruption. Please contact Roberta Gatti, Internet address rgattiworldbank.org
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  • 15
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    Border, Border, Wide and Far, How We Wonder What You Are (1999)
    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: Wei, Shang-Jin Border, Border, Wide and Far, How We Wonder What You Are
    Keywords: Arbitrage ; Barriers ; Commodity ; Consumer Price Index ; Currencies and Exchange Rates ; Debt Markets ; E-Business ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; Exchange Rate ; Exchange Rate Movements ; Exchange Rates ; Finance and Financial Sector Development ; Insurance ; International Market ; International Markets ; International Trade ; Legal Systems ; Local Currencies ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Markets and Market Access ; Power Parity ; Price ; Price Volatility ; Prices ; Private Sector Development ; Purchasing Power ; Trade ; Arbitrage ; Barriers ; Commodity ; Consumer Price Index ; Currencies and Exchange Rates ; Debt Markets ; E-Business ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; Exchange Rate ; Exchange Rate Movements ; Exchange Rates ; Finance and Financial Sector Development ; Insurance ; International Market ; International Markets ; International Trade ; Legal Systems ; Local Currencies ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Markets and Market Access ; Power Parity ; Price ; Price Volatility ; Prices ; Private Sector Development ; Purchasing Power ; Trade
    Abstract: November 1999 - Crossing national borders adds significantly to price dispersion. This study of prices in Japan and the United States finds that a substantial part of that border effect is attributable to distance, shipping costs, exchange rates, and relative variability in wages. Parsley and Wei exploit three-dimensional panel data on prices for 27 traded goods, over 88 quarters, across 96 cities in Japan and the United States, to answer several questions: · Does the average exchange rate between countries stray further from zero than that between cities within a country? · Is there any tendency for the average exchange rate to move closer to zero over time? · Does the border narrow over time? · Is there evidence linking changes in the so-called border effect - the extra dispersion in prices between cities in different countries beyond what physical distance could explain - with plausible economic explanations, such as exchange rate variability? The authors present evidence that the intranational real exchange rates are substantially less volatile than the comparable distribution of international relative prices. They also show that an equally weighted average of commodity-level real exchange rates tracks the nominal exchange rate well, suggesting strong evidence of sticky prices. Next they turn to economic explanations for the dynamics of the border effect. Focusing on the dispersion of prices between city pairs, they confirm previous findings that crossing national borders adds significantly to price dispersion. Based on their point estimates, crossing the U.S.-Japan border is equivalent to adding between 2.5 and 13 million miles to the cross-country volatility of relative prices. They infer that distance, exchange rates, shipping costs, and relative variability in wages influence the border effect. After those variables are controlled for, the border effect disappears. This paper - a product of Public Economics, Development Research Group - is part of a larger effort in the group to understand international capital flows. The authors may be contacted at david.parsleyowen.vanderbilt.edu or swei@worldbank.org
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  • 16
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    Labor Market Integration in the Presence of Social Capital (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Schiff, Maurice Labor Market Integration in the Presence of Social Capital
    Keywords: Bonds ; Capital ; Cred Economic Performance ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equilibrium ; Finance and Financial Sector Development ; Financial Literacy ; Free Trade ; Goods ; Health, Nutrition and Population ; Human Capital ; Labor Markets ; Labor Policies ; Liquidity ; Macroeconomics and Economic Growth ; Markets and Market Access ; Negative Externalities ; Population Policies ; Private Sector Development ; Production Function ; Production Functions ; Public Good ; Social Capital ; Social Development ; Social Protections and Labor ; Trade Barriers ; Transactions Costs ; Transport ; Transport Economics, Policy and Planning ; Unemployment ; Utility ; Utility Function ; Voters ; Welfare ; Bonds ; Capital ; Cred Economic Performance ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equilibrium ; Finance and Financial Sector Development ; Financial Literacy ; Free Trade ; Goods ; Health, Nutrition and Population ; Human Capital ; Labor Markets ; Labor Policies ; Liquidity ; Macroeconomics and Economic Growth ; Markets and Market Access ; Negative Externalities ; Population Policies ; Private Sector Development ; Production Function ; Production Functions ; Public Good ; Social Capital ; Social Development ; Social Protections and Labor ; Trade Barriers ; Transactions Costs ; Transport ; Transport Economics, Policy and Planning ; Unemployment ; Utility ; Utility Function ; Voters ; Welfare
    Abstract: November 1999 - Social capital raises productivity and falls with labor mobility. Because labor mobility generates a negative externality, integration of labor markets results in too much mobility, too low a level of social capital, and an ambiguous effect on welfare. Trade liberalization is superior to labor market integration because it reduces mobility and the negative externality associated with it. Labor market integration is typically assumed to improve welfare in the absence of distortions, because it allows labor to move to where returns are highest. Schiff examines this result in a simple general equilibrium model in the presence of a common property resource: social capital. Drawing on evidence that social capital raises productivity and falls with labor mobility, Schiff's main findings are that: · Labor market integration imposes a negative externality and need not raise welfare. · The welfare impact is more beneficial (or less harmful) the greater the difference in endowments is between the integrating regions. · Whether positive or negative, the welfare impact is larger the more similar the levels of social capital of the integrating regions are and the lower the migration costs are. · Trade liberalization generates an additional benefit-over and above the standard gains from trade - by reducing labor mobility and the negative externality associated with it. Trade liberalization is superior to labor market integration. · The creation of new private or public institutions in response to labor market integration may reduce welfare. Schiff shows that the welfare implications depend on two parameters of the model, the curvature of the utility function and the cost of private migration. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to understand the link between market performance and welfare. The author may be contacted at mschiffworldbank.org
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  • 17
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    Money, Politics, and a Future for the International Financial System (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Klein, Michael Money, Politics, and a Future for the International Financial System
    Keywords: Banks and Banking Reform ; Central Banks ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Exchange ; Exchange Rate ; Finance and Financial Sector Development ; Financial Institutions ; Financial Literacy ; Financial Systems ; Fixed Exchange Rate ; Future ; Interest ; Interest Rates ; International Financial System ; Lending ; Macroeconomics and Economic Growth ; Market ; Market Discipline ; Moral Hazard ; Private Sector Development ; Prudential Regulation ; Regulatory Framework ; Regulatory Oversight ; Safety Nets ; Settlement ; Banks and Banking Reform ; Central Banks ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Exchange ; Exchange Rate ; Finance and Financial Sector Development ; Financial Institutions ; Financial Literacy ; Financial Systems ; Fixed Exchange Rate ; Future ; Interest ; Interest Rates ; International Financial System ; Lending ; Macroeconomics and Economic Growth ; Market ; Market Discipline ; Moral Hazard ; Private Sector Development ; Prudential Regulation ; Regulatory Framework ; Regulatory Oversight ; Safety Nets ; Settlement
    Abstract: November 1999 - Three approaches to regulatory frameworks for financial systems - and a scenario for development of the world financial system that assumes a market solution. In developing the architecture for a financial system, the challenge is to combine deregulation and safety nets against systemic failure with effective prudential regulation and oversight. Klein analyzes three approaches to choosing an adequate regulatory framework for a financial system. · Those most worried about panic and herd behavior tend to favor relatively extensive controls on financial institutions' activities, including controls on interest rates and on the volume and direction of lending. · Those most concerned about moral hazard advocate abolishing controls and safety nets, seeing the solution in stronger market discipline and reduced powers and discretion for regulators. · Mainstream opinion advocates a mix of measures, to both strengthen market discipline and improve regulatory oversight. The approach a country opts for depends on (1) which monetary and exchange rate regime it chooses, (2) whether it is more concerned about moral hazard or about panic and herd behavior, and (3) how the politics of reform shape its solutions. Klein suggests a scenario for development of the global financial system over the next two or three decades that assumes that the final outcome will resemble the market solution - not because that is the optimal policy choice but because of how political weaknesses will interact with advances in settlement technology. In Klein's scenario, the world moves toward a monetary system in which fixed exchange rate systems or de facto currency competition limit the power of central banks. This limits options for discretionary and open-ended liquidity support to help deal with systemic financial crises. The costs of inflexible exchange rates are moderated by new types of wage contracts, using units of account that are correlated with the shocks a particular industry or kind of contract faces - thus maintaining the positive aspects of monetary systems with flexible nominal exchange rates. Mistrust in monetary authorities and the emergence of private settlement systems lead to a return of asset-backed money as the means of payment. The disciplines on financial systems come to resemble somewhat those of historical free banking systems, with financial institutions requiring high levels of equity and payments systems protected only by limited, fully funded safety nets. This paper - a product of Private Participation in Infrastructure, Private Sector Development Department - is part of a larger effort in the department to understand regulatory issues. The author may be contacted at michael.u.kleinsi.shell.com
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  • 18
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    Valuing Water for Chinese Industries : A Marginal Productivity Assessment (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (28 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Lall, Somik Valuing Water for Chinese Industries
    Keywords: Economic Theory and Research ; Energy ; Energy Production and Transportation ; Environment ; Environmental Economics and Policies ; Groundwater ; Industrial Sector ; Industrial Use ; Industrial Water ; Industrial Water Demand ; Industrial Water Use ; Industry ; Industry ; Infrastructure Economics and Finance ; Infrastructure Regulation ; Macroeconomics and Economic Growth ; Municipal Wastewater ; Pollution ; Production Process ; Research ; River Basins ; Rivers ; Town Water Supply and Sanitation ; Water ; Water Conservation ; Water Conservation ; Water Recycling ; Water Resources ; Water Shortage ; Water Shortages ; Water Supply ; Water Supply and Sanitation ; Water Supply and Sanitation Governance and Institutions ; Water Supply and Systems ; Water Treatment ; Water Use ; Water and Industry ; Economic Theory and Research ; Energy ; Energy Production and Transportation ; Environment ; Environmental Economics and Policies ; Groundwater ; Industrial Sector ; Industrial Use ; Industrial Water ; Industrial Water Demand ; Industrial Water Use ; Industry ; Industry ; Infrastructure Economics and Finance ; Infrastructure Regulation ; Macroeconomics and Economic Growth ; Municipal Wastewater ; Pollution ; Production Process ; Research ; River Basins ; Rivers ; Town Water Supply and Sanitation ; Water ; Water Conservation ; Water Conservation ; Water Recycling ; Water Resources ; Water Shortage ; Water Shortages ; Water Supply ; Water Supply and Sanitation ; Water Supply and Sanitation Governance and Institutions ; Water Supply and Systems ; Water Treatment ; Water Use ; Water and Industry
    Abstract: The marginal productivity of water used for industry varies among sectors in China, but there is great potential for the Chinese government to save water by raising water prices to industry, to encourage water conservation. - Using plant-level data on more than 1,000 Chinese industrial plants, Wang and Lall estimate a production function treating capital, labor, water, and raw material as inputs to industrial production. They then estimate the marginal productivity of water based on the estimated production function. Using the marginal productivity approach to valuing water for industrial use, they also derive a model and estimates for the price elasticity of water use by Chinese industries. Previous studies used water demand functions and total cost functions to estimate firms' willingness to pay for water use. They find that the marginal productivity of water varies among sectors in China, with an industry average of 2.5 yuan per cubic meter of water. The average price elasticity of industrial water demand is about -1.0, suggesting a great potential for the Chinese government to use pricing policies to encourage water conservation in the industrial sector. Increasing water prices would reduce water use substantially. This paper - a product of Infrastructure and Environment, Development Research Group - is part of a larger effort in the group to understand the economics of industrial pollution control in developing countries
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  • 19
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    The EU Factor in the Trade Policies of Central European Countries (1999)
    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: Kaminski, Bartlomiej The EU Factor in the Trade Policies of Central European Countries
    Keywords: Applied Tariff ; Autonomy ; Border Protection ; Currencies and Exchange Rates ; Debt Markets ; Domestic Producers ; Economic Theory and Research ; Emerging Markets ; Exchange Rates ; Finance and Financial Sector Development ; Foreign Trade ; Foreign Trade Policy ; Free Trade ; Free Trade ; International Economics & Trade ; International Trade ; International Trade Policies ; Law and Development ; Macroeconomics and Economic Growth ; Market Access ; Private Sector Development ; Public Sector Development ; Regional Integration ; Tariff ; Tariff Barriers ; Tariff Rates ; Tariffs ; Trade ; Trade Law ; Trade Liberalization ; Trade Policies ; Trade Policy ; Trade Regimes ; Trade and Regional Integration ; Applied Tariff ; Autonomy ; Border Protection ; Currencies and Exchange Rates ; Debt Markets ; Domestic Producers ; Economic Theory and Research ; Emerging Markets ; Exchange Rates ; Finance and Financial Sector Development ; Foreign Trade ; Foreign Trade Policy ; Free Trade ; Free Trade ; International Economics & Trade ; International Trade ; International Trade Policies ; Law and Development ; Macroeconomics and Economic Growth ; Market Access ; Private Sector Development ; Public Sector Development ; Regional Integration ; Tariff ; Tariff Barriers ; Tariff Rates ; Tariffs ; Trade ; Trade Law ; Trade Liberalization ; Trade Policies ; Trade Policy ; Trade Regimes ; Trade and Regional Integration
    Abstract: Despite strong protectionist sentiments, trade regimes have remained open in Central European countries invited to negotiate their accession to the European Union. Regional disciplines (the EU factor), combined with the legacy of low tariffs under GATT commitments, appear to have offset domestic protectionist impulses. - Kaminski examines the development of foreign trade institutions and policies in Central European countries invited to negotiate their accession to the European Union. With the dismantling of state trading, conditions of market access have been dramatically liberalized. However, except for Estonia and, to a lesser extent, the Czech Republic, most Central European countries have followed a policy of bilateral rather than multilateral trade liberalization. The fall in tariff rates on preferential imports has prompted a search for nontariff barriers, but these countries' trade regimes have remained open - which is surprising, considering the strong protectionist sentiments in economic administration. Regional disciplines (the EU factor), combined with the legacy of low tariffs under GATT commitments, appear to have been responsible for this openness. Foreign trade policy has been shaped by tensions between domestic protectionist impulses and pressures from the European Union (and other World Trade Organization members) to improve conditions of market access. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to examine trade and integration issues. The author may be contacted at bkaminskiworldbank.org
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  • 20
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    True World Income Distribution, 1988 and 1993 : First Calculations, Based on Household Surveys Alone (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (70 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Milanovic, Branko True World Income Distribution, 1988 and 1993
    Keywords: Consumption ; Economic Theory ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Growth Models ; Health Systems Development and Reform ; Health, Nutrition and Population ; Household Income ; Household Surveys ; Income ; Income ; Income Differences ; Income Distribution ; Income Distribution Data ; Income Inequality ; Increasing Inequality ; Inequality ; Inequality ; Macroeconomics ; Macroeconomics and Economic Growth ; Mean Incomes ; Median Voter ; Median Voter Hypothesis ; Personal Income ; Political Economy ; Poverty Diagnostics ; Poverty Impact Evaluation ; Poverty Reduction ; Power Parity ; Private Sector Development ; Rising Inequality ; Rural Development ; Rural Poverty Reduction ; Services and Transfers to Poor ; Social Protections and Labor ; Consumption ; Economic Theory ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Growth Models ; Health Systems Development and Reform ; Health, Nutrition and Population ; Household Income ; Household Surveys ; Income ; Income ; Income Differences ; Income Distribution ; Income Distribution Data ; Income Inequality ; Increasing Inequality ; Inequality ; Inequality ; Macroeconomics ; Macroeconomics and Economic Growth ; Mean Incomes ; Median Voter ; Median Voter Hypothesis ; Personal Income ; Political Economy ; Poverty Diagnostics ; Poverty Impact Evaluation ; Poverty Reduction ; Power Parity ; Private Sector Development ; Rising Inequality ; Rural Development ; Rural Poverty Reduction ; Services and Transfers to Poor ; Social Protections and Labor
    Abstract: Inequality in world income is very high, according to household surveys, more because of differences between mean country incomes than because of inequality within countries. World inequality increased between 1988 and 1993, driven by slower growth in rural per capita incomes in populous Asian countries (Bangladesh, China, and India) than in large, rich OECD countries, and by increasing income differences between urban China on the one hand and rural China and rural India on the other. - Milanovic derives the distribution of individuals' income or expenditures for two years, 1988 and 1993. His is the first paper to calculate world distribution for individuals based entirely on data from household surveys. The data, from 91 countries, are adjusted for differences in purchasing power parity between the countries. Measured by the Gini index, inequality increased from an already high 63 in 1988 to 66 in 1993. This increase was driven more by rising differences in mean incomes between countries than by rising inequalities within countries. Contributing most to the inequality were rising urban-rural differences in China and the slower growth of rural purchasing-power-adjusted incomes in South Asia than in several large developed market economies. This paper - a product of Poverty and Human Resources, Development Research Group - is part of a larger effort in the group to study inequality and poverty in the world. Also published in The Economic Journal, January 2002 pp. 51-92 The author may be contacted at bmilanovicworldbank.org
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  • 21
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    Does Deposit Insurance Increase Banking System Stability? : An Empirical Investigation (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (42 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Detragiache, Enrica Does Deposit Insurance Increase Banking System Stability?
    Keywords: Asset Portfolio ; Asset Quality ; Bank Asset ; Bank Depos Banking Crises ; Banking Market ; Banking Sector ; Banking System ; Banks and Banking Reform ; Central Bank ; Currencies and Exchange Rates ; Debt Markets ; Depos Deposit Insurance ; Depositor ; Depositors ; Deposits ; Developing Countries ; Emerging Markets ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Financial Intermediation ; Financial Literacy ; Insurance Law ; Insurance and Risk Mitigation ; Law and Development ; Liquidity ; Loan ; Monetary Fund ; Moral Hazard ; National Bank ; Private Sector Development ; Asset Portfolio ; Asset Quality ; Bank Asset ; Bank Depos Banking Crises ; Banking Market ; Banking Sector ; Banking System ; Banks and Banking Reform ; Central Bank ; Currencies and Exchange Rates ; Debt Markets ; Depos Deposit Insurance ; Depositor ; Depositors ; Deposits ; Developing Countries ; Emerging Markets ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Financial Intermediation ; Financial Literacy ; Insurance Law ; Insurance and Risk Mitigation ; Law and Development ; Liquidity ; Loan ; Monetary Fund ; Moral Hazard ; National Bank ; Private Sector Development
    Abstract: Explicit deposit insurance tends to be detrimental to bank stability - the more so where bank interest rates are deregulated and the institutional environment is weak. - Based on evidence for 61 countries in 1980-97, Demirgüç-Kunt and Detragiache find that explicit deposit insurance tends to be detrimental to bank stability, the more so where bank interest rates are deregulated and the institutional environment is weak. The adverse impact of deposit insurance on bank stability tends to be stronger the more extensive is the coverage offered to depositors, and where the scheme is funded and run by the government rather than the private sector. This paper - a product of Finance, Development Research Group - is part of a larger effort in the group to study deposit insurance. The study was funded by the Bank's Research Support Budget under the research project Deposit Insurance: Issues of Principle, Design, and Implementation (RPO 682-90). The authors may be contacted at ademirguckuntworldbank.org or edetragiache@imf.org
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  • 22
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    Productivity Growth, Capital Accumulation, and the Banking Sector : Some Lessons from Malaysia (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (26 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Ghani, Ejaz Productivity Growth, Capital Accumulation, and the Banking Sector
    Keywords: Accounting ; Accounting Framework ; Bank ; Banking ; Banking Sector ; Banking System ; Banks ; Banks and Banking Reform ; Capital ; Capital Employed ; Cred Debt ; Debt Markets ; Economic Growth ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Foreign Exchange ; Labor ; Labor Policies ; Lending ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Productivity ; Projects ; Risk ; Risk Management ; Savings ; Social Protections and Labor ; Wages ; Accounting ; Accounting Framework ; Bank ; Banking ; Banking Sector ; Banking System ; Banks ; Banks and Banking Reform ; Capital ; Capital Employed ; Cred Debt ; Debt Markets ; Economic Growth ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Foreign Exchange ; Labor ; Labor Policies ; Lending ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Productivity ; Projects ; Risk ; Risk Management ; Savings ; Social Protections and Labor ; Wages
    Abstract: How did the East Asian miracle turn into one of the worst financial crises of the century? A case study of Malaysia provides some answers. - How did the East Asian miracle turn into one of the worst financial crises of the century? Ghani and Suri address the question using Malaysia as a case study. Many discussions of the East Asian crisis address proximate and short-run causes of the crisis, such as the current account deficit, exchange rate misalignment, and disproportionate short-run external debt relative to foreign exchange reserves. These indicators of vulnerability are themselves endogenous outcomes of deeper institutional features. Ghani and Suri argue that some long-term features of the development strategy that helped sustain high growth in the first place also contributed to the economy's increasing vulnerability. High output growth was driven by rapid growth in capital stock, for example. The banking sector played a critical role in transforming (and accelerating the transformation of) large savings into capital accumulation. But the banking sector may not have been allocating capital efficiently. Ghani and Suri find that the rapid growth in bank lending in Malaysia is negatively associated with total factor productivity growth. On the other hand, the economy's other structural strengths, such as openness to foreign direct investment and technology, helped improve productivity growth. Malaysia's exceptional growth record over the past quarter century was driven largely by the growth in physical capital stock. Total factor productivity growth may have slowed in the late 1990s, and sustaining high output growth will require greater emphasis on productivity improvements. Policies that encouraged the flow of foreign direct investment and better access to imported capital goods contributed to productivity growth. But rapid growth in bank lending relative to GDP may have slowed it. How policymakers can best slow the growth of credit is a question that remains unanswered. This paper - a product of the Poverty Reduction and Economic Management Sector Unit, East Asia and Pacific Region - is part of a larger effort in the region to better understand past and future sources of growth. The authors may be contacted at eghaniworldbank.org or vsuri@worldbank.org
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  • 23
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    Infrastructure, Geographical Disadvantage, and Transport Costs (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (48 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Venables, Anthony Infrastructure, Geographical Disadvantage, and Transport Costs
    Keywords: Elasticity ; Fixed Costs ; High Transport ; Infrastructure ; Infrastructure Investment ; International Transport ; Journey ; Journeys ; Quality Of Transport ; Rail ; Road ; Routes ; Trans Transit Routes ; Transport ; Transport ; Transport Costs ; Transport Economics ; Transport Economics, Policy and Planning ; Travel ; Trips ; True ; Elasticity ; Fixed Costs ; High Transport ; Infrastructure ; Infrastructure Investment ; International Transport ; Journey ; Journeys ; Quality Of Transport ; Rail ; Road ; Routes ; Trans Transit Routes ; Transport ; Transport ; Transport Costs ; Transport Economics ; Transport Economics, Policy and Planning ; Travel ; Trips ; True
    Abstract: December 1999 - The median landlocked country has only 30 percent of the trade volume of the median coastal economy. Halving transport costs increases that trade volume by a factor of five. Improving the standard of infrastructure from that of the bottom quarter of countries to that of the median country increases trade by 50 percent. Improving infrastructure in Sub-Saharan Africa is especially important for increasing African trade. Limão and Venables use three different data sets to investigate how transport depends on geography and infrastructure. Landlocked countries have high transport costs, which can be substantially reduced by improving the quality of their infrastructure and that of transit countries. Analysis of bilateral trade data confirms the importance of infrastructure. Limão and Venables estimate the elasticity of trade flows with regard to transport costs to be high, at about -2.5. This means that: · The median landlocked country has only 30 percent of the trade volume of the median coastal economy. · Halving transport costs increases the volume of trade by a factor of five. · Improving infrastructure from the 75th to the 50th percentile increases trade by 50 percent. Using their results and a basic gravity model to study Sub-Saharan African trade, both internally and with the rest of the world, Limão and Venables find that infrastructure problems largely explain the relatively low levels of African trade. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to investigate the effects of geography on economic performance. The authors may be contacted at ngl4columbia.edu or avenables@worldbank.org
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  • 24
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    Predicting Currency Fluctuations and Crises : Do Resident Firms Have an Informational Advantage? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (40 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Schmukler, Sergio Predicting Currency Fluctuations and Crises
    Keywords: Asymmetric Information ; Balance Of Payments ; Balance Of Payments Crises ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Devaluation ; E-Business ; Emerging Markets ; Exchange ; Exchange Rate ; Finance and Financial Sector Development ; Financial Crises ; Financial Literacy ; Financial Markets ; Future ; Interest ; Interest Rate ; Interest Rate Differentials ; International Cred International Financial Markets ; Investors ; Local Business ; Local Investors ; Mutual Funds ; Private Sector Development ; Sovereign Debt ; Asymmetric Information ; Balance Of Payments ; Balance Of Payments Crises ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Devaluation ; E-Business ; Emerging Markets ; Exchange ; Exchange Rate ; Finance and Financial Sector Development ; Financial Crises ; Financial Literacy ; Financial Markets ; Future ; Interest ; Interest Rate ; Interest Rate Differentials ; International Cred International Financial Markets ; Investors ; Local Business ; Local Investors ; Mutual Funds ; Private Sector Development ; Sovereign Debt
    Abstract: December 1999 - Markets have had limited success predicting crises and might do better by drawing on private information available to resident enterprise managers, who seem to know better than markets about future movements in exchange rates. Kaufmann, Mehrez, and Schmukler investigate whether resident enterprise managers have an informational advantage about the countries in which they work. They propose a method for extracting information available to resident managers but unknown to investors and forecasters. They test their hypothesis of informational advantage using a unique data set, the Global Competitiveness Survey. The survey asks local managers about their outlook for the country in which they reside. They find that local managers do have useful private information. Local managers' responses improve on conventional forecasts of future volatility and changes in the exchange rate, which are based on economic fundamentals or interest rate differentials. They find that the local business community perceived in advance the recent crises in the Republic of Korea, Russia, and Thailand, but not those in Indonesia and Malaysia. Markets have had limited success predicting crises and might do better by drawing on private information available to resident enterprise managers, who seem to know better than markets about future movements in exchange rates. This paper - a product of Governance, Regulation, and Finance, World Bank Institute - is part of a larger effort in the institute to understand the roles of transparency and governance. The authors may be contacted at dkaufmannworldbank.org, mehrezg@gunet.georgetown.edu, or sschmukler@worldbank.org
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  • 25
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    How Inadequate Provision of Public Infrastructure and Services Affects Private Investment (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Reinikka, Ritva How Inadequate Provision of Public Infrastructure and Services Affects Private Investment
    Keywords: Bottlenecks ; Capital Stock ; Debt Markets ; Emerging Markets ; Employment ; Equipment ; Finance ; Finance and Financial Sector Development ; IRU ; Infrastructure ; Interest ; Interest Rates ; International Economics & Trade ; Investment ; Investment Rate ; Investment Rates ; Investment and Investment Climate ; Labor Policies ; M1 ; Macroeconomics and Economic Growth ; Non Bank Financial Institutions ; Prices ; Private Sector Development ; Prof Standard Errors ; Roads and Highways ; Social Protections and Labor ; Statistics ; Tax ; Taxes ; Trade and Regional Integration ; Transport ; Vdu ; Bottlenecks ; Capital Stock ; Debt Markets ; Emerging Markets ; Employment ; Equipment ; Finance ; Finance and Financial Sector Development ; IRU ; Infrastructure ; Interest ; Interest Rates ; International Economics & Trade ; Investment ; Investment Rate ; Investment Rates ; Investment and Investment Climate ; Labor Policies ; M1 ; Macroeconomics and Economic Growth ; Non Bank Financial Institutions ; Prices ; Private Sector Development ; Prof Standard Errors ; Roads and Highways ; Social Protections and Labor ; Statistics ; Tax ; Taxes ; Trade and Regional Integration ; Transport ; Vdu
    Abstract: Evidence from Uganda shows that poor public provision of infrastructure services - proxied by an unreliable and inadequate power supply - significantly reduces productive private investment. - Lack of private investment is a serious policy problem in many developing countries, especially in Africa. Despite recent structural reform and stabilization, the investment response to date has been mixed, even among the strongest reformers. The role of poor infrastructure and deficient public services has received little attention in the economic literature, where the effect of public spending and investment on growth is shown to be at best ambiguous. Reinikka and Svensson use unique microeconomic evidence to show the effects of poor infrastructure services on private investment in Uganda. They find that poor public capital, proxied by an unreliable and inadequate power supply, significantly reduces productive private investment. Firms can substitute for inadequate provision of public capital by investing in it themselves. This comes at a cost, however: the installation of less productive capital. These results have clear policy implications. Although macroeconomic reforms and stabilization are necessary conditions for sustained growth and private investment, without an accompanying improvement in the public sector's performance, the private supply response to macroeconomic policy reform is likely to remain limited. This paper - a product of Public Economics and Macroeconomics and Growth, Development Research Group - is part of a larger effort in the group to study public service delivery and economic growth. The authors may be contacted at rreinikkaworldbank.org or jsvensson@worldbank.org
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  • 26
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    Willingness to Pay for Air Quality Improvements in Sofia, Bulgaria (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Wang, Hua Willingness to Pay for Air Quality Improvements in Sofia, Bulgaria
    Keywords: Air Pollution ; Air Quality and Clean Air ; Biodiversity ; Choice ; Contingent Valuation ; Debt Markets ; Distribution ; E-Business ; Econometric Analyses ; Econometric Analysis ; Econometric Models ; Economic Theory and Research ; Economic Value ; Elasticity ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Exogenous Variables ; Finance and Financial Sector Development ; Financial Literacy ; Future Studies ; Goods ; Income ; Macroeconomics and Economic Growth ; Markets and Market Access ; Payments ; Positive Effects ; Prices ; Private Sector Development ; Public Good ; Utility ; Utility Function ; Variables ; Air Pollution ; Air Quality and Clean Air ; Biodiversity ; Choice ; Contingent Valuation ; Debt Markets ; Distribution ; E-Business ; Econometric Analyses ; Econometric Analysis ; Econometric Models ; Economic Theory and Research ; Economic Value ; Elasticity ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Exogenous Variables ; Finance and Financial Sector Development ; Financial Literacy ; Future Studies ; Goods ; Income ; Macroeconomics and Economic Growth ; Markets and Market Access ; Payments ; Positive Effects ; Prices ; Private Sector Development ; Public Good ; Utility ; Utility Function ; Variables
    Abstract: January 2000 - People in Sofia are willing to pay 4.2 percent of their income or more for a program to improve air quality. Through a survey, Wang and Whittington study willingness to pay for improvements in air quality in Sofia, Bulgaria. Using a stochastic payment card approach - asking respondents the likelihood that they would agree to pay a series of prices - they estimate the distribution of willingness to pay various prices. They find that people in Sofia are willing to pay up to about 4.2 percent of their income for a program to improve air quality. The income elasticity of willingness to pay for air quality improvements is about 27 percent. For comparison, they also used the referendum contingent valuation approach. Results from that approach yielded a higher estimate of willingness to pay. This paper - a product of Infrastructure and Environment, Development Research Group - is part of a larger effort in the group to understand the economics of pollution control in developing countries. Copies of the paper are available from Hua Wang may be contacted at hwang1worldbank.org
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  • 27
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    New Tools and New Tests in Comparative Political Economy : The Database of Political Institutions (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (52 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Clarke, George New Tools and New Tests in Comparative Political Economy
    Keywords: Cabinet ; Candidates ; Constituents ; Decision Makers ; Decision Making ; Democracy ; E-Business ; E-Government ; Economic Theory and Research ; Election ; Election Data ; Elections ; Governance ; Government ; Industry ; Information Security and Privacy ; Legislation ; Legislative Powers ; Legislators ; Macroeconomics and Economic Growth ; Microfinance ; Parliament ; Parliamentary Government ; Parliamentary Governments ; Parliamentary Systems ; Policy Making ; Political System ; Political Systems ; Prime Minister ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Technology Industry ; Cabinet ; Candidates ; Constituents ; Decision Makers ; Decision Making ; Democracy ; E-Business ; E-Government ; Economic Theory and Research ; Election ; Election Data ; Elections ; Governance ; Government ; Industry ; Information Security and Privacy ; Legislation ; Legislative Powers ; Legislators ; Macroeconomics and Economic Growth ; Microfinance ; Parliament ; Parliamentary Government ; Parliamentary Governments ; Parliamentary Systems ; Policy Making ; Political System ; Political Systems ; Prime Minister ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Technology Industry
    Abstract: February 2000 - Some say that democracy is more likely to survive under parliamentary governments. That result is not robust to the use of different variables from the Database of Political Institutions, a large new cross-country database that may illuminate many other issues affecting and affected by political institutions. This paper introduces a large new cross-country database on political institutions: the Database on Political Institutions (DPI). Beck, Clarke, Groff, Keefer, and Walsh summarize key variables (many of them new), compare this data set with others, and explore the range of issues for which the data should prove invaluable. Among the novel variables they introduce: · Several measures of tenure, stability, and checks and balances. · Identification of parties with the government coalition or the opposition. · Fragmentation of opposition and government parties in legislatures. The authors illustrate the application of DPI variables to several problems in political economy. Stepan and Skach, for example, find that democracy is more likely to survive under parliamentary governments than presidential systems. But this result is not robust to the use of different variables from the DPI, which raises puzzles for future research. Similarly, Roubini and Sachs find that divided governments in the OECD run higher budget deficits after fiscal shocks. Replication of their work using DPI indicators of divided government indicates otherwise, again suggesting issues for future research. Among questions in political science and economics that this database may illuminate: the determinants of democratic consolidation, the political conditions for economic reform, the political and institutional roots of corruption, and the elements of appropriate and institutionally sensitive design of economic policy. This paper - a product of Regulation and Competition Policy, Development Research Group - is part of a larger effort in the group to understand the institutional bases of poverty alleviation and economic reform. The study was funded by the Bank's Research Support Budget under the research project Database on Institutions for Government Decisionmaking (RPO 682-79). The authors may be contacted at tbeckworldbank.org, gclarke@worldbank.org, pkeefer@worldbank.org, or pwalsh@worldbank.org
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  • 28
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    Disinflation and the Supply Side (1999)
    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: Pizzati, Lodovico Disinflation and the Supply Side
    Keywords: Aggregate Demand ; Assets ; Capital ; Capital Markets ; Consumption ; Currencies and Exchange Rates ; Debt Markets ; Devaluation ; Economic Theory and Research ; Elasticity ; Elasticity Of Substitution ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Literacy ; Goods ; Interest ; Investment ; Macroeconomics and Economic Growth ; Money ; Open Economy ; Private Sector Development ; Production ; Recession ; Stock ; Supply ; Wages ; Wealth ; Aggregate Demand ; Assets ; Capital ; Capital Markets ; Consumption ; Currencies and Exchange Rates ; Debt Markets ; Devaluation ; Economic Theory and Research ; Elasticity ; Elasticity Of Substitution ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Literacy ; Goods ; Interest ; Investment ; Macroeconomics and Economic Growth ; Money ; Open Economy ; Private Sector Development ; Production ; Recession ; Stock ; Supply ; Wages ; Wealth
    Abstract: March 2000 - What role do supply-side factors play in the dynamics of output and absorption in exchange rate-based stabilization programs? Agénor and Pizzati study the dynamics of output, consumption, and real wages induced by a disinflation program based on permanent and temporary reductions in the nominal devaluation rate. They use an intertemporal optimizing model of a small open economy in which domestic households face imperfect world capital markets, the labor supply is endogenous, and wages are flexible. The model predicts that, with a constant capital stock and no investment, there is an initial reduction in real wages and output expands. Consumption falls on impact but increases afterward. In addition, with a temporary shock, a current account deficit emerges and, later, a recession sets in, as documented in various studies. With endogenous capital accumulation, numerical simulations show that the model can also predict a boom in investment. This paper is a product of the Economic Policy and Poverty Reduction Division, World Bank Institute. The authors may be contacted at pagenorworldbank.org and lpizzati@worldbank.org
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  • 29
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    International Contagion : Implications for Policy (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (40 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Majnoni, Giovanni International Contagion
    Keywords: Bankruptcy and Resolution of Financial Distress ; Currencies and Exchange Rates ; Currency ; Currency Crises ; Debt Markets ; Deposit Insurance ; Emerging Markets ; Exchange ; Exchange Rate ; External Debts ; Finance and Financial Sector Development ; Financial Contagion ; Financial Crises ; Financial Fragility ; Foreign Interest ; Guarantees ; Interest Rates ; International Financial Contagion ; International Investors ; Liability ; Liquidity ; Market ; Maturity ; Options ; Policy Responses ; Private Sector Development ; Short-Term Debt ; Bankruptcy and Resolution of Financial Distress ; Currencies and Exchange Rates ; Currency ; Currency Crises ; Debt Markets ; Deposit Insurance ; Emerging Markets ; Exchange ; Exchange Rate ; External Debts ; Finance and Financial Sector Development ; Financial Contagion ; Financial Crises ; Financial Fragility ; Foreign Interest ; Guarantees ; Interest Rates ; International Financial Contagion ; International Investors ; Liability ; Liquidity ; Market ; Maturity ; Options ; Policy Responses ; Private Sector Development ; Short-Term Debt
    Abstract: March 2000 - What can the international community do to prevent financial contagion? Chang and Majnoni try to identify and evaluate the public policy implications of financial contagion on the basis of a very simple model of financial crises. In this model, financial contagion can be driven by a combination of fundamentals and by self-fulfilling market expectations. The model allows the authors to identify different notions of contagion, especially the distinction between monsoonal effects, spillovers, and switchers between equilibria. They discuss both domestic and international policy options. Domestic policies, they say, should be aimed at reducing financial fragility - that is, reducing unnecessary short-term debt commitments. With explicit commitments, the maturity of external debts should be lengthened. With implicit commitments, such as private liability guarantees, they emphasize limiting or eliminating such guarantees, to improve an economy's international liquidity and reduce its exposure to contagion. Internationally, they stress the need for improving financial standards, which makes it easier to assess when a country is subject to different kinds of contagion. The effectiveness of international rescue packages depends on the kind of contagion to which a country is exposed. Implications: The international community should help those countries that are already helping themselves. This paper - a product of the Financial Sector Strategy and Policy Group - is part of a larger effort in the group to study the determinants and policy implications of international financial contagion. The author Giovanni Majnoni may be contacted at gmajnoniworldbank.org
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  • 30
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    How Interest Rates Changed under Financial Liberalization : A Cross-Country Review (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (56 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Honohan, Patrick How Interest Rates Changed under Financial Liberalization
    Keywords: Asset Prices ; Bank Interest Rates ; Bank Lending ; Bank Spreads ; Borrowers ; Currencies and Exchange Rates ; Debt Markets ; Depos Developing Countries ; Developing Country ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Liberalization ; Financial Literacy ; Insurance and Risk Mitigation ; Interest ; Interest Rate ; Interest Rates ; Lending ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Market Interest Rates ; Money Market ; Private Sector Development ; Real Interest ; Real Interest Rates ; Treasury ; Treasury Bill ; Treasury Bill Rates ; Asset Prices ; Bank Interest Rates ; Bank Lending ; Bank Spreads ; Borrowers ; Currencies and Exchange Rates ; Debt Markets ; Depos Developing Countries ; Developing Country ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Liberalization ; Financial Literacy ; Insurance and Risk Mitigation ; Interest ; Interest Rate ; Interest Rates ; Lending ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Market Interest Rates ; Money Market ; Private Sector Development ; Real Interest ; Real Interest Rates ; Treasury ; Treasury Bill ; Treasury Bill Rates
    Abstract: April 2000 - As financial liberalization progressed, the general level of real interest rates increased more in developing countries than it did in industrial countries. Volatility in wholesale interest rates also jumped, often markedly, in most liberalizing countries. Treasury bill rates and bank spreads showed the greatest increase in developing countries, shifting substantial rents from the public sector and from favored borrowers. Financial liberalization was expected to make interest rates and asset prices more volatile, with distributional consequences such as reduced or relocated rents and increased competition in financial services. Honohan examines available data on money market and bank interest rates for evidence of whether these things happened. He shows that as more and more countries liberalized, the level and dynamic behavior of developing-country interest rates converged to industrial-country norms. In the short term, volatility increased in both real and nominal money market interest rates. Treasury bill rates and bank spreads, evidently the most repressed, showed the greatest increase as liberalization progressed - shifting substantial rents from the public sector and from favored borrowers. Whereas quoted bank spreads in industrial countries contracted somewhat in the late 1990s, spreads in developing countries remained much higher, presumably reflecting both market power and the higher risks of lending in the developing world. There was no clear-cut change in mean rates of inflation, monetary depth, or GDP growth. If anything, there was a small average improvement in inflation, but a decline in monetary depth and economic growth, relative to trends in industrial countries. This paper - a product of Finance, Development Research Group - is part of a larger effort in the group to explore optimal policy under financial liberalization. The author may be contacted atphonohanworldbank.org
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  • 31
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    Trade Negotiations in the Presence of Network Externalities (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Kubota, Keiko Trade Negotiations in the Presence of Network Externalities
    Keywords: Consumers ; Costs ; Deregulation ; Economic Theory and Research ; Economies Of Scale ; Emerging Markets ; Foreign Competition ; Free Trade ; Free Trade ; Goods ; Government Regulations ; International Economics & Trade ; International Trade ; Law and Development ; Macroeconomics and Economic Growth ; Markets ; Monopolies ; Monopoly ; Network Externalities ; Payments ; Private Sector Development ; Public Sector Development ; Telecommunications ; Trade ; Trade Law ; Trade Liberalization ; Trade Negotiations ; Trade Policy ; WTO ; Welfare ; Consumers ; Costs ; Deregulation ; Economic Theory and Research ; Economies Of Scale ; Emerging Markets ; Foreign Competition ; Free Trade ; Free Trade ; Goods ; Government Regulations ; International Economics & Trade ; International Trade ; Law and Development ; Macroeconomics and Economic Growth ; Markets ; Monopolies ; Monopoly ; Network Externalities ; Payments ; Private Sector Development ; Public Sector Development ; Telecommunications ; Trade ; Trade Law ; Trade Liberalization ; Trade Negotiations ; Trade Policy ; WTO ; Welfare
    Abstract: April 2000 - With technology-related goods and services, the presence of network externalities affects a country's willingness to trade. To achieve efficiency gains through worldwide standardization and mutually beneficial trade arrangements, it is important to arrive at multilateral trade agreements before regional blocs form. Network externalities exist when the benefit a consumer derives from a good or service depends on the number of other consumers using the same good or service (as happens, for example, with telecommunications, television broadcasting standards, and many other technology-related goods and services). National monopolies, regulated and endorsed by sovereign governments, tended to produce network externalities in the past: most countries had telephone monopolies, often state-owned, before deregulation. Whether to allow foreign competition in such industries becomes a pressing issue when national boundaries begin to blur as technology advances and as previously untraded goods and services become tradable. Despite obvious gains from trade in such newly tradable sectors, governments often keep trade-prohibiting measures. With analog high definition television (HDTV) transmission standards, for example, regulations and politics kept Europe and Japan from cooperating, so each invested heavily to develop its system in an attempt to have its own standard adopted by the rest of the world. Kubota analyzes how the presence of network externalities affects a country's willingness to trade. In her model, governments decide whether or not to allow international trade. When trading is permitted, the superior standard drives out all others in the trading area. She shows that even when there are efficiency gains from worldwide standardization, global free trade may not prevail. The technology leader is generally eager to trade, but countries with less advanced technology often choose to form inefficient regional blocs or not to trade at all. Once such regional networks are established, global efficiency-enhancing free trade becomes even harder to achieve than it would have been in their absence. Transfer payments between countries reduce or eliminate such inefficiency and facilitate the achievement of efficient trade in products. To achieve mutually beneficial trade arrangements, it is important to arrive at multilateral agreements before regional blocs form. This paper is a product of Trade, Development Research Group. The author may be contacted at kkubotaworldbank.org
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  • 32
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    Does More Intense Competition Lead to Higher Growth? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Dutz, A. Mark Does More Intense Competition Lead to Higher Growth?
    Keywords: Anti-Trust Laws ; Competition ; Competition Policy ; Competitiveness ; Consumer Protection ; Deregulation ; Development ; Economic Growth ; Economic Theory and Research ; Economy ; Emerging Markets ; Growth Models ; Influence ; Labor Policies ; Macroeconomics and Economic Growth ; Monopoly ; Positive Effects ; Private Sector Development ; Productivity ; Productivity Growth ; Regulatory Framework ; Social Protections and Labor ; Telecommunications ; Trade ; Unfair Competition ; Variables ; Anti-Trust Laws ; Competition ; Competition Policy ; Competitiveness ; Consumer Protection ; Deregulation ; Development ; Economic Growth ; Economic Theory and Research ; Economy ; Emerging Markets ; Growth Models ; Influence ; Labor Policies ; Macroeconomics and Economic Growth ; Monopoly ; Positive Effects ; Private Sector Development ; Productivity ; Productivity Growth ; Regulatory Framework ; Social Protections and Labor ; Telecommunications ; Trade ; Unfair Competition ; Variables
    Abstract: April 2000 - Empirical evidence indicates a strong correlation between long-run growth and effective enforcement of antitrust and competition policy. The relationship between the intensity of competition in an economy and its long-run growth is an open question in economics. Theoretically, there is no clear-cut answer. Empirical evidence exists, however, that in some sectors more competition leads to more innovation and accelerates productivity growth. To complement those findings and capture economywide effects, Dutz and Hayri conduct a cross-country study. They examine the impact on growth of various measures having to do with intensity of domestic competition - beyond the effects of trade liberalization. Their results indicate a strong correlation between long-run growth and effective enforcement of antitrust and competition policy. An earlier version of this paper - a product of Public Economics, Development Research Group - was presented at a conference, Industrial Reorganization and Development, in Toulouse, France (November 1998). The study was funded by the Bank's Research Support Budget under the research project Does More Intense Competition Lead to Higher Growth? (RPO 682-47). The authors may be contacted at mdutzworldbank.org or ahayri@dttus.com
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    Externalities and Production Efficiency (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (50 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Eskel, S. Gunnar Externalities and Production Efficiency
    Keywords: Commodity Taxes ; Economic Welfare ; Economics ; Efficiency ; Emission Standards ; Emission Tax ; Emissions ; Environment ; Environment ; Environmental ; Environmental Economics and Policies ; Environmental Management ; Environmental Protection ; Externalities ; Macroeconomics and Economic Growth ; Marginal Costs ; Polluters ; Pollution ; Pollution Abatement ; Pollution Management and Control ; Production ; Revenue ; Taxation ; Taxation and Subsidies ; Taxes ; Commodity Taxes ; Economic Welfare ; Economics ; Efficiency ; Emission Standards ; Emission Tax ; Emissions ; Environment ; Environment ; Environmental ; Environmental Economics and Policies ; Environmental Management ; Environmental Protection ; Externalities ; Macroeconomics and Economic Growth ; Marginal Costs ; Polluters ; Pollution ; Pollution Abatement ; Pollution Management and Control ; Production ; Revenue ; Taxation ; Taxation and Subsidies ; Taxes
    Abstract: April 2000 - Environmental improvements should be sought from different polluters (public or private, producer or consumer, rich or poor) at the same cost, regardless of the nature of the polluting activity. Under a plausible structure of monitoring costs, emissions standards play a central role. Eskeland brings together two of government's primary challenges: environmental protection and taxation to generate revenues. If negative externalities can be reduced not only by changes in consumption patterns but also by making each activity cleaner (abatement efforts), how shall inducements to various approaches be combined? If negative externalities are caused by agents as different as consumers, producers, and government, how does optimal policy combine inducements to reduce pollution? Intuitively it seems right to tax emissions neutrally, based on marginal damages - no matter which activity pollutes or whether the polluter is rich or poor, consumer or producer, private or public. Eskeland provides a theoretical basis for such simplicity. Three assumptions are critical to his analysis: · Returns to scale do not influence the traditional problem of revenue generation. · Consumers have equal access to pollution abatement opportunities (but he also relaxes this assumption). · Planners can differentiate policy instruments (emission taxes or abatement standards) by polluting good, and by whether the polluter is a consumer, producer, or government, but they cannot differentiate such instruments (or commodity taxes) by personal characteristics or make them nonlinear in individual emissions. Among Eskeland's findings and conclusions: Abatement efforts and consumption adjustments at all stages are optimally stimulated by a uniform emission tax levied simply where emissions occur. It simplifies things that optimal abatement is independent of whether the car is used by government, firms, or households - for weddings or for work. It also simplifies implementation that the stimulus to abatement at one stage (say, the factory) is independent of whether it yields emission reductions from the factory or from others (say, from car owners who buy the factory's products). Finally, ministers of finance and of the environment should coordinate efforts, but they need not engage in each other's business. The minister of environment need not know which commodities are elastic in demand and thus would bear a low commodity tax. The finance minister need not know which commodities or agents pollute or who pays emission taxes. This paper - a product of Public Economics, Development Research Group - is part of a larger effort in the group to establish principles for public intervention. The author may be contacted at geskelandworldbank.org
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    Globalization and Firms' Financing Choices : Evidence from Emerging Economies (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (74 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Schmukler, Sergio Globalization and Firms' Financing Choices
    Keywords: Banks and Banking Reform ; Bond ; Bond Markets ; Debt ; Debt Markets ; Debt Maturity ; Debt-Equity ; Economic Development ; Emerging Economies ; Emerging Markets ; Emerging Markets ; Equity ; Finance and Financial Sector Development ; Financial Liberalization ; Financial Markets ; Financial Structure ; Financial Systems ; Globalization ; International Bond ; International Financial Markets ; International Markets ; Maturity Structure ; Private Sector Development ; Share ; World Financial Markets ; Banks and Banking Reform ; Bond ; Bond Markets ; Debt ; Debt Markets ; Debt Maturity ; Debt-Equity ; Economic Development ; Emerging Economies ; Emerging Markets ; Emerging Markets ; Equity ; Finance and Financial Sector Development ; Financial Liberalization ; Financial Markets ; Financial Structure ; Financial Systems ; Globalization ; International Bond ; International Financial Markets ; International Markets ; Maturity Structure ; Private Sector Development ; Share ; World Financial Markets
    Abstract: April 2000 - Debt-equity ratios do not tend to increase after financial liberalization, but there is a shift from long-term to short-term debt. Globalization has uneven effects for firms with and without access to international capital markets. Countries with deeper domestic financial markets are less affected by financial liberalization. Schmukler and Vesperoni investigate whether integration with global markets affects the financing choices of firms from East Asia and Latin America. Using firm-level data for the 1980s and 1990s, they study how leverage ratios, the structure of debt maturity, and sources of financing change when economies are liberalized and when firms gain access to international equity and bond markets. The evidence shows that integration with world financial markets has uneven effects. On the one hand, debt maturity for the average firm shortens when countries undertake financial liberalization. On the other hand, domestic firms that actually participate in international markets get better financing opportunities and extend their debt maturity. Moreover, firms in economies with deeper domestic financial systems are affected less by financial liberalization. Finally, they show that leverage ratios increase during times of crisis. In an appendix, they analyze the previously unstudied case of Argentina, which experienced sharp financial liberalization and was hit hard by all recent global crises. This paper - a product of Macroeconomics and Growth, Development Reseach Group - is part of a larger effort in the group to understand financial development and financial integration. The authors may be contacted at sschmuklerworldbank.org or vesperon@wam.umd.edu
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    How the Republic of Korea's Financial Structure Affects the Volatility of Four Asset Prices (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (40 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Min, G. Hong How the Republic of Korea's Financial Structure Affects the Volatility of Four Asset Prices
    Keywords: Asset Prices ; Banking Sector ; Banks and Banking Reform ; Capital Flows ; Currencies and Exchange Rates ; Currency ; Currency Crises ; Debt Markets ; Emerging Markets ; Exchange ; Exchange Rate ; Finance ; Finance and Financial Sector Development ; Financial Crisis ; Financial Institutions ; Financial Literacy ; Financial Structure ; Financial System ; Government Bond ; Government Bond Yield ; Macroeconomics and Economic Growth ; Market ; Markets and Market Access ; Monetary Authority ; Monetary Policies ; Money Market ; Money Market Rate ; Private Sector Development ; Stock ; Asset Prices ; Banking Sector ; Banks and Banking Reform ; Capital Flows ; Currencies and Exchange Rates ; Currency ; Currency Crises ; Debt Markets ; Emerging Markets ; Exchange ; Exchange Rate ; Finance ; Finance and Financial Sector Development ; Financial Crisis ; Financial Institutions ; Financial Literacy ; Financial Structure ; Financial System ; Government Bond ; Government Bond Yield ; Macroeconomics and Economic Growth ; Market ; Markets and Market Access ; Monetary Authority ; Monetary Policies ; Money Market ; Money Market Rate ; Private Sector Development ; Stock
    Abstract: April 2000 - How Korea's financial structure affects the volatility of Korea's real effective exchange rate, money market rate, government bond yields, and stock prices. Min and Park explore how Korea's financial structure affects the volatility of asset prices. Documented empirical evidence of the relationship between financial structure and financial crisis sheds light on the relationship between asset price volatility - extreme variations in prices - and financial structure. And the volatility of financial and nonfinancial asset prices provides an indirect link between an economy's financial structure and the likelihood of financial crisis. Using time-series data and a set of indicators measuring financial structure, Min and Park examine how Korea's financial structure affects the volatility of the real effective exchange rate, the money market rate, government bond yields, and stock prices. They find: · There is a stable long-term relationship between financial structure and volatility in the real effective exchange rate, the money market rate, stock prices, and the yield on government housing bonds. · Financial structure affects asset price variables asymmetrically. Some variables' volatility increases and others' diminish, suggesting that monetary policies should target different asset markets to achieve different goals. If the goal of the monetary authority is to stabilize the money market rate, for example, intervening in the banking sector is more efficient than intervening in other financial subsectors. · The higher volatility of stock prices reflects the thin stock market in Korea. · The stability of the yield on government housing bonds reflects the Korean government's policy of stabilizing the nation's housing supply by isolating the housing market from the impact of Korea's financial structure. · Restrictions on foreigners' ownership of domestic stock in Korea during the period analyzed, and the fact that most capital flows through commercial banks, affect the exchange rate, which is determined (at least in the short run) by capital flows in the foreign exchange market. This paper - a product of the Macroeconomic Data Team, Development Data Group - is part of a larger effort in the group to understand the financial structure of developing countries based on empirical data. The authors may be contacted at hmin56aol.com or jpark@worldbank.org
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    Competition, Corporate Governance, and Regulation in Central Asia : Uzbekistan's Structural Reform Challenges (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (28 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Broadman, G. Harry Competition, Corporate Governance, and Regulation in Central Asia
    Keywords: Business Performance ; Competition ; Competition Policy ; Corporate Governance ; Corporate Law ; Corporate Performance ; Debt Markets ; E-Business ; Economic Theory and Research ; Emerging Markets ; Enforcement ; Finance and Financial Sector Development ; Governance ; Investment ; Labor Policies ; Law and Development ; Legal Frameworks ; Macroeconomic Policy ; Macroeconomic Stability ; Macroeconomics and Economic Growth ; Market Economy ; Market Share ; Market Structure ; Markets and Market Access ; Microfinance ; Monopoly ; National Governance ; Output ; Price ; Prices ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Reform Program ; Social Protections and Labor ; Trade ; Trade Associations ; Business Performance ; Competition ; Competition Policy ; Corporate Governance ; Corporate Law ; Corporate Performance ; Debt Markets ; E-Business ; Economic Theory and Research ; Emerging Markets ; Enforcement ; Finance and Financial Sector Development ; Governance ; Investment ; Labor Policies ; Law and Development ; Legal Frameworks ; Macroeconomic Policy ; Macroeconomic Stability ; Macroeconomics and Economic Growth ; Market Economy ; Market Share ; Market Structure ; Markets and Market Access ; Microfinance ; Monopoly ; National Governance ; Output ; Price ; Prices ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Reform Program ; Social Protections and Labor ; Trade ; Trade Associations
    Abstract: May 2000 - Like many Central Asian republics, Uzbekistan has adopted a gradual, cautious approach in its transition to a market economy. It has had some success attaining macroeconomic stability, but microeconomic reforms have lagged behind. It is time to accelerate structural reform. In Uzbekistan state enterprises are being changed into shareholding companies, and private enterprises account for 45 percent of all registered firms. But business decisions to set prices, output, and investment are often not market-based, nor wholly within the purview of businesses, especially those in commercial manufacturing and services. Lines of authority for corporate governance - from state enterprises to private enterprises - are ill-defined, so there is little discipline on corporate performance and little separation between government and business. Nascent frameworks have been created for competition policy (for firms in the commercial sector) and regulatory policy (governing utilities in the infrastructure monopoly sector). But implementation and enforcement have been hampered by old-style instruments (such as price controls) rooted in central planning, by lack of a strong independent regulatory rule-making authority, by the limited understanding of the basic concepts of competition and regulatory reform, and by weak institutional capabilities for analyzing market structure and business performance. Based on fieldwork in Uzbekistan, Broadman recommends: · Deepening senior policy officials' understanding of, and appreciation of the benefits from, enterprise competition and how it affects economic growth. · Reforming competition policy institutions and legal frameworks in line with the country's goal of strengthening structural reforms and improving macroeconomic policy. · Improving the ability of government and associated institutions to assess Uzbekistan's industrial market structure and the determinants of enterprise conduct and performance. · Making the authority responsible for competition and regulatory policymaking into an independent agency - a champion of competition - answerable directly to the prime minister. · Strengthening incentives and institutions for corporate governance and bringing them in line with international practice. · Subjecting infrastructure monopolies to systemic competitive restructuring and unbundling, where appropriate. For other utilities, depoliticize tariff setting and implementation of regulations; ensure that price, output, and investment decisions by service suppliers are procompetitive (creating a level playing field among users); and increase transparency and accountability to the public. This paper - a product of the Poverty Reduction and Economic Management Sector Unit, Europe and Central Asia Regional Office - is part of a larger effort in the region to assess structural reform in Central Asia. The author may be contacted at hbroadmanworldbank.org
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    Pollution Charges, Community Pressure, and Abatement Cost of Industrial Pollution in China (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Wang, Hua Pollution Charges, Community Pressure, and Abatement Cost of Industrial Pollution in China
    Keywords: Abatement ; Brown Issues and Health ; Demand ; Empirical Analysis ; Empirical Studies ; Environment ; Environmental ; Environmental Economics and Policies ; Environmental Protection ; Environmental Sciences ; Green Issues ; Incentives ; Industrial Water ; Industry ; Marginal Abatement ; Pollution ; Pollution Abatement ; Pollution Charges ; Pollution Control ; Pollution Discharge ; Prices ; Public Sector Development ; Regulation ; Standards ; Water ; Water Pollution ; Water Resources ; Water and Industry ; Abatement ; Brown Issues and Health ; Demand ; Empirical Analysis ; Empirical Studies ; Environment ; Environmental ; Environmental Economics and Policies ; Environmental Protection ; Environmental Sciences ; Green Issues ; Incentives ; Industrial Water ; Industry ; Marginal Abatement ; Pollution ; Pollution Abatement ; Pollution Charges ; Pollution Control ; Pollution Discharge ; Prices ; Public Sector Development ; Regulation ; Standards ; Water ; Water Pollution ; Water Resources ; Water and Industry
    Abstract: May 2000 - Community pressure may be as strong an incentive for industrial firms to control pollution in China as pollution levies are. Wang evaluates the strength of the effect that community pressure and pollution charges have on industrial pollution control in China and estimates the marginal cost of pollution abatement. He examines a well-documented set of plant-level data, combined with community-level data, to assess the impact of pollution charges and community pressure on industrial behavior in China. He constructs and estimates an industrial organic water pollution discharge model for plants that violate standards for pollution discharge, pay pollution charges, and are constantly under community pressure to further abate pollution. He creates a model and estimates implicit prices for pollution discharges from community pressure, which are determined jointly by the explicit price, the pollution levy. He finds that the implicit discharge price is at least as high as the explicit price. In other words, community pressure not only exists but may be as strong an incentive as the pollution charge is for industrial firms to control pollution in China. Wang's modeling approach also provides a way to estimate the marginal cost of pollution abatement. The empirical results show that the current marginal cost of abatement is about twice the effective charge rate in China. This paper - a product of Infrastructure and Environment, Development Research Group - is part of a larger effort in the group to study environmental regulation in developing countries. The author may be contacted at hwang1worldbank.org
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    Building Subnational Debt Markets in Developing and Transition Economies : A Framework for Analysis, Policy Reform, and Assistance Strategy (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (54 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Noel, Michel Building Subnational Debt Markets in Developing and Transition Economies
    Keywords: Agency Problems ; Bond Market Players ; Debt Market ; Debt Markets ; Decentralization ; Domestic Bond ; Domestic Bond Market ; Domestic Debt ; Domestic Debt Markets ; Finance ; Finance and Financial Sector Development ; Financial Sector Development ; Financial Systems ; Markets Development ; Sub-National Bond ; Sub-National Bond Market ; Sub-National Bond Markets ; Sub-National Debt ; Sub-National Debt Market ; Sub-National Debt Market Development ; Sub-National Debt Markets ; Transition Countries ; Agency Problems ; Bond Market Players ; Debt Market ; Debt Markets ; Decentralization ; Domestic Bond ; Domestic Bond Market ; Domestic Debt ; Domestic Debt Markets ; Finance ; Finance and Financial Sector Development ; Financial Sector Development ; Financial Systems ; Markets Development ; Sub-National Bond ; Sub-National Bond Market ; Sub-National Bond Markets ; Sub-National Debt ; Sub-National Debt Market ; Sub-National Debt Market Development ; Sub-National Debt Markets ; Transition Countries
    Abstract: May 2000 - Because of the trend toward decentralization in more than 70 countries where the World Bank is active, subnational entities - states, regions, provinces, counties, and municipalities, and the local utility companies owned by them - are now responsible for delivering services and investing in infrastructure. And infrastructure investments are growing rapidly to meet increasing urban demand. How should the World Bank Group help? Subnational debt markets can be a powerful force in a country's development. Through delegated monitoring by financial intermediaries and through debt placed directly with investors, sub-national debt markets account for about 5 percent of GDP in Argentina and Brazil. But they remain embryonic in most developing and transition economies. To resolve a potential clash between the increased financing needs of subnational entities and the limited development of domestic subnational debt markets, it is critical to support the orderly, efficient emergence of such debt markets. As a framework for policy reform, the following steps (mirroring typical weaknesses) are prerequisites for developing a country's subnational debt market: · Reducing moral hazard. · Improving market transparency. · Strengthening market governance. · Establishing a level playing field. · Developing local capacity for accounting, budgeting, and financial management. In countries where the government shows a clear commitment to market development, says Noel, the IBRD should support the framework needed for policy-based operations that establish hard budget constraints. In doing so, the IBRD should concentrate on (1) supporting national and local capacity building in those areas essential for developing a subnational debt market and (2) financing specific subnational projects with strictly nonrecourse loans. At the same time, the World Bank Group should offer a variety of lending and guarantee instruments that encourage private financing for investments by subnational entities - including, for example, equity participation in (or lines of credit or partial credit guarantees to) financial intermediaries specializing in subnational investment finance or in funds for financing local infrastructure. This paper - a product of the Private and Financial Sectors Development Unit, Europe and Central Asia Region - was prepared as background for a manual on policy issues relating to domestic debt markets. Michel Noel may be contacted at mnoel2worldbank.org
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    Ownership and Performance of Lithuanian Enterprises (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (46 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Grigorian, A. David Ownership and Performance of Lithuanian Enterprises
    Keywords: Central Planning ; Debt Markets ; Economic Reforms ; Economic Theory and Research ; Emerging Markets ; Enterprise Performance ; Enterprise Restructuring ; Enterprises ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Financial Literacy ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Market Competition ; Microfinance ; Operational Efficiency ; Ownership Of Enterprises ; Performance Indicators ; Political Economy ; Private Firms ; Private Owners ; Private Ownership ; Private Sector Development ; Privatization ; Privatization ; Privatization Process ; Privatization Program ; Profit Maximization ; Share Ownership ; State Firms ; State Owned Enterprise Reform ; State Ownership ; State Property ; Central Planning ; Debt Markets ; Economic Reforms ; Economic Theory and Research ; Emerging Markets ; Enterprise Performance ; Enterprise Restructuring ; Enterprises ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Financial Literacy ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Market Competition ; Microfinance ; Operational Efficiency ; Ownership Of Enterprises ; Performance Indicators ; Political Economy ; Private Firms ; Private Owners ; Private Ownership ; Private Sector Development ; Privatization ; Privatization ; Privatization Process ; Privatization Program ; Profit Maximization ; Share Ownership ; State Firms ; State Owned Enterprise Reform ; State Ownership ; State Property
    Abstract: May 2000 - Does private ownership improve on corporate performance in a developing institutional environment? In Lithuania commercial transfer of state property to private owners has significantly improved enterprises' revenue and export performance. Grigorian presents some evidence of improved corporate performance in Lithuania for the period 1995-97. His question: Were these improvements in any way caused by privatization and changes in the environment in which enterprises operate? He presents evidence of correlation between ownership and enterprise performance as measured by increased revenues and improved export performance. Controlling for preselection bias increases the magnitude and significance of private share ownership, which indicates negative selection bias at privatization. On the other hand, (expected) subsidies seem to contribute negatively to enterprise performance. However, the study finds no clear evidence of the effect of market competition on performance indicators in the short run. Grigorian's is the first study to analyze the consequences of commercial (as opposed to mass) privatization in Central and Eastern European countries. This paper - a product of the Private and Financial Sectors Development Sector Unit, Europe and Central Asia Region - is part of a larger effort in the region to study enterprise restructuring in transition. The author may be contacted at dgrigorianworldbank.org
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    Information and Modeling Issues in Designing Water and Sanitation Subsidy Schemes (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (46 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Halpern, Jonathan Information and Modeling Issues in Designing Water and Sanitation Subsidy Schemes
    Keywords: Administrative Procedures ; Consumption ; Consumption ; Consumption Patterns ; Cred Demand ; E-Business ; Economic Theory and Research ; Empirical Analysis ; Environment ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Financial Literacy ; Incentives ; Income ; Information ; Macroeconomics and Economic Growth ; Need ; Options ; Poverty ; Private Sector Development ; Revenue ; Standards ; Subsidies ; Tariffs ; Town Water Supply and Sanitation ; Values ; Water ; Water Conservation ; Water Resources ; Water Supply and Sanitation ; Water Supply and Sanitation Governance and Institutions ; Water Use ; Willingness To Pay ; Wtp ; Administrative Procedures ; Consumption ; Consumption ; Consumption Patterns ; Cred Demand ; E-Business ; Economic Theory and Research ; Empirical Analysis ; Environment ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Financial Literacy ; Incentives ; Income ; Information ; Macroeconomics and Economic Growth ; Need ; Options ; Poverty ; Private Sector Development ; Revenue ; Standards ; Subsidies ; Tariffs ; Town Water Supply and Sanitation ; Values ; Water ; Water Conservation ; Water Resources ; Water Supply and Sanitation ; Water Supply and Sanitation Governance and Institutions ; Water Use ; Willingness To Pay ; Wtp
    Abstract: May 2000 - Evaluating design alternatives is a first step in introducing optimal water subsidy schemes. The definition of appropriate targeting criteria and subsidy levels needs to be supported by empirical analysis, generally an informationally demanding exercise. An assessment carried out in Panama revealed that targeting individual households would be preferable to geographically based targeting. Empirical analysis also showed that only a small group of very poor households needed a subsidy to pay their water bill. In designing a rational scheme for subsidizing water services, it is important to support the choice of design parameters with empirical analysis that simulates the impact of subsidy options on the target population. Otherwise, there is little guarantee that the subsidy program will meet its objectives. But such analysis is informationally demanding. Ideally, researchers should have access to a single, consistent data set containing household-level information on consumption, willingness to pay, and a range of socioeconomic characteristics. Such a comprehensive data set will rarely exist. G-mez-Lobo, Foster, and Halpern suggest overcoming this data deficiency by collating and imaginatively manipulating different sources of data to generate estimates of the missing variables. The most valuable sources of information, they explain, are likely to be the following: · Customer databases of the water company, which provide robust information on the measured consumption of formal customers but little information on unmeasured consumption, informal customers, willingness to pay, or socioeconomic variables. · General socioeconomic household surveys, which are an excellent source of socioeconomic information but tend to record water expenditure rather than physical consumption. · Willingness-to-pay surveys, which are generally tailored to a specific project, are very flexible, and may be the only source of willingness-to-pay data. However, they are expensive to undertake and the information collected is based on hypothetical rather than real behavior. Where such surveys are unavailable, international benchmark values on willingness to pay may be used. Combining data sets requires some effort and creativity, and creates difficulties of its own. But once a suitable data set has been constructed, a simulation model can be created using simple spreadsheet software. The model used to design Panama's water subsidy proposal addressed these questions: · What are the targeting properties of different eligibility criteria for the subsidy? · How large should the subsidy be? · How much will the subsidy scheme cost, including administrative costs? Armed with the above information, policymakers should be in a position to design a subsidy program that reaches the intended beneficiaries, provides them with the level of financial support that is strictly necessary, meets the overall budget restrictions, and does not waste an excessive amount of funding on administrative costs. This paper - a product of the Finance, Private Sector, and Infrastructure Sector Unit, Latin America and the Caribbean Region - is part of a larger effort in the region to evaluate and disseminate lessons of experience in designing policies to improve the quality and sustainability of infrastructure services and to enhance the access of the poor to these basic services. The authors may be contacted at vfosterworldbank.org or jhalpern@worldbank.org
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    Environmental Policy and Time Consistency : Emissions Taxes and Emissions Trading (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (48 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Kennedy, W. Peter Environmental Policy and Time Consistency
    Keywords: Aggregate Emissions ; Damage Function ; Economics ; Efficiency ; Emission Standards ; Emission Taxes ; Emissions ; Environment ; Environmental ; Environmental Economics and Policies ; Environmental Policy ; Forest Management ; ICT Policy and Strategies ; Incentives ; Industry ; Information and Communication Technologies ; Policies ; Policy Instruments ; Pollution ; Pollution Control ; Pollution Management and Control ; Pollution Reduction ; Production ; Technological Change ; Technology ; Technology Adoption ; Technology Industry ; Aggregate Emissions ; Damage Function ; Economics ; Efficiency ; Emission Standards ; Emission Taxes ; Emissions ; Environment ; Environmental ; Environmental Economics and Policies ; Environmental Policy ; Forest Management ; ICT Policy and Strategies ; Incentives ; Industry ; Information and Communication Technologies ; Policies ; Policy Instruments ; Pollution ; Pollution Control ; Pollution Management and Control ; Pollution Reduction ; Production ; Technological Change ; Technology ; Technology Adoption ; Technology Industry
    Abstract: May 2000 - As instruments for controlling pollution, how do emissions taxes and emissions trading compare in terms of the incentives they create to adopt cleaner technologies? Emissions taxes may have a slight advantage over emissions trading. Kennedy and Laplante examine policy problems related to the use of emissions taxes and emissions trading, two market-based instruments for controlling pollution by getting regulated firms to adopt cleaner technologies. By attaching an explicit price to emissions, these instruments give firms an incentive to continually reduce their volume of emissions. Command-and-control emissions standards create incentives to adopt cleaner technologies only up to the point where the standards are no longer binding (at which point the shadow price on emissions falls to zero). But the ongoing incentives created by market-based instruments are not necessarily right, either. Time-consistency constraints on the setting of these instruments limit the regulator's ability to set policies that lead to efficiency in adopting technology options. After examining the time-consistency properties of a Pigouvian emissions tax and of emissions trading, Kennedy and Laplante find that: · If damage is linear, efficiency in adopting technologies involves either universal adoption of the new technology or universal retention of the old technology, depending on the cost of adoption. The first-best tax policy and the first-best permit-supply policy are both time-consistent under these conditions. · If damage is strictly convex, efficiency may require partial adoption of the new technology. In this case, the first-best tax policy is not time-consistent and the tax rate must be adjusted after adoption has taken place (ratcheting). Ratcheting will induce an efficient equilibrium if there is a very large number of firms. If there are relatively few firms, ratcheting creates too many incentives to adopt the new technology. · The first-best supply policy is time-consistent if there is a very large number of firms. If there are relatively few firms, the first-best supply policy may not be time-consistent, and the regulator must ratchet the supply of permits. With this policy, there are not enough incentives for firms to adopt the new technology. The results do not strongly favor one policy instrument over the other, but if the point of an emissions trading program is to increase technological efficiency, it is necessary to continually adjust the supply of permits in response to technological change, even when damage is linear. This continual adjustment is not needed for an emissions tax when damage is linear, which may give emissions taxes an advantage over emissions trading. This paper - a product of Infrastructure and Environment, Development Research Group - is part of a larger effort in the group to study the economics of pollution control. Copies of the paper are available free from the World Bank, 1818 H Street NW, Washington, DC 20433. Benoît Laplante may be contacted at blaplanteworldbank.org
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    Greed and Grievance in Civil War (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (50 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Collier, Paul Greed and Grievance in Civil War
    Keywords: Civil War ; Conflict ; Conflict and Development ; Conflicts ; Crime ; Diasporas ; Economic Theory Of Rebellion ; Ethnic Majority ; Extortion ; Greed-Rebellion ; Grievance Model ; Grievance Models ; Health, Nutrition and Population ; Peace and Peacekeeping ; Political Analysis ; Population Policies ; Post Conflict Reconstruction ; Predatory Rebellion ; Protest Movement ; Protest Movements ; Rebel Movements ; Rebel Organization ; Rebel Organizations ; Rebellion ; Rebellions ; Social Conflict and Violence ; Social Development ; Civil War ; Conflict ; Conflict and Development ; Conflicts ; Crime ; Diasporas ; Economic Theory Of Rebellion ; Ethnic Majority ; Extortion ; Greed-Rebellion ; Grievance Model ; Grievance Models ; Health, Nutrition and Population ; Peace and Peacekeeping ; Political Analysis ; Population Policies ; Post Conflict Reconstruction ; Predatory Rebellion ; Protest Movement ; Protest Movements ; Rebel Movements ; Rebel Organization ; Rebel Organizations ; Rebellion ; Rebellions ; Social Conflict and Violence ; Social Development
    Abstract: May 2000 - Of the 27 major armed conflicts that occurred in 1999, all but two took place within national boundaries. As an impediment to development, internal rebellion especially hurts the world's poorest countries. What motivates civil wars? Greed or grievance? Collier and Hoeffler compare two contrasting motivations for rebellion: greed and grievance. Most rebellions are ostensibly in pursuit of a cause, supported by a narrative of grievance. But since grievance assuagement through rebellion is a public good that a government will not supply, economists predict such rebellions would be rare. Empirically, many rebellions appear to be linked to the capture of resources (such as diamonds in Angola and Sierra Leone, drugs in Colombia, and timber in Cambodia). Collier and Hoeffler set up a simple rational choice model of greed-rebellion and contrast its predictions with those of a simple grievance model. Some countries return to conflict repeatedly. Are they conflict-prone or is there a feedback effect whereby conflict generates grievance, which in turn generates further conflict? The authors show why such a feedback effect might be present in both greed-motivated and grievance rebellions. The authors' results contrast with conventional beliefs about the causes of conflict. A stylized version of conventional beliefs would be that grievance begets conflict, which begets grievance, which begets further conflict. With such a model, the only point at which to intervene is to reduce the level of objective grievance. Collier and Hoeffler's model suggests that what actually happens is that opportunities for predation (controlling primary commodity exports) cause conflict and the grievances this generates induce dias-poras to finance further conflict. The point of policy intervention here is to reduce the absolute and relative attraction of primary commodity predation and to reduce the ability of diasporas to fund rebel movements. This paper - a product of the Development Research Group - is part of a larger effort in the group to study civil war and criminal violence. For more on this effort, go to www.worldbank.org/research/conflict. Paul Collier may be contacted at pcollierworldbank.org
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    Evaluating Carbon Offsets from Forestry and Energy Projects : How Do They Compare? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (34 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Chomitz, Kenneth Evaluating Carbon Offsets from Forestry and Energy Projects
    Keywords: Carbon ; Carbon Emissions ; Carbon Policy and Trading ; Clean Development Mechanism ; Climate Change ; Coal ; Developed Countries ; Economies ; Emissions ; Emissions Abatement ; Emissions Reduction ; Energy ; Energy Production and Transportation ; Energy and Environment ; Environment ; Environment and Energy Efficiency ; Environmental ; Environmental Economics and Policies ; Forestry ; Insurance ; Investment ; Joint Implementation ; Land ; Land Use ; Public Sector Development ; Risk ; Sustainable Development ; Taxes ; Technology ; Carbon ; Carbon Emissions ; Carbon Policy and Trading ; Clean Development Mechanism ; Climate Change ; Coal ; Developed Countries ; Economies ; Emissions ; Emissions Abatement ; Emissions Reduction ; Energy ; Energy Production and Transportation ; Energy and Environment ; Environment ; Environment and Energy Efficiency ; Environmental ; Environmental Economics and Policies ; Forestry ; Insurance ; Investment ; Joint Implementation ; Land ; Land Use ; Public Sector Development ; Risk ; Sustainable Development ; Taxes ; Technology
    Abstract: June 2000 - Under the Clean Development Mechanism, developing countries will be able to produce certified emissions reductions (CERs, sometimes called offsets) through projects that reduce greenhouse gas emissions below business-as-usual levels. The challenges of setting up offset markets are considerable. Do forestry projects, as a class, have more difficulty than energy projects reducing greenhouse gas emissions in ways that are real, measurable, additional, and consistent with sustainable development? Under the Kyoto Protocol, industrial countries accept caps on their emissions of greenhouse gases. They are permitted to acquire offsetting emissions reductions from developing countries - which do not have emissions limitations - to assist in complying with these caps. Because these emissions reductions are defined against a hypothetical baseline, practical issues arise in ensuring that the reductions are genuine. Forestry-related emissions reduction projects are often thought to present greater difficulties in measurement and implementation than energy-related emissions reduction projects. Chomitz discusses how project characteristics affect the process for determining compliance with each of the criteria for qualifying. Those criteria are: · Additionality. Would the emissions reductions not have taken place without the project? · Baseline and systems boundaries (leakage). What would business-as-usual emissions have been without the project? And in this comparison, how broad should spatial and temporal system boundaries be? · Measurement (or sequestration). How accurately can we measure actual with-project emissions levels? · Duration or permanence. Will the project have an enduring mitigating effect? · Local impact. Will the project benefit its neighbors? For all the criteria except permanence, it is difficult to find generic distinctions between land use change and forestry and energy projects, since both categories comprise diverse project types. The important distinctions among projects have to do with such things as: · The level and distribution of the project's direct financial benefits. · How much the project is integrated with the larger system. · The project components' internal homogeneity and geographic dispersion. · The local replicability of project technologies. Permanence is an issue specific to land use change and forestry projects. Chomitz describes various approaches to ensure permanence or adjust credits for duration: the ton-year approach (focusing on the benefits from deferring climatic damage, and rewarding longer deferral); the combination approach (bundling current land use change and forestry emissions reductions with future reductions in the buyer's allowed amount); a technology-acceleration approach; and an insurance approach. This paper - a product of Infrastructure and Environment, Development Research Group - is part of a larger effort in the group to assess policies for mitigating climate change. The author may be contacted at kchomitzworldbank.org
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    A Transitory Regime Water Supply in Conakry, Guinea (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (58 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Clarke, George A Transitory Regime Water Supply in Conakry, Guinea
    Keywords: Banks and Banking Reform ; Cost Of Water ; Debt Markets ; Drinking Water ; Finance and Financial Sector Development ; Financial Literacy ; Households ; Industry ; Mortality Rate ; Pipeline ; Pit Latrines ; Population Growth ; Price Of Water ; Private Operator ; Private Participation ; Public Sector Corruption and Anticorruption Measures ; Raw Water ; Town Water Supply and Sanitation ; Urban Areas ; Urban Water ; Urban Water Supply and Sanitation ; Water ; Water Conservation ; Water Resources ; Water Resources ; Water Sector ; Water Supply ; Water Supply and Sanitation ; Water Supply and Sanitation Governance and Institutions ; Water System ; Water Systems ; Water Use ; Water and Industry ; Wells ; Banks and Banking Reform ; Cost Of Water ; Debt Markets ; Drinking Water ; Finance and Financial Sector Development ; Financial Literacy ; Households ; Industry ; Mortality Rate ; Pipeline ; Pit Latrines ; Population Growth ; Price Of Water ; Private Operator ; Private Participation ; Public Sector Corruption and Anticorruption Measures ; Raw Water ; Town Water Supply and Sanitation ; Urban Areas ; Urban Water ; Urban Water Supply and Sanitation ; Water ; Water Conservation ; Water Resources ; Water Resources ; Water Sector ; Water Supply ; Water Supply and Sanitation ; Water Supply and Sanitation Governance and Institutions ; Water System ; Water Systems ; Water Use ; Water and Industry ; Wells
    Abstract: June 2000 - In several ways, the reform introduced to the water sector in Conakry, Guinea, in 1989 under a World Bank-led project was remarkable. It showed that even in a weak institutional environment, where contracts are hard to enforce and political interference is common, private sector participation can improve sector performance. Why did the sector improve as much as it did, and what has inhibited reform? Both consumers and the government benefited from reform of the water system in Conakry, Guinea, whose deterioration since independence had become critical by the mid-1980s. Less than 40 percent of Conakry's population had access to piped water - low even by regional standards - and service was intermittent, at best, for the few who had connections. The public agency in charge of the sector was inefficient, overstaffed, and virtually insolvent. In several ways, the reform introduced to the sector in 1989 under a World Bank-led project was remarkable. It showed that even in a weak institutional environment, where contracts are hard to enforce and political interference is common, private sector participation can improve sector performance. Ménard and Clarke discuss the mechanisms that made progress possible and identify factors that inhibit the positive effects of reform. Water has become very expensive, the number of connections has increased very slowly, and conflicts have developed between SEEG (the private operator) and SONEG (the state agency). Among the underlying problems: · The lack of strong, stable institutions. · The lack of an independent agency capable of restraining arbitrary government action, regulating the private operator, and enforcing contractual arrangements. · The lack of adequate conflict resolution mechanisms for contract disputes. · Weak administrative capacity. This paper - a joint product of Public Economics and Regulation and Competition Policy, Development Research Group - is part of a larger effort in the group to promote competition and private sector development. The study was funded by the Bank's Research Support Budget under the research project Institutions, Politics, and Contracts: Private Sector Participation in Urban Water Supply (RPO 681-87). The authors may be contacted at menarduniv-paris1.fr or gclarke@worldbank.org
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  • 45
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    Seeds of Corruption : Do Market Institutions Matter? (1999)
    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: Recanatini, Francesca Seeds of Corruption
    Keywords: Accountability ; Bank ; Banks and Banking Reform ; Corruption ; Corruption and Anticorruption Law ; Debt Markets ; Discretion ; Economic Theory and Research ; Emerging Markets ; Fight Against Corruption ; Finance and Financial Sector Development ; Governance ; Governance ; Governance Indicators ; Governance Reforms ; Government ; Government Officials ; Governments ; Investigation ; Law and Development ; Laws ; Legal Products ; Macroeconomics and Economic Growth ; Monopolies ; Monopoly ; National Governance ; Organization ; Policies ; Policy ; Political Economy ; Politicians ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Services ; Transparent Mechanism ; Accountability ; Bank ; Banks and Banking Reform ; Corruption ; Corruption and Anticorruption Law ; Debt Markets ; Discretion ; Economic Theory and Research ; Emerging Markets ; Fight Against Corruption ; Finance and Financial Sector Development ; Governance ; Governance ; Governance Indicators ; Governance Reforms ; Government ; Government Officials ; Governments ; Investigation ; Law and Development ; Laws ; Legal Products ; Macroeconomics and Economic Growth ; Monopolies ; Monopoly ; National Governance ; Organization ; Policies ; Policy ; Political Economy ; Politicians ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Services ; Transparent Mechanism
    Abstract: June 2000 - Economists in the field of industrial organization, antitrust, and regulation have long recognized certain factors as potent determinants of opportunistic behavior, corruption, and capture of government officials. Only now are these relationships becoming conventional wisdom among specialists in economies in transition. Ten years into the transition, corruption is so pervasive that it could jeopardize the best-intentioned reform efforts. Broadman and Recanatini present an analytical framework for examining the role market institutions play in rent-seeking and illicit behavior. Using recently available data on the incidence of corruption and on institutional development, they provide preliminary evidence on the link between the development of market institutions and incentives for corruption. Virtually all of the indicators they examine appear to be important, but three are statistically significant: · The intensity of barriers to the entry of new business. · The effectiveness of the legal system. · The efficacy and competitiveness of services provided by infrastructure monopolies. The main lesson emerging from their analysis: a well established system of market institutions - clear and transparent rules, fully functioning checks and balances (including strong enforcement mechanisms), and a robust competitive environment - reduces opportunities for rent-seeking and hence incentives for corruption. Both the design and effective implementation of such measures are important if a market system is to be effective. It is not enough, for example, to enact first-rate laws if they are not enforced. The local political economy greatly affects whether a given policy reform will curtail corruption. Especially important are the following factors in the political economy: · The credibility of the government's commitment to carrying out announced reforms. · The degree to which government officials are captured by the entities they regulate or oversee. · The stability of the government itself. · The political power of entrenched vested interests. Economists in the field of industrial organization, antitrust, and regulation have long recognized these factors as potent determinants of opportunistic behavior, corruption, and capture of government officials. Only now are they becoming conventional wisdom among specialists in economies in transition. This paper - a product of the Poverty Reduction and Economic Management Sector Unit, Europe and Central Asia Region - is part of a larger effort in the region to analyze the determinants of corruption and develop remedies. The authors may be contacted at hbroadmanworldbank.org or frecanatini@worldbank.org
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    A New Model for Market-Based Regulation of Subnational Borrowing : The Mexican Approach (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (30 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Giugale, Marcelo A New Model for Market-Based Regulation of Subnational Borrowing
    Keywords: Bank ; Banks ; Banks and Banking Reform ; Borrowing ; Capital ; Commercial Banks ; Cred Debt ; Debt Markets ; Decentralization ; Deposits ; Economic Theory and Research ; Emerging Markets ; Externalities ; Finance and Financial Sector Development ; Financial Intermediation ; Financial Literacy ; Financial Performance ; Governments ; Institutional Development ; Interest ; Interest Rates ; Lending ; Loans ; Macroeconomic Stability ; Macroeconomics and Economic Growth ; Moral Hazard ; Private Sector Development ; Risk ; Bank ; Banks ; Banks and Banking Reform ; Borrowing ; Capital ; Commercial Banks ; Cred Debt ; Debt Markets ; Decentralization ; Deposits ; Economic Theory and Research ; Emerging Markets ; Externalities ; Finance and Financial Sector Development ; Financial Intermediation ; Financial Literacy ; Financial Performance ; Governments ; Institutional Development ; Interest ; Interest Rates ; Lending ; Loans ; Macroeconomic Stability ; Macroeconomics and Economic Growth ; Moral Hazard ; Private Sector Development ; Risk
    Abstract: July 2000 - To bring fiscal discipline to state and municipal governments, Mexico's federal government has established a two-pillar framework that explicitly renounces federal bail-outs and establishes a Basel-consistent link between the capital-risk weighting of bank loans to subnational governments and the borrower's credit rating. Whether the framework succeeds will depend partly on market assessments of the government's commitment to enforce bank capital rules and refrain from bailing out defaulting subnational governments. Faced with weak subnational finances that pose a risk to macroeconomic stability, Mexico's federal government in April 2000 established an innovative incentive framework to bring fiscal discipline to state and municipal governments. That framework is based on two pillars: an explicit renunciation of federal bail-outs and a Basel-consistent link between the capital-risk weighting of bank loans to subnational governments and the borrower's credit rating. In theory, this new regulatory arrangement should reduce moral hazard among banks and their state and municipal clients; differentiate interest rates on the basis of the borrowers' creditworthiness; and elicit a strong demand for institutional development at the subnational level. But its success will depend on three factors critical to implementation: · Whether markets find the federal commitment not to bail out defaulting subnational governments credible. · Whether subnational governments have access to financing other than bank loans. · How well bank capital rules are enforced. This paper - a product of the Mexico- Country Department and Poverty Reduction and Economic Management Sector Unit, Latin America and the Caribbean Region - is part of a larger effort in the region to understand the subnational underpinnings of sustainable, national economic framework. The authors may be contacted at mgiugaleworldbank.org, akorobow@worldbank.org, or swebb@worldbank.org
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    Reciprocity across Modes of Supply in the World Trade Organization : A Negotiating Formula (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (24 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Mattoo, Aaditya Reciprocity across Modes of Supply in the World Trade Organization
    Keywords: Agreement On Trade ; Border Trade ; Comparative Advantage ; Concessions ; Economic Theory and Research ; Emerging Markets ; Foreign Labor ; Foreign Markets ; Free Trade ; International Economics & Trade ; International Trade and Trade Rules ; Macroeconomics and Economic Growth ; Market Access ; Private Sector Development ; Public Sector Development ; Reciprocal Reduction ; Reciprocity ; Tariff ; Tariff Reduction ; Terms Of Trade ; Terms Of Trade Effects ; Trade Effect ; Trade Negotiations ; Trade Policy ; Trade Policy ; Trade and Services ; Volume Of Trade ; Welfare Gains ; World Trade ; World Trade Organization ; Agreement On Trade ; Border Trade ; Comparative Advantage ; Concessions ; Economic Theory and Research ; Emerging Markets ; Foreign Labor ; Foreign Markets ; Free Trade ; International Economics & Trade ; International Trade and Trade Rules ; Macroeconomics and Economic Growth ; Market Access ; Private Sector Development ; Public Sector Development ; Reciprocal Reduction ; Reciprocity ; Tariff ; Tariff Reduction ; Terms Of Trade ; Terms Of Trade Effects ; Trade Effect ; Trade Negotiations ; Trade Policy ; Trade Policy ; Trade and Services ; Volume Of Trade ; Welfare Gains ; World Trade ; World Trade Organization
    Abstract: June 2000 - If negotiations on trade in services at the World Trade Organization are to advance liberalization beyond levels undertaken unilaterally and lead to more balanced outcomes, reciprocity must play a greater role in negotiations. This may be facilitated by the use of negotiating rules that establish credible links across sectors and modes of delivery. Negotiations on trade in services at the World Trade Organization (WTO) have so far produced little liberalization beyond levels countries have undertaken unilaterally. One reason: limited application of the traditional negotiating principle of reciprocity. In particular, participants have failed to exploit the scope of the services agreement (GATS) for the exchange of market-access concessions across different modes of supply - cross-border delivery and the movement of capital and workers. Using the Heckscher-Ohlin-Vanek framework, Mattoo and Olarreaga propose a negotiating formula that generalizes the fundamental WTO principle of reciprocity to include alternative modes of delivery. Adoption of this formula as a basis for negotiations could bring greater commitments to liberalization on all modes of delivery, producing substantial gains in global welfare and more balanced outcomes. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to improve trade policy in goods and services. The authors may be contacted at amattooworldbank.org or molarreaga@worldbank.org
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    New Firm Formation and Industry Growth : Does Having a Market- or Bank-Based System Matter? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (50 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Levine, Ross New Firm Formation and Industry Growth
    Keywords: Banks and Banking Reform ; Debt Markets ; Economic Development ; Emerging Markets ; External Finance ; Finance and Financial Sector Development ; Financial Development ; Financial Literacy ; Financial Structure ; Financial System ; Financial Systems ; Individual Investors ; Legal Protection ; Liquid Market ; Market ; Market Development ; Market Liquidity ; Markets ; Outside Investors ; Private Sector Development ; Public Markets ; Shareholders ; Shares ; Stock ; Transaction ; Transaction Costs ; Banks and Banking Reform ; Debt Markets ; Economic Development ; Emerging Markets ; External Finance ; Finance and Financial Sector Development ; Financial Development ; Financial Literacy ; Financial Structure ; Financial System ; Financial Systems ; Individual Investors ; Legal Protection ; Liquid Market ; Market ; Market Development ; Market Liquidity ; Markets ; Outside Investors ; Private Sector Development ; Public Markets ; Shareholders ; Shares ; Stock ; Transaction ; Transaction Costs
    Abstract: June 2000 - Do industries that depend heavily on external finance grow faster in market-based or bank-based financial systems? Are new firms more likely to form in a bank-based or a market-based financial system? Beck and Levine find no evidence for the superiority of either market-based or bank-based financial systems for industries dependent on external financing. But they find overwhelming evidence that industries heavily dependent on external finance grow faster in economies with higher levels of financial development and with better legal protection for outside investors - including strong creditor and shareholder rights and strong contract enforcement mechanisms. Financial development also stimulates the establishment of new firms, which is consistent with the Schumpeterian view of creative destruction. Financial development matters. That the financial system is bank-based or market-based offers little additional information. This paper - a product of the Financial Sector Strategy and Policy Department - is part of a larger effort in the department to understand the link between financial development and economic growth. The authors may be contacted at tbeckworldbank.org or rlevine@csom.umn.edu
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    The Rise, the Fall, and . . . the Emerging Recovery of Project Finance in Transport (1999)
    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: Estache, Antonio The Rise, the Fall, and . . . the Emerging Recovery of Project Finance in Transport
    Keywords: Bank Debt ; Banks and Banking Reform ; Bond ; Capital Structures ; Debt Markets ; Debt Servicing ; Emerging Bond Markets ; Emerging Markets ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Finance ; Finance and Financial Sector Development ; Financial Crises ; Financial Intermediation ; Financial Literacy ; Financial Performance ; Good ; Infrastructure Finance ; Interest ; Interest Rate ; Interest Rate Risk ; Investing ; Market ; Pension ; Pension Assets ; Private Sector Development ; Public Sector Economics and Finance ; Revenues ; Short-Term Debt ; Transport ; Transport Economics, Policy and Planning ; Bank Debt ; Banks and Banking Reform ; Bond ; Capital Structures ; Debt Markets ; Debt Servicing ; Emerging Bond Markets ; Emerging Markets ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Finance ; Finance and Financial Sector Development ; Financial Crises ; Financial Intermediation ; Financial Literacy ; Financial Performance ; Good ; Infrastructure Finance ; Interest ; Interest Rate ; Interest Rate Risk ; Investing ; Market ; Pension ; Pension Assets ; Private Sector Development ; Public Sector Economics and Finance ; Revenues ; Short-Term Debt ; Transport ; Transport Economics, Policy and Planning
    Abstract: July 2000 - Many transport projects undertaken during the boom period of the 1990s came to a crashing halt in 1997, and conditions in emerging markets worsened in 1998 and 1999. Many projects failed, victim of everything from overoptimistic forecasts to excessive debt to an inability to refinance bridge loans. As available financing dried up, many projects went bankrupt, had to be renegotiated, or were taken over by the government. What have we learned from all this? Recent developments in emerging financial markets have dramatically changed the appetite for (and terms of) transport infrastructure projects. As a result of defaults in Asia and Russia and devaluations in Asia, Brazil, and Russia, political and currency and exchange risk premia have increased dramatically. Given large needs for sovereign debt financing, infrastructure project finance will be seeking guarantees at the same time as governments are issuing primary securities. Large portfolio outflows in emerging market funds mean that the sources of both equity and debt capital that became available in the mid-1990s are drying up for all but the most creditworthy projects. Moreover, real economic effects from financial events have consequences in the transport sector, since transport is a derived demand. Any decline in real economic activity is felt quickly in traffic levels and revenues. Currency devaluations that help spur exports may generate higher volumes for seaports and air cargo activity. These effects vary by sector, especially over the medium to longer term. Declines in real economic activity make matters especially difficult for toll roads, as drivers shift to free alternatives and reduce the number of trips taken. What does all this mean for project finance in transport? Risks have increased. Debt finance costs more. The available tenor of debt instruments has shortened and more equity is required for projects. The sources and availability of equity finance have changed. Project finance efforts have shifted from new projects to the privatization, rehabilitation, and expansion of existing facilities. And a superclass of sponsors, bankers, and investors has emerged. Failures and mistakes in project finance deals in the 1990s were sharp and persistent. But much has been learned about sound project economics, conservative financial structures, comprehensive sensitivity analysis, the effects of macroeconomic factors, and the need for proper incentives and sound institutional and regulatory arrangements. This paper-a product of Governance, Regulation, and Finance, World Bank Institute-is part of a larger effort in the institute to increase understanding of infrastructure regulation. The authors may be contacted at aestacheworldbank.org or jstrong@worldbank.org
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    Aid Dependence and the Quality of Governance : A Cross-Country Empirical Analysis (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (44 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Knack, Stephen Aid Dependence and the Quality of Governance
    Keywords: Accountability ; Aid Dependence ; Bureaucracy ; Bureaucratic Quality ; Corruption ; Country Data ; Development Economics and Aid Effectiveness ; Disability ; Economic Growth ; Economic Theory and Research ; Education ; Emerging Markets ; Foreign Aid ; Gender ; Gender and Health ; Good Governance ; Governance ; Governance ; Governance Indicators ; Growth ; Health, Nutrition and Population ; Income ; Income Growth ; Institutional Quality ; Institutions ; Macroeconomics and Economic Growth ; National Governance ; Natural Resources ; Per Capita Incomes ; Policy Implications ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Reverse Causality ; Rule Of Law ; School Health ; Social Protections and Labor ; Accountability ; Aid Dependence ; Bureaucracy ; Bureaucratic Quality ; Corruption ; Country Data ; Development Economics and Aid Effectiveness ; Disability ; Economic Growth ; Economic Theory and Research ; Education ; Emerging Markets ; Foreign Aid ; Gender ; Gender and Health ; Good Governance ; Governance ; Governance ; Governance Indicators ; Growth ; Health, Nutrition and Population ; Income ; Income Growth ; Institutional Quality ; Institutions ; Macroeconomics and Economic Growth ; National Governance ; Natural Resources ; Per Capita Incomes ; Policy Implications ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Reverse Causality ; Rule Of Law ; School Health ; Social Protections and Labor
    Abstract: July 2000 - Do higher levels of aid erode the very quality of governance poor countries need for sustained and rapid income growth? Good governance-in the form of institutions that establish predictable, impartial, and consistently enforced rules for investors-is crucial for the sustained and rapid growth of per capita incomes in poor countries. Aid dependence can undermine institutional quality by weakening accountability, encouraging rent seeking and corruption, fomenting conflict over control of aid funds, siphoning off scarce talent from the bureaucracy, and alleviating pressures to reform inefficient policies and institutions. Knack's analyses of cross-country data provide evidence that higher aid levels erode the quality of governance, as measured by indexes of bureaucratic quality, corruption, and the rule of law. This negative relationship strengthens when instruments for aid are used to correct for potential reverse causality. It is robust to changes in the sample and to several alternative forms of estimation. Recent studies have concluded that aid's impact on economic growth and infant mortality is conditional on policy and institutional gaps. Knack's results indicate that the size of the institutional gap itself increases with aid levels. This paper-a product of Regulation and Competition Policy, Development Research Group-is part of a larger effort in the group to identify the determinants of good governance and institutions conducive to long-run economic development. The author may be contacted at sknackworldbank.org
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    Managers, Investors, and Crises : Mutual Fund Strategies in Emerging Markets (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (42 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Schmukler, Sergio Managers, Investors, and Crises
    Keywords: Budget ; Debt Markets ; Emerging Market ; Emerging Markets ; Finance and Financial Sector Development ; Financial Crisis ; Financial Support ; Fund Managers ; Hedge ; Hedge Funds ; Interest ; Investor ; Investors ; Lending ; Mutual Fund ; Mutual Fund Strategies ; Mutual Funds ; Pension ; Pension Funds ; Portfolio ; Trading ; Warrants ; Budget ; Debt Markets ; Emerging Market ; Emerging Markets ; Finance and Financial Sector Development ; Financial Crisis ; Financial Support ; Fund Managers ; Hedge ; Hedge Funds ; Interest ; Investor ; Investors ; Lending ; Mutual Fund ; Mutual Fund Strategies ; Mutual Funds ; Pension ; Pension Funds ; Portfolio ; Trading ; Warrants
    Abstract: July 2000 - This study of an important class of investors-U.S. mutual funds-finds that mutual funds do engage in momentum trading (buying winners and selling losers). They also engage in contagion trading strategies (selling assets from one country when asset prices fall in another). Kaminsky, Lyons, and Schmukler address the trading strategies of mutual funds in emerging markets. The data set they develop permits analyses of these strategies at the level of individual portfolios. A methodologically novel feature of their analysis: they disentangle the behavior of fund managers from that of investors. For both managers and investors, they strongly reject the null hypothesis of no momentum trading. Funds' momentum trading is positive: they systematically buy winners and sell losers. Contemporaneous momentum trading (buying current winners and selling current losers) is stronger during crises, and stronger for fund investors than for fund managers. Lagged momentum trading (buying past winners and selling past losers) is stronger during noncrises, and stronger for fund managers. Investors also engage in contagion trading-selling assets from one country when asset prices fall in another. These findings are based on data about mutual funds that represent only 10 percent of the market capitalization in the countries considered. Were it a larger share of the market, finding counterparties for their trades (the investors who buy when they sell and sell when they buy) would be difficult-and the premise that funds respond to contemporaneous returns rather than causing them would become tenuous. This paper-a product of Macroeconomics and Growth, Development Research Group-is part of a larger effort in the group to understand capital flows to developing countries. The study was funded by the Bank's Research Support Budget under the research project Mutual Fund Investment in Developing Countries. The authors may be contacted at gracielagwu.edu, lyons@haas.berkeley.edu, or sschmukler@worldbank.org
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    How Did the World's Poorest Fare in the 1990s? (1999)
    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: Ravallion, Martin How Did the World's Poorest Fare in the 1990s?
    Keywords: Absolute Poverty ; Aggregate Poverty ; Consumer Price Index ; Consumption ; Consumption Basket ; Consumption Expenditure ; Consumption Expenditures ; Consumption Per Capita ; Consumption Poverty ; Debt Markets ; Finance and Financial Sector Development ; Health Systems Development and Reform ; Health, Nutrition and Population ; Higher Inequality ; Household Living Standards ; Household Size ; Incidence Of Poverty ; Income Distribution ; Inequality ; Poor Countries ; Population Policies ; Poverty Diagnostics ; Poverty Line ; Poverty Lines ; Poverty Measures ; Poverty Monitoring and Analysis ; Poverty Rate ; Poverty Reduction ; Poverty Reduction ; Poverty Reduction Strategies ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction ; Services and Transfers to Poor ; Absolute Poverty ; Aggregate Poverty ; Consumer Price Index ; Consumption ; Consumption Basket ; Consumption Expenditure ; Consumption Expenditures ; Consumption Per Capita ; Consumption Poverty ; Debt Markets ; Finance and Financial Sector Development ; Health Systems Development and Reform ; Health, Nutrition and Population ; Higher Inequality ; Household Living Standards ; Household Size ; Incidence Of Poverty ; Income Distribution ; Inequality ; Poor Countries ; Population Policies ; Poverty Diagnostics ; Poverty Line ; Poverty Lines ; Poverty Measures ; Poverty Monitoring and Analysis ; Poverty Rate ; Poverty Reduction ; Poverty Reduction ; Poverty Reduction Strategies ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction ; Services and Transfers to Poor
    Abstract: August 2000 - Between 1987 and 1998, the incidence of poverty fell in Asia and the Middle East and North Africa, changed little in Latin America and Sub-Saharan Africa, and rose in Eastern Europe and Central Asia. Too little economic growth in the poorest countries and persistent inequalities (in income and other measures) are the main reasons for the disappointing rate of poverty reduction. Drawing on data from 265 national sample surveys spanning 83 countries, Chen and Ravallion find that there was a net decrease in the total incidence of consumption poverty between 1987 and 1998. But it was not enough to reduce the total number of poor people, by various definitions. The incidence of poverty fell in Asia and the Middle East and North Africa, changed little in Latin America and Sub-Saharan Africa, and rose in Eastern Europe and Central Asia. The two main proximate causes of the disappointing rate of poverty reduction: too little economic growth in many of the poorest countries, and persistent inequalities (in both income and other essential measures) that kept the poor from participating in the growth that did occur. This paper-a product of Poverty and Human Resources, Development Research Group-is part of a larger effort in the group to monitor progress against poverty in the developing world. The authors may be contacted at schenworldbank.org or mravallion@worldbank.org
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    Regulatory Reform in Mexico's Natural Gas Industry : Liberalization in the Context of a Dominant Upstream Incumbent (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (42 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Halpern, Jonathan Regulatory Reform in Mexico's Natural Gas Industry
    Keywords: Air ; Air Pollution ; Cleaner Fuels ; Diesel ; Driving ; Emission Standards ; Energy ; Energy Production and Transportation ; Fuel ; Fuel Oil ; Fuels ; Gas Sector ; Industry ; Infrastructure ; Infrastructure Economics and Finance ; Infrastructure Regulation ; Investments ; Macroeconomics and Economic Growth ; Markets and Market Access ; Oil and Gas Industry ; Petroleum Gas ; Pollution ; Transport ; Transport Economics, Policy and Planning ; Water Resources ; Water and Industry ; Air ; Air Pollution ; Cleaner Fuels ; Diesel ; Driving ; Emission Standards ; Energy ; Energy Production and Transportation ; Fuel ; Fuel Oil ; Fuels ; Gas Sector ; Industry ; Infrastructure ; Infrastructure Economics and Finance ; Infrastructure Regulation ; Investments ; Macroeconomics and Economic Growth ; Markets and Market Access ; Oil and Gas Industry ; Petroleum Gas ; Pollution ; Transport ; Transport Economics, Policy and Planning ; Water Resources ; Water and Industry
    Abstract: January 2001 - Liberalization of the natural gas industry is complex because the sector combines activities with natural monopoly characteristics with activities that are potentially competitive. The challenges are compounded when the State opts to retain vertically integrated monopolies in otherwise contestable segments of the industry. Regulatory issues associated with partial liberalization of natural gas markets are analyzed through a case study of Mexico. The natural gas industry combines activities with natural monopoly characteristics with those that are potentially competitive. Pipeline transport and distribution, which have natural monopoly characteristics, require regulation of price and nonprice behavior. Production is a contestable activity, but in a few countries (including Mexico) it remains a state monopoly. Gas marketing is also contestable, but the presence of a dominant, upstream, vertically integrated incumbent may pose significant barriers to entry. Market architecture decisions—such as horizontal structure, regional development, and the degree of vertical integration—are also crucial. Rosellón and Halpern report that Mexico has undertaken structural reform in the energy sector more slowly than many other countries, but it has introduced changes to attract private investment in natural gas transport and distribution. These changes were a response to the rapid growth in demand for natural gas (about 10 percent a year) in Mexico, which was in turn a response to economic development and the enforcement of environmental regulations. The new regulatory framework provides incentives for firms to invest and operate efficiently and to bear much of the risk associated with new projects. It also protects captive consumers and improves general economic welfare. The continued vertical integration of the state-owned company Pemex and its statutory monopoly in domestic production posed a challenge to regulators. Their response in liberalizing trade, setting first-hand sales prices, and regulating natural gas distribution makes the Mexican case an interesting example of regulatory design. As the first phase of investment mobilization and competition for the market in Mexican distribution projects concludes, remaining challenges include consistently and transparently enforcing regulations, coordinating tasks among government agencies, and ensuring expansion of gas transport services and domestic production. A key challenge in the near term will be fostering competition in the market. In strengthening the role of market forces, one issue is Pemex's discretionary discounts on domestic gas and access to transport services, made possible by its monopoly in domestic production and marketing activities and its overwhelming dominance in transport. The main instrument available to the regulator is proscribing Pemex contract pricing, but more durable and tractable instruments should be considered. This paper—a product of the Finance, Private Sector, and Infrastructure Sector Unit, Latin America and the Caribbean Region—is part of a larger effort in the region to evaluate and disseminate lessons of experience in designing policies to improve the quality and sustainability of infrastructure services. The authors may be contacted at jrosellondis1.cide.mx or jhalpern@worldbank.org
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    Global development finance 1999 : Country tables (1999)
    Washington, D.C : The World Bank
    Details
    ISBN: 0821343688 , 9780821343685
    Language: English
    Pages: Online-Ressource (1 online resource (650 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Abstract: Global Development Finance was formerly published as World Debt Tables. The new name reflects the report's expanded scope and greater coverage of private financial flows. The report consists of two volumes:a) Analysis and Summary Tables contains analysis and commentary on recent developments in international finance for developing countries, with particular focus on the global financial crisis. Summary statistical tables are included for 150 countries. b) Country Tables contains statistical tables on the external debt of the 138 countries that report public and public guaranteed debt under the Debtor Reporting System (DRS). Also included are tables of selected debt and resource flow statistics for individual reporting countries as well as summary tables for regional and income groups. This year's report includes the external debt obligations of the Republic of Korea, a high-income country. Charts on pages xx to xxii summarize graphically the relation between debt stock and its components; the computation of net flows, aggregate net resource flow, and aggregate net transfers; and the relation between net resource flow and the balance of payments. Exact definitions of these and other terms are found in the Sources and Definitions section
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    Adjustment and Poverty in Mexican Agriculture : How Farmers' Wealth Affects Supply Response (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (54 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Lopez, Ramon Adjustment and Poverty in Mexican Agriculture
    Keywords: Access To Irrigation ; Agricultural Activities ; Agriculture ; Agriculture and Farming Systems ; Commercial Bank ; Credit Markets ; Crops and Crop Management Systems ; Economic Theory and Research ; Farm Decisions ; Farm Households ; Farm Income ; Farm Work ; Farmer ; Farmers ; Finance and Financial Sector Development ; Financial Literacy ; Investment and Investment Climate ; Irrigation ; Landholdings ; Macroeconomics and Economic Growth ; Markets and Market Access ; Natural Disaster ; Poor Farmer ; Poor Farmers ; Poverty ; Poverty Reduction ; Rural Development ; Rural Development Knowledge and Information Systems ; Rural Financial Markets ; Rural Poverty ; Rural Poverty Reduction ; Rural Sector ; Small Farms ; Access To Irrigation ; Agricultural Activities ; Agriculture ; Agriculture and Farming Systems ; Commercial Bank ; Credit Markets ; Crops and Crop Management Systems ; Economic Theory and Research ; Farm Decisions ; Farm Households ; Farm Income ; Farm Work ; Farmer ; Farmers ; Finance and Financial Sector Development ; Financial Literacy ; Investment and Investment Climate ; Irrigation ; Landholdings ; Macroeconomics and Economic Growth ; Markets and Market Access ; Natural Disaster ; Poor Farmer ; Poor Farmers ; Poverty ; Poverty Reduction ; Rural Development ; Rural Development Knowledge and Information Systems ; Rural Financial Markets ; Rural Poverty ; Rural Poverty Reduction ; Rural Sector ; Small Farms
    Abstract: August 1995 - By and large, it appears that the goals of agricultural reform are being met in Mexico. But measures such as decoupling income supports and price supports or reorienting research and extension could help farmers who cannot afford access to machinery and purchased inputs and services. López, Nash, and Stanton report the results of a study of Mexican farm households using 1991 survey data and a smaller resurvey of some of the same households in 1993. One study goal was to empirically examine the relationship between assets and the output supply function. Using a production model focusing on capital as a productive input, they found that both the supply level and the responsiveness (elasticities) to changing input and output prices tend to depend on the farmer's net assets and on how productive assets are used. Regression analysis using data from the surveys shows that farmers who use productive assets such as machinery tend to be positively responsive to price changes, while those with no access to such assets are not. Another study goal was to monitor the condition of Mexican farmers in a rapidly changing policy environment. The 1991 survey data suggest that farmers with more limited use of capital inputs (the low-CI group) were more likely to grow principally corn and to grow fewer crops, on average, than the others. They also had more problems getting credit and were less likely to use purchased inputs, such as seeds, fertilizer, and pesticides, or to use a tractor to prepare the soil. They tended to be less well-educated, and their land tended to be of lower quality. Results from the panel data showed conditions generally improving for the average farmer in the sample area between 1991 and 1993, during a period when agricultural reforms were implemented. Cropping patterns were more diversified, the average size of landholdings increased, the average farmer received more credit (in real terms), more farm households earned income from off-farm work, and more farmers used purchased inputs. Asset ownership and educational attainment also improved modestly. The very small low-CI group in this sample fared as well as, or better than, the other groups. True, their level of educational achievement fell, and fewer of them had off-farm income than in 1991. But their use of credit, irrigation, machinery, and purchased inputs increased more than for other groups. The limited data are not proof of a causal link, but the fact that the goals are being met should at least ensure that adverse conditions are not undermining reform. Farmers that lacked access to productive assets did not respond as well to incentives or take advantage of the opportunities presented by reform and may need assistance, particularly to get access to credit markets. There may be a good argument for decoupling income supports from price supports for farmers, since income payments that are independent of the vagaries of production could provide a more stable signal of creditworthiness than price supports do. Possibly reorienting research and extension services more to the needs of low-CI producers could also improve the efficiency with which the sector adjusts to new incentives. Hypotheses and tentative conclusions from this study will be explored further when more data are collected in 1995. This paper - a product of the International Trade Division, International Economics Department---is part of a larger effort in the department to investigate the effects of international trade policy on individual producers. The study was funded by the Bank's Research Support Budget under the research project Rural Poverty and Agriculture in Mexico: An Analysis of Farm Decisions and Supply Responsiveness (RPO 678-23)
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    Are Partner-Country Statistics Useful for Estimating Missing Trade Data? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (44 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Yeats, J. Alexander Are Partner-Country Statistics Useful for Estimating Missing Trade Data?
    Keywords: Bilateral Trade ; Common Carriers Industry ; Country Strategy and Performance ; Customs ; Customs Union ; Developing Countries ; Development Economics and Aid Effectiveness ; Economic Theory and Research ; Emerging Markets ; Export Processing ; Export Processing Zones ; Export Value ; Exports ; Free Trade ; Free Trade ; Free Trade Agreement ; Import Data ; Import Statistics ; Import Value ; Imports ; Industry ; International Economics ; International Economics & Trade ; International Trade ; International Trade Statistics ; Law and Development ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Development ; Science and Technology Development ; Statistical and Mathematical Sciences ; Tariffs ; Trade ; Trade Data ; Trade Law ; Trade Policy ; Transport ; Transport Economics, Policy and Planning ; Bilateral Trade ; Common Carriers Industry ; Country Strategy and Performance ; Customs ; Customs Union ; Developing Countries ; Development Economics and Aid Effectiveness ; Economic Theory and Research ; Emerging Markets ; Export Processing ; Export Processing Zones ; Export Value ; Exports ; Free Trade ; Free Trade ; Free Trade Agreement ; Import Data ; Import Statistics ; Import Value ; Imports ; Industry ; International Economics ; International Economics & Trade ; International Trade ; International Trade Statistics ; Law and Development ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Development ; Science and Technology Development ; Statistical and Mathematical Sciences ; Tariffs ; Trade ; Trade Data ; Trade Law ; Trade Policy ; Transport ; Transport Economics, Policy and Planning
    Abstract: Because many developing countries fail to report trade statistics to the United Nations, there has been an interest in using partner-country data to fill these information gaps. The author used partner-country statistics for 30 developing countries to estimate actual (concealed) trade data and analyzed the magnitude of the resulting errors. The results indicate that partner-country data are unreliable even for estimating trade in broad aggregate product groups such as foodstuffs, fuels, or manufactures. Moreover, tests show that the reliability of partner-country statistics degenerates sharply as one moves to more finely distinguished trade categories (lower-level SITCs). Equally disturbing, about one-quarter of the partner-country comparisons take the wrong sign. That is, one country's reported free-on-board (f.o.b.) exports exceed the reported cost-insurance-freight (c.i.f.) value of partners' imports. Aside from product composition, tests show that partner-country data are equally inaccurate for estimating the direction of trade. Why are partner-country data so unreliable for approximating missing data? Evidence shows: 1) problems in reporting or processing COMTRADE data; 2) valuation differences (f.o.b. versus c.i.f.) for imports and exports; 3) problems relating to entrepot trade, or exports originating in export processing zones; 4) problems associated with exchange-rate changes; 5) intentional or unintentional misclassification of products; 6) efforts to conceal trade data for proprietary reasons; and 7) financial incentives to purposely falsify trade data. The author concludes that efforts to improve the general quality, or availability, of trade statistics using partner-country data holds little or no promise, although this information may be useful in specific cases where the trade statistics of a certain country are known to incorporate major errors. Significant progress in ugrading the accuracy, and coverage, of trade statistics can be achieved only by improving each country's procedures for data collection
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    Averting the Old-Age Crisis : Technical Annex (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (156 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Palacios, J. Robert Averting the Old-Age Crisis
    Keywords: Administrative Costs ; Bank ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Income ; Information ; Investment ; Investment Returns ; Labor Force ; Pension ; Pension Fund ; Pension Fund Investment ; Pension Schemes ; Pension Spending ; Pensions and Retirement Systems ; Private Sector Development ; Public Pension ; Public Pension Schemes ; Rates Of Return ; Retirement ; Revenues ; Security ; Social Protections and Labor ; Wage ; Wage Growth ; Administrative Costs ; Bank ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Income ; Information ; Investment ; Investment Returns ; Labor Force ; Pension ; Pension Fund ; Pension Fund Investment ; Pension Schemes ; Pension Spending ; Pensions and Retirement Systems ; Private Sector Development ; Public Pension ; Public Pension Schemes ; Rates Of Return ; Retirement ; Revenues ; Security ; Social Protections and Labor ; Wage ; Wage Growth
    Abstract: February 1996 - Supporting documentation for the World Bank publication Averting the Old Age Crisis: Policies to Protect the Old and Promote Growth (1994). Averting the Old Age Crisis: Policies to Protect the Old and Promote Growth, the publication for which this technical annex provides supporting documentation, is the third in a series of major World Bank Policy Research Reports. Unlike its predecessors, The East Asian Miracle and Adjustment in Africa, it does not concentrate on a specific region but focuses rather on the general topic of income security for old age. More than two years of research were required to gather data, review the theoretical literature, examine empirical evidence, and write the book that represents the Bank's most important study of the issue to date. This annex explains in detail the data sources, concepts, and definitions used in the book and provides additional information. It describes the demographic data used in the report and discusses data about public and privately managed pension schemes around the world (giving specific sources for individual countries). An attempt has been made to cross-reference the data available on ]STARS] diskettes, which can be downloaded and analyzed in most database or statistical software packages. This paper - a product of the Poverty and Human Resources Division, Policy Research Department - provides supporting documentation for the World Bank publication Averting the Old-Age Crisis: Policies to Protect the Old and Promote Growth (1994), available from the World Bank bookstore
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    Good Governance and Trade Policy : Are They the Keys to Africa's Global Integration and Growth? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (77 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Ng, Francis Good Governance and Trade Policy
    Keywords: Consumers ; Debt Markets ; Development ; Economic Growth ; Economic Performance ; Economic Theory and Research ; Economy ; Emerging Markets ; Exports ; Finance and Financial Sector Development ; Free Trade ; GDP ; GDP Per Capita ; Governance ; Governance Indicators ; Growth Rate ; Industrialization ; Influence ; International Economics & Trade ; International Trade ; Investment ; Law and Development ; Low Tariffs ; Macroeconomics and Economic Growth ; Markets ; Monopoly ; Private Sector Development ; Public Sector Development ; Trade ; Trade Barriers ; Trade Law ; Trade Policies ; Trade Policy ; Trade Policy ; Consumers ; Debt Markets ; Development ; Economic Growth ; Economic Performance ; Economic Theory and Research ; Economy ; Emerging Markets ; Exports ; Finance and Financial Sector Development ; Free Trade ; GDP ; GDP Per Capita ; Governance ; Governance Indicators ; Growth Rate ; Industrialization ; Influence ; International Economics & Trade ; International Trade ; Investment ; Law and Development ; Low Tariffs ; Macroeconomics and Economic Growth ; Markets ; Monopoly ; Private Sector Development ; Public Sector Development ; Trade ; Trade Barriers ; Trade Law ; Trade Policies ; Trade Policy ; Trade Policy
    Abstract: Turning the economies of Sub-Saharan Africa around requires badly needed national policy reform-abandoning the region's restrictive fiscal, monetary, property, and wage policies and trade barriers. - Economists often argue that the level and structure of a country's trade barriers and the quality of its governance policies (for example, regulating foreign investment or limiting commercial activity with red tape) have a major influence on its economic growth and performance. One problem testing those relations empirically was the unavailability of objective cross-country indices of the quality of governance and statistics on developing countries' trade barriers. Ng and Yeats use new sources of empirical information to test the influence of trade and governance policies on economic performance. They use a model similar to those used in the literature on causes and implications of economic growth but focus more heavily on the World Bank's index of the speed with which countries are integrating into the world economy. Their results show that countries that adopted less restrictive governance and trade policies achieved significantly higher levels of per capita GDP; experienced higher growth rates for exports, imports, and GDP; and were more successful integrating with the world economy. Regression results indicate that national trade and governance regulations explain over 60 percent of the variance in some measures of economic performance, implying that a country's own national policies shape its rate of development, industrialization, and growth. Their tests provide new insights into the phenomenon of economic convergence, showing that poorer open countries are integrating more rapidly into the global economy than others. This finding parallels what others have observed about economic growth rates. They test their empirical results in a case study asking whether inappropriate national policies have caused Sub-Saharan Africa's dismal economic performance. The evidence strongly supports this proposition. Indices of the quality of national governance show that African countries have generally adopted the most inappropriate (restrictive) fiscal, monetary, property, and wage policies and that their own trade barriers (including customs procedures constraining commercial activity) are among the world's highest. Improving African trade and governance policies to levels currently prevailing in such (non-exceptional) countries as Jordan, Panama, and Sri Lanka would be consistent with a sevenfold increase in per capita GDP (to about
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    Determinants of Motorization and Road Provision (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (34 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Ingram, K. Gregory Determinants of Motorization and Road Provision
    Keywords: Air ; Air Pollution ; Auto Dependence ; Buses ; Cars ; Congestion ; Externalities ; Motor Vehicle ; Motor Vehicle Use ; Motor Vehicles ; Road ; Road Network ; Road Provision ; Roads ; Trans Transit Use ; Transport ; Transport ; Transport Economics, Policy and Planning ; Trucks ; Urban Transport ; Vehicle Ownership ; Air ; Air Pollution ; Auto Dependence ; Buses ; Cars ; Congestion ; Externalities ; Motor Vehicle ; Motor Vehicle Use ; Motor Vehicles ; Road ; Road Network ; Road Provision ; Roads ; Trans Transit Use ; Transport ; Transport ; Transport Economics, Policy and Planning ; Trucks ; Urban Transport ; Vehicle Ownership
    Abstract: January 1999 - National and urban motor vehicle ownership increases at about the same rate as income, whereas road length increases with income mainly at the national level. So, urban congestion grows with income. Controlling vehicle fleet growth and use would require high taxes that increase faster than income - or there could be congestion tolls. Ingram and Liu survey past trends in vehicle ownership and road network expansion to analyze determinants of their growth at the national and urban level. Surprisingly, they find that: ° Nationally, income is a major determinant of both vehicle ownership and road length. ° Nationally, paved road length and vehicle ownership has been increasing about as fast as income, while total road length is increasing less rapidly than income. ° In urban areas vehicle ownership increases as fast as income while road length increases very slowly with income. Because national paved road networks are expanding about as fast as national motor vehicle fleets, national congestion is unlikely to be worsening. But because urban road length is growing much more slowly than the number of urban motor vehicles, urban congestion is rising with income over time. Increased urban congestion is stimulating decentralized urban growth. Income elasticities are greater than price elasticities in absolute terms, for both vehicle ownership and use - an important finding because prices are often used as an instrument to control motor vehicle ownership and use. If price elasticities are half as large as income elasticities, prices would have to grow twice as fast as incomes to stabilize vehicle ownership. Breaking the link between income growth, rising congestion, and urban decentralization will be difficult: Restraining auto ownership in urban areas requires high tax rates, and increasing the supply of urban roads is costly. Elasticity estimates vary, but a good point estimate for the income elasticity of fleet growth is 1. This means country motor vehicle fleets grow in proportion to country incomes. More than half the world's annual increase in motor vehicles is likely to occur in high-income countries until 2025 (assuming GNP growth of 3 percent in high-income countries, 5 percent in low- and middle-income countries). The motor vehicle fleet in low- and middle-income countries is not projected to exceed that in high-income countries until after 2050. Carbon dioxide emissions are likely to be distributed similarly. This paper-a joint product of the Research Advisory Staff and the Transport Division, Transport, Water, and Urban Development Department-is part of a research project on motorization and roads. The authors may be contacted at gingramworldbank.org or zliu@worldbank.org
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    Reforming the Urban Transport Sector in the Rio de Janeiro Metropolitan Region : A Case Study in Concessions (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (29 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Rebelo, M. Jorge Reforming the Urban Transport Sector in the Rio de Janeiro Metropolitan Region
    Keywords: Automobile ; Bus ; Buses ; Cars ; Infrastructure ; Mass Trans Metropolitan Transport ; Public Transport ; Public Transportation ; Rail Transport ; Subsidies ; Suburban Railways ; Transparency ; Transport ; Transport Economics, Policy and Planning ; Transport Projects ; Transport Sector ; Transport Systems ; Trips ; Urban Rail ; Urban Trans Urban Transport ; Automobile ; Bus ; Buses ; Cars ; Infrastructure ; Mass Trans Metropolitan Transport ; Public Transport ; Public Transportation ; Rail Transport ; Subsidies ; Suburban Railways ; Transparency ; Transport ; Transport Economics, Policy and Planning ; Transport Projects ; Transport Sector ; Transport Systems ; Trips ; Urban Rail ; Urban Trans Urban Transport
    Abstract: April 1999 - In a bold effort to privatize Rio de Janeiro's urban transport sector, the state government showed that political decisiveness, transparency, and ingenuity in developing incentives are crucial to make loss-making operations attractive to the private sector. It also learned that not having a credible staff redundancy program might seriously undermine the benefits expected from concessions. Rebelo describes a bold effort by the state government to increase private sector participation in Rio de Janeiro's urban transport sector, reduce heavy operating subsidies, and establish a foundation for making the sector sustainable. This effort was undertaken with the help of three World Bank-financed loans: ° The Rio de Janeiro Metropolitan Transport loan, which provided assistance for the transfer of federally owned suburban railways to the state government. ° The Rio de Janeiro State Reform and Privatization Loan, which helped the state privatize and grant concessions for a number of its enterprises. ° The Rio de Janeiro Mass Transit Loan, which supported the reorganization of the sector and the concession of the Rio suburban railways (Flumitrens). Most of the reforms in the urban transport sector have been implemented. The lessons learned from implementation and the results obtained so far suggest that political decisiveness, transparency, and ingenuity in developing incentives are crucial to privatizing urban rail transport systems. But the state also learned that not having a credible staff redundancy program might seriously reduce the benefits expected from concessions. This paper-a product of the Transport and Urban Unit, Finance, Private Sector, and Infrastructure Department, Latin America and the Caribbean Region-is part of a larger effort in the region to help borrowers concession loss-making urban transport operations to the private sector. The author may be contacted at jrebeloworldbank.org
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    Decentralization in Regional Fiscal Systems in Russia : Trends and Links to Economic Performance (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (57 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Freinkman, Lev Decentralization in Regional Fiscal Systems in Russia
    Keywords: Accounting ; Accounting Standards ; Budget ; Budget Defic Budgets ; Debt Markets ; Debts ; Decentralization ; Expenditure ; Expenditures ; Federal Budget ; Finance ; Finance and Financial Sector Development ; Fiscal Decentralization ; Intergovernmental Fiscal Relations and Local Finance Management ; Local Governments ; Municipal Financial Management ; Pension ; Pension Fund ; Public and Municipal Finance ; Revenue ; Revenues ; Share ; Shares ; Tax ; Urban Development ; Urban Economics ; Accounting ; Accounting Standards ; Budget ; Budget Defic Budgets ; Debt Markets ; Debts ; Decentralization ; Expenditure ; Expenditures ; Federal Budget ; Finance ; Finance and Financial Sector Development ; Fiscal Decentralization ; Intergovernmental Fiscal Relations and Local Finance Management ; Local Governments ; Municipal Financial Management ; Pension ; Pension Fund ; Public and Municipal Finance ; Revenue ; Revenues ; Share ; Shares ; Tax ; Urban Development ; Urban Economics
    Abstract: April 1999 - Considering the positive impact decentralization has had on regional economic performance and expenditure structure, Russia's federal government should: ° Decisively protect local self-governance and budget autonomy. ° Make intergovernmental fiscal relations more transparent. ° Develop universal models of interactions between regional and municipal governments. ° Impose stricter limits on total debt and budget deficits of subnational governments. To shed light on decentralization in Russia, Freinkman and Yossifov examine intergovernmental fiscal relations within regions. To analyze trends, they review channels of fiscal allocation within regions-tax sharing and local transfer schemes. To evaluate the potential impact of various fiscal decentralization patterns on regional economic performance (including growth and the budget deficit), they study data on the structure of 89 Russian consolidated regional budgets for 1992-96. They find that local governments' relative share of Russia's consolidated budget, although substantive (roughly a quarter of the total budget), did not expand after 1994. The federal government's relative role in financing public goods and services declined as the relative role of local governments increased substantially. Local governments collected more revenues in 1996 (6.4 percent of GDP) and spent more than regional governments. They also substantially increased social financing (including health, education, and social protection). Russia made no progress toward a more transparent system for tax assignments. The average level of expenditure decentralization is similar for ethnically Russian regions and national republics and okrugs but revenue arrangements differ greatly. True decentralization has taken place in oblasts and krais, where local authorities are provided with a bigger share of subnational tax revenues. A redistribution model applies in republics and autonomous okrugs, where greater local outlays have been financed through larger transfers from regional governments. Regions near each other tend to have similar budget arrangements-the result of intensive interactions between neighbors and probably supported by the activities of regional associations. The size of a region's territory does not influence decentralization outcomes. Fiscal decentralization seems positively related to the share of education spending in regional budgets. And regions with more decentralized finances tend to experience less economic decline. But budget control is weaker in more decentralized regions. Instability and lack of transparency in intergovernmental fiscal relations provide subnational governments little incentive for responsible fiscal policy. Further decentralization without greater transparency could bring greater debt and deficits. This paper-a product of the Poverty Reduction and Economic Management Sector Unit, Europe and Central Asia Region - is part of a larger effort in the unit to study fiscal decentralization in transition economies. Lev Freinkman may be contacted at lfreinkmanworldbank.org
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  • 62
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    The Relative Effects of Skill Formation and Job Matching on Wage Growth in Ethiopia (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (49 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Mengistae, Taye The Relative Effects of Skill Formation and Job Matching on Wage Growth in Ethiopia
    Keywords: Earning ; Economic Theory and Research ; Employees ; Finance and Financial Sector Development ; Financial Literacy ; Firm Level ; Human Capital ; Job ; Job Match ; Job Matches ; Job Separation ; Job Skill ; Jobs ; Labor Markets ; Labour ; Labour Market ; Labour Market Experience ; Macroeconomics and Economic Growth ; Older Workers ; Political Economy ; Productivity Increase ; Social Protections and Labor ; Wage Determination ; Wage Rate ; Wage Rates ; Worker ; Workers ; Earning ; Economic Theory and Research ; Employees ; Finance and Financial Sector Development ; Financial Literacy ; Firm Level ; Human Capital ; Job ; Job Match ; Job Matches ; Job Separation ; Job Skill ; Jobs ; Labor Markets ; Labour ; Labour Market ; Labour Market Experience ; Macroeconomics and Economic Growth ; Older Workers ; Political Economy ; Productivity Increase ; Social Protections and Labor ; Wage Determination ; Wage Rate ; Wage Rates ; Worker ; Workers
    Abstract: April 1999 - Estimated age and job seniority profiles of wages and marginal productivity in Ethiopia suggest that both skill formation and job matching significantly affect growth of wages and productivity over time. However, job matching is by far the more important of the two sources of growth in wages and productivity. Mengistae analyzes production and labor market data for a random selection of small to medium-size firms in Ethiopia to answer two questions: ° Does a worker's marginal productivity increase with time in the labor market or with job seniority, as must be the case if on-the-job skill formation or job matching has anything to do with the dynamics of wages observed in the data? ° Assuming that marginal productivity grows with experience or seniority, is skill formation more or less important than job matching as a source of growth in productivity? The main feature of Mengistae's analysis is the joint regression of the log of the average product of hours in a firm and the log of average hourly earnings of a firm's employees on the shares of experience-seniority cells of workers in total annual hours in the firm. Marginal productivity falls as experience in the labor market passes the 15-year mark, but the expected marginal product of a mobile worker with 16 or more years of experience is still nearly 80 percent higher than that of the base group. The between-jobs growth of hourly wages with potential experience is also large, but not as large as growth in marginal productivity for workers with less than 15 years of experience. Mengistae concludes that job matching is far more important than skill formation as a source of growth in productivity. Net mobility gains account for at least twice the share of the return to skill formation in the observed between-jobs growth of wages with market experience. The rate of return to skills formation is higher in the United States than in Ethiopia. The relative return to skills formation is probably lower in Ethiopia partly because the flow of information about the labor market is more restricted there. This paper-a product of the Development Research Group-is part of a larger effort in the group to identify firm-level sources of growth in productivity. The author may be contacted at tmengistaeworldbank.org
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    Decentralization and Fiscal Management in Colombia (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (49 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Webb, B. Steven Decentralization and Fiscal Management in Colombia
    Keywords: Bank ; Banks and Banking Reform ; Budget ; Debt ; Debt Markets ; Decentralization ; Decentralization Process ; Deconcentration ; Deficits ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Decentralization ; Fiscal Deficits ; Interest ; Intergovernmental Relations ; Laws ; Local Governments ; Macroeconomic Stability ; Municipal Financial Management ; Municipalities ; Public Sector Economics and Finance ; Public and Municipal Finance ; Revenue ; Risk ; Subnational Governments ; Transfers ; Urban Development ; Urban Economics ; Value ; Bank ; Banks and Banking Reform ; Budget ; Debt ; Debt Markets ; Decentralization ; Decentralization Process ; Deconcentration ; Deficits ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Decentralization ; Fiscal Deficits ; Interest ; Intergovernmental Relations ; Laws ; Local Governments ; Macroeconomic Stability ; Municipal Financial Management ; Municipalities ; Public Sector Economics and Finance ; Public and Municipal Finance ; Revenue ; Risk ; Subnational Governments ; Transfers ; Urban Development ; Urban Economics ; Value
    Abstract: May 1999 - Institutional arrangements have helped Colombia manage the fiscal aspects of decentralization, despite the country's political problems. Colombia's political geography contrasts sharply with its economy. Physical characteristics and guerilla war fragment the country geographically, yet it has a long tradition of political centrism and macroeconomic stability. Recently, with political and economic decentralization, there has been some weakening of macroeconomic performance. Dillinger and Webb explore institutional arrangements that have helped Colombia manage the fiscal aspects of decentralization, despite the country's political problems. Fiscal decentralization proceeded rapidly in Colombia. Education, health, and much infrastructure provision have been decentralized to the departmentos and municipios. Decentralization has led to substantial but not overwhelming problems, both in maintaining fiscal balance nationally (as resources are transferred to subnational levels) and in preventing unsustainable deficits by the subnational governments. The problems have arisen because central government interference prevents departments from controlling their costs and because of expectations of debt bailouts. Both are legacies of the earlier pattern of management from the center, and some recent changes-especially about subnational debt-may improve matters. Colombia's traditional political process has had difficulty dealing with problems of decentralization because traditional parties are weak in internal organization and have lost de facto rule over substantial territories. The fiscal problems of subnational government have been contained, however, because subnational governments are relatively weak politically and the central government, for the time being, has been able to enforce restrictions on subnational borrowing. This paper-a product of the Poverty Reduction and Economic Management Sector Unit, Latin America and Caribbean Region-is part of a larger effort in the region to examine the macroeconomic consequences of decentralization. The authors may be contacted at wdillingerworldbank.org or swebb@worldbank.org
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    Agricultural Extension : Generic Challenges and Some Ingredients for Solutions (1999)
    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: Feder, Gershon Agricultural Extension
    Keywords: Agricultural ; Agricultural Development ; Agricultural Education ; Agricultural Extension ; Agricultural Knowledge ; Agricultural Knowledge and Information Systems ; Agricultural Production ; Agriculture ; Agriculture ; Extension Services ; Farmers ; Food Production ; Funding ; Government Investments ; Hunger ; Information ; Land ; Poverty Reduction ; Private Sector ; Products ; Research ; Rural Development ; Rural Development ; Rural Development Knowledge and Information Systems ; Rural Poverty Reduction ; Skills ; Agricultural ; Agricultural Development ; Agricultural Education ; Agricultural Extension ; Agricultural Knowledge ; Agricultural Knowledge and Information Systems ; Agricultural Production ; Agriculture ; Agriculture ; Extension Services ; Farmers ; Food Production ; Funding ; Government Investments ; Hunger ; Information ; Land ; Poverty Reduction ; Private Sector ; Products ; Research ; Rural Development ; Rural Development ; Rural Development Knowledge and Information Systems ; Rural Poverty Reduction ; Skills
    Abstract: May 1999 - The agriculture sector must nearly double biological yields on existing farmland to meet food needs, which will double in the next quarter century. A sustainable approach to providing agricultural extension services in developing countries-minimal external inputs, a systems orientation, pluralism, and arrangements that take advantage of the best incentives for farmers and extension service providers-will release the local knowledge, resources, common sense, and organizing ability of rural people. Is agricultural extension in developing countries up to the task of providing the information, ideas, and organization needed to meet food needs? What role should governments play in implementing or facilitating extension services? Roughly 80 percent of the world's extension is publicly funded and delivered by civil servants, providing a range of services to the farming population, commercial producers, and disadvantaged target groups. Budgetary constraints and concerns about performance create pressure to show the payoff on investment in extension and to explore alternatives to publicly providing it. Feder, Willett, and Zijp analyze the challenges facing policymakers who must decide what role governments should play in implementing or facilitating extension services. Focusing on developing country experience, they identify generic challenges that make it difficult to organize extension: ° The magnitude of the task. ° Dependence on wider policy and other agency functions. ° Problems in identifying the cause and effect needed to enable accountability and to get political support and funding. ° Liability for public service functions beyond the transfer of agricultural knowledge and information. ° Fiscal sustainability. ° Inadequate interaction with knowledge generators. Feder, Willett, and Zijp show how various extension approaches were developed in attempts to overcome the challenges of extension: ° Improving extension management. ° Decentralizing. ° Focusing on single commodities. ° Providing fee-for-service public extension services. ° Establishing institutional pluralism. ° Empowering people by using participatory approaches. ° Using appropriate media. Each of the approaches has weaknesses and strengths, and in their analysis the authors identify the ingredients that show promise. Rural people know when something is relevant and effective. The aspects of agricultural extension services that tend to be inherently low cost and build reciprocal, mutually trusting relationships are those most likely to produce commitment, accountability, political support, fiscal sustainability, and the kinds of effective interaction that generate knowledge. This paper-a joint product of Rural Development, Development Research Group, and the Rural Development Department-is part of a larger effort in the Bank to identify institutional and policy reforms needed to promote sustainable and equitable rural development. The authors may be contacted at gfederworldbank.org, awillett@worldbank.org, or wzijp@worldbank.org
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  • 65
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    A Regime-Switching Approach to Studying Speculative Attacks : A Focus on European Monetary System Crises (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (57 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Peria, Maria A Regime-Switching Approach to Studying Speculative Attacks
    Keywords: Central Bank ; Crawling Peg ; Currencies ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Dependent Variable ; Devaluations ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; European Monetary System ; Exchange Rate ; Exchange Rate Mechanism ; Exchange Rates ; Federal Reserve ; Federal Reserve Bank ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Fixed Exchange Rate ; Fixed Exchange Rate Regimes ; Fixed Exchange Rate Systems ; Interest Rates ; Macroeconomics and Economic Growth ; Private Sector Development ; Speculative Attack ; Speculative Attacks ; Speculative Pressure ; Central Bank ; Crawling Peg ; Currencies ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Dependent Variable ; Devaluations ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; European Monetary System ; Exchange Rate ; Exchange Rate Mechanism ; Exchange Rates ; Federal Reserve ; Federal Reserve Bank ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Fixed Exchange Rate ; Fixed Exchange Rate Regimes ; Fixed Exchange Rate Systems ; Interest Rates ; Macroeconomics and Economic Growth ; Private Sector Development ; Speculative Attack ; Speculative Attacks ; Speculative Pressure
    Abstract: June 1999 - A regime-switching framework is used to study speculative attacks against European Monetary System currencies during 1979-93. Peria uses a regime-switching framework to study speculative attacks against European Monetary System (EMS) currencies during 1979-93. She identifies speculative attacks by modeling exchange rates, reserves, and interest rates as time series subject to discrete regime shifts. She assumes two states: tranquil and speculative. She models the probabilities of switching between states as a function of fundamentals and expectations. She concludes that: ° The switching models with time-varying transition probabilities capture most of the conventional episodes of speculative attacks. ° Speculative attacks do not always coincide with currency realignments. ° Both economic fundamentals and expectations determine the likelihood of switching from a period of tranquility to a speculative attack. The budget deficit appears to be an especially important factor driving the probability of switching to a speculative regime. Given the importance of anticipating and, wherever possible, avoiding crises, it might be useful to conduct forecasting exercises to determine whether the switching framework proposed here can be used to forecast crises in countries outside the sample. Because currency crises tend to occur simultaneously in two or more countries, it also might be useful to adapt the regime-switching framework to explore the role of contagion in explaining crises. This paper-a product of Finance, Development Research Group-is part of a larger effort in the group to understand currency crises. The author may be contacted at mmartinezperiaworldbank.org
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    Globalization and National Development at the End of the 20th Century : Tensions and Challenges (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (19 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Solimano, Andrés Globalization and National Development at the End of the 20th Century
    Keywords: Balance Of Payments ; Capital Mobility ; Capital Movements ; Currencies and Exchange Rates ; Debt Markets ; Deficits ; Developing Countries ; Economic Conditions and Volatility ; Economic Theory and Research ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Institutions ; Financial Literacy ; Fixed Exchange Rates ; Free Capital ; Global Economy ; Globalization ; Human Development ; Inflation ; Inflations ; International Trade ; Macroeconomic Volatility ; Macroeconomics and Economic Growth ; Market ; Monetary Fund ; Private Sector Development ; Security ; Wealth Creation ; Balance Of Payments ; Capital Mobility ; Capital Movements ; Currencies and Exchange Rates ; Debt Markets ; Deficits ; Developing Countries ; Economic Conditions and Volatility ; Economic Theory and Research ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Institutions ; Financial Literacy ; Fixed Exchange Rates ; Free Capital ; Global Economy ; Globalization ; Human Development ; Inflation ; Inflations ; International Trade ; Macroeconomic Volatility ; Macroeconomics and Economic Growth ; Market ; Monetary Fund ; Private Sector Development ; Security ; Wealth Creation
    Abstract: June 1999 - Do globalization and national development reinforce each other? Are they mutually compatible? What opportunities for national development does globalization open? What problems does it pose? What is the proper balance between national, regional, and global responses to the challenges posed by globalization? Globalization offers developing countries the opportunities to create wealth through export-led growth, to expand international trade in goods and services, and to gain access to new ideas, technologies, and institutional designs. But globalization also entails problems and tensions that must be appropriately managed. For one thing, global business cycles can contribute greatly to macroeconomic volatility at the national level. The scope and severity of crises in Mexico (1994-95), Asia (1997), Russia (1998), and Brazil (1999) suggests the severity of the financial vulnerability developing countries face nowadays. With financial markets so highly integrated, problems are transmitted rapidly from one country to another. The rapid transmission of financial shocks changes levels of confidence and affects exchange rates, interest rates, asset prices, and, ultimately, output and employment-with consequent social effects. Policymakers should also be concerned about how globalization exacerbates job instability and income disparities both within and across countries. Macroeconomic and financial crises, by increasing poverty and social tensions, can be political destabilizing. As the 20th century ends, the resources of Bretton Woods institutions are strained because of the large and complex rescue packages needed to deal with large-scale volatility. Development policy agendas in the era of globalization need to articulate traditional concerns with growth, stability, and social equity with new themes such as transparency and good governance at several levels: national, regional, and global. This paper-a product of the Country Management Unit, Colombia, Ecuador, and Venezuela-is part of a larger effort in the region to understand the links between globalization and national development. The author may be contacted at asolimano worldbank.org
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    Assessing the Impact of Micro-credit on Poverty and Vulnerability in Bangladesh (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (54 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Zaman, Hassan Assessing the Impact of Micro-credit on Poverty and Vulnerability in Bangladesh
    Keywords: Access To Cred Bank ; Banks and Banking Reform ; Borrowers ; Borrowing ; Communities & Human Settlements ; Cred Household Expenditure ; Debt Markets ; Economic Theory and Research ; Finance and Financial Sector Development ; Financial Intermediation ; Financial Literacy ; Health, Nutrition and Population ; Household Income ; Housing and Human Habitats ; Illiteracy ; Income ; Income Sources ; Investing ; Knowledge ; Loan ; Loan Period ; Loans ; Macroeconomics and Economic Growth ; Population Policies ; Poverty Reduction ; Risk Reduction ; Rural Development ; Rural Poverty Reduction ; Senior ; Student ; Supply ; Welfare ; Access To Cred Bank ; Banks and Banking Reform ; Borrowers ; Borrowing ; Communities & Human Settlements ; Cred Household Expenditure ; Debt Markets ; Economic Theory and Research ; Finance and Financial Sector Development ; Financial Intermediation ; Financial Literacy ; Health, Nutrition and Population ; Household Income ; Housing and Human Habitats ; Illiteracy ; Income ; Income Sources ; Investing ; Knowledge ; Loan ; Loan Period ; Loans ; Macroeconomics and Economic Growth ; Population Policies ; Poverty Reduction ; Risk Reduction ; Rural Development ; Rural Poverty Reduction ; Senior ; Student ; Supply ; Welfare
    Abstract: July 1999 - While micro-credit interventions can play an important role in reducing vulnerability through a number of channels, a significant impact on poverty reduction is achieved under more restrictive conditions. These conditions revolve around whether the borrower has crossed a cumulative loan threshold and on how poor the household is to start with. Zaman examines the extent to which micro-credit reduces poverty and vulnerability through a case study of BRAC, one of the largest providers of micro-credit to the poor in Bangladesh. Household consumption data collected from 1,072 households is used to show that the largest effect on poverty arises when a moderate-poor BRAC loanee borrows more that 10,000 taka (US
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    Income Gains to the Poor from Workfare : Estimates for Argentina's Trabajar Program (1999)
    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: Ravallion, Martin Income Gains to the Poor from Workfare
    Keywords: Communities & Human Settlements ; Counterfactual ; Economic Theory and Research ; Evaluation ; Experimental Design ; Experimental Methods ; Finance and Financial Sector Development ; Financial Literacy ; Health Systems Development and Reform ; Health, Nutrition and Population ; Household Income ; Housing and Human Habitats ; Impact Evaluation ; Income ; Income ; Inequality ; Intervention ; Labor Policies ; Macroeconomics and Economic Growth ; Matching Methods ; Outcomes ; Participation ; Poverty ; Poverty Impact Evaluation ; Poverty Measures ; Poverty Monitoring and Analysis ; Poverty Reduction ; Programs ; Projects ; Reflexive Comparisons ; Research ; Sampling ; Services and Transfers to Poor ; Social Protections and Labor ; Surveys ; Targeting ; Communities & Human Settlements ; Counterfactual ; Economic Theory and Research ; Evaluation ; Experimental Design ; Experimental Methods ; Finance and Financial Sector Development ; Financial Literacy ; Health Systems Development and Reform ; Health, Nutrition and Population ; Household Income ; Housing and Human Habitats ; Impact Evaluation ; Income ; Income ; Inequality ; Intervention ; Labor Policies ; Macroeconomics and Economic Growth ; Matching Methods ; Outcomes ; Participation ; Poverty ; Poverty Impact Evaluation ; Poverty Measures ; Poverty Monitoring and Analysis ; Poverty Reduction ; Programs ; Projects ; Reflexive Comparisons ; Research ; Sampling ; Services and Transfers to Poor ; Social Protections and Labor ; Surveys ; Targeting
    Abstract: July 1999 - A workfare program was introduced in response to high unemployment in Argentina. An ex-post evaluation using matching methods indicates that the program generated sizable net income gains to generally poor participants. Jalan and Ravallion use propensity-score matching methods to estimate the net income gains to families of workers participating in an Argentinian workfare program. The methods they propose are feasible for evaluating safety net interventions in settings in which many other methods are not feasible. The average gain is about half the gross wage. Even allowing for forgone income, the distribution of gains is decidedly pro-poor. More than half the beneficiaries are in the poorest decile nationally and 80 percent of them are in the poorest quintile - reflecting the self-targeting feature of the program design. Average gains for men and women are similar, but gains are higher for younger workers. Women's greater participation would not enhance average income gains, and the distribution of gains would worsen. Greater participation by the young would raise average gains but would also worsen the distribution. This paper - a product of Poverty and Human Resources, Development Research Group - is part of a larger effort in the group to improve methods for evaluating the poverty impact of Bank-supported programs. The authors may be contacted at jjalanisid.ac.in or mravallion@worldbank.org
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    How Has Regionalism in the 1990s Affected Trade? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (30 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Soloaga, Isidro How Has Regionalism in the 1990s Affected Trade?
    Keywords: Andean Pact ; Currencies and Exchange Rates ; Economic Policy ; Economic Theory and Research ; Exports ; Extra-Bloc Trade ; Finance and Financial Sector Development ; Free Trade ; Free Trade ; Free Trade Area ; Geographical Patterns Of Trade ; Gravity Equation ; Gravity Model ; Gravity Models ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Patterns Of Trade ; Preferential Trade ; Preferential Trade Agreements ; Preferential Trade Area ; Public Sector Development ; Regionalism ; Trade ; Trade Diversion ; Trade Effects ; Trade Flows ; Trade Law ; Trade Liberalization ; Trade Policy ; Andean Pact ; Currencies and Exchange Rates ; Economic Policy ; Economic Theory and Research ; Exports ; Extra-Bloc Trade ; Finance and Financial Sector Development ; Free Trade ; Free Trade ; Free Trade Area ; Geographical Patterns Of Trade ; Gravity Equation ; Gravity Model ; Gravity Models ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Patterns Of Trade ; Preferential Trade ; Preferential Trade Agreements ; Preferential Trade Area ; Public Sector Development ; Regionalism ; Trade ; Trade Diversion ; Trade Effects ; Trade Flows ; Trade Law ; Trade Liberalization ; Trade Policy
    Abstract: August 1999 - The results of a modified gravity model suggest that the new wave of regionalism has not boosted intra-bloc trading significantly. Trade liberalization in Latin America did have a positive impact on the imports of bloc members, although MERCOSUR's exports did poorly over the mid-1990s. Soloaga and Winters apply a gravity model to data on annual nonfuel imports for 58 countries for the years 1980-96, to quantify the effects on trade of recently created or revamped preferential trade agreements (PTAs). They modify the usual gravity equation to identify the separate effects of PTAs on intra-bloc trade, members' total imports, and members' total exports. They also formally test the significance of changes in the estimated coefficients before and after the blocs' formation. Their estimates give no indication that the new wave of regionalism boosted intra-bloc trade significantly. They found convincing evidence of trade diversion only for the European Union and the European Free Trade Association. For the same blocs they also observed export diversion, which would be consistent with these blocs' imposing a welfare cost on the rest of the world. Trade liberalization efforts in Latin America have had a positive impact on the imports of bloc members (Andean Group, Central American Common Market, Latin American Integration Association, and MERCOSUR). Increasing propensities to export generally accompanied increasing propensities to import, suggesting that general trade liberalization had a strong effect. The exception was MERCOSUR, for which import and export propensities displayed opposite movements, with exports performing worse than expected over the mid-1990s. Although MERCOSUR members have undoubtedly liberalized since the mid-1980s, these results suggest that their trade performance has been influenced more by competitiveness than by trade policy. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to study the effects of regional integration. The authors may be contacted at isoloagaworldbank.org or l.a.winters@sussex.ac.uk
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    Challenging El Salvador's Rural Health Care Strategy (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (58 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Eskeland, Gunnar Challenging El Salvador's Rural Health Care Strategy
    Keywords: Aged ; Children ; Clinics ; Decision Making ; First Aid ; Health ; Health Behavior ; Health Care ; Health Monitoring and Evaluation ; Health Services ; Health, Nutrition and Population ; Hospitals ; Injuries ; Knowledge ; Mortality ; Patients ; Physicians ; Prevention ; Primary Health Care ; Public Health ; Strategy ; Workers ; Aged ; Children ; Clinics ; Decision Making ; First Aid ; Health ; Health Behavior ; Health Care ; Health Monitoring and Evaluation ; Health Services ; Health, Nutrition and Population ; Hospitals ; Injuries ; Knowledge ; Mortality ; Patients ; Physicians ; Prevention ; Primary Health Care ; Public Health ; Strategy ; Workers
    Abstract: August 1999 - Low-skilled health promoters posted in rural villages are doing little to improve health or health-seeking behaviors. In a supply-driven system, such workers have too few incentives, too little knowledge, and too little supervision. Results can be improved without increasing costs. Can a supply-driven network of under-skilled rural health promoters make a difference in rural health care? There are few, if any, signs that the current rural health strategy in El Salvador is working, whether the health promoters are government employees or nongovernmental organization (NGO) workers. Lewis, Eskeland, and Traa-Valerezo arrived at this conclusion after conducting interviews and analyzing primary and secondary data. The village-based health promoters lack incentives and supervision, and ultimately have little to offer local communities. NGO workers are more successful than government workers, but neither group performs satisfactorily. Even the rural poor use private services quite intensively, despite the high cost of the services and of getting access to them. Moreover, people seem to seek the services they need. They select self-treatment in 50 percent of illness episodes, with about the same success rate as when they use health providers. Other options should be considered, as results can be improved without increasing costs. This paper - a product of the Human Development Sector Units, Europe and Central Asia Region and Latin America and Caribbean Region; and Public Economics, Development Research Group - is part of a larger effort in the Bank to encourage appropriate policies and programs in the health sector. The authors may be contacted at mlewis1worldbank.org, geskeland@worldbank.org, or xtraavalerezo@worldbank.org
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  • 71
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    Social Capital and the State : Complementarity and Substitution (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (60 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Narayan, Deepa Social Capital and the State
    Keywords: Civil Society ; Civil Society Organizations ; Community ; Community Development and Empowerment ; Corruption ; Disability ; Economic Development ; Education ; Education and Society ; Finance and Financial Sector Development ; Financial Literacy ; Full Participation ; Governance ; Governance ; Governance Indicators ; Health, Nutrition and Population ; Human Development ; Income ; Indicators ; Institutions ; National Governance ; Participation ; Policy Implications ; Population Policies ; Poverty ; Service ; Service Delivery ; Social Activities ; Social Capital ; Social Cohesion ; Social Development ; Social Development ; Social Groups ; Social Inclusion and Institutions ; Social Justice ; Social Protections and Labor ; Civil Society ; Civil Society Organizations ; Community ; Community Development and Empowerment ; Corruption ; Disability ; Economic Development ; Education ; Education and Society ; Finance and Financial Sector Development ; Financial Literacy ; Full Participation ; Governance ; Governance ; Governance Indicators ; Health, Nutrition and Population ; Human Development ; Income ; Indicators ; Institutions ; National Governance ; Participation ; Policy Implications ; Population Policies ; Poverty ; Service ; Service Delivery ; Social Activities ; Social Capital ; Social Cohesion ; Social Development ; Social Development ; Social Groups ; Social Inclusion and Institutions ; Social Justice ; Social Protections and Labor
    Abstract: August 1999 - Whatever their nature, interventions to reduce poverty should be designed not only to have an immediate impact on poverty, but also to foster a rich network of cross-cutting ties within society and between society's formal and informal institutions. Using the lens of social capital - especially bridging or cross-cutting ties that cut across social groups and between social groups and government - provides new insights into policy design. Solidarity within social groups creates ties (bonding social capital) that bring people and resources together. In unequal societies, ties that cut across groups (bridging social capital) are essential for social cohesion and for poverty reduction. The nature of interaction between state and society is characterized as complementarity and substitution. When states are functional, the informal and formal work well together - for example, government support for community-based development. When states become dysfunctional, the informal institutions become a substitute and are reduced to serving a defensive or survival function. To move toward economic and social well-being, states must support inclusive development. Investments in the organizational capacity of the poor are critical. Interventions are also required to foster bridging ties across social groups - ethnic, religious, caste, or racial groups. Such interventions can stem from the state, private sector, or civil society and include: ° Changes in rules to include groups previously excluded from formal systems of finance, education, and governance, at all levels. ° Political pluralism and citizenship rights. ° Fairness before the law for all social groups. ° Availability of public spaces that bring social groups together. ° Infrastructure that eases communication. ° Education, media, and public information policies that reinforce norms and values of tolerance and diversity. This paper - a product of the Poverty Division, Poverty Reduction and Economic Management Network - is part of a larger effort in the network to understand the role of social capital. The author may be contacted at dnarayanworldbank.org
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  • 72
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    Ethnic Partition as a Solution to Ethnic War : An Empirical Critique of the Theoretical Literature (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (42 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Sambanis, Nicholas Ethnic Partition as a Solution to Ethnic War
    Keywords: Agreement ; Alliances ; Atrocities ; Children and Youth ; Civil War ; Civil Wars ; Conflict ; Conflict and Development ; Constraints ; Economy ; Genocide ; Hazard Risk Management ; Health, Nutrition and Population ; Human Rights ; International Affairs ; International Community ; Negotiated Settlement ; Peace ; Peace and Peacekeeping ; Polarization ; Population Policies ; Post Conflict Reconstruction ; Post Conflict Reintegration ; Rebels ; Reconciliation ; Reconstruction ; Urban Development ; Violence ; Violent Conflict ; War ; Agreement ; Alliances ; Atrocities ; Children and Youth ; Civil War ; Civil Wars ; Conflict ; Conflict and Development ; Constraints ; Economy ; Genocide ; Hazard Risk Management ; Health, Nutrition and Population ; Human Rights ; International Affairs ; International Community ; Negotiated Settlement ; Peace ; Peace and Peacekeeping ; Polarization ; Population Policies ; Post Conflict Reconstruction ; Post Conflict Reintegration ; Rebels ; Reconciliation ; Reconstruction ; Urban Development ; Violence ; Violent Conflict ; War
    Abstract: October 1999 - Partition theorists argue that when violent ethnic conflict is intense, civil politics cannot be restored unless ethnic groups are demographically separated into defensible enclaves. The empirical evidence suggests otherwise. Some theorists of ethnic conflict argue that the physical separation of warring ethnic groups may be the only possible solution to civil war. Without territorial partition and (if needed) forced population movements, they argue, ethnic war cannot end and genocide is likely. Other scholars have counterargued that partition only replaces internal war with international war, creates undemocratic successor states, and generates tremendous human suffering. So far this debate has been informed by few important case studies. Sambanis uses a new set of data on civil wars to identify the main determinants of ethnic partitions and to estimate their impact on the probability of war's recurrence, on low-grade ethnic violence, and on the political institutions of successor states. Sambanis's analysis is the first large-sample quantitative analysis of the subject, testing the propositions of partition theory and weighing heavily on the side of its critics. He shows that almost all the assertions of partition theorists fail to pass rigorous empirical tests. He finds that, on average, partition does not significantly reduce the probability of new violence. A better strategy might be to combine ethnic groups, but most important is to establish credible and equitable systems of governance. It is also important not to load the strategy with subjective premises about the necessity of ethnically pure states and about the futility of interethnic cooperation. This paper - a product of Public Economics, Development Research Group - is part of a larger effort in the group to study the economics of civil wars. The author may be contacted at nsambanisworldbank.org〉
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  • 73
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    Competition Policy, Developing Countries, and the World Trade Organization (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (34 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Hoekman, Bernard Competition Policy, Developing Countries, and the World Trade Organization
    Keywords: Access to Markets ; Barriers ; Competition ; Competition Policies ; Competition Policy ; Developing Countries ; Developing Country ; Domestic Competition ; Economic Development ; Economic Theory and Research ; Education ; Emerging Markets ; Export Markets ; Foreign Competition ; Free Trade ; ICT Policy and Strategies ; Information and Communication Technologies ; Interest ; Interests ; International Cooperation ; International Economics & Trade ; Investment ; Investment Policies ; Jurisdictions ; Knowledge for Development ; Labor Policies ; Law and Development ; Macroeconomics and Economic Growth ; Market Access ; Markets and Market Access ; Monopoly ; Private Sector Development ; Public Sector Development ; Social Protections and Labor ; Trade Law ; Trade Policy ; Traditional Market ; World Trade ; Access to Markets ; Barriers ; Competition ; Competition Policies ; Competition Policy ; Developing Countries ; Developing Country ; Domestic Competition ; Economic Development ; Economic Theory and Research ; Education ; Emerging Markets ; Export Markets ; Foreign Competition ; Free Trade ; ICT Policy and Strategies ; Information and Communication Technologies ; Interest ; Interests ; International Cooperation ; International Economics & Trade ; Investment ; Investment Policies ; Jurisdictions ; Knowledge for Development ; Labor Policies ; Law and Development ; Macroeconomics and Economic Growth ; Market Access ; Markets and Market Access ; Monopoly ; Private Sector Development ; Public Sector Development ; Social Protections and Labor ; Trade Law ; Trade Policy ; Traditional Market ; World Trade
    Abstract: October 1999 - Developing countries have a great interest in pursuing active domestic competition policy but should do so independent of the World Trade Organization - which they should use to improve market access through further reduction in direct barriers to trade in goods and services. Hoekman and Holmes discuss developing country interests in including competition law disciplines in the World Trade Organization (WTO). Developing countries have a great interest in pursuing active domestic competition policy, they conclude, but should do so independent of the WTO. Given the mercantilist basis of multilateral trade negotiations, the WTO is less likely to be a powerful instrument for encouraging adoption of welfare-enhancing competition rules than it is to be a forum for abolishing cross-border measures. Developing countries should therefore give priority to using the WTO to improve market access - to further reduce direct barriers to trade in goods and services. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to analyze issues that may be the subject of WTO negotiations. The authors may be contacted at bhoekmanworldbank.org or p.holmes@sussex.ac.uk
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  • 74
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    Who Avoids and Who Escapes from Poverty during the Transition? : Evidence from Polish Panel Data, 1993 96 (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (60 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Okrasa, Wlodzimierz Who Avoids and Who Escapes from Poverty during the Transition?
    Keywords: Chronic Poverty ; Employment Income ; Farm Self-Employment ; Food Consumption ; Health, Nutrition and Population ; Household Budget ; Household Income ; Household Welfare ; Human Capital ; Human Development ; Idiosyncratic Shocks ; Income ; Income Inequality ; Measures ; Poor ; Population Policies ; Poverty ; Poverty Line ; Poverty Reduction ; Poverty Reduction ; Poverty Reduction Strategy ; Rural ; Rural Development ; Rural Poverty Reduction ; Services and Transfers to Poor ; Unemployment ; Chronic Poverty ; Employment Income ; Farm Self-Employment ; Food Consumption ; Health, Nutrition and Population ; Household Budget ; Household Income ; Household Welfare ; Human Capital ; Human Development ; Idiosyncratic Shocks ; Income ; Income Inequality ; Measures ; Poor ; Population Policies ; Poverty ; Poverty Line ; Poverty Reduction ; Poverty Reduction ; Poverty Reduction Strategy ; Rural ; Rural Development ; Rural Poverty Reduction ; Services and Transfers to Poor ; Unemployment
    Abstract: November 1999 - There is a tendency toward chronic, long-term poverty in Poland. Most at risk: larger households, farm households, and households dependent on social welfare. Least at risk: households of employees or the self-employed, educated households, households headed by pensioners, households that are part of kinship networks, and households with liquid assets, durables, or access to financial resources. Among those who missed out on the benefits of the first phase of economic prosperity, children are overrepresented. Okrasa uses four-year panel data from Poland's Household Budget Survey to explore the distinction between transitory and long-term poverty, a crucial distinction in designing and evaluating poverty reduction strategies. Okrasa analyzes household welfare trajectories during the period 1993-96, to identify the long-term poor and to determine how relevant household asset endowments are as determinants of household poverty and vulnerability over time. He concludes that the chronically poor constitute a distinct and separate segment of the population, with low turnover. Among specific observations about factors that affect Poland's long-term poverty: · Variables in human capital significantly affected the pattern of repeated poverty and vulnerability. Larger households tended to experience poverty and vulnerability, mostly because they contained more children or other dependents. Households with elderly members and those headed by older people, by women rather than men, and by educated people of either gender were least likely to be poor. Poverty was unaffected by the presence of a disabled person in the household. · Households with liquid assets or durables, or with access to financial resources, were less likely to be poor and vulnerable. Households appeared to take advantage of credit and loans to maintain their current level of consumption rather than to augment their stock of assets. · Households that were part of kinship networks were less at risk of falling into chronic poverty or vulnerability. · Households headed by pensioners were least in danger of impoverishment. Those most in danger were farm households (including mixed households headed by workers with an agricultural holding) and households heavily dependent on social welfare. · Households of employees were better off than self-employed households when income-based measures of poverty were used but not when consumption-based measures were used. Neither group was significantly vulnerable. This paper - a product of Poverty and Human Resources, Development Research Group - is part of a larger effort in the group to study the dynamics of poverty and the effectiveness of the safety net. The author may be contacted at wokrasaworldbank.org
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  • 75
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    The Effect of the United States' Granting Most Favored Nation Status to Vietnam (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (34 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Martin, Will The Effect of the United States' Granting Most Favored Nation Status to Vietnam
    Keywords: Agribusiness and Markets ; Agricultural Commodities ; Apparel ; Currencies and Exchange Rates ; Economic Theory and Research ; Export Competitiveness ; Exporters ; Exports ; Finance and Financial Sector Development ; Food and Beverage Industry ; Free Trade ; General Equilibrium Model ; High Tariffs ; Industry ; International Economics & Trade ; Macroeconomics and Economic Growth ; Market Access ; Metal Products ; Public Sector Development ; Rural Development ; Tariff ; Tariff Data ; Tariff Rates ; Tariff Schedule ; Tariffs ; Terms Of Trade ; Trade ; Trade Liberalization ; Trade Patterns ; Trade Policy ; Welfare Gains ; World Trade ; World Trade Organization ; Agribusiness and Markets ; Agricultural Commodities ; Apparel ; Currencies and Exchange Rates ; Economic Theory and Research ; Export Competitiveness ; Exporters ; Exports ; Finance and Financial Sector Development ; Food and Beverage Industry ; Free Trade ; General Equilibrium Model ; High Tariffs ; Industry ; International Economics & Trade ; Macroeconomics and Economic Growth ; Market Access ; Metal Products ; Public Sector Development ; Rural Development ; Tariff ; Tariff Data ; Tariff Rates ; Tariff Schedule ; Tariffs ; Terms Of Trade ; Trade ; Trade Liberalization ; Trade Patterns ; Trade Policy ; Welfare Gains ; World Trade ; World Trade Organization
    Abstract: November 1999 - If the United States grants Vietnam most favored nation status, both countries would benefit. Vietnamese exports to the United States would more than double, and Vietnam would gain substantial welfare benefits from improved market access and increased availability of imports. For the United States, lowering the current high tariffs against Vietnam would improve welfare by reducing costly diversion away from Vietnamese products. Since the U.S. embargo on trade with Vietnam was lifted in 1994, exports from Vietnam to the United States have risen dramatically. However, Vietnam remains one of the few countries to which the United States has not yet granted most favored nation (MFN) status. The general tariff rates that the United States imposes average 35 percent compared with 4.9 percent for the MFN rate. Granting MFN status to Vietnam would improve its terms of trade and help improve the efficiency of resource allocation in the country. Better access to the U.S. market would increase the volume of Vietnamese exports to the United States and the prices received for them while also reducing their costs to U.S. users. Fukase and Martin use a computable general equilibrium model to examine the effects of reducing U.S. tariffs on Vietnamese imports from general rates to MFN rates. They estimate tariff changes using the U.S. tariff schedule for 1997 weighted by Vietnam's exports to the United States. The results suggest that after a change to MFN status for Vietnam, its exports to the United States would more than double, from the 1996 baseline of
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  • 76
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    Growth Forecasts Using Time Series and Growth Models (1999)
    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: Kraay, Aart Growth Forecasts Using Time Series and Growth Models
    Keywords: Actual Outcomes ; Country Variation ; Cross-Country Growth Regressions ; Economic Forecasting ; Explanatory Variables ; First-Order ; Forecast ; Forecast Performance ; Forecasting ; Future Growth ; Growth Forecasts ; Growth Models ; Growth Projections ; Growth Regression ; Macroeconomics and Economic Growth ; Popular Empirical Framework ; Relative Forecast Performance ; Sample Forecasting ; Time Series ; Time Series Model ; Time Series Models ; Time Series Variation ; Actual Outcomes ; Country Variation ; Cross-Country Growth Regressions ; Economic Forecasting ; Explanatory Variables ; First-Order ; Forecast ; Forecast Performance ; Forecasting ; Future Growth ; Growth Forecasts ; Growth Models ; Growth Projections ; Growth Regression ; Macroeconomics and Economic Growth ; Popular Empirical Framework ; Relative Forecast Performance ; Sample Forecasting ; Time Series ; Time Series Model ; Time Series Models ; Time Series Variation
    Abstract: November 1999 - It is difficult to choose the best model for forecasting real per capita GDP for a particular country or group of countries. This study suggests potential gains from combining time series and growth-regression-based approaches to forecasting. Kraay and Monokroussos consider two alternative methods of forecasting real per capita GDP at various horizons: · Univariate time series models estimated country by country. · Cross-country growth regressions. They evaluate the out-of-sample forecasting performance of both approaches for a large sample of industrial and developing countries. They find only modest differences between the two approaches. In almost all cases, differences in median (across countries) forecast performance are small relative to the large discrepancies between forecasts and actual outcomes. Interestingly, the performance of both models is similar to that of forecasts generated by the World Bank's Unified Survey. The results do not provide a compelling case for one approach over another, but they do indicate that there are potential gains from combining time series and growth-regression-based forecasting approaches. This paper - a product of Macroeconomics and Growth, Development Research Group - is part of a larger effort in the group to improve the understanding of economic growth. The authors may be contacted at akraayworldbank.org or gmonokroussos@worldbank.org
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  • 77
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    The Sri Lankan Unemployment Problem Revisited (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (52 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Rama, Martin The Sri Lankan Unemployment Problem Revisited
    Keywords: Educational Attainment ; Export Processing Zones ; Finance and Financial Sector Development ; Financial Literacy ; High Unemployment ; High Unemployment Rate ; Job ; Job Security ; Labor ; Labor Force ; Labor Market ; Labor Market Participants ; Labor Market Policies ; Labor Markets ; Labor Study ; Management ; Private Sector ; Private Sector Activities ; Public Sector Jobs ; Social Protections and Labor ; Unemployed ; Unemployment ; Unemployment Problem ; Unemployment Rates ; Educational Attainment ; Export Processing Zones ; Finance and Financial Sector Development ; Financial Literacy ; High Unemployment ; High Unemployment Rate ; Job ; Job Security ; Labor ; Labor Force ; Labor Market ; Labor Market Participants ; Labor Market Policies ; Labor Markets ; Labor Study ; Management ; Private Sector ; Private Sector Activities ; Public Sector Jobs ; Social Protections and Labor ; Unemployed ; Unemployment ; Unemployment Problem ; Unemployment Rates
    Abstract: November 1999 - Unemployment in Sri Lanka is largely voluntary. The underlying problem is not a shortage of jobs but the artificial gap between good jobs and bad ones. Policy efforts should be aimed at reducing the gap between good and bad jobs by making product markets more competitive, reducing excessive job security, and reforming government policies on pay and employment. Sri Lanka's high unemployment rate has been attributed to a mismatch of skills, to queuing for public sector jobs, and to stringent job security regulations. But the empirical evidence supporting these explanations is weak. Rama takes a fresh look at the country's unemployment problem, using individual records from the 1995 Labor Force Survey and time series for wages in the economy's formal and informal sectors. He assesses, and rejects, the skills mismatch hypothesis by comparing the impact of educational attainment on the actual wages of those who have a job with the effect on the lowest acceptable wages of the unemployed. However, he finds substantial rents associated with jobs in the public sector and in private sector activities protected by high tariffs or covered by job security regulations. A time-series analysis of the impact of unemployment on wage increases across sectors supports the hypothesis that most of the unemployed are waiting for good job openings but are not interested in readily available bad jobs. In short, unemployment in Sri Lanka is largely voluntary. The problem is not a shortage of jobs but the artificial gap between good and bad jobs. Policy efforts should be aimed at reducing the gap between good and bad jobs by making product markets more competitive, by reducing excessive job security, and by reforming government policies on pay and employment. This paper was written as part of a broader labor study undertaken by the Poverty Reduction and Economic Management Sector Unit, South Asia Region. The study was also supported by the Bank's Research Support Budget under the research project The Impact of Labor Market Policies and Institutions on Economic Performance (RPO 680-96). The author may be contacted at mramaworldbank.org
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  • 78
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    Bankruptcy Reorganization through Markets : Auction-based Creditor Ordering by Reducing Debts (ACCORD) (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (42 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Hausch, B. Donald Bankruptcy Reorganization through Markets
    Keywords: Aggregate Debts ; Auction ; Bankruptcy ; Bankruptcy Laws ; Bid ; Call Options ; Cash Flows ; Claimant ; Claimants ; Creditor ; Creditors ; Debt Markets ; Debts ; Deposits ; Domestic Banks ; Equity ; Face Value ; Finance and Financial Sector Development ; Financial Literacy ; Interests ; Investment and Investment Climate ; Junior Creditors ; Macroeconomics and Economic Growth ; Market ; Markets ; Strategic Debt Management ; Aggregate Debts ; Auction ; Bankruptcy ; Bankruptcy Laws ; Bid ; Call Options ; Cash Flows ; Claimant ; Claimants ; Creditor ; Creditors ; Debt Markets ; Debts ; Deposits ; Domestic Banks ; Equity ; Face Value ; Finance and Financial Sector Development ; Financial Literacy ; Interests ; Investment and Investment Climate ; Junior Creditors ; Macroeconomics and Economic Growth ; Market ; Markets ; Strategic Debt Management
    Abstract: November 1999 - Financial reorganization under bankruptcy reduces a firm's debts to serviceable levels through negotiations overseen by courts. Academics have suggested using markets for such negotiations, giving equity holders and junior claimants call options to buy the firm back from senior creditors. Hausch and Ramachandran further develop such a market-based approach for situations in which claimants are severely cash-constrained and there is good reason for existing owner-managers to remain in control. Under the ACCORD scheme - Auction-based Creditor Ordering by Reducing Debts - creditors remain creditors but form a queue, to be serviced in sequence from the firm's operating cash flows. Creditors bid for their position in this queue. Those accepting greater proportionate reductions in the face value of their claims (perhaps most pessimistic about the firm's prospects) are placed ahead of the others. A preexisting hierarchy of claims is honored by having claimants bid for their positions within the relevant segment of the queue. No one in the queue, including owners (who are last), is paid anything until the (reduced) debts of the first in line are fully discharged. The queue then moves up and the next claimant in line is serviced. Deferred creditors, who must wait their turn for the firm's operating cash surpluses, are not junior creditors in the conventional sense. Hausch and Ramachandran determine equilibrium bidding strategies, showing that the firm's aggregate debts would be reduced to a more serviceable level. This would improve the incentives of the firm's owner-managers, who remain in control, to operate the firm efficiently. Economic resources would thus be better used, and losses already incurred would be efficiently and quickly allocated among creditors. Hausch and Ramachandran suggest that ACCORD would be appropriate for East Asia, where, despite new bankruptcy laws, inexperienced courts are unlikely to nudge creditors into a quick negotiated agreement nor to be able to cope with systemic bankruptcy. Moreover, when the government is a major unsatisfied creditor, whose agents may not act in the taxpayers' best interests, market-based solutions might remove political interference from restructuring decisions. Neither owners nor creditors would be worse off than they are now. This paper - a joint product of the Private Sector Development Department, and Poverty Reduction and Economic Management Sector Unit, East Asia and Pacific Region - is part of a larger effort in the region to understand and improve corporate restructuring and governance. The authors may be contacted at dhauschbus.wisc.edu or sramachandran@worldbank.org
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  • 79
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    User's Guide to an Early Warning System for Macroeconomic Vulnerability in Latin American Countries (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (22 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Herrera, Santiago User's Guide to an Early Warning System for Macroeconomic Vulnerability in Latin American Countries
    Keywords: Arts and Music ; Banking Crises ; Credit Growth ; Culture & Development ; Currency ; Currency Crises ; Debt Markets ; Domestic Cred Exchange ; Economic Conditions and Volatility ; Economic Theory and Research ; Educational Technology and Distance Learning ; Exchange Rate ; Federal Reserve ; Federal Reserve System ; Finance and Financial Sector Development ; Financial Crises ; Financial Literacy ; Geographical Information Systems ; Good ; Inflation ; Inflation Rate ; Information Security and Privacy ; Instrument ; Interest ; Interest Rates ; Macroeconomics and Economic Growth ; Market ; Markets and Market Access ; Options ; Real Exchange Rate ; Reserves ; Science and Technology Development ; Statistical and Mathematical Sciences ; Arts and Music ; Banking Crises ; Credit Growth ; Culture & Development ; Currency ; Currency Crises ; Debt Markets ; Domestic Cred Exchange ; Economic Conditions and Volatility ; Economic Theory and Research ; Educational Technology and Distance Learning ; Exchange Rate ; Federal Reserve ; Federal Reserve System ; Finance and Financial Sector Development ; Financial Crises ; Financial Literacy ; Geographical Information Systems ; Good ; Inflation ; Inflation Rate ; Information Security and Privacy ; Instrument ; Interest ; Interest Rates ; Macroeconomics and Economic Growth ; Market ; Markets and Market Access ; Options ; Real Exchange Rate ; Reserves ; Science and Technology Development ; Statistical and Mathematical Sciences
    Abstract: Models for an early warning system do a good job predicting vulnerability to macroeconomic crises in several Latin American countries. - Herrera and Garcia develop an early warning system for macroeconomic vulnerability for several Latin American countries, drawing on the work of Kaminsky, Lizondo, and Reinhart (1997) and Kaminsky (1988). They build a composite leading indicator that signals macroeconomic vulnerability, showing that, historically, crises tend to happen in certain vulnerable situations. Interested mainly in providing an operational tool, Herrera and Garcia use a different approach to the problem than Kaminsky did. First, they use fewer variables to generate the signals. Then, after the variables are aggregated, a signal is issued, depending on the behavior of the composite index. (Kaminsky's procedure was to generate signals with each variable and then aggregate them.) Their results are satisfactory both statistically and operationally. Statistically, Type I and Type II errors are smaller than those reported in previous papers. Operationally, this system of leading indicators is less costly to maintain, given fewer variables - which are widely available and reported with timeliness. Herrera and Garcia tested the models' out-of-sample predictive ability on crises that occurred after the first stage of their project was finished: Colombia (September 1998), Brazil (January 1999), and Ecuador (February 1999). In all cases the models correctly anticipated the speculative attacks. Moreover, Mexico's models, estimated with information available two years before the 1994 crisis, show that these signaling devices would have been useful for signaling the macroeconomic vulnerability before December 1994. This paper - a product of the Economic Policy Sector Unit, Latin America and the Caribbean Region - is part of a larger effort in the region to build tools that policymakers can use to prevent crises. The authors may be contacted at cgarciacoradoworldbank.org or sherrera@worldbank.org
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  • 80
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    A Review of the Role and Impact of Export Processing Zones (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (114 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Madani, Dorsati A Review of the Role and Impact of Export Processing Zones
    Keywords: Banks and Banking Reform ; Capital Goods ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Environment ; Environment ; Environmental ; Environmental Economics and Policies ; Environmental Issues ; Finance and Financial Sector Development ; Financial Literacy ; Imports ; Incentives ; Income ; International Economics & Trade ; Investment ; Investments ; Knowledge ; Labor ; Labor Markets ; Labor Policies ; Macroeconomics and Economic Growth ; Markets ; Policy Instruments ; Private Sector Development ; Production ; Public Sector Development ; Revenue ; Social Protections and Labor ; Subsidies ; Technology ; Trade ; Trade Policy ; Unemployment ; Wages ; Banks and Banking Reform ; Capital Goods ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Environment ; Environment ; Environmental ; Environmental Economics and Policies ; Environmental Issues ; Finance and Financial Sector Development ; Financial Literacy ; Imports ; Incentives ; Income ; International Economics & Trade ; Investment ; Investments ; Knowledge ; Labor ; Labor Markets ; Labor Policies ; Macroeconomics and Economic Growth ; Markets ; Policy Instruments ; Private Sector Development ; Production ; Public Sector Development ; Revenue ; Social Protections and Labor ; Subsidies ; Technology ; Trade ; Trade Policy ; Unemployment ; Wages
    Abstract: As instruments for encouraging economic development, export processing zones have only limited usefulness. A better policy choice is general liberalization of a country's economy. - Traditional export processing zones are fenced-in industrial estates specializing in manufacturing for exports. Modern ones have more flexible rules, such as permitting more liberal domestic sales. They provide a free-trade and liberal regulatory environment for the firms involved. Their primary goals: to provide foreign exchange earnings by promoting nontraditional exports, to provide jobs and create income, and to attract foreign direct investment and attendant technology transfer and knowledge spillover. Domestic, international, or joint venture firms operating in export processing zones typically benefit from reduced red tape, flexible labor laws, generous long-term tax holidays and concessions, above-average communications services and infrastructure (and often subsidized utilities and rental rates), and unlimited duty-free imports of raw and intermediate inputs and capital goods needed for production. In this review of experience, Madani concludes that export processing zones have limited applications; the better policy choice is to liberalize a country's entire economy. Under certain conditions - including appropriate setup and good management - export processing zones can play a dynamic role in a country's development, but only as a transitional step in an integrated movement toward general liberalization of the economy (with revisions as national economic conditions change). The World Bank, writes Madani, should be cautious about supporting export processing zone projects, doing so only on a case-by-case basis, only with expert guidance, and only as part of a general reform package. It should not support isolated export processing zone projects in unreformed or postreform economies (in the last case they might encourage backsliding on trade policy). In general, if a policy is good for the economy as a whole, it is likely to be good for an export processing zone. Sound policy will encourage: · Sound, stable monetary and fiscal policies, clear private property and investment laws, and a business-friendly economic environment. · Moderate, simplified (but not overfriendly) corporate tax schedules, and generally liberal tariffs and other trade taxes. · Private development and management of export processing zones and their infrastructure and unsubsidized utilities. · Labor laws that are business-friendly but do not abuse workers' safety and labor rights. · A better understanding of the impact of industrial refuse on the quality of air, soil, water, and human health. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to understand the impact of trade policy and trade policy tools on development. The author may be contacted at dmadaniworldbank.org
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  • 81
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    How Land Registration Affects Financial Development and Economic Growth in Thailand (1999)
    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: Byamugish, K.F. Frank How Land Registration Affects Financial Development and Economic Growth in Thailand
    Keywords: Banks and Banking Reform ; Climate Change ; Communities & Human Settlements ; Cred Development ; Debt Markets ; Economic Growth ; Economic Growth ; Economic Historians ; Economic Theory and Research ; Environment ; Equations ; Finance and Financial Sector Development ; Financial Crisis ; GDP Per Capita ; Incentives ; Inequality ; Investment ; Land Use and Policies ; Liquidity ; Macroeconomics and Economic Growth ; Markets ; Natural Resources ; Poverty Reduction ; Private Property ; Pro-Poor Growth ; Productivity ; Property Rights ; Public Sector Economics and Finance ; Real GDP ; Regression Analysis ; Rural Development ; Rural Land Policies for Poverty Reduction ; Theory ; Value ; Variables ; Banks and Banking Reform ; Climate Change ; Communities & Human Settlements ; Cred Development ; Debt Markets ; Economic Growth ; Economic Growth ; Economic Historians ; Economic Theory and Research ; Environment ; Equations ; Finance and Financial Sector Development ; Financial Crisis ; GDP Per Capita ; Incentives ; Inequality ; Investment ; Land Use and Policies ; Liquidity ; Macroeconomics and Economic Growth ; Markets ; Natural Resources ; Poverty Reduction ; Private Property ; Pro-Poor Growth ; Productivity ; Property Rights ; Public Sector Economics and Finance ; Real GDP ; Regression Analysis ; Rural Development ; Rural Land Policies for Poverty Reduction ; Theory ; Value ; Variables
    Abstract: November 1999 - Land registration in Thailand has significant positive long-run effects on financial development and economic growth. Using an economywide conceptual framework, the author analyzes how land registration affects financial development and economic growth in Thailand. He uses contemporary techniques, such as error correction and co-integration, to deal with such problems as time-series data not being stationary. He also uses the auto-regressive distributed lag model to analyze long lags in output response to changes in land registration. His key findings: -Land titling has significant positive long-run effects on financial development. -Economic growth responds to land titling following a J curve, by first registering a fall and recovering gradually, thereafter to post a long, strong rally. -The quality of land registration services, as measured by public spending on land registration, has strongly positive and significant long-run effects on economic growth. This paper - a product of the Rural Development and Natural Resources Sector Unit, East Asia and Pacific Region - is part of a larger effort in the region to increase the effectiveness of country assistance strategies in the area of property rights and economic development. The author may be contacted at fbyamugishaworldbank.org
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  • 82
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    Opportunities for Improving Environmental Compliance in Mexico (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (22 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Dasgupta, Susmita Opportunities for Improving Environmental Compliance in Mexico
    Keywords: Economics ; Economies ; Emissions ; Environment ; Environmental ; Environmental Economics and Policies ; Environmental Information ; Environmental Management ; Environmental Performance ; Environmental Quality ; Environmental Regulations ; Information ; Metals ; Monitoring ; Options ; Policy Makers ; Polluters ; Pollution ; Pollution Control ; Regulation ; Regulations ; Technology ; Economics ; Economies ; Emissions ; Environment ; Environmental ; Environmental Economics and Policies ; Environmental Information ; Environmental Management ; Environmental Performance ; Environmental Quality ; Environmental Regulations ; Information ; Metals ; Monitoring ; Options ; Policy Makers ; Polluters ; Pollution ; Pollution Control ; Regulation ; Regulations ; Technology
    Abstract: One of the main reasons for noncompliant firms' poor environmental performance is the information gap on Mexico's environmental policy. Pollution control could be improved through systematically fuller communication targeted to noncompliant firms - including more environmental education, especially of senior managers. - Survey evidence from Mexico reveals large observed differences in pollution from factories in the same industry, or the same area, or operating under the same regulatory regime. Many factories have adopted significant measures for pollution control and are in compliance with environmental regulations, but some have made little or no such effort. For lack of data, systematic research on the reasons behind such variations in plant-level environmental performance (especially on how impediments to pollution control affect plant behavior) is rare, even in industrial societies. Drawing on a recent plant-level survey of Mexican factories, Dasgupta identifies a number of performance variables characteristic of compliant and noncompliant plants, as well as factors that non-compliant plants perceive to be obstacles to pollution control. Noncompliant firms made less effort than compliant firms to change materials used, to change production processes, or to install end-of-pipe treatment equipment. They had significantly fewer programs to train their general workers in environmental responsibilities. They lagged behind in environmental training, waste management, and transportation training. They received less technical training, especially about the environment, environmental policy and administration, and clean technology and audits. Responses about obstacles to better environmental performance included scarcity of training resources, government bureaucracy, high interest rates, and Mexico's lack of an environmental protection culture. Respondents said that senior managers did not emphasize the environment, assigned more priority to economic considerations, and were not trained in the subject. There were too few suitable programs, training was not recognized, and workers were not interested in the subject. Most important, however, little information was available about Mexico's environmental policy. These findings suggest the importance of technical assistance - especially training and information. In Mexico, the information gap on policy is a major problem. Mexican environmental agencies should invest more in technical assistance and environmental training targeted to noncompliant enterprises. Environmental education, especially of senior managers, could significantly improve pollution control. Maintaining close contact with noncompliant firms, designing programs targeted to them, and pursuing them systemically should increase their responsiveness to regulations. This paper - a product of Infrastructure and Environment, Development Research Group - is part of a larger effort in the group to understand the determinants of environmental performance in developing countries. The study was funded by the Bank's Research Support Budget under the research project The Economics of Industrial Pollution Control in Developing Countries (RPO 680-20). The author may be contacted at sdasguptaworldbank.org
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  • 83
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    Privatization and Regulation of Transport Infrastructure in the 1990s : Successes . . . and Bugs to Fix for the Next Mille (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (42 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Estache, Antonio Privatization and Regulation of Transport Infrastructure in the 1990s
    Keywords: Air ; Airports ; Bus ; Costs ; Driving ; Infrastructure Projects ; Private Transport ; Public Works ; Rail ; Railways ; Roads ; Safety ; Toll ; Transport ; Transport ; Transport Activity ; Transport Economics, Policy and Planning ; Transport Infrastructure ; Transport Infrastructures ; Transport Operators ; Transport Policies ; Transport Projects ; Air ; Airports ; Bus ; Costs ; Driving ; Infrastructure Projects ; Private Transport ; Public Works ; Rail ; Railways ; Roads ; Safety ; Toll ; Transport ; Transport ; Transport Activity ; Transport Economics, Policy and Planning ; Transport Infrastructure ; Transport Infrastructures ; Transport Operators ; Transport Policies ; Transport Projects
    Abstract: Learning to regulate fairly, effectively, and at arm's length may be the main challenge governments face in attracting private investment and financing to the transport sector. - Governments should increasingly be able to rely on the private sector for help supporting (and financing) the transport sector - especially infrastructure support services for which there is heavy demand - but first they must improve their regulatory tools and sort out the institutional mess surrounding the regulatory process. Some countries have put together creative restructuring models and financing designs that tap potential in the private sector. Roads will continue to need significant public funding, but there are innovative ways (including shadow tolls) to attract private financing for road maintenance and investment. Partnerships between the public and private sectors have remained largely untapped at ports and airports. To attract more private capital to the sector, regulators must know the cost of capital, know how to be fair to captive shippers, and have a better handle on demand - so they have more credibility when conflicts arise. Governments have overemphasized making deals and have generally underestimated the difficulty of taking on their new job as regulators. They are increasingly switching to contract-based regulation, to firm up the commitments of all parties involved, but are not adequately emphasizing contract design that anticipates problems and addresses unpredictable situations. This increases the risk of arbitrary regulatory rulings, which increases regulatory and political risks, which raises the expected rate of return required by potential investors. And all that makes future projects costlier or more difficult, adding to the effects of the 1998-99 financial crisis. As a result of increased risk, the two groups most interested in the sector are: · Large, strong operators in the sector - typically in tandem with local construction companies - that feel confident they can take on regulators in case of conflict. · Risk-takers carving a niche for themselves. Either way, taxpayers and transport users are exposed to government, regulator, or operator failures that result in contract renegotiations (the norm, rather than the exception, in transport infrastructure projects). Gains from privatization might not reach consumers, simply because governments are ignoring the importance of ensuring fair distribution of long-run gains through the early creation of independent and accountable regulatory institutions that work closely with effective competition agencies. This paper - a product of Governance, Regulation, and Finance, World Bank Institute - is part of a larger effort in the institute to increase understanding of infrastructure regulation. The author may be contacted at aestacheworldbank.org
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  • 84
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    Universal Service Obligations in Utility Concession Contracts and the Needs of the Poor in Argentina's Privatizations (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Estache, Antonio Universal Service Obligations in Utility Concession Contracts and the Needs of the Poor in Argentina's Privatizations
    Keywords: Bank ; Communities & Human Settlements ; Consumer ; Consumers ; Customers ; Debt Markets ; Demand ; Disabilities ; E-Business ; Economic Theory and Research ; Emerging Markets ; Energy ; Energy Production and Transportation ; Expenses ; Finance and Financial Sector Development ; Financial Literacy ; Housing and Human Habitats ; Income ; Income Level ; Industry ; Investment ; Lack Of Interest ; Macroeconomics and Economic Growth ; Markets and Market Access ; Pensioners ; Population ; Private Sector Development ; Profits ; Public Sector Economics and Finance ; Savings ; Subsidies ; Supply ; Technology Industry ; Valuable ; Valuation ; Worth ; Bank ; Communities & Human Settlements ; Consumer ; Consumers ; Customers ; Debt Markets ; Demand ; Disabilities ; E-Business ; Economic Theory and Research ; Emerging Markets ; Energy ; Energy Production and Transportation ; Expenses ; Finance and Financial Sector Development ; Financial Literacy ; Housing and Human Habitats ; Income ; Income Level ; Industry ; Investment ; Lack Of Interest ; Macroeconomics and Economic Growth ; Markets and Market Access ; Pensioners ; Population ; Private Sector Development ; Profits ; Public Sector Economics and Finance ; Savings ; Subsidies ; Supply ; Technology Industry ; Valuable ; Valuation ; Worth
    Abstract: The structural changes that come with privatization may induce a reconsideration of the regulations defined during the early stages of privatization. - Chisari and Estache summarize the main lessons emerging from Argentina's experience, including universal service obligations in concession contracts. They discuss free-riding risks, moral hazard problems, and other issues that arise when social concerns are delegated to private operators. After reporting on Argentina's experience, Chisari and Estache suggest some guidelines: · Anticipate interjurisdictional externalities. Users' mobility makes targeting service obligations difficult. · Minimize the risks imposed by elusive demand. In providing new services, a gradual policy may work better than a shock. · Realize that unemployment leads to delinquency and lower expected tariffs. Elasticity of fixed and usage charges is important. · Deal with the fact that the poor have limited access to credit. Ultimately, plans that included credit for the payment of infrastructure charges were not that successful. · Coordinate regulatory, employment, and social policy. One successful plan to provide universal service involved employing workers from poor families in infrastructure extension works. · Beware of the latent opportunism of users who benefit from special programs. Special treatment of a sector may encourage free-riding (for example, pensioners overused the telephone until a limit was placed on the number of subsidized phone calls they could make). · Fixed allocations for payment of services do not ensure that universal service obligations will be met. How do you deal with the problem that many pensioners do not pay their bills? · Anticipate that operators will have more information than regulators do. If companies exaggerate supply costs in remote areas, direct interaction with poor users there may lead to the selection of more cost-effective technologies. · Tailored programs are often much more effective than standardized programs. They are clearly more expensive but, when demand-driven, are also more effective. This paper - a product of Governance, Regulation, and Finance, World Bank Institute - is part of a larger effort in the institute to increase understanding of infrastructure regulation. The authors may be contacted at ochisariuade.edu or aestache@worldbank.org
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  • 85
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    Risk and Efficiency in East Asian Banks (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (40 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Laeven, Luc Risk and Efficiency in East Asian Banks
    Keywords: Bank ; Bank Risk ; Banking ; Banks ; Banks and Banking Reform ; Cred Deposits ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Financial Institutions ; Financial Intermediation ; Financial Literacy ; Financial Services ; Governance ; Interest ; Lending ; Nonperforming Loans ; Operating Costs ; Principal ; Real Sector ; Risk ; Risk Factors ; Risk Management ; Risk Taking ; Services ; Bank ; Bank Risk ; Banking ; Banks ; Banks and Banking Reform ; Cred Deposits ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Financial Institutions ; Financial Intermediation ; Financial Literacy ; Financial Services ; Governance ; Interest ; Lending ; Nonperforming Loans ; Operating Costs ; Principal ; Real Sector ; Risk ; Risk Factors ; Risk Management ; Risk Taking ; Services
    Abstract: Banks restructured after East Asia's crisis of 1997 - most of them family-owned or company-owned and almost never foreign-owned - tended to be heavy risk takers. Most of them had excessive credit growth. - Laeven uses a linear programming technique (data envelopment analysis) to estimate the inefficiencies of banks in Indonesia, the Republic of Korea, Malaysia, the Philippines, and Thailand. He applies this technique to the precrisis period 1992-96. Assessing a bank's overall performance requires assessing both efficiency and risk factors, so Laeven also introduces a measure of risk taking. This risk measure helps predict which banks were restructured after the crisis of 1997. Laeven finds that foreign-owned banks took little risk relative to other banks in East Asia, and that family-owned and company-owned banks were among the highest risk takers. Banks restructured after the 1997 crisis had excessive credit growth, were mostly family-owned or company-owned, and were almost never foreign-owned. This paper - a product of the Financial Sector Strategy and Policy Department - is part of a larger effort in the department to study the causes and resolution of financial distress. The author may be contacted at llaevenworldbank.org
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  • 86
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    Market Access Bargaining in the Uruguay Round : Rigid or Relaxed Reciprocity? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (30 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Finger, Michael J Market Access Bargaining in the Uruguay Round
    Keywords: Concessions ; Debt Markets ; Domestic Market ; Duty Reduction ; Export Industries ; Exports ; Finance and Financial Sector Development ; Foreign Markets ; Free Trade ; International Economics & Trade ; International Trade ; International Trade and Trade Rules ; Market Access ; Market Access Bargaining ; Public Sector Development ; Reciprocal Concessions ; Reciprocal Reduction ; Reciprocity ; Tariff ; Tariff Concessions ; Tariffs ; Trade Liberalization ; Trade Negotiations ; Trade Policy ; Trade Restrictions ; Unilateral Free Trade ; Unilateral Liberalization ; Concessions ; Debt Markets ; Domestic Market ; Duty Reduction ; Export Industries ; Exports ; Finance and Financial Sector Development ; Foreign Markets ; Free Trade ; International Economics & Trade ; International Trade ; International Trade and Trade Rules ; Market Access ; Market Access Bargaining ; Public Sector Development ; Reciprocal Concessions ; Reciprocal Reduction ; Reciprocity ; Tariff ; Tariff Concessions ; Tariffs ; Trade Liberalization ; Trade Negotiations ; Trade Policy ; Trade Restrictions ; Unilateral Free Trade ; Unilateral Liberalization
    Abstract: December 1999 - The Uruguay Round tariff negotiations did not achieve a country-by-country balancing of concessions given and concessions received. How governments bargained was determined less by their national interests than by the interests of their politically important industrial constituencies. How tightly are trade negotiators held to winning a dollar of concession for each dollar of concession granted? The outcome of the Uruguay Round tariff negotiations suggests that such constraints were not tight. None of the delegations interviewed by Finger, Reincke, and Castro had tried to calculate for themselves the extent of concessions received. And the surplus or deficit of concessions received (over concessions given) varied widely among countries. Measuring the percentage point dollar of concessions given and received (a percentage point dollar being a reduction of the tariff by one percentage point on
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  • 87
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    Regional Integration Agreements : A Force for Convergence or Divergence? (1999)
    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: Venables, Anthony Regional Integration Agreements
    Keywords: Agriculture ; Comparative Advantage ; Consumers ; Country Strategy and Performance ; Development Economics ; Economic Integration ; Economic Performance ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Free Trade ; Free Trade ; Human Capital ; Income ; Income ; Income Levels ; Inequality ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Outcomes ; Per Capita Income ; Per Capita Incomes ; Poverty Reduction ; Private Sector Development ; Production ; Public Sector Development ; Real Income ; Social Protections and Labor ; Theory ; Trade Diversion ; Trade Law ; Trade Policy ; Trade and Regional Integration ; Value ; Value Added ; Welfare ; Agriculture ; Comparative Advantage ; Consumers ; Country Strategy and Performance ; Development Economics ; Economic Integration ; Economic Performance ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Free Trade ; Free Trade ; Human Capital ; Income ; Income ; Income Levels ; Inequality ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Outcomes ; Per Capita Income ; Per Capita Incomes ; Poverty Reduction ; Private Sector Development ; Production ; Public Sector Development ; Real Income ; Social Protections and Labor ; Theory ; Trade Diversion ; Trade Law ; Trade Policy ; Trade and Regional Integration ; Value ; Value Added ; Welfare
    Abstract: December 1999 - Developing countries may be better served by north-south than by south-south free trade agreements. Free trade agreements between low-income countries tend to lead to divergence in member country incomes, while agreements between high-income countries tend to lead to convergence. Venables examines how benefits - and costs - of a free trade area are divided among member countries. Outcomes depend on the member countries' comparative advantage, relative to one another and to the rest of the world. Venables finds that free trade agreements between low-income countries tend to lead to divergence in member country incomes, while agreements between high-income countries tend to lead to convergence. Changes induced by comparative advantage may be amplified by the effects of agglomeration. The results suggest that developing countries may be better served by north-south than by south-south free trade agreements, because north-south agreements increase their prospects for convergence with high-income members of the free trade area. In north-south free trade agreements, additional forces are likely to operate. The agreement may be used, for example, as a commitment mechanism to lock in economic reforms (as happened in Mexico with the North American Free Trade Agreement and in Eastern European countries with the European Union). A free trade agreement may also - through its effect on trade and through foreign direct investment - promote technology transfer to lower-income members. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to study the effects of regional integration. The author may be contacted at avenablesworldbank.org
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  • 88
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    Do More Unequal Countries Redistribute More? : Does the Median Voter Hypothesis Hold? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (56 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Milanovic, Branko Do More Unequal Countries Redistribute More?
    Keywords: Consumption ; Disposable Income ; Economic Mechanism ; Economic Theory and Research ; Emerging Markets ; Endogenous Growth ; Factor Income ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal and Monetary Policy ; Growth Rate ; Growth Theories ; Income ; Income ; Income Distribution ; Income Groups ; Income Inequality ; Inequality ; Inequality ; Investment and Investment Climate ; Labor Policies ; Macroeconomics and Economic Growth ; Mean Income ; Median Voter ; Median Voter Hypothesis ; Personal Income ; Personal Income Taxes ; Political Mechanism ; Poverty Impact Evaluation ; Poverty Reduction ; Private Sector Development ; Public Choice ; Public Sector Development ; Services and Transfers to Poor ; Significant Relationship ; Social Protections and Labor ; Consumption ; Disposable Income ; Economic Mechanism ; Economic Theory and Research ; Emerging Markets ; Endogenous Growth ; Factor Income ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal and Monetary Policy ; Growth Rate ; Growth Theories ; Income ; Income ; Income Distribution ; Income Groups ; Income Inequality ; Inequality ; Inequality ; Investment and Investment Climate ; Labor Policies ; Macroeconomics and Economic Growth ; Mean Income ; Median Voter ; Median Voter Hypothesis ; Personal Income ; Personal Income Taxes ; Political Mechanism ; Poverty Impact Evaluation ; Poverty Reduction ; Private Sector Development ; Public Choice ; Public Sector Development ; Services and Transfers to Poor ; Significant Relationship ; Social Protections and Labor
    Abstract: December 1999 - The data strongly support the hypothesis that countries with more unequal distribution of factor income redistribute more in favor of the poor - even when the analysis controls for older people's share in total population (that is, for pension transfers). But the evidence on the median voter hypothesis is inconclusive even if middle-income groups gain more (or lose less) through redistribution in countries where initial (factor) income distribution is more unequal. The median voter hypothesis is important to endogenous growth theories because it provides the political mechanism through which voters in more unequal countries redistribute a greater proportion of income and thus (it is argued), by blunting incentives, reduce the country's growth rate. But the hypothesis was never properly tested because of lack of data on the distribution of (pre-tax and transfer) factor income across households, and hence on the exact amount of gain by the poorest quintile or poorest half. Milanovic tests the hypothesis using 79 observations drawn from household budget surveys from 24 democracies. The data strongly support the hypothesis that countries with more unequal distribution of factor income redistribute more in favor of the poor - even when the analysis controls for the older people's share in total population (that is, for pension transfers). The evidence on the median voter hypothesis is much weaker. Milanovic does find that middle-income groups gain more (or lose less) through redistribution in countries where initial (factor) income distribution is more unequal. This regularity evaporates, however, when pensions are dropped from social transfers and the focus is strictly on the more redistributive social transfers. This paper - a product of Poverty and Human Resources, Development Research Group - is part of a larger effort in the group to study the relationship between democracy and inequality. The study was funded in part by the Bank's Research Support Budget under the research project Democracy, Redistribution, and Inequality (RPO 683-01). Also published as “The median voter hypothesis, income inequality and income redistribution: An empirical test with the required data”, European Journal of Political Economy , vol. 16, No. 3, September 2000, pp. 367-410. The author may be contacted at bmilanovicworldbank.org
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  • 89
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    Sources of Ethnic Inequality in Vietnam (1999)
    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: Walle, devan Dominique Sources of Ethnic Inequality in Vietnam
    Keywords: Agricultural Knowledge and Information Systems ; Agriculture ; Basic Infrastructure ; Cash Crops ; Communities & Human Settlements ; Debt Markets ; Development Policies ; Disability ; Discrimination ; Ethnic Groups ; Finance and Financial Sector Development ; Financial Literacy ; Health Care ; Health, Nutrition and Population ; Housing and Human Habitats ; Ill-Health ; Income Inequality ; Indigenous Practices ; Knowledge ; Land Tenure ; Large Population ; Living Standards ; Minority ; Policies ; Policy ; Population Policies ; Poverty ; Poverty Reduction ; Public Services ; Rural Areas ; Rural Development ; Rural Development ; Rural Development Knowledge and Information Systems ; Rural Poverty Reduction ; Social Protections and Labor ; Urban Development ; Urban Housing ; Agricultural Knowledge and Information Systems ; Agriculture ; Basic Infrastructure ; Cash Crops ; Communities & Human Settlements ; Debt Markets ; Development Policies ; Disability ; Discrimination ; Ethnic Groups ; Finance and Financial Sector Development ; Financial Literacy ; Health Care ; Health, Nutrition and Population ; Housing and Human Habitats ; Ill-Health ; Income Inequality ; Indigenous Practices ; Knowledge ; Land Tenure ; Large Population ; Living Standards ; Minority ; Policies ; Policy ; Population Policies ; Poverty ; Poverty Reduction ; Public Services ; Rural Areas ; Rural Development ; Rural Development ; Rural Development Knowledge and Information Systems ; Rural Poverty Reduction ; Social Protections and Labor ; Urban Development ; Urban Housing
    Abstract: March 2000 - To redress ethnic inequality in Vietnam, it is not enough to target poor areas. Policies must be designed to reach minority households in poor areas, to open up options by ensuring that minority groups are not disadvantaged (in labor markets, for example), to change the conditions that have caused their isolation and social exclusion, and to explicitly recognize behavior patterns (including compensating behavior) that have served the minorities well but intensify ethnic inequalities in the longer term. Vietnam's ethnic minorities, who tend to live mostly in remote rural areas, typically have lower living standards than the ethnic majority. How much is this because of differences in economic characteristics (such as education levels and land) rather than low returns to characteristics? Is there a self-reinforcing culture of poverty in the minority groups, reflecting patterns of past discrimination? Van de Walle and Gunewardena find that differences in levels of living are due in part to the fact that the minorities live in less productive areas characterized by difficult terrain, poor infrastructure, less access to off-farm work and the market economy, and inferior access to education. Geographic disparities tend to persist because of immobility and regional differences in living standards. But the authors also find large differences within geographical areas even after controlling for household characteristics. They find differences in returns to productive characteristics to be the most important explanation for ethnic inequality. But the minorities do not obtain lower returns to all characteristics. There is evidence of compensating behavior. For example, pure returns to location - even in remote, inhospitable areas - tend to be higher for minorities, though not high enough to overcome the large consumption difference with the majority. The majority ethnic group's model of income generation is a poor guide on how to fight poverty among ethnic minority groups. Nor is it enough to target poor areas to redress ethnic inequality. Policies must be designed to reach minority households in poor areas and to explicitly recognize behavior patterns (including compensating behavior) that have served the minorities well in the short term but intensify ethnic inequalities in the longer term. It will be important to open up options for minority groups both by ensuring that they are not disadvantaged (in labor markets, for example), and by changing the conditions that have caused their isolation and social exclusion. This paper - a product of Public Economics and Rural Development, Development Research Group - is part of a larger effort in the group to understand the determinants of poverty and the policy implications. Dominique van de Walle may be contacted at dvandewalleworldbank.org
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  • 90
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    Identifying Welfare Effects from Subjective Questions (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (42 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Ravallion, Martin Identifying Welfare Effects from Subjective Questions
    Keywords: Bank ; Current Income ; Economic Theory and Research ; Finance and Financial Sector Development ; Financial Literacy ; Financial Support ; Future Incomes ; Household Income ; Household Incomes ; Income ; Incomes ; Inequality ; Information ; Labor Policies ; Macroeconomics and Economic Growth ; Money ; Monthly Income ; Personality Tra Personality Traits ; Population ; Poverty Diagnostics ; Poverty Impact Evaluation ; Poverty Monitoring and Analysis ; Poverty Reduction ; Psychological Traits ; Questionnaire ; Savings ; Services and Transfers to Poor ; Social Protections and Labor ; Unemployed ; Unemployment ; Welfare ; Bank ; Current Income ; Economic Theory and Research ; Finance and Financial Sector Development ; Financial Literacy ; Financial Support ; Future Incomes ; Household Income ; Household Incomes ; Income ; Incomes ; Inequality ; Information ; Labor Policies ; Macroeconomics and Economic Growth ; Money ; Monthly Income ; Personality Tra Personality Traits ; Population ; Poverty Diagnostics ; Poverty Impact Evaluation ; Poverty Monitoring and Analysis ; Poverty Reduction ; Psychological Traits ; Questionnaire ; Savings ; Services and Transfers to Poor ; Social Protections and Labor ; Unemployed ; Unemployment ; Welfare
    Abstract: March 2000 - In subjective surveys, people who become ill or lose their jobs report reduced well-being, even if they later get a job. Perhaps their exposure to uninsured risk outside the formal employment sector reduces their expectations about future income. Do potential biases cloud the inferences that can be drawn from subjective surveys? Ravallion and Lokshin argue that the welfare inferences drawn from subjective answers to questions on qualitative surveys are clouded by concerns about the structure of measurement errors and how latent psychological factors influence observed respondent characteristics. They propose a panel data model that allows more robust tests. In applying the model to high-quality panel data for Russia for 1994-96, they find that some results widely reported in past studies of subjective well-being appear to be robust but others do not. Household income, for example, is a highly significant predictor of self-rated economic welfare; per capita income is a weaker predictor. Ill health and loss of a job reduce self-reported economic welfare, but demographic effects are weak at a given current income. And the effect of unemployment is not robust. Returning to work does not restore a sense of welfare unless there is an income gain. The results imply that even transient unemployment brings the feeling of a permanent welfare loss, suggesting that high unemployment benefits do not attract people out of work but do discourage a return to work. This paper - a product of Poverty and Human Resources, Development Research Group - is part of a larger effort in the group to understand the relationship between subjective and objective economic welfare. The authors may be contacted at mravallionworldbank.org and mlokshin@worldbank.org
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  • 91
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    Malaria and Growth (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (30 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: McCarthy, Desmond F Malaria and Growth
    Keywords: Anopheles Mosquitoes ; Climate Change ; Communicable Diseases ; Disability ; Disease Control and Prevention ; Diseases ; Early Child and Children's Health ; Effects ; Environment ; Females ; Health ; Health Indicators ; Health Monitoring and Evaluation ; Health Service Management and Delivery ; Health, Nutrition and Population ; Illnesses ; Impact Of Malaria ; Life ; Malaria ; Malaria ; Malaria Incidence ; Malaria Morbidity ; Malaria Mortality ; Medical Treatment ; Morbidity And Mortality ; Nutrition ; Parasitic Disease ; Population Policies ; Poverty Reduction ; Poverty and Health ; Public Health ; Tuberculosis ; Vaccine ; Anopheles Mosquitoes ; Climate Change ; Communicable Diseases ; Disability ; Disease Control and Prevention ; Diseases ; Early Child and Children's Health ; Effects ; Environment ; Females ; Health ; Health Indicators ; Health Monitoring and Evaluation ; Health Service Management and Delivery ; Health, Nutrition and Population ; Illnesses ; Impact Of Malaria ; Life ; Malaria ; Malaria ; Malaria Incidence ; Malaria Morbidity ; Malaria Mortality ; Medical Treatment ; Morbidity And Mortality ; Nutrition ; Parasitic Disease ; Population Policies ; Poverty Reduction ; Poverty and Health ; Public Health ; Tuberculosis ; Vaccine
    Abstract: March 2000 - Malaria ranks among the foremost health problems in tropical countries. Allowing for reverse causation, malaria is estimated to reduce GDP per capita growth rates by at least a quarter percentage point a year in many Sub-Saharan countries. McCarthy, Wolf, and Wu explore the two-sided link between malaria morbidity and GDP per capita growth. Climate significantly affects cross-country differences in malaria morbidity. Tropical location is not destiny, however: greater access to rural health care and greater income equality are associated with lower malaria morbidity. But the interpretation of this link is ambiguous: does greater income equality allow for improved anti-malaria efforts, or does malaria itself increase income inequality? Allowing for two-sided causation, McCarthy, Wolf, and Wu find a significant negative causal effect running from malaria morbidity to the growth rate of GDP per capita. In about a quarter of their sample countries, malaria is estimated to reduce GDP per capita growth by at least 0.25 percentage point a year. This paper - a product of Public Economics, Development Research Group - is part of a larger effort in the group to study the health-environment-economy nexus. This study was funded by the Bank's Research Support Budget under the research project Health, Environment, and the Economy (RPO 683-73). The authors may be contacted at fmccarthyworldbank.org and holger.wolf@mailexcite.com
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  • 92
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    How Small Should an Economy's Fiscal Deficit Be? : A Monetary Programming Approach (1999)
    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: Beckerman, Paul How Small Should an Economy's Fiscal Deficit Be?
    Keywords: Bank Assets ; Banks and Banking Reform ; Central Bank ; Currencies and Exchange Rates ; Debt Markets ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; Exchange Rate ; External Debt ; Finance ; Finance and Financial Sector Development ; Financial System ; Fiscal Defic Future ; Government Borrowing ; Government Defic Inflation ; Instruments ; Interest ; Interest Rates ; Levy ; Liabilities ; Macroeconomics and Economic Growth ; Private Sector Development ; Prof Reserve ; Public Sector Corruption and Anticorruption Measures ; Stocks ; Bank Assets ; Banks and Banking Reform ; Central Bank ; Currencies and Exchange Rates ; Debt Markets ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; Exchange Rate ; External Debt ; Finance ; Finance and Financial Sector Development ; Financial System ; Fiscal Defic Future ; Government Borrowing ; Government Defic Inflation ; Instruments ; Interest ; Interest Rates ; Levy ; Liabilities ; Macroeconomics and Economic Growth ; Private Sector Development ; Prof Reserve ; Public Sector Corruption and Anticorruption Measures ; Stocks
    Abstract: March 2000 - A spreadsheet planning model to help determine the government deficit consistent with a specified vector of country macroeconomic objectives. Beckerman describes a spreadsheet planning model to help determine the government deficit consistent with a policymaker's vector of principal macroeconomic objectives (including real GDP growth, inflation, exchange rate, and international reserve accumulation). The model focuses on the monetary accounts, applying balance-of-payments forecasts formulated separately but based on the same macroeconomic objectives. The model is a consistency exercise, intended as part of a broader consistency exercise for a given macroeconomy. It offers one more perspective on the question of how large a government deficit should be - a perspective that can be used in conjunction with others. For each forecast period, the model determines consistent period-end and period-average stocks for the economy's outstanding central bank assets and liabilities and government obligations. It applies forecasting assumptions about interest rates to forecast central bank profit-and-loss flows, and takes account of these in determining the overall flow of resources that would be available to finance the government deficit. An annex describes a (purely illustrative) simulation carried out during 1999 for Ecuador. This paper - a product of the Poverty Reduction and Economic Management Sector Unit, Latin America and the Caribbean Region - is part of a larger effort in the region to strengthen the tools for macroeconomic policy analysis and planning in the region's economies. The author may be contacted at pbeckermanworldbank.org
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  • 93
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    Measuring Governance, Corruption, and State Capture : How Firms and Bureaucrats Shape the Business Environment in Transit (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (50 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Hellman, S. Joel Measuring Governance, Corruption, and State Capture
    Keywords: Banks and Banking Reform ; Bureaucracy ; Citizens ; Corporate Governance ; Corruption ; Corruption and Anticorruption Law ; Debt Markets ; Decrees ; Emerging Markets ; Federation ; Finance and Financial Sector Development ; Foreign Investors ; Governance ; Governance ; Governance Indicators ; Governments ; Infrastructure Economics and Finance ; Investment Climate ; Law ; Legal Framework ; Legislation ; Microfinance ; National Governance ; Private Participation in Infrastructure ; Private Sector Development ; Public Officials ; Public Procurement ; Public Sector Corruption and Anticorruption Measures ; Regulation ; Small Scale Enterprises ; State ; State Intervention ; States ; Transparency ; Banks and Banking Reform ; Bureaucracy ; Citizens ; Corporate Governance ; Corruption ; Corruption and Anticorruption Law ; Debt Markets ; Decrees ; Emerging Markets ; Federation ; Finance and Financial Sector Development ; Foreign Investors ; Governance ; Governance ; Governance Indicators ; Governments ; Infrastructure Economics and Finance ; Investment Climate ; Law ; Legal Framework ; Legislation ; Microfinance ; National Governance ; Private Participation in Infrastructure ; Private Sector Development ; Public Officials ; Public Procurement ; Public Sector Corruption and Anticorruption Measures ; Regulation ; Small Scale Enterprises ; State ; State Intervention ; States ; Transparency
    Abstract: April 2000 - In a new approach to measuring typically subjective variables, BEEPS - the 1999 Business Environment and Enterprise Performance Survey, the transition economies component of the World Business Environment Survey - quantitatively assesses governance from the perspective of about 3,000 firms in 20 countries. Unbundling the measurement of governance and corruption empirically suggests the importance of grand corruption in some countries, manifested in state capture by the corporate sector - through the purchase of decrees and legislation - and by graft in procurement. As a symptom of fundamental institutional weaknesses, corruption needs to be viewed within a broader governance framework. It thrives where the state is unable to reign over its bureaucracy, to protect property and contractual rights, or to provide institutions that support the rule of law. Furthermore, governance failures at the national level cannot be isolated from the interface between the corporate and state sectors, in particular from the heretofore underemphasized influence that firms may exert on the state. Under certain conditions, corporate strategies may exacerbate misgovernance at the national level. An in-depth empirical assessment of the links between corporate behavior and national governance can thus provide particular insights. The 1999 Business Environment and Enterprise Performance Survey (BEEPS) - the transition economies component of the ongoing World Business Environment Survey - assesses in detail the various dimensions of governance from the perspective of about 3,000 firms in 20 countries. After introducing the survey framework and measurement approach, Hellman, Jones, Kaufmann, and Schankerman present the survey results, focusing on governance, corruption, and state capture. By unbundling governance into its many dimensions, BEEPS permits an in-depth empirical assessment. The authors pay special attention to certain forms of grand corruption, notably state capture by parts of the corporate sector - that is, the propensity of firms to shape the underlying rules of the game by purchasing decrees, legislation, and influence at the central bank, which is found to be prevalent in a number of transition economies. The survey also measures other dimensions of grand corruption, including those associated with public procurement, and quantifies the more traditional (pettier) forms of corruption. Cross-country surveys may suffer from bias if firms tend to systematically over- or underestimate the extent of problems within their country. The authors provide a new test for this potential bias, finding little evidence of country perception bias in BEEPS. This paper - a joint product of Governance, Regulation, and Finance, World Bank Institute, and the Chief Economist's Office, European Bank for Reconstruction and Development - is part of a larger program to measure governance and corruption worldwide. A companion working paper that econometrically analyzes the effects of state capture is forthcoming. For further details, visit www.worldbank.org/wbi/governance. The authors may be contacted at dkaufmannworldbank.org or hellmanj@ebrd.com
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  • 94
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    Distributional Outcomes of a Decentralized Welfare Program (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (42 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Galasso, Emanuela Distributional Outcomes of a Decentralized Welfare Program
    Keywords: Anti-Poverty ; Community Groups ; Community Organizations ; Conflict ; Food-For-Education ; Income ; Irrigation ; Land Inequality ; Local Farmers ; Local Irrigation Facility ; Participatory Poverty Assessments ; Poor ; Poor Families ; Poor Farmers ; Poor Households ; Poverty Programs ; Poverty Reduction ; Public Spending ; Rural ; Rural Development ; Rural Families ; Rural Poverty Reduction ; Services and Transfers to Poor ; Targeting ; Anti-Poverty ; Community Groups ; Community Organizations ; Conflict ; Food-For-Education ; Income ; Irrigation ; Land Inequality ; Local Farmers ; Local Irrigation Facility ; Participatory Poverty Assessments ; Poor ; Poor Families ; Poor Farmers ; Poor Households ; Poverty Programs ; Poverty Reduction ; Public Spending ; Rural ; Rural Development ; Rural Families ; Rural Poverty Reduction ; Services and Transfers to Poor ; Targeting
    Abstract: April 2000 - Community-level targeting of antipoverty programs is now common. Do local community organizations target the poor better than the central government? In one program in Bangladesh, the answer tends to be yes, but performance varies from village to village. The authors try to explain why. It is common for central governments to delegate authority over the targeting of welfare programs to local community organizations - which may be better informed about who is poor, though possibly less accountable for getting the money to the local poor - while the center retains control over how much goes to each local region. Galasso and Ravallion outline a theoretical model of the interconnected behavior of the various actors in such a setting. The model's information structure provides scope for econometric identification. Applying data for a specific program in Bangladesh, they find that overall targeting was mildly pro-poor, mostly because of successful targeting within villages. But this varied across villages. Although some village characteristics promoted better targeting, these were generally not the same characteristics that attracted resources from the center. Galasso and Ravallion observe that the center's desire for broad geographic coverage appears to have severely constrained the scope for pro-poor village targeting. However, poor villages tended not to be better at reaching their poor. They find some evidence that local institutions matter. The presence of cooperatives for farmers and the landless appears to be associated with more pro-poor program targeting. The presence of recreational clubs has the opposite effect. Sometimes the benefits of decentralized social programs are captured by local elites, depending on the type of spending being decentralized. When public spending is on a private (excludable) good, and there is no self-targeting mechanism to ensure that only the poor participate, there is ample scope for local mistargeting. This paper - a product of Poverty and Human Resources, Development Research Group - is part of a larger effort in the group to assess the performance of alternative means of reaching the poor through public programs. The study was funded by the Bank's Research Support Budget under the research project Policies for Poor Areas (RPO 681-39). The authors may be contacted at egalassoworldbank.org or mravallion@worldbank.org
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  • 95
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    Algorithms for Purchasing AIDS Vaccines (1999)
    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: Bishai, David Algorithms for Purchasing AIDS Vaccines
    Keywords: AIDS HIV ; Bereavement ; Children ; Disease Control and Prevention ; Drug Users ; Epidemiology ; Families ; Health Care ; Health Monitoring and Evaluation ; Health, Nutrition and Population ; Hepatitis B ; Hygiene ; Influenza ; Morbidity ; Patient ; Patients ; People ; Public Health ; Risk Groups ; Sex Workers ; Strategy ; Vaccination ; Victims ; Workers ; AIDS HIV ; Bereavement ; Children ; Disease Control and Prevention ; Drug Users ; Epidemiology ; Families ; Health Care ; Health Monitoring and Evaluation ; Health, Nutrition and Population ; Hepatitis B ; Hygiene ; Influenza ; Morbidity ; Patient ; Patients ; People ; Public Health ; Risk Groups ; Sex Workers ; Strategy ; Vaccination ; Victims ; Workers
    Abstract: April 2000 - Demand for AIDS vaccines varies by level of risk and by national wealth. At-risk individuals in poor countries suffer on both counts. Providing funds to develop and distribute AIDS vaccines should be a global concern. Bishai, Lin, and Kiyonga delineate two different algorithms for the purchase of AIDS vaccines, to show how differences in policy objectives can greatly affect projections of the number of courses of vaccine that will be needed. They consider a hypothetical vaccine costing
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  • 96
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    Banking Systems Around the Globe : Do Regulation and Ownership Affect Performance and Stability? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (66 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Levine, Ross Banking Systems Around the Globe
    Keywords: Bank ; Banking ; Banking Crises ; Banking Reform ; Banking Sector ; Banking Sector Development ; Banking System ; Banking Systems ; Banks and Banking Reform ; Commercial Banks ; Debt Markets ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Crises ; Financial Crisis Management and Restructuring ; Financial Intermediation ; Financial Literacy ; Financial Stability ; Financial Systems ; Governments ; Industry ; Insurance ; Investment Banking ; Markets ; Private Sector Development ; Projects ; Public Policy ; Bank ; Banking ; Banking Crises ; Banking Reform ; Banking Sector ; Banking Sector Development ; Banking System ; Banking Systems ; Banks and Banking Reform ; Commercial Banks ; Debt Markets ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Crises ; Financial Crisis Management and Restructuring ; Financial Intermediation ; Financial Literacy ; Financial Stability ; Financial Systems ; Governments ; Industry ; Insurance ; Investment Banking ; Markets ; Private Sector Development ; Projects ; Public Policy
    Abstract: April 2000 - Empirical results highlight the downside of imposing certain regulatory restrictions on commercial bank activities. Regulations that restrict banks' ability to engage in securities activities and to own nonfinancial firms are closely associated with more instability in the banking sector. And keeping commercial banks from engaging in investment banking, insurance, and real estate activities does not appear to produce positive benefits. Barth, Caprio, and Levine report cross-country data on commercial bank regulation and ownership in more than 60 countries. They evaluate the links between different regulatory/ownership practices in those countries and both financial sector performance and banking system stability. They document substantial variation in response to these questions: Should it be public policy to limit the powers of commercial banks to engage in securities, insurance, and real estate activities? Should the mixing of banking and commerce be restricted by regulating commercial bank's ownership of nonfinancial firms and nonfinancial firms' ownership of commercial banks? Should states own commercial banks, or should those banks be privatized? They find: · There is no reliable statistical relationship between restrictions on commercial banks' ability to engage in securities, insurance, and real estate transactions and a) how well-developed the banking sector is, b) how well-developed securities markets and nonbank financial intermediaries are, or c) the degree of industrial competition. Based on the evidence, it is difficult to argue confidently that restricting commercial banking activities benefits - or harms - the development of financial and securities markets or industrial competition. · There are no positive effects from mixing banking and commerce. · Countries that more tightly restrict and regulate the securities activities of commercial banks are substantially more likely to suffer a major banking crisis. Countries whose national regulations inhibit banks' ability to engage in securities underwriting, brokering, and dealing - and all aspects of the mutual fund business - tend to have more fragile financial systems. · The mixing of banking and commerce is associated with less financial stability. The evidence does not support admonitions to restrict the mixing of banking and commerce because mixing them will increase financial fragility. · On average, greater state ownership of banks tends to be associated with more poorly developed banks, nonbanks, and stock markets and more poorly functioning financial systems. This paper - a product of Finance, Development Research Group - is part of a larger effort in the group to examine the effects of financial sector regulation. The authors may be contacted at jbarthbusiness.auburn.edu, gcaprio@worldbank.org, or rlevine@csom.umn.edu
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  • 97
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    Social Transfers and Social Assistance : An Empirical Analysis Using Latvian Household Survey Data (1999)
    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: Milanovic, Branko Social Transfers and Social Assistance
    Keywords: Cash Transfers ; Finance and Financial Sector Development ; Financial Literacy ; Household Budget ; Household Per Capita Income ; Household Survey ; Income ; Income Distribution ; Insurance ; Poor ; Poor Households ; Poor Individuals ; Poverty ; Poverty Alleviation ; Poverty Assessments ; Poverty Impact Evaluation ; Poverty Line ; Poverty Reduction ; Rural Development ; Rural Poverty Reduction ; Services and Transfers to Poor ; Social Assistance ; Targeting ; Transfers ; Transfers In Kind ; Transition Economies ; Unemployment ; Cash Transfers ; Finance and Financial Sector Development ; Financial Literacy ; Household Budget ; Household Per Capita Income ; Household Survey ; Income ; Income Distribution ; Insurance ; Poor ; Poor Households ; Poor Individuals ; Poverty ; Poverty Alleviation ; Poverty Assessments ; Poverty Impact Evaluation ; Poverty Line ; Poverty Reduction ; Rural Development ; Rural Poverty Reduction ; Services and Transfers to Poor ; Social Assistance ; Targeting ; Transfers ; Transfers In Kind ; Transition Economies ; Unemployment
    Abstract: April 2000 - In Latvia, only 1.5 percent of households receive social assistance, which for those households represents 20 percent of income. The allocation of social assistance is unequal. Urban households outside the capital (Riga) and those headed by male adults are systematically discriminated against. Because social assistance is locally financed, poor households in different parts of the country are treated unequally. Milanovic assesses the performance of Latvia's system of social transfers, in three ways: First, he analyzes the incidence (who receives transfers) of pensions, family allowances, unemployment benefits, and social assistance. Per capita analysis shows pensions tending to be pro-rich and families allowances pro-poor (a finding typical in poverty analyses). Introducing an equivalence scale alters the results and shows all individual cash transfers performing about the same: mildly pro-poor. Next, he examines the performance of social assistance, which is, by definition, directed to the poor. He shows that Latvia's current system is concentrated - meaning that social assistance is disbursed to few households (only 1.5 percent of all households receive it) but among those that do receive it, it represents a relatively high share (20 percent) of income. Households that are systematically discriminated against in the allocation of social assistance are urban households living outside the capital (Riga) and those headed by male adults. Third, he looks at the regional allocation of social assistance. The results confirm earlier findings of large horizontal inequalities - that people with the same income from different parts of the country are treated unequally, because the existing system is based on local financing of social assistance. This paper - a product of Poverty and Human Resources, Development Research Group - is part of the Latvia Poverty Assistance Report (February 2000). The author may be contacted at bmilanovicworldbank.org
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  • 98
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    Financial Intermediary Distress in the Republic of Korea : Small Is Beautiful? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (42 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Ferri, Giovanni Financial Intermediary Distress in the Republic of Korea
    Keywords: Bank ; Bank Examinations ; Bank Of Korea ; Banking Systems ; Banks and Banking Reform ; Capital Adequacy ; Commercial Banks ; Cred Deposits ; Debt Markets ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Crises ; Financial Institutions ; Financial Intermediation ; Financial Literacy ; Financial Ratios ; Loans ; Merchant Banking ; Private Sector Development ; Risk ; Risk Management ; Savings ; Services ; Small Banks ; Supervisory Agencies ; Bank ; Bank Examinations ; Bank Of Korea ; Banking Systems ; Banks and Banking Reform ; Capital Adequacy ; Commercial Banks ; Cred Deposits ; Debt Markets ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Crises ; Financial Institutions ; Financial Intermediation ; Financial Literacy ; Financial Ratios ; Loans ; Merchant Banking ; Private Sector Development ; Risk ; Risk Management ; Savings ; Services ; Small Banks ; Supervisory Agencies
    Abstract: May 2000 - During a systemic financial crisis in Korea, the probability of financial distress was greater for large financial intermediaries (such as commercial banks and merchant banking corporations) than it was for tiny mutual savings and finance companies. Taking the Korean experience as a laboratory experiment in systemic financial crisis, Bongini, Ferri, and Kang analyze distress in individual institutions among two groups of financial intermediaries. They pool together a group of large financial intermediaries (commercial banks, merchant banking corporations) and another group of tiny mutual savings and finance companies. Both the too-big-to-fail doctrine and the credit channel approach suggest that the probability of distress would be greater for small intermediaries. But Bongini, Ferri, and Kang find that proportionately fewer small intermediaries were distressed than were large intermediaries. They offer two hypothetical explanations for this unexpected result: · Exchange rate exposure - a major shock to Korean intermediaries - was presumably negligible for the small financial intermediaries. · Small financial intermediaries allocated loans better, because of the peer monitoring natural to their mutual nature and deep local roots. Available data did not allow the authors to test the first hypothesis, but they did find support for the second one. Estimating a logit model, they find that the probability of distress was systematically smaller for the mutual savings and finance companies that stayed closer to their origins (for example, collecting many deposits as credit mutual installment savings) and for those with a longer history of doing business in their local community. This paper - a product of Finance, Development Research Group - is part of a larger effort in the group to study the financial crises in East Asia. The authors may be contacted at pbonginimi.unicatt.it, gferri@worldbank.orgor tkang@worldbank.org
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  • 99
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    Output Fluctuations in Latin America : What Explains the Recent Slowdown? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (68 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Herrera, Santiago Output Fluctuations in Latin America
    Keywords: Accounting ; Bond ; Bonds ; Business Cycles ; Business Cycles and Stabilization Policies ; Capital Flows ; Capital Markets ; Currencies and Exchange Rates ; Debt Markets ; Domestic Interest Rates ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; External Debt ; Finance and Financial Sector Development ; Financial Literacy ; Gross Domestic Product ; Interest Rates ; International Development ; International Interest ; Investment and Investment Climate ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Real Exchange Rate ; Real Exchange Rates ; Real Interest ; Real Interest Rate ; Real Interest Rates ; Share ; Sovereign Debt ; Accounting ; Bond ; Bonds ; Business Cycles ; Business Cycles and Stabilization Policies ; Capital Flows ; Capital Markets ; Currencies and Exchange Rates ; Debt Markets ; Domestic Interest Rates ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; External Debt ; Finance and Financial Sector Development ; Financial Literacy ; Gross Domestic Product ; Interest Rates ; International Development ; International Interest ; Investment and Investment Climate ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Real Exchange Rate ; Real Exchange Rates ; Real Interest ; Real Interest Rate ; Real Interest Rates ; Share ; Sovereign Debt
    Abstract: May 2000 - For the period 1992-98, domestic factors explain most output variability in Latin America. However, external factors account for about 60 percent of the 1998-99 slowdown - perhaps in part because external variables were more volatile during this period, but mainly because domestic variables - real interest rates and real exchange rates - were more stable in these two years. Herrera, Perry, and Quintero explain Latin America's growth slowdown in 1998-99. To do so, they use two complementary methodologies. The first aims at determining how much of the slowdown can be explained by specific external factors: the terms of trade, international interest rates, spreads on external debt, capital flows, and climatological factors (El Niño). Using quarterly GDP data for the eight largest countries in the region, the authors estimate a dynamic panel showing that 50 - 60 percent of the slowdown was due to these external factors. The second approach allows for effects on output by some endogenous variables, such as domestic real interest rates and real exchange rates. Using monthly industrial production data, the authors estimate country-specific generalized vector autoregressions (GVAR) for the largest countries. They find that during the sample period (1992-98) output volatility is mostly associated with shocks to domestic factors, but the slowdown in the subperiod 1998-99 is explained more than 60 percent by shocks to the external factors. This paper - a product of the Economic Policy Sector Unit and the Poverty Reduction and Economic Management Sector Unit, Latin America and Caribbean Regional Office - is part of a larger effort to understand output fluctuations and growth in the region. The authors may be contacted at gperryworldbank.org or nquintero@worldbank.org
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  • 100
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    Terror as a Bargaining Instrument : A Case Study of Dowry Violence in Rural India (1999)
    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: Rao, Vijayendra Terror as a Bargaining Instrument
    Keywords: Adolescent Health ; Benef Children ; Divorce ; Domestic Violence ; Families ; Family ; Females ; Gender ; Gender and Law ; Health, Nutrition and Population ; Home ; House ; Husband ; Husbands ; Law and Development ; Marriage ; Marriages ; Sanctions ; Social Development ; Social Inclusion and Institutions ; Wedding ; Wife ; Will ; Wives ; Woman ; Women ; Adolescent Health ; Benef Children ; Divorce ; Domestic Violence ; Families ; Family ; Females ; Gender ; Gender and Law ; Health, Nutrition and Population ; Home ; House ; Husband ; Husbands ; Law and Development ; Marriage ; Marriages ; Sanctions ; Social Development ; Social Inclusion and Institutions ; Wedding ; Wife ; Will ; Wives ; Woman ; Women
    Abstract: May 2000 - Some aspects of violent behavior are linked to economic incentives and deserve more attention from economists. In India, for example, domestic violence is used as a bargaining instrument, to extract larger dowries from a wife's family, after the marriage has taken place. Bloch and Rao examine how domestic violence may be used as a bargaining instrument, to extract larger dowries from a spouse's family. The phrase dowry violence refers not to the dowry paid at the time of the wedding, but to additional payments demanded by the groom's family after the marriage. The additional dowry is often paid to stop the husband from systematically beating the wife. Bloch and Rao base their case study of three villages in southern India on qualitative and survey data. Based on the ethnographic evidence, they develop a noncooper-ative bargaining and signaling model of dowries and domestic violence. They test the predictions from those models on survey data. They find that women whose families pay smaller dowries suffer increased risk of marital violence. So do women who come from richer families (from whom resources can more easily be extracted). Larger dowries - as well as greater satisfaction with the marriage (in the form of more male children) - reduce the probability of violence. In India marriage is almost never a matter of choice for women, but is driven almost entirely by social norms and parental preferences. Providing opportunities for women outside of marriage and the marriage market would significantly improve their well-being by allowing them to leave an abusive husband, or find a way of bribing him to stop the abuse, or present a credible threat, which has the same effect. This paper - a product of Poverty and Human Resources, Development Research Group - is part of a larger effort in the group to examine crime and violence in developing countries. Vijayendra Rao may be contacted at vraoworldbank.org
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