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  • MPI Ethno. Forsch.  (129)
  • International Monetary Fund  (76)
  • Deininger, Klaus  (53)
  • Washington, D.C : The World Bank  (129)
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  • MPI Ethno. Forsch.  (129)
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  • 1
    Online Resource
    Online Resource
    Impact of the Russian Invasion on Ukrainian Farmers' Productivity, Rural Welfare, and Food Security (2023)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (39 pages)
    Parallel Title: Erscheint auch als Deininger, Klaus Impact of the Russian Invasion on Ukrainian Farmers' Productivity, Rural Welfare, and Food Security
    Keywords: Agricultural Production ; Agriculture ; Armed Conflict Impact on Agriculture ; Conflict and Development ; Credit Markets ; Farm Profitability ; Food Security ; Post Conflict Reconstruction ; Post-Conflict Agricultural Reconstruction ; Rural Impact of War ; Rural Welfare
    Abstract: Data from 2,251 small and medium-size farms for 2021 and 2022 show that area reductions in response to the Russian invasion of Ukraine remained limited. However, worsening terms of trade reduced farm profitability, implying that 46 percent of farms had a negative cash flow and 54 percent (67 percent in the 50-120 hectare group) were credit constrained in 2022, implying that longer term effects may be more adverse. Total factor productivity varies significantly across size groups but is not significantly different between formal and informal farms in the same size group. This suggests that limited transferability of land use rights that are disproportionately used by smaller farms may be one reason for low productivity. Improving transferability of land, digital access to markets, and mortgage lending could thus trigger investment and growth in higher value products by small and medium-size farms to solidify Ukraine's comparative advantage in agriculture and improve rural living conditions in the context of reconstruction
    DOI: 10.1596/1813-9450-10464
    URL: Deutschlandweit zugänglich
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  • 2
    Online Resource
    Online Resource
    Land Institutions to Address New Challenges in Africa : Implications for the World Bank's Land Policy (2023)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (48 pages)
    Parallel Title: Erscheint auch als Deininger, Klaus Land Institutions to Address New Challenges in Africa: Implications for the World Bank's Land Policy
    Keywords: Communities and Human Settlements
    Abstract: Although land and associated property is a key part of national wealth and protecting rights to them is a key function of the state, Africa's formal land institutions often still operate on regulations that barely changed since colonial times, undermining public trust and leading to high levels of informality that make it difficult to underpin vibrant urban land and financial markets and control corruption, remove impediments to structural transformation posed by rural factor market imperfections to empower women, improve equity, and ensure sustainable management of public land. If an appropriate regulatory framework is in place, digital technology provides opportunities for African countries to broaden the range of rights that can be legally recognized, expand the type of contracts involving such rights that private parties and reduce associated enforcement costs, and provide local and global public goods. Institutions such as the World Bank can create momentum for reform through globally comparable monitoring and help harness these opportunities by focusing interventions on providing analytical support to establish the policy and institutional environment to (i) document and enforce rights at scale; (ii) regulate land markets to ensure competition and deliver public goods including price information, land use planning to coordinate investment and avoid externalities, and tax land value gains to support local public services; and (iii) reduce the transaction cost for private parties to enter and enforce contracts involving immovable property and the uses to which it is put
    DOI: 10.1596/1813-9450-10389
    URL: lizenzpflichtig
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  • 3
    Online Resource
    Online Resource
    Land and Mortgage Markets in Ukraine : Pre-War Performance, War Effects, and Implications for Recovery (2023)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (41 pages)
    Parallel Title: Erscheint auch als Deininger, Klaus Land and Mortgage Markets in Ukraine: Pre-War Performance, War Effects, and Implications for Recovery
    Keywords: Agricultural Land Sales ; Agricultural Production ; Communities and Human Settlements ; Conflict and Development ; Credit Market ; Determinates of Land Price ; Finance and Financial Sector Development ; Impact of War on Markets ; Land Governance Reform ; Land Market ; Post War Reconstruction
    Abstract: Almost throughout Ukraine's independent history, agricultural land sales were prohibited. Measures to allow them and make land governance more transparent in 2020/21 were expected to improve equity, investment, credit access, and decentralization. This paper draws on administrative data and satellite imagery to describe land market performance before and after the Russian invasion, assess changes in land use for transacted parcels, and analyze determinants of land prices. Agricultural land market volume soon exceeded that of residential land and continued at a reduced level and with prices some 15-20 percent lower even after the invasion, with little sign of speculative land acquisition. Mortgage market activity and credit access remained below expectations. The paper discusses reasons and options for addressing them in a way that also factors in the needs of post-war reconstruction
    DOI: 10.1596/1813-9450-10385
    URL: lizenzpflichtig
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  • 4
    Online Resource
    Online Resource
    Quantifying War-Induced Crop Losses in Ukraine in near Real Time to Strengthen Local and Global Food Security (2022)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (60 pages)
    Parallel Title: Erscheint auch als Deininger, Klaus Quantifying War-Induced Crop Losses in Ukraine in near Real Time to Strengthen Local and Global Food Security
    Keywords: Agricultural Production ; Agriculture ; Armed Conflict ; Conflict ; Conflict and Development ; Food Security ; Machine Learning ; War
    Abstract: This paper uses a 4-year panel (2019-2022) of 10,125 village councils in Ukraine to estimate direct and indirect effects of the war started by Russia on area and expected yield of winter crops. Satellite imagery is used to provide information on direct damage to agricultural fields; classify crop cover using machine learning; and compute the Normalized Difference Vegetation Index (NDVI) for winter cereal fields as a proxy for yield. Without conflict, winter crop area would have been 9.14 rather than 8.38 mn. ha, a 0.75 mn. ha reduction, 86% of which is due to economy-wide effects. The estimated conflict-induced drop in NDVI for winter cereal, which is particularly pronounced for small farms, translates into a 15% yield reduction or an output loss of 4.2 million tons. Taking area and yield reduction together suggests a war-induced loss of winter crop output of 20% if the current winter crop can be harvested fully
    DOI: 10.1596/1813-9450-10123
    URL: lizenzpflichtig
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  • 5
    Online Resource
    Online Resource
    How Urban Land Titling and Registry Reform Affect Land and Credit Markets : Evidence from Lesotho (2022)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (41 pages)
    Parallel Title: Erscheint auch als Deininger, Klaus How Urban Land Titling and Registry Reform Affect Land and Credit Markets: Evidence from Lesotho
    Keywords: Communities and Human Settlements ; Credit Market ; Economic Development and Land Rights ; Equity ; Equity and Development ; Formal Land Market ; Gender ; Gender and Land Rights ; Land Administration ; Land Information Systems ; Land Rights ; Land Titling ; Law and Development ; Law and Equality ; Lesotho Land Administration Reform Project (LARP) ; Property Rights ; Systematic Land Registration ; Urban Land Policy Reform
    Abstract: Using spatial fixed effects and time-varying controls, this paper draws on complete registry data for 1981-2019, supplemented by satellite imagery, to analyze impacts of urban land titling for some 40,000 grid cells in Lesotho. Beyond confirming the short-term impacts on female co-ownership and investment, previously reported, the paper documents medium-term impacts on land sale and mortgage market activity and women's participation in these markets. Although titling was instrumental in ensuring the effectiveness of an earlier legal reform that allowed women to be co-owners of land, the credit and land market effects are due not to titling but to changes in policy to reduce the transaction cost of registering land that took effect just before titling started. Downward shifts in the time required to register transactions support this interpretation. The paper concludes by discussing what the evidence implies for design and evaluation of property registration programs
    DOI: 10.1596/1813-9450-10043
    URL: lizenzpflichtig
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  • 6
    Online Resource
    Online Resource
    Using Registry Data to Assess Gender-Differentiated Land and Credit Market Effects of Urban Land Policy Reform : Evidence from Lesotho (2021)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (49 pages)
    Parallel Title: Erscheint auch als Print Version: Ali, Daniel Ayalew Using Registry Data to Assess Gender-Differentiated Land and Credit Market Effects of Urban Land Policy Reform: Evidence from Lesotho
    Abstract: Since 2010, Lesotho has implemented legal and institutional changes to allow female land ownership, established a new land agency, reduced the cost of registering land, and carried out systematic urban land titling. Analysis using administrative data shows that these reforms triggered discontinuous and sustained changes in quality of service delivery, female land ownership, and registered land sales and mortgage volume. Land and credit market activation is, however, exclusively due to policy reforms. While (subsidized) systematic land registration allows women to access documented land rights, these effects may not be sustained without further regulatory change, highlighting the importance of reducing fees and streamlining processes to improve urban land and financial market functioning as a key precondition for Africa's expected wave of urbanization translating into productive cities and jobs
    DOI: 10.1596/1813-9450-9681
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  • 7
    Online Resource
    Online Resource
    Georgia Financial Sector Assessment (2021)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Financial Sector Assessment Program
    Keywords: Access To Finance ; Capital Markets and Capital Flows ; E-Finance and E-Security ; Finance and Financial Sector Development ; Financial Regulation and Supervision ; Financial Stability ; Financial Structures ; Macroprudential Policy ; Risk Assessment
    Abstract: A joint IMF and World Bank team conducted virtual missions to Georgia during January-February 2021 and May-June 2021, to update the findings of the Financial Sector Assessment Program (FSAP) conducted in 2014. This report summarizes the main findings of the mission, identifies key financial sector vulnerabilities and developmental issues, and provides policy recommendations
    DOI: 10.1596/36909
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  • 8
    Online Resource
    Online Resource
    Investment Impacts of Gendered Land Rights in Customary Tenure Systems : Substantive and Methodological Insights from Malawi (2021)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (28 pages)
    Parallel Title: Erscheint auch als Print Version: Deininger, Klaus Investment Impacts of Gendered Land Rights in Customary Tenure Systems: Substantive and Methodological Insights from Malawi
    Abstract: Compared with the vast literature on the investment and productivity effects of land rights formalization, little attention has been paid to the impact of variation in individuals' tenure security under customary tenure regimes. This is a serious gap not only because most of Africa's rural land is held under informal arrangements, but also because gradual erosion of long-term rights by women and migrants is often an indication of traditional systems coming under stress. Using a unique survey experiment in Malawi, the analysis shows that (i) having long-term land rights of bequest and sale has a significant impact on investment and cash crop adoption; (ii) women's land rights of bequest and sale, joint with local institutional arrangements, can amplify the magnitude of such effects; and (iii) the effects found here can be obscured by measurement error associated with traditional approaches to survey data collection on land ownership and rights
    DOI: 10.1596/1813-9450-9520
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  • 9
    Online Resource
    Online Resource
    Does Title Increase Large Farm Productivity? : Institutional Determinants of Large Land-Based Investments' Performance in Zambia (2021)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (32 pages)
    Parallel Title: Erscheint auch als Print Version: Ali, Daniel Ayalew Does Title Increase Large Farm Productivity? Institutional Determinants of Large Land-Based Investments' Performance in Zambia
    Abstract: Despite accounts of increasing large farm penetration in Africa and an active debate on the differential potential of smallholder versus large farms to satisfy Africa's food requirements, evidence on the extent and performance of different farm types remains limited. A census and subsequent representative survey of 3,000 large farms in Zambia, one of the African countries with the highest share of large farms, allows characterizing the impact of institutional arrangements on large farms' establishment and productive performance. While policies rather than exogenous price shocks seem to have driven large farm expansion, average productivity is not different from small farms and title has no impact on productivity, investment, or credit access, most likely because the transferability of titles remains limited, undermining the suitability of such land as collateral. Significant effects of title on self-reported land prices point toward land being acquired for speculative purposes, suggesting that a tax on titled land, together with improved land service delivery might be a desirable policy option
    DOI: 10.1596/1813-9450-9702
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  • 10
    Online Resource
    Online Resource
    The Philippines Detailed Assessment of Observance : Basel Core Principles for Effective Banking Supervision (2020)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Financial Sector Assessment Program
    Abstract: The BSP's regulatory framework is broadly effective for the size and complexity of the Philippine banking system, but legislative gaps continue to hinder effective supervision of banks. The BSP has a well-resourced, experienced and highly committed staffing complement, but there is an ongoing need to develop and maintain adequate expertise in certain complex areas (e.g. risk modelling). Since the FSAP in 2002, and the assessment update in 2010, the BSP has made significant progress in enhancing the regulatory framework in a number of areas. But significant weaknesses in the legislative framework, arising notably from the bank secrecy laws and the lack of power for the BSP to supervise the parent companies and their affiliates of banking groups, present a material hindrance to effective supervision
    DOI: 10.1596/34781
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  • 11
    Online Resource
    Online Resource
    COVID-19 : The Regulatory and Supervisory Implications for the Banking Sector (2020)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Policy Notes
    Abstract: This note provides a set of high-level recommendations that can guide national regulatory and supervisory responses to the COVID-19 (coronavirus) pandemic and offers an overview of measures taken across jurisdictions to date. The banking sector plays a critical role in mitigating the unprecedented macroeconomic and financial shock caused by the pandemic. Timely, targeted and well-designed regulatory and supervisory actions are essential to maintain the provision of critical financial services, particularly to households and firms that are affected most, while mitigating financial risks, maintaining balance sheet transparency, and preserving longer-term financial policy credibility. In this context, authorities should employ the embedded flexibility of regulatory, supervisory, and accounting frameworks, and encourage judicious loan restructuring while continuing to uphold minimum prudential standards. Standard-setting bodies have issued guidance to support national authorities in their efforts to provide effective, sound, and well-coordinated policy measures
    DOI: 10.1596/33793
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  • 12
    Online Resource
    Online Resource
    Benin - Joint World Bank-IMF Debt Sustainability Analysis (2019)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Debt and Creditworthiness Study
    Abstract: Benin remains at moderate risk of external debt distress. The rating is unchanged from the previous November 2018 DSA. All the projected external debt burden indicators remain below their thresholds under the baseline, but the ratio of the present value (PV) of external debt to exports exceeds its threshold in the case of an extreme shock to exports.1 With regard to total public and publicly guaranteed (PPG) debt (external plus domestic), the overall risk of debt distress remains also moderate. The public debt-to-GDP ratio is below its prudent benchmark in the baseline scenario; however, the PV of public debt-to-GDP rises very slightly above its benchmark from 2024 until the end of the projection period under the real GDP shock scenario. Other factors motivating the overall rating include: the past evolution of domestic debt, the relatively high debt service burden, as well as the existence of contingent liabilities. Medium-term fiscal consolidation, sound public investment management, and enhanced debt management capacity are needed to reduce debt vulnerabilities
    DOI: 10.1596/32568
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  • 13
    Online Resource
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    Vanuatu - Joint World Bank-IMF Debt Sustainability Analysis (2019)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Debt and Creditworthiness Study
    Abstract: The updated DSA suggests that the external risk of debt distress for Vanuatu remains moderate with limited space to absorb shocks. All external debt indicators remain below the relevant indicative thresholds under the baseline scenario, incorporating the average long-term effects of natural disasters on growth and the fiscal and current account balances. A tailored natural disaster shock, reflecting Vanuatu's vulnerability to disasters, would cause the present value (PV) of public and publicly guaranteed (PPG) external debt-to-GDP ratio to breach the threshold from 2024 onwards. The overall risk of debt distress is assessed as moderate. Although the PV of the public-debt-to-GDP ratio remains below the 55 percent benchmark under the baseline scenario, the public-debt-to-GDP ratio would breach the authorities' debt ceiling of 60 percent by 2025. Moreover, a tailored natural disaster shock would lead to a significant deterioration in debt sustainability, breaching the benchmark. The breach of the authorities' debt ceiling and of the benchmark indicates the need for rebuilding fiscal buffers and enhancing resilience against shocks, including from natural disasters. This requires both stronger revenue mobilization measures, including an introduction of the proposed income taxes, and expenditure rationalization in the medium term. When contracting new public infrastructure projects, the authorities are encouraged to seek grants or concessional loans as much as possible to contain its debt burden
    DOI: 10.1596/32563
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  • 14
    Online Resource
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    Niger - Joint World Bank-IMF Debt Sustainability Analysis (2019)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Debt and Creditworthiness Study
    Abstract: Niger's risk of external and overall public debt distress is rated "moderate" as in the previous DSA. While all thresholds are observed in the baseline, the PV of PPG external debt-to-exports ratio breaches its threshold under stress test scenarios. Debt-carrying capacity continues to be rated "medium." The analysis shows that Niger has limited space to accommodate negative shocks and remains vulnerable to adverse developments of its exports. The DSA is predicated on the government continuing to implement its reform program: fiscal consolidation; structural reforms, including revenue mobilization efforts; contain expenditures and improve spending quality; and timely completion of several large-scale projects, in particular the construction of a pipeline for crude oil exports. Identified weaknesses call for further strengthening of debt management, including by broadening the coverage of public debt, prioritizing concessional borrowing, and strengthening private-sector development to support economic diversification and mitigate the risks associated with commodity price fluctuations
    DOI: 10.1596/32562
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  • 15
    Online Resource
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    Guyana - Joint World Bank-IMF Debt Sustainability Analysis (2019)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Debt and Creditworthiness Study
    Abstract: The risk of external and overall debt distress for Guyana remains moderate, but debt dynamics will improve significantly with the start of oil production in 2020. All external debt indicators remain below the relevant indicative vulnerability thresholds under the baseline scenario, which incorporates the average long-term effects of oil on economic growth, fiscal balance, and current account position. The PV of external debt-to-GDP is projected to decline to 3 percent over the long-term as the need for external borrowing is offset by the accumulation of external assets. Stress tests indicate the susceptibility of Guyana's external public debt in a very extreme shock which combines simultaneous shocks to real GDP growth, primary balance, exports, other flows (current transfers and FDI), and nominal exchange rate depreciation, as well as second order effects arising from interactions among these shocks. The combined effects of these shocks and their second order effects cause temporary but significant breaches in the external debt thresholds, prompting a moderate risk rating. Nonetheless, Guyana has substantial space to absorb these shocks, reflecting the current low level of external debt. Guyana's medium- and long-term outlook is very favorable given the incoming oil production and revenues, which will eventually underpin fiscal surpluses and a reduction in external indebtedness. The authorities reiterated their commitment in preserving fiscal discipline
    DOI: 10.1596/32559
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  • 16
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    Senegal - Joint World Bank-IMF Debt Sustainability Analysis (2019)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Debt and Creditworthiness Study
    Abstract: Senegal has expanded its debt perimeter to include para-public entities and state-owned enterprises (SOEs) and remains at low risk of debt distress despite short-term breaches of two external debt indicators under the most extreme scenarios. The low risk of debt distress is predicated on: (i) ongoing debt liability management, guarantees to address currency risk, access to liquid financial assets and a sound track record of market access; and (ii) adherence to the planned fiscal consolidation path, an acceleration of reforms, and a prudent borrowing strategy. Looking ahead, it will be important to contain fiscal pressures from Treasury operations and address fiscal risks from the broader public sector, including the energy sector
    DOI: 10.1596/32554
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  • 17
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    Republic of Uzbekistan - Joint World Bank-IMF Debt Sustainability Analysis (2019)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Debt and Creditworthiness Study
    Abstract: Based on the Joint Bank-Fund Low-Income Country Debt Sustainability Analysis (LIC-DSA), Uzbekistan has a low risk of debt distress, with debt burden indicators below relevant thresholds in the baseline and all stress scenarios. Over the medium term, the public debt-to-GDP ratio is expected to increase moderately, while the total external debt-to-GDP ratio is expected to decline somewhat. In addition, large foreign exchange reserve buffers mitigate potential distress concerns. The debt sustainability analysis suggests that the most significant risks could result from worse-than-expected external flows (mostly lower remittances) and significantly lower exports. The government should carefully manage external borrowing to maintain Uzbekistan's strong external position
    DOI: 10.1596/32574
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  • 18
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    Union of Comoros - Joint World Bank-IMF Debt Sustainability Analysis (2019)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Debt and Creditworthiness Study
    Abstract: The Union of Comoros remains at moderate risk of external debt distress, but its space to absorb shocks is "limited." All debt burden indicators exhibit a continual upward trend, with the PV of debt-to-export approaching its threshold at the end of the assessment horizon (2029) under the baseline scenario. (Thresholds reflect "medium" capacity to carry debt). The reduced space to absorb shocks reflects the taking on of a large new loan, a downward revision of projected exports in line with lower export prices and impacts of Cyclone Kenneth on debt accumulation. Shock scenarios indicate vulnerability to a deterioration of export performance, natural disasters, and exchange rate instability. Comoros' overall risk of debt distress remains moderate, given that domestic debt is expected to remain minimal. The authorities need to strengthen policies to improve macroeconomic performance including by making faster progress on domestic resource mobilization and broadening the export base. The authorities should proceed cautiously on taking up any new debt and may wish to largely avoid new non-concessional debt
    DOI: 10.1596/32579
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  • 19
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    Liberia - Joint World Bank-IMF Debt Sustainability Analysis (2019)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Debt and Creditworthiness Study
    Abstract: The Debt Sustainability Analysis (DSA) suggests that Liberia remains at moderate risk of debt distress with limited space to accommodate shocks. The country's debt carrying capacity remains medium, but the rating has declined from 3.1 to 2.77. The authorities have pursued non-concessional loans, but none has been disbursed yet. The government has instead borrowed U.S. dollars from the Central Bank of Liberia (CBL) to close the financing gap in FY2018. Such new borrowing, as well as the legacy U.S. dollar debt from the civil war time, are both incorporated in the new DSA. The State-owned Enterprises (SOE) guaranteed debt is also incorporated. Liberia will edge closer to high risk of debt distress with a small change in the terms of both domestic and external debt or a failure to adjust primary expenditure to the available revenue envelope over the medium-term
    DOI: 10.1596/32570
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  • 20
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    Thailand - Assessment of Observance of the IOSCO Objectives and Principles of Securities Regulation (2019)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Financial Sector Assessment Program
    Abstract: This is an assessment of the Securities and Exchange Commission of Thailand (SEC) and, secondarily, of certain self-regulatory organizations (SRO) that participate in the regulation of the capital markets of Thailand. This assessment was conducted in February, 2019 as part of the Financial Sector Assessment Program (FSAP) conducted jointly by the International Monetary Fund (IMF) and the World Bank. The financial sector of Thailand shows strong growth and is dominated by banks, which are a major force in other components of the financial sector through separately licensed subsidiaries. The financial system's assets are equal to 259 percent of GDP (February 2018), with Thailand's 30 commercial banks (including 15 foreign branches or subsidiaries) holding 46 percent of financial sector assets and eight specialized (state-owned) financial institutions (SFIs) holding 15 percent. The three largest commercial banks account for 46 percent of banking sector assets, lower than that of its peer comparators. Banking sector growth, however, has been stagnant, growing to 156 percent of GDP (2018) from 153 percent (2012). Other segments of the financial sector have experienced higher growth in recent years. The market capitalization of the SET has grown to 104 percent of GDP (up from 67 percent of GDP in 2005, and from 37 percent of GDP in 2008). Insurance sector assets have grown from 10 percent of GDP in 2006 to over 22 percent of GDP in 2016
    DOI: 10.1596/32613
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  • 21
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    Lao People's Democratic Republic - Joint World Bank-IMF Debt Sustainability Analysis (2019)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Debt and Creditworthiness Study
    Abstract: Lao P.D.R.'s risks of external and overall debt distress continue to be assessed as high. Under the revised low-income country debt sustainability framework (LIC DSF), its debt carrying capacity has deteriorated and most external and total public debt indicators breach their respective indicative thresholds and benchmarks under the baseline scenarios. External debt indicators are most vulnerable to shocks to exports and depreciation of the currency. Public and external debt indicators are most sensitive to the contingent liabilities shock, while recent natural disasters underscore the need for strengthening buffers. The low level of reserves adds to these vulnerabilities. Factors, such as the large share of electricity export earnings under long-term intergovernmental power purchase agreements, and a strong and growing electricity exports market help mitigate risks, keeping the debt outlook sustainable. Market access is being maintained, around 65 percent of external debt is concessional, and the stock of expenditure arrears is declining. Rebuilding fiscal space, adopting clear guidelines for sovereign debt issuance and guarantees, assessing risks from contingent liabilities, and improving debt management are immediate priorities. Assessing and targeting infrastructure projects with high growth and social returns and financing these with concessional financing would benefit debt sustainability. Strengthening the business environment and governance, would improve the investment outlook, help diversify and make growth more inclusive. Increasing the export base, continuing to maximize the proportion of concessional loans and improving primary deficits would help to keep the debt burden contained
    DOI: 10.1596/32557
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    Mali - Joint World Bank-IMF Debt Sustainability Analysis (2019)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Debt and Creditworthiness Study
    Abstract: Mali remains at moderate risk of external debt distress. This rating is unchanged from the previous analysis and consistent with the May 2018 Staff Report (IMF Country Report/18/141). All the projected external debt burden indicators remain below their thresholds under the baseline. However, the ratio of the external debt service to exports exceeds its threshold in the case of an extreme shock to exports under a customized scenario that incorporates 2 percentage points of GDP larger fiscal deficits over 2019 to 2023 than the baseline.1 The baseline scenario assumes improved fiscal policies and achievement of the WAEMU fiscal deficit convergence criteria by 2019. As illustrated in the customized scenario, continued shortfall in domestic revenue mobilization and a deterioration in security conditions will result in a weakened fiscal position and increase the likelihood of debt distress. Mali's main challenge continues to be ensuring macroeconomic stability while protecting social and investment spending and providing for growing security spending and large development needs. To maintain debt at moderate risk rating, it is essential that the authorities continue their efforts to mobilize domestic revenue and implement reforms. Debt management capacity should be strengthened while deepening structural reforms to diversify the exports base
    DOI: 10.1596/32556
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    Central African Republic - Joint World Bank-IMF Debt Sustainability Analysis (2019)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Debt and Creditworthiness Study
    Abstract: The Central African Republic (C.A.R.) remains at high risk of external debt distress and overall high risk of debt distress under the revised Debt Sustainability Framework (DSF), unchanged from the 2018 DSA. Solvency indicators (the present values of the external public and publicly guaranteed debt-to-GDP and debt-to-exports ratios) remain below their relevant thresholds in the baseline scenario. However, liquidity indicators (debt service-to-exports and debt service-to-revenue ratios) breach their thresholds in the baseline scenario. Further considerations support the high-risk assessment: the debt indicators are sensitive to standard stress tests; macroeconomic projections are highly uncertain in a volatile security environment; and sizeable contingent liabilities, notably related to the large stock of unaudited potential domestic arrears and the limited financial information available on state-owned enterprises, could materialize. C.A.R.'s debt sustainability is also sensitive to a deterioration of the financing mix. A tailored scenario in which grant financing (of 2 percent of GDP) is replaced by concessional external debt-financing from 2021 onwards would worsen debt sustainability considerably. This shows that the government's investment program requires grant financing, with concessional debt financing to be considered in exceptional cases
    DOI: 10.1596/32581
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    The Federated States of Micronesia - Joint World Bank-IMF Debt Sustainability Analysis (2019)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Debt and Creditworthiness Study
    Abstract: The Federated States of Micronesia (FSM) remains at high risk of debt distress under the Debt Sustainability Framework (DSF). Unless the compact agreement with the United States or parts of it are renewed, the FSM will face a fiscal cliff when the U.S. Compact grants amounting to 20 percent of gross domestic product (GDP) are expected to expire in FY2023. Under the baseline scenario without fiscal adjustments, the fiscal cliff would put debt on an upward trajectory starting in FY2024, with the external debt-to-GDP ratio reaching 30 percent in FY2029 and 57 percent in FY2039, and the public debt-to-GDP ratio reaching 43 percent in FY2029 and 67 percent in FY2039. As a result, the DSF thresholds on the present value of external debt-to-GDP and public debt-to-GDP ratios are projected to be breached within a 20-year horizon. While mechanical application of the DSF based on a 10-year forecast horizon would imply a moderate risk rating, the envisaged breach of the thresholds within a 20-year forecast horizon would warrant an assessment of high risk of external and overall debt distress. Lowering the risk of debt distress would require a fiscal adjustment and steadfast structural reforms to promote private sector growth. The FSM's vulnerability to climate change and weather-related natural disasters constitutes a major risk and calls for strategies to strengthen climate change resilience
    DOI: 10.1596/32573
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    Zambia - Joint World Bank-IMF Debt Sustainability Analysis (2019)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Debt and Creditworthiness Study
    Abstract: An updated debt sustainability analysis (DSA) is prepared using the revised Low-income Countries Debt Sustainability Framework (LIC DSF) to assess Zambia's current debt situation. Debt burden indicators have deteriorated considerably since the October 2017 DSA mainly on account of large fiscal deficits as the authorities made use of available financing to boost infrastructure spending, weaker growth and exchange rate, and a worsened external environment (terms of trade and financial conditions). Rising debt service costs (both externally and domestically) and a large pipeline of contracted and to-be-disbursed loans place Zambia's public debt on an unsustainable path under current policies while budget expenditure arrears have risen. Zambia's debt-carrying capacity has also weakened with its FX reserves' import coverage declining from 4.7 months in 2015 to 1.7 months in May 2019. All four external debt burden indicators breach their indicative thresholds, three of them by large margins and throughout the medium-term under the baseline scenario. Total public debt is projected to increase somewhatin the near-term as, under unchanged policies, fiscal deficits remain large, before gradually declining as large debt-financed public projects are completed and forced fiscal adjustment occurs given financing constraints. As a frontier market, Zambia's high gross financing needs (peaking at 19 percent of GDP over the next three years), combined with wide EMBI spreads (1,575 basis points on June 11, 2019) and high domestic borrowing costs, expose it to significant market-financing risks. Despite the challenging fiscal situation, Zambia has remained current on all its debt obligations both domestic and external, and has not experienced a debt distress event. The authorities remain committed to prioritizing debt service payments and have identified resources to continue meeting debt obligations in the near-term. However, staff assess the risk of external and overall public debt distress for Zambia as very high at this juncture, and that a large upfront and sustained fiscal adjustment is essential to begin reducing debt vulnerabilities
    DOI: 10.1596/32572
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    Thailand Financial Sector Assessment (2019)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Financial Sector Assessment Program
    Abstract: A joint IMF-World Bank mission visited Thailand from November 1 to 16, 2018, and February 6 to 22, 2019, to update the findings of the Financial Sector Assessment Program (FSAP) conducted in 2008. This report summarizes the main findings of the mission, identifies key financial sector vulnerabilities, and provides policy recommendations
    DOI: 10.1596/32604
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    Kyrgyz Republic - Joint World Bank-IMF Debt Sustainability Analysis (2019)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Debt and Creditworthiness Study
    Abstract: The joint World Bank/IMF Debt Sustainability Analysis (DSA) has been prepared in the context of the 2019 Article IV Consultation, for the first time based on the revised framework for low-income countries. Results indicate moderate risk of debt distress for both external and overall public debt. However, the debt outlook remains vulnerable, especially to a deceleration in real GDP and exports growth and the depreciation of the KGS. To address these vulnerabilities, the authorities need to remain cautious when contracting and guaranteeing new debt, maintain fiscal discipline, improve public investment management, and continue improving the business environment to maintain the export potential of the country after the main gold mine will close in 2026
    DOI: 10.1596/32566
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    Togo- Joint World Bank-IMF Debt Sustainability Analysis (2019)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Debt and Creditworthiness Study
    Abstract: Togo's risk of external debt distress continues to be moderate, while the overall risk of debt distress is high-unchanged from the previous Debt Sustainability Analysis (DSA) published in December 2018. While the mechanical results point to a low risk of external debt distress, judgment was applied given vulnerabilities arising from high domestic debt, which could, for example, likely lead to a reprofiling operation that would lead to an increase in external debt. Togo's public debt is on a downward trajectory despite an increase in 2018 compared with 2017. Togo's high public debt is the result of, among other factors, high deficits, contingent liabilities, and accumulated arrears. There is very little space to absorb shocks on total public debt. Baseline projections show that Togo's PV of total PPG debt (external plus domestic)-to-GDP ratio will decline below the new debt distress benchmark of 55 percent starting in 2023, down from 72 percent in 2018-with the bulk constituting domestic debt obligations. This analysis highlights the need for sustained fiscal consolidation, improved debt management, and strong macroeconomic policies to reduce the public debt to prudent levels over the medium term
    DOI: 10.1596/32564
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    The Gambia - Joint World Bank-IMF Debt Sustainability Analysis (2019)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Debt and Creditworthiness Study
    Abstract: An updated DSA indicates that The Gambia is in external debt distress, though its public debt is deemed sustainable on a forward-looking basis. The external debt service-to-exports and -to-revenue ratios breach their indicative thresholds by large margins in the near term and signal major liquidity pressures. However, once these pressures are addressed by the prospective debt relief and the authorities' fiscal consolidation and state-owned enterprise (SOE) reform program, the PV of total public debt would be brought below its threshold over the medium term. On the upside, debt relief discussions with external creditors are progressing and could unlock additional budget support. Downside risks mainly relate to the political environment and fiscal discipline, the unravelling of which could destabilize the economy and worsen the outlook for public debt
    DOI: 10.1596/32561
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    Guinea - Joint World Bank-IMF Debt Sustainability Analysis Update : 43678 (2019)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Debt and Creditworthiness Study
    Abstract: Guinea is at moderate risk of external debt distress with some space to absorb shocks. All external debt burden indicators under the baseline scenario lie below their policy-dependent thresholds. Stress tests suggest that debt vulnerabilities will increase if adverse shocks materialize. Under the most extreme stress tests, all solvency and liquidity indicators breach their thresholds for prolonged periods. The overall risk of public debt distress is also assessed to be moderate, with the application of judgement regarding a brief and marginal breach for the PV of total public debt to GDP ratio over 2019-20, reflecting the one-off impact of the recapitalization of the central bank. Guinea's external and public debt position at end-2018 improved compared to the December 2018 DSA, owing to upward revisions of growth estimates in 2016-17, lower-than-anticipated external loan disbursements in 2018, and a stable exchange rate in 2018. A prudent external borrowing strategy aimed at maximizing the concessionally of new debt, limiting non-concessional loans to programmed amounts and strengthening debt management will be key to preserving medium-term debt sustainability
    DOI: 10.1596/32560
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    Somalia - Joint World Bank-IMF Debt Sustainability Analysis (2019)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Debt and Creditworthiness Study
    Abstract: This report presents the first official debt sustainability analysis undertaken for Somalia. Based on both external and public debt indicators, Somalia is in debt distress. Total public debt is very high, at dollar 4.8 billion, or 101 percent of GDP at end-2018-nearly all of which is external (100 percent of GDP). The finding that Somalia is in debt distress reflects the high external arrears on debt relative to GDP, which now represent 96 percent of the debt stock. While Somalia has no capacity to access new financing, its debt burden will continue to increase as late interest on arrears continues to accumulate. Under broadly steady state assumptions, Somalia's total public debt is expected to increase to around 128 percent of GDP by 2039. Key risks that affect the outlook include external financing, security, and climate, further highlighting the unsustainability of Somalia's current debt burden. Consequently, in the absence of debt relief, Somalia will remain in debt distress
    DOI: 10.1596/32582
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    Chad - Joint World Bank-IMF Debt Sustainability Analysis (2019)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Debt and Creditworthiness Study
    Abstract: Chad's risks of external and overall debt distress are high but have nonetheless declined in the past year. All but one external debt sustainability indicators are below their respective thresholds from 2019 onwards. The debt-to-revenue ratio moderately breaches its threshold under the baseline scenario. Overall, total public debt vulnerabilities are elevated although the present value (PV) of the public debt-to-GDP ratio remains on a downward trajectory. The debt sustainability analysis is based on projected continued fiscal prudence and an increase in non-oil revenues. Following the restructuring in 2018, the new Glencore debt contract has helped contain the impact of low oil prices on debt sustainability, as it allows for lower debt service when oil prices are lower
    DOI: 10.1596/32580
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    The Democratic Republic of the Congo - Joint World Bank-IMF Debt Sustainability Analysis (2019)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Debt and Creditworthiness Study
    Abstract: According to the updated Low-Income Country Debt Sustainability Framework (LIC DSF), the Democratic Republic of the Congo (DRC)'s debt-carrying capacity was assessed as weak. DRC remains at a moderate risk of external and overall debt distress, with limited space to absorb shocks. The debt coverage has been improved since the last DSA, especially on domestic debt. The external nominal debt ratios are lower than at the time of the 2015 debt sustainability analysis (DSA), however the country shows vulnerability in debt repayment capacity, even under the baseline, due to weak revenue mobilization. Most external debt thresholds are breached under the stress tests, highlighting the country's vulnerability to external shocks. Given limited buffers, prudent borrowing policies are essential by prioritizing concessional loans and strengthening debt management policies
    DOI: 10.1596/32577
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    Thailand - Detailed Assessment of Observance : Basel Core Principles for Effective Banking Supervision (2019)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Financial Sector Assessment Program
    Abstract: This assessment of the implementation of the BCP by the BOT is part of the FSAP undertaken by the IMF and the World Bank. The assessment was performed October 25 through November 16, 2018 and is based on the regulatory and supervisory framework in place at the time of this visit. Compliance was measured against standards issued by the Basel Committee on Banking Supervision (BCBS) in 2012.1 Since the previous assessment, conducted in 2008, the BCP standards have been revised and reflect the international consensus for minimum standards based on global experience. The view is that supervision should be based on a process involving well-defined requirements, supervisory onsite and offsite determination of compliance with requirements and risk assessments, and a strong program of enforcement and corrective action and sanctions. The 2012 revision placed increased emphasis on corporate governance, on supervisors conducting reviews to determine compliance with regulatory requirements, and on thoroughly understanding the risk profile of banks and the banking system. The assessors appreciated the high quality of cooperation received from the authorities. The mission extends its thanks to the staff of the BOT for its excellent cooperation and hospitality. The BOT provided a comprehensive and detailed self-assessment and granted access to supervisory manuals, onsite inspection reports, monitoring reports, and risk assessments
    DOI: 10.1596/32614
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    Thailand - Assessment of Observance of the CPSS-IOSCO Principals for Financial Market Infrastructures : BAHTNET and TSD (2019)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Financial Sector Assessment Program
    Abstract: This report contains the assessments of BAHTNET and TSD based on the PFMI. The assessment was undertaken in the context of the International Monetary Fund and World Bank Financial Sector Assessment Program (FSAP) of Thailand in November 2018. The assessors were Gynedi Srinivas and Dorothee Delort of the World Bank's Payment Systems Development Group. The assessors would like to thank the Thai counterparts for their excellent cooperation and generous hospitality. The objective of the assessment was to identify potential risks related to the FMIs that may affect financial stability. While safe and efficient FMIs contribute to maintaining and promoting financial stability and economic growth, they may also concentrate risk. If not properly managed, FMIs can be sources of financial shocks, such as liquidity dislocations and credit losses, or a major channel through which these shocks are transmitted across domestic and international financial markets. The scope of the assessment includes two main FMIs as well as the authorities in Thailand responsible for regulation, supervision, and oversight of FMIs. BAHTNET and TSD are assessed against all relevant principles of the PFMI. The authorities, the BOT and the SEC, are assessed using the responsibilities for authorities of FMIs
    DOI: 10.1596/32612
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    Grenada - Joint World Bank-IMF Debt Sustainability Analysis (2019)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Debt and Creditworthiness Study
    Abstract: With some 19 million US Dollars (1.6 percent of GDP) in unresolved arrears to official bilateral creditors, Grenada remains in external public debt distress. However, debt appears sustainable reflecting favorable projected debt dynamics from substantial fiscal surpluses that are supported by the Fiscal Responsibility Law (FRL). Total public debt has declined from 108 percent of GDP in 2013 to 63.5 percent of GDP in 2018, with external public debt amounting to 44.5 percent of GDP. This reduction was made possible through fiscal consolidation that has been anchored by the FRL, robust economic growth, and a restructuring of Grenada's public debt. Going forward, continued adherence to the FRL and regularization of arrears will be needed to upgrade the risk rating. Debt should be further reduced and kept at levels needed to withstand the existing vulnerabilities to external shocks and natural disasters
    DOI: 10.1596/32567
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    Rwanda- Joint World Bank-IMF Debt Sustainability Analysis (2019)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Debt and Creditworthiness Study
    Abstract: An updated joint assessment of Rwanda's debt sustainability suggests continued low risk of external debt distress. External debt burden indicators remain below risk thresholds, except for a short and temporary breach of debt service indicators in 2023, when the Eurobond issued in 2013 matures. The main risk to debt sustainability--and macroeconomic stability--remains external shocks. Balancing Rwanda's still-strong public investment needs with maintaining low risks of debt distress, the government is focused on carefully choosing the highest return projects, financed under the most favorable terms. These principles are laid out in Rwanda's Medium-Term Debt Strategy, as are options for help mitigating potential risks. More broadly, the government is focused on creating a larger and more diversified export base while encouraging more private investment, to help secure high and resilient growth over the long term. Forthcoming results of fiscal risk analysis will help identify if there could be additional contingent liabilities that should be included in the next DSA
    DOI: 10.1596/32565
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    Honduras - Joint World Bank-IMF Debt Sustainability Analysis (2019)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Debt and Creditworthiness Study
    Abstract: The Debt Sustainability Analysis (DSA) indicates that Honduras stands at low risk of debt distress both for public external debt and overall debt, which represents an upgrade from the 2018 DSA, where risk of debt distress was assessed as moderate. The DSA was undertaken under the revised debt-sustainability framework for low income countries (LIC DSF), whereby Honduras's debt carrying capacity was upgraded from medium to strong. Changes in the debt-sustainability framework have contributed to the risk of debt distress improvement. A proven record of compliance with the Fiscal Responsibility Law (FRL) and solid macroeconomic conditions also contributed to rate Honduras' risk of debt distress as low. Going forward, adherence to the FRL and institutional reforms to boost inclusive growth and increase the economy's potential are critical to maintain debt sustainability
    DOI: 10.1596/32558
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    Nepal - Joint World Bank-IMF Debt Sustainability Analysis (2019)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Debt and Creditworthiness Study
    Abstract: Nepal's risk of external debt distress remains low. Under the revised IMF/World Bank Debt Sustainability Analysis Framework for Low Income Countries (LIC-DSF), all debt and debt service ratios are projected to remain below relevant indicative threshold values. Following a prolonged decline, to 25 percent of GDP in mid-2015, the sum of external and domestic public debt rose to 30 percent of GDP in mid-2018. A further rise in total public debt is projected, to about 35 percent of GDP in the medium term and about 48 percent of GDP in the long term, owing to continuing fiscal and current account deficits, as the authorities implement fiscal federalism and aim to put the economy on a higher growth path. Stress tests suggest that debt burden indicators are vulnerable to growth/exports shocks and natural disasters. This underscores the importance of implementing sound macro-economic policies. Efforts to improve the business climate and competitiveness through high-quality public investment and structural reforms would support growth and expand foreign exchange income streams
    DOI: 10.1596/32555
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    Cabo Verde - Joint World Bank-IMF Debt Sustainability Analysis (2019)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Debt and Creditworthiness Study
    Abstract: Cabo Verde's risk of external and overall debt distress is rated "high" as in the previous debt sustainability analysis (DSA). The present value (PV) of public and publicly-guaranteed (PPG) external debt-to-GDP ratio breaches its threshold in 2019-2022 under the baseline and protractedly under stress test scenarios. The PV of total public debt-to-GDP ratio is projected to recede below its threshold from 2026 under the baseline and breaches its prescribed limit under stress test scenarios. The debt sustainability assessment is predicated on sustained fiscal consolidation and successful restructuring of state-owned enterprises (SOEs). Prudent borrowing policies and a strengthened debt management strategy are critical to containing debt accumulation. In view of Cabo Verde's vulnerability to exogenous shocks, growth-enhancing structural reforms remain critical to bringing public debt to sustainable levels
    DOI: 10.1596/32575
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    Republic of Congo - Joint World Bank-IMF Debt Sustainability Analysis Update : 43647 (2019)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Debt and Creditworthiness Study
    Abstract: Based on an assessment of external public debt indicators and given the continued buildup of external arrears, the Republic of Congo is classified as "in debt distress". Moreover, despite the recent restructuring agreement with China, public debt remains unsustainable with the net present value of external debt in percent of gross domestic product (GDP) and the external debt service-to-revenue ratios projected to remain above their indicative thresholds in the medium ter
    DOI: 10.1596/32578
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    Republic of Madagascar - Joint World Bank-IMF Debt Sustainability Analysis (2019)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Debt and Creditworthiness Study
    Abstract: Madagascar is assessed at low risk of external debt distress. This marks a change from moderate risk in the June 2018 DSA, despite a broader definition of external debt, and reflects an upgrade in Madagascar's debt carrying capacity rather than a change in the debt path. Under the baseline, external public and publicly guaranteed (PPG) debt is well below applicable thresholds. Stress tests do not breach the threshold applicable to countries with medium debt-carrying capacity. Total (external plus domestic) PPG debt is below the benchmark under the baseline, but growth shocks drive the present value of the ratio of debt to GDP above the benchmark. Shocks could also introduce liquidity problems, as the debt-service to revenue ratio could exceed 100 percent over the long term. The overall rating, of moderate debt distress, remains consistent with the 2018 DSA. These assessments continue to be supportive of Madagascar's current plans to scale up its borrowing to meet its investment needs, though other factors are also critical
    DOI: 10.1596/32569
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    Thailand Financial Sector Assessment Program : Funded Pension System (2019)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Financial Sector Assessment Program
    Abstract: While Thailand's pension system is typically described as a multipillar pension scheme, its design is highly fragmented and offers adequate coverage only to a small segment of the population, including civil servants and high-income individuals. In its 2018 Article IV report, the IMF highlighted the need for a broader pension reform, including parametric changes and ender inclusivepolicies to improve female labor force participation and attenuate the impact of aging on productivity growth. While these reforms are needed, private pensions can also play a role inimproving retirement income for individuals. As agreed with the Thai authorities, this technical note provides an assessment of the private, funded components of the pension system. A key component assessed is the voluntary provident fund scheme (PVD). The PVD scheme is voluntary and operates as a tax-incentivized scheme, which allows both employers and employees to take advantage of generous tax benefits for savings for retirement. This note also addresses the challenges of the private, funded system and proposes policy recommendations for increasing coverage, improving efficiency, and delivering sustainable retirement income in the payout phase. This note is organized as follows. The next section provides a brief description of the current overall pension system, public and private; Section III provides a diagnostic of the main challenges in the private, funded system; and Section IV provides recommendations for optimizing the design of the private, funded pension system. The focus of the note is to improve the incentive structure of the private, funded pension scheme
    DOI: 10.1596/32610
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    Thailand Insurance Core Principles (2019)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Financial Sector Assessment Program
    Abstract: The Thai insurance sector is a relatively small but growing part of the country's financial services industry. Insurance sector assets have grown from 10 percent of gross domestic product (GDP) in 2006 to over 22 percent of GDP in 2016, constituting 9 percent of total financial industry assets. Similarly, between 2008 and 2017, gross premiums written have grown at an average annual rate of approximately 16.9 percent, substantially above nominal GDP growth of 9.9 percent during the same period. As a result, the insurance penetration ratio (the ratio of premiums written to GDP) has gradually increased from 3.63 percent in 2008 to 5.39 percent in 2017. This paper provides an assessment of significant regulatory and supervisory practices in the insurance sector of Thailand. The assessment was conducted by Charles Michael Grist, Financial Sector Consultant, the World Bank Group, and A. Thomas Finnell, Financial Sector Consultant to the International Monetary Fund, from February 6 until February 22, 2019. The last review of the Thai insurance sector was conducted as part of an April 2008 Financial Sector Assessment Program Review (FSAP), but this review did not include a detailed assessment against the ICPs issued by the International Association of Insurance Supervisors (IAIS)
    DOI: 10.1596/32611
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  • 45
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    Democratic Republic of Sao Tome and Principe : Joint Bank-Fund Debt Sustainability Analysis, 2018 Update (2018)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Debt and Creditworthiness Study
    Abstract: Sao Tome and Principe is classified as being in debt distress according to this joint World Bank-IMF low-income country debt sustainability analysis (DSA). This assessment has changed from the previous DSA completed in December 2017 (high risk of external debt distress) due to the prolonged negotiations on rescheduling external arrears. Nonetheless, Sao Tome and Principe's debt ratios have improved since the previous DSA. Specifically, the ratio of the present value of public and publicly-guaranteed (PPG) external debt to gross domestic product (GDP) no longer exceeds its threshold under the baseline scenario, due to lower-than-expected loan disbursements in 2017, an appreciation of the euro vis-a -vis the U.S. dollar, and higher-than-expected GDP deflator growth. As in the previous DSA, the debt service ratios stay below their respective thresholds under almost all scenarios. Nevertheless, the ratios of the present value of debt to exports and to revenue still exceed their respective thresholds under the baseline scenario early in the projection period, though they decline over time. This DSA underscores the importance of lowering all PPG external debt indicators below their thresholds by continuing fiscal consolidation, eschewing non-concessional loans, promoting growth, and expanding the export base
    DOI: 10.1596/30528
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  • 46
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    Peru Detailed Assessment of Observance : Basel Core Principles for Effective Banking Supervision (2018)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Financial Sector Assessment Program
    Abstract: The costs of meeting the SDG WASH targets will be several times higher than investment levels during the MDG era (2000-15). The immense scale of the financing gap calls for innovative solutions. In addition to mobilizing more funding another approach is to deliver the needed infrastructure more efficiently and effectively and thus reduce the financing gap. Capital expenditure efficiency (CEE)-the efficient and effective use of capital-is less documented compared to operational efficiency. Although improving operating efficiency is frequently highlighted and readily evaluated, the scope for capital cost efficiencies is poorly understood, frequently overlooked, and difficult to evaluate, even though the scale of savings can be significant-in fact, capital and operating costs are equally important when considering full cost recovery. This study compiles case studies that show the andquot;art of the possibleandquot; in CEE. The report is not encyclopedic-many more examples could surface from a comprehensive study. It also doesnandapos;t quantify the savings possible through increasing CEE. However, almost all the examples show capital savings of 25 percent or more compared to traditional solutions. This alone this should give policy makers, donors, and utility managers pause for thought and encourage them to develop CEE in their sectors, projects, or utilities. A 25 percent improvement in CEE would allow existing investments to deliver a 33 percent increase in benefits
    DOI: 10.1596/31018
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  • 47
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    Islamic Republic of Afghanistan - Joint World Bank-IMF Debt Sustainability Analysis (2018)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Debt and Creditworthiness Study
    Abstract: This debt sustainability analysis (DSA) concludes that Afghanistan's external and overall risk of debt distress continues to be assessed as high. Afghanistan's debt sustainability hinges on continued donor grants inflows (currently around 40 percent of GDP) against substantial fiscal and external deficits and downside risks to the economic outlook. A gradual replacement of grants by debt financing leads to high risk of debt distress in the long run and is captured by mechanical risk ratings based on an extended 20-year period rather than the standard 10-year period. Significant downside risks include the fragile security situation, political uncertainty, domestic revenue shortfalls, weather related risks, and regional economic instability. The authorities should continue their efforts to mobilize revenue and implement reforms, while donors should continue to provide financing in the form of grants. Debt management capacity, including the monitoring of contingent liabilities emanating from state-owned entities and public-private partnerships (PPPs), should be strengthened
    DOI: 10.1596/32571
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  • 48
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    India Financial Sector Assessment Program : Basel Core Principles for Effective Banking Supervision (2018)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Financial Sector Assessment Program
    Abstract: This assessment of the implementation of the BCP in India has been completed as part of the Financial Sector Assessment Program (FSAP), which has been undertaken by the International Monetary Fund (IMF) and the World Bank (WB) in 2017, at the request of the Indian authorities. The scope of the assessment is the scheduled commercial banks, and the assessment reflects the regulatory and supervisory framework in place as of the completion of the assessment. It is not intended to analyze the state of the banking sector or crisis management framework, which are addressed by other assessments conducted in this FSAP
    DOI: 10.1596/29265
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  • 49
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    Grenada : Joint Bank-Fund Debt Sustainability Analysis, 2018 Update (2018)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Debt and Creditworthiness Study
    Abstract: This report provides a Debt Sustainability Analysis (LIC-DSA) of Grenada's public and publicly guaranteed (PPG) external and total debt for 2018. The macro-framework incorporates all previous debt restructurings, including the November 2017 haircut on commercial debt. Total public debt has declined from 108 percent of GDP in 2013 to below 71 percent of GDP in 2017 with external public debt declining to 48 percent of GDP. This reduction was made possible through a comprehensive restructuring of Grenada's public debt, fiscal consolidation, and robust economic growth. Nevertheless, with some USD 15.7 million (1.4 percent of GDP) in unresolved arrears to official bilateral creditors, Grenada's external debt risk rating remains 'in debt distress'. Going forward full regularization of arrears and continued fiscal discipline will be needed to keep the debt on a downward path and withstand the existing vulnerabilities to external shocks and natural disasters
    DOI: 10.1596/30530
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  • 50
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    Republic of the Marshall Islands : Joint Bank-Fund Debt Sustainability Analysis, 2018 Update (2018)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Debt and Creditworthiness Study
    Abstract: The 2018 Debt Sustainability Analysis (DSA) assesses that the Republic of the Marshall Islands (RMI) remains at high risk of debt distress. The ratios of the present value (PV) of external public and publicly-guaranteed (PPG) debt to GDP and to exports are currently just below their respective policy-dependent indicative thresholds. The PV of the PPG debt-to-GDP ratio is expected to decline slightly in the near term, but to start increasing and exceed its indicative threshold in the medium to long term. Stress tests confirm the vulnerability of the debt position to lending terms as well as macroeconomic shocks. Although the RMI does not currently face debt servicing risks, helped by government revenue from fishing licenses and a stable flow of funds from the U.S. Compact grants until FY2023, a lack of fiscal buffers after FY2023 and risks from contingent liabilities call for a fiscal reform strategy. Containing the risk of debt distress requires continuation of grants to support the country's large development needs, and implementation of fiscal and structural reforms to promote fiscal sustainability and growth
    DOI: 10.1596/30529
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  • 51
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    Personality Traits, Technology Adoption, and Technical Efficiency : Evidence from Smallholder Rice Farms in Ghana (2017)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (31 p)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als Ali, Daniel Personality Traits, Technology Adoption, and Technical Efficiency: Evidence from Smallholder Rice Farms in Ghana
    Abstract: Although a large literature highlights the impact of personality traits on key labor market outcomes, evidence of their impact on agricultural production decisions remains limited. Data from 1,200 Ghanaian rice farmers suggest that noncognitive skills (polychronicity, work centrality, and optimism) significantly affect simple adoption decisions, returns from adoption, and technical efficiency in rice production, and that the size of the estimated impacts exceeds that of traditional human capital measures. Greater focus on personality traits relative to cognitive skills may help accelerate innovation diffusion in the short term, and help farmers to respond flexibly to new opportunities and risks in the longer term
    DOI: 10.1596/1813-9450-7959
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  • 52
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    Bulgaria Financial Sector Assessment (2017)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Financial Sector Assessment Program
    Series Statement: World Bank E-Library Archive
    Abstract: The authorities have actively pursued restoring credibility in the financial system following the collapse of the system's fourth largest bank in 2014. To restore credibility, the authorities - in addition to requesting a Basel Core Principles (BCP) assessment in 2015 and this financial sector assessment program (FSAP) - conducted an asset quality review (AQR) for banks and balance sheet review for non-banks, initiated reforms to Bulgarian National Bank (BNB) supervision and introduced a new bank resolution function. It is important that the authorities continue in their efforts to strengthen the banking sector. The FSAP stress test showed more pronounced effects, though broadly in line with that of the authorities, reflecting differences in approaches. While the financial safety net and crisis management arrangements are based on sound foundations, further effort is needed to fully develop the financial safety net's components. This includes strengthening the early intervention framework, and defining joint BNB - Ministry of Finance (MoF) strategies for liquidity assistance. A more targeted strategy is needed to address high nonperforming loans (NPLs), which can help reinvigorate the economy. A number of reforms are necessary to support the prudent development of the pension and insurance sector
    DOI: 10.1596/27555
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  • 53
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    Indonesia Financial Sector Assessment Program : Insurance Core Principles (2017)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Financial Sector Assessment Program
    Abstract: This assessment of insurance regulation in Indonesia was carried out as part of the 2016-17 Financial Sector Assessment Program (FSAP). The Indonesian insurance sector is still vulnerable to a number of material risks. A number of insurers have failed in the last 10 years. After its establishment, OJK has taken prompt action in order to reduce the loss to policyholders by taking strong actions against four insurers with material deficits. OJK has monitored the capital adequacy of insurers through its risk based supervision scheme. During the recent market turmoil in 2015, the solvency requirement was relaxed for nine months while introducing the temporary suspension of mark to market valuation rules. The Indonesian insurance industry is exposed to significant catastrophic risk with domestic concentrations through mandatory reinsurance programs. The low interest rate environment in advanced economies is also affecting the life insurance sector, as insurers have some underwriting denominated in USD
    DOI: 10.1596/29386
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  • 54
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    India Financial Sector Assessment Program Update : Securities Regulation (2017)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Financial Sector Assessment Program
    Abstract: This Technical Note examines India's securities market and the regulatory system overseeing the securities market and market participants. It is based upon a mission to Mumbai, India from March 14 - 31, 2017, conducted as one component of a joint IMF-World Bank Financial Sector Assessment Program (FSAP). This Note updates a detailed IOSCO assessment that was conducted from June 15 to July 1, 2011 as part of an FSAP and published in August 2013. It examines the changes that have occurred in India's securities markets since the last assessment and the changes that have occurred in the regulation of this market
    DOI: 10.1596/29534
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    Gender-Differentiated Impacts of Tenure Insecurity on Agricultural Performance in Malawi's Customary Tenure Systems (2017)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (29 p)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als Deininger, Klaus Gender-Differentiated Impacts of Tenure Insecurity on Agricultural Performance in Malawi's Customary Tenure Systems
    Abstract: Many African countries rely on sporadic land transfers from customary to statutory domains to attract investment and improve agricultural performance. Data from 15,000 smallholders and 800 estates in Malawi allow exploring the long-term effects of such a strategy. The results suggest that (i) most estates are less productive than smallholders; (ii) fear of land loss, although not exclusively due to estates, is associated with a 12 percent productivity loss for females, which is large enough to finance a low-cost tenure regularization program; and (iii) failure to collect realistic land rents implies public revenue losses of up to US
    DOI: 10.1596/1813-9450-7943
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  • 56
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    Bulgaria Financial Sector Assessment Program : Nonperforming Loans Reduction Strategy (2017)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Financial Sector Assessment Program
    Series Statement: World Bank E-Library Archive
    Abstract: This Technical Note (TN) examines the current state of NPLs in Bulgaria and makes recommendations for a strategy to substantially reduce NPLs. These strategy recommendations were developed based on an assessment of the relevant regulatory and supervisory framework and bank practices, including relevant standards and practices for accounting treatments, early warning systems, NPL market development, and collateral valuation. The TN sets forth macroprudential approaches and other components of a sound strategy for NPL reduction, including improvements to loan loss provisioning, income recognition on NPLs, loan write-downs, early warning systems, collateral valuation, risk information for investors, and the NPL market. The NPL management process involves many stakeholders, and their mutual cooperation is important for success. The Bulgarian National Bank (BNB), in its capacity as bank supervisor and regulator and as macroprudential authority for banks, will be in the lead position on the implementation of key aspects of the NPL reduction strategy that can achieve progress in the near term. Broader policies to enhance NPL resolution entail other stakeholders, including the Ministry of Justice (MoJ) that would need to engage in the areas of insolvency and collateral enforcement regimes
    DOI: 10.1596/27535
    URL: Volltext  (Deutschlandweit zugänglich)
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    Mexico Financial Sector Assessment (2017)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Financial Sector Assessment Program
    Series Statement: World Bank E-Library Archive
    Abstract: This financial sector assessment (FSA) summarizes the key findings and recommendations of the 2016 FSAP update report for Mexico. Mexico's economic growth has been steady and inflation remained low despite a significant depreciation of the exchange rate in the last 18 months.The medium term outlook for the Mexican economy foresees stable growth and inflation. After several years of contained growth, commercial bank credit grew by 14 percent in 2015, albeit from a very low base.Nonfinancial sector balance sheets show little sign of stress.Key risks to the macroeconomic outlook are mostly external in nature and stem from the close connection to US markets, the dependency on oil revenues, and potential resurgence of market volatility. A comprehensive financial reform was approved in November 2013 with the objective of increasing the financial sector's contribution to economic growth. The financial reform encompassed revisions to the banking law and other legislation to encourage credit expansion. This entailed a more active role of development banks in extending credit and measures to ensure that private financial institutions would channel credit to productive activities
    DOI: 10.1596/28536
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    Republic of Indonesia Financial Sector Assessment (2017)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Financial Sector Assessment Program
    Series Statement: World Bank E-Library Archive
    Abstract: Indonesia has exhibited strong macroeconomic performance, but developmental needs remain significant. To raise the living standards of a large population dispersed over thousands of islands, Indonesia must address several key challenges, including a sizeable infrastructure gap, relatively low productivity, and rising inequality. The authorities recognize that the financial sector needs to play a central role in overcoming such challenges. The authorities have been pursuing an ambitious agenda to promote financial sector deepening and to strengthen financial oversight and crisis management. Despite substantial progress since the last FSAP, the financial sector is not yet sufficiently able to fund development needs or boost inclusive economic growth. To promote sustainable financial sector deepening and inclusion, the authorities could consider a more coordinated, cross-cutting approach by addressing root causes. To promote inclusive economic growth and strengthen financial markets, the authorities pursue a diverse policy mix which includes: expansion of the KUR credit guarantee program with an interest subsidy add-on; a deposit interest rate ceiling; requirements for non-bank financial institutions to hold debt issued by the government and state-owned enterprises; and moral suasion to lower bank lending rates. However, these measures may not prove effective in achieving sustainably higher growth and financial deepening
    DOI: 10.1596/28391
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  • 59
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    Malawi Economic Monitor, November 2017 : Land for Inclusive Development (2017)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Economic Updates and Modeling
    Abstract: The Malawi Economic Monitor (MEM) provides an analysis of economic and structural development issues in Malawi. The aim of the publication is to foster better-informed policy analysis and debate regarding the key challenges that Malawi faces in its endeavor to achieve high rates of stable, inclusive, and sustainable economic growth. Malawi's economy is primarily based on agriculture and heavily reliant on its land resources to achieve social and economic development. The recently promulgated land acts have the potential to create multiple economic and social benefits for Malawi's citizens by improving investor confidence in the business environment, reducing the cost of documenting rights, supporting decentralization, improving land use planning, and protecting vulnerable groups' land rights and livelihoods. The effective implementation of these critical land reforms will ultimately facilitate the attainment of inclusive growth, boost productivity, and generate additional revenue for the government. The MEM consists of two parts: part one presents a review of recent economic developments and a macroeconomic outlook. Part two focuses on a special selected topic relevant to Malawi's development prospects
    DOI: 10.1596/28888
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  • 60
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    People's Republic of China Financial Sector Assessment Program : IOSCO Objectives and Principals of Securities Regulation (2017)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Financial Sector Assessment Program
    Abstract: The authorities' vision o ...
    DOI: 10.1596/28992
    URL: Deutschlandweit zugänglich
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    Assessing Effects of Large-Scale Land Transfers : Challenges and Opportunities in Malawi's Estate Sector (2017)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (35 p)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als Deininger, Klaus Assessing Effects of Large-Scale Land Transfers: Challenges and Opportunities in Malawi's Estate Sector
    Abstract: This study uses data from the complete computerization of agricultural leases in Malawi, a georeferenced farm survey, and satellite imagery to document the opportunities and challenges of land-based investment in novel ways. Although 1.5 million hectares, or 25 percent, of Malawi's agricultural area is under agricultural estates, analysis shows that 70 percent has expired leases and 140,000 hectares are subject to overlapping claims. This reduces revenue from ground rent by up to US
    DOI: 10.1596/1813-9450-8200
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  • 62
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    Can Labor Market Imperfections Explain Changes in the Inverse Farm Size-Productivity Relationship? Longitudinal Evidence from Rural India (2016)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (28 p)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als Deininger, Klaus Can Labor Market Imperfections Explain Changes in the Inverse Farm Size-Productivity Relationship? Longitudinal Evidence from Rural India
    Abstract: A large national farm panel from India covering a quarter century (1982, 1999, and 2008) is used to show that the inverse farm size-yield relationship weakened significantly over time, despite an increase in the dispersion of farm sizes. Key reasons are substitution of capital for labor in response to nonagricultural labor demand. Family labor was more efficient than hired labor in 1982-99, but not in 1999-2008. In line with labor market imperfections as a key factor, separability of labor supply and demand decisions cannot be rejected in the second period, except in villages with very low nonagricultural labor demand
    DOI: 10.1596/1813-9450-7783
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  • 63
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    Enhancing the Effectiveness of External Support in Building Tax Capacity in Developing Countries : Prepared for Submission to G20 Finance Ministers (2016)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other papers
    Series Statement: World Bank E-Library Archive
    Abstract: This report responds to the February 2016 request from the G20. The report has been prepared in the framework of the Platform for Collaboration on Tax (the "PCT"), under the responsibility of the Secretariats and Staff of the four mandated organizations. The report reflects a broad consensus among these staff, but should not be regarded as the officially endorsed views of those organizations or of their member countries. The request arises in the context of increased recognition of the centrality to development of strong tax systems and of the importance of external support in building them, and a correspondingly increased willingness of advanced economies to provide substantially greater financing and other support for this. In that context, the report uses the experiences of the international organizations to analyze how support for developing tax capacity can be improved
    DOI: 10.1596/28409
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    Colombia : Key Attributes of Effective Resolution Regimes for Financial Institutions (2016)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (1 pages)
    Series Statement: World Bank E-Library Archive
    Series Statement: Financial Sector Assessment Program
    Abstract: At the request of the Colombian authorities, the bank resolution regime was assessed against the Key Attributes of Effective Resolution Regimes for Financial Institutions (KAs). The assessment was conducted by staff of the Financial Stability Board (FSB), International Monetary Fund (IMF) and World Bank utilizing the draft KA Assessment Methodology (AM). The assessment reviewed the resolution regime as of October 2015, and was limited to the banking sector, considering only those elements of the AM that directly relate to bank resolution without assessing those addressing the resolution of insurance firms, investment firms and financial market infrastructures (FMIs). As a draft methodology was used, the findings of the assessment should be viewed as preliminary. A central goal of this assessment was to test the draft AM, and a future revision of the AM might yield different results with respect to the adherence of the Colombian bank resolution regime to the KAs. In this light, no ratings were assigned in this review. This assessment was the first one undertaken in a country that is not a member of the FSB, or home to a Global Systemically Important Financial Institution (G-SIFI)
    DOI: 10.1596/24273
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    Financial Sector Assessment : Russian Federation (2016)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (1 pages)
    Series Statement: World Bank E-Library Archive
    Series Statement: Financial Sector Assessment Program
    Abstract: A joint IMF-World Bank mission visited the Russian Federation from March 15 to 31, 2016, to conduct an assessment under the Financial Sector Assessment Program (FSAP). The mission assessed financial sector risks and vulnerabilities, assessed the quality of financial sector supervision, and evaluated financial safety net arrangements. The mission also assessed financial inclusion for individuals, the role of the state in the financial sector, insurance sector development, and the payment system
    DOI: 10.1596/25069
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  • 66
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    Short-Term Effects of India's Employment Guarantee Program on Labor Markets and Agricultural Productivity (2016)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (27 p)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als Deininger, Klaus Short-Term Effects of India's Employment Guarantee Program on Labor Markets and Agricultural Productivity
    Abstract: This paper uses a large national household panel from 1999/2000 and 2007/08 to analyze the short-term effects of India's Mahatma Gandhi National Rural Employment Guarantee Scheme on wages, labor supply, agricultural labor use, and productivity. The scheme prompted a 10-point wage increase and higher labor supply to nonagricultural casual work and agricultural self-employment. Program-induced drops in hired labor demand were more than outweighed by more intensive use of family labor, machinery, fertilizer, and diversification to crops with higher risk-return profiles, especially by small farmers. Although the aggregate productivity effects were modest, total employment generated by the program (but not employment in irrigation-related activities) significantly increased productivity, suggesting alleviation of liquidity constraints and implicit insurance provision rather than quality of works undertaken as a main channel for program-induced productivity effects
    DOI: 10.1596/1813-9450-7665
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  • 67
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    Large Farm Establishment, Smallholder Productivity, Labor Market Participation, and Resilience : Evidence from Ethiopia (2016)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (40 p)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als Ali, Daniel Large Farm Establishment, Smallholder Productivity, Labor Market Participation, and Resilience : Evidence from Ethiopia
    Abstract: Although the nature and magnitude of (positive or negative) spillovers from large farm establishment are hotly debated, most evidence relies on case studies. Ethiopia's large farms census together with 11 years of nation-wide smallholder surveys allows examination and quantification of spillovers using intertemporal changes in smallholders' proximity and exposure to large farms, generally or growing the same crop, for identification. The results suggest positive spillovers on fertilizer and improved seed use, yields, and risk coping, but not local job creation, for some crops, most notably maize. Most spillovers are crop-specific and limited to large farms' immediate vicinity. The implications for policy and research are drawn out
    DOI: 10.1596/1813-9450-7576
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 68
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    Russian Federation Financial Sector Assessment Program : Basel Core Principles for Effective Banking Supervision (2016)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Financial Sector Assessment Program
    Series Statement: World Bank E-Library Archive
    Abstract: The establishment of the Central Bank of the Russian Federation (CBR) as a unified or 'Mega Regulator' in 2013 is an emblem of the far reaching changes to the legal and supervisory landscape in recent years. The level of compliance with the Basel Core Principles (BCP) reflects the transitional nature of the supervisory practices in Russia at the time of the assessment. The CBR is in the course of developing and enhancing its Risk Based Approach to supervision. The regulatory approach in the Russian Federation is highly rules based and this presents some specific challenges to an effective risk based supervisory regime. Supervision and Anti-Money Laundering and/Countering Terrorist Financing (AML/CFT) regulations have been improved. Effective communication and flow of information has been improving but some limitations still apply
    DOI: 10.1596/25263
    URL: Volltext  (Deutschlandweit zugänglich)
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 69
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    Russian Federation Financial Sector Assessment Program : Insurance Core Principles Assessment (2016)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (1 pages)
    Series Statement: World Bank E-Library Archive
    Series Statement: Financial Sector Assessment Program
    Abstract: With about RUB 988bn (USD 26bn) in gross premium written, in 2014, the Russian insurance industry ranked 27th in the world. Non-life insurance premium accounted for 89 percent of GPW while life insurance for only 11 percent. In 2015, the industry also faced with the consequences of the Western economic sanctions which effectively closed access to the high quality Western reinsurance capacity for the Russian insurers that provide coverage for 1500 large Russian companies which were put on the sanctions list. In the past, the Western reinsurers provided over 80 percent of reinsurance capacity for such risks. In the case of Russia, the main objective of insurance supervision is to ensure that insurers fully comply with core regulatory norms fixed by the law in the following four areas of insurance operations: (a) solvency (capital adequacy); (b) insurance reserves; (c) assets covering own funds; and (d) assets covering reserves. The objective of off-site and onsite supervision is restricted to ensuring compliance of insurers with these four regulatory norms. In this context, the resources of the insurance supervisor are by and large dedicated towards meeting this objective. While the dispersion of insurance supervisory functions among numerous CBR departments with various reporting lines carries certain advantages (such as a reduced potential for the conflict of interest), it also has a potential for major drawbacks. These include the potential for (a) insufficient coordination among different departments, (b) shortage of necessary insurance expertise within departments universally dealing with a wide range of financial services, and (c) impaired ability of the regulator as a whole to systematically detect problems with compliance in such a technically complex industry as insurance at an early stage
    DOI: 10.1596/25064
    URL: Deutschlandweit zugänglich
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  • 70
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    Using Administrative Data to Assess the Impact and Sustainability of Rwanda's Land Tenure Regularization (2016)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (33 p)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als Ali, Daniel Ayalew Using Administrative Data to Assess the Impact and Sustainability of Rwanda's Land Tenure Regularization
    Abstract: Rwanda's completion, in 2012/13, of a land tenure regularization program covering the entire country allows the use of administrative data to describe initial performance and combine the data with household surveys to quantify to what extent and why subsequent transfers remain informal, and how to address this. In 2014/15, annual volumes of registered sales ranged between 5.6 percent for residential land in Kigali and 0.1 percent for agricultural land in the rest of the country; and US
    DOI: 10.1596/1813-9450-7705
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  • 71
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    Montenegro Financial Sector Assessment Program : Banking Supervision and Regulation (2016)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (1 pages)
    Series Statement: World Bank E-Library Archive
    Series Statement: Financial Sector Assessment Program
    Abstract: This technical note discusses the current status of banking supervision and regulation in Montenegro in the context of select Basel Core Principles (BCP). This note has been prepared as part of a Financial Sector Assessment Program (FSAP) update conducted jointly by the International Monetary Fund (IMF) and World Bank (WB) in September 2015. As agreed with the authorities, the FSAP tea
    DOI: 10.1596/24585
    URL: Deutschlandweit zugänglich
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  • 72
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    Using National Statistics to Increase Transparency of Large Land Acquisition : Evidence from Ethiopia (2015)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (30 p)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als Ali, Daniel Using National Statistics to Increase Transparency of Large Land Acquisition: Evidence from Ethiopia
    Abstract: The 2007/08 commodity price boom triggered a 'rush' for land in developing countries. Yet, many affected countries lacked the regulatory infrastructure to cope with such demand and reliable data on investors' performance. This study uses the example of Ethiopia to show how simple improvements in administrative data collection can help to address this by (i) allowing assessment of the productivity of land use and taking measures to increase it; (ii) comparing productivity between large and small farms to identify spillovers and ways to improve these; and (iii) setting in motion a process of continuing improvement. Implications for global investment in this area are drawn out
    DOI: 10.1596/1813-9450-7342
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 73
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    Smallholders' Land Ownership and Access in Sub-Saharan Africa : A New Landscape? (2015)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (26 p)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als Deininger, Klaus Smallholders' Land Ownership and Access in Sub-Saharan Africa: A New Landscape?
    Abstract: Communities & Human Settlements
    DOI: 10.1596/1813-9450-7285
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 74
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    Impact of Property Rights Reform to Support China's Rural-Urban Integration : Village-Level Evidence from the Chengdu National Experiment (2015)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (26 p)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als Deininger, Klaus Impact of Property Rights Reform to Support China's Rural-Urban Integration: Village-Level Evidence from the Chengdu National Experiment
    Abstract: As part of a national experiment, in 2008 Chengdu prefecture implemented ambitious property rights reforms, including complete registration of all land together with measures to ease transferability and eliminate labor market restrictions. This study uses a discontinuity design with spatial fixed effects to compare 529 villages just inside and outside the prefecture's border. The results suggest that the reforms increased tenure security, aligned land use closer to economic incentives, mainly through market transfers, and led to an increase in enterprise start-ups. These impacts, most of which are more pronounced for villages with lower travel time to Chengdu city, point toward high potential gains from factor market reform
    DOI: 10.1596/1813-9450-7389
    URL: Volltext  (Deutschlandweit zugänglich)
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 75
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    Costs and Benefits of Land Fragmentation: Evidence from Rwanda (2015)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (30 p)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als Ali, Daniel Ayalew Costs and Benefits of Land Fragmentation: Evidence from Rwanda
    Abstract: Rural Development
    DOI: 10.1596/1813-9450-7290
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 76
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    Investigating the Gender Gap in Agricultural Productivity : Evidence from Uganda (2015)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (32 p)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als Ali, Daniel Investigating the Gender Gap in Agricultural Productivity
    Abstract: Women comprise 50 percent of the agricultural labor force in Sub-Saharan Africa, but manage plots that are reportedly on average 20 to 30 percent less productive. As a source of income inequality and aggregate productivity loss, the country-specific magnitude and drivers of this gender gap are of great interest. Using national data from the Uganda National Panel Survey for 2009/10 and 2010/11, the gap before controlling for endowments was estimated to be 17.5 percent. Panel data methods were combined with an Oaxaca decomposition to investigate the gender differences in resource endowment and return to endowment driving this gap. Although men have greater access to inputs, input use is so low and inverse returns to plot size so strong in Uganda that smaller female-managed plots have a net endowment advantage of 12 percent, revealing a larger unexplained gap of 29.5 percent. Two-fifths of this unexplained gap is attributed to differential returns to the child dependency ratio and one-fifth to differential returns to transport access, implying that greater child care responsibilities and difficulty accessing input and output markets from areas without transport are the largest drivers of the gap. Smaller and less robust drivers include differential uptake of cash crops, and differential uptake and return to improved seeds and pesticides
    DOI: 10.1596/1813-9450-7262
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  • 77
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    Options for Low Income Countries' Effective and Efficient Use of Tax Incentives for Investment : Tools for the Assessment of Tax Incentives (2015)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (1 pages)
    Series Statement: World Bank E-Library Archive
    Series Statement: Other papers
    Abstract: This background paper describes five different tools that can be used for the assessment of tax incentives by governments in low income countries' (LICs). The first tool (an application of cost-benefit analysis) provides an overarching framework for assessment. Evaluations of the various costs and benefits of tax incentives are vital for informed decision making, but are rarely undertaken, partly because it can be a difficult exercise that is demanding in terms of data needs. The next three tools (tax expenditure assessment, corporate micro simulation models, and effective tax rate models) can be used as part of a comprehensive cost-benefit analysis, to shed light on particular aspects. Effective tax rate models shed light on the implications of tax parameters - including targeted tax incentives - on investment returns and help understand the implications of reform for expected investment outcomes. The document presents two tools for assessing the transparency and governance of tax incentives in LICs. These discuss principles in transparency and governance of tax incentives, and allow for benchmarking existing LIC practices against better alternatives
    DOI: 10.1596/22924
    URL: Deutschlandweit zugänglich
    URL: Deutschlandweit zugänglich
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  • 78
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    Quantifying Spillover Effects from Large Farm Establishments : The Case of Mozambique (2015)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (32 p)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als Deininger, Klaus Quantifying Spillover Effects from Large Farm Establishments: The Case of Mozambique
    Abstract: Almost a decade after large land-based investment for agriculture increased sharply, opinions on its impact continue to diverge, partly because (positive or negative) spillovers on neighboring smallholders have never been rigorously assessed. Applying methods from the urban literature on Mozambican data suggests that changes in the number and area of large farms within 25 or 50 kilometers of these investments raised use of improved practices, animal traction, and inputs by small farmers without increasing cultivated area or participation in output, credit, and nonfarm labor markets; or, once these factors are controlled for, yields. The limited scope and modest size of the estimated benefits point toward considerable unrealized potential. The paper discusses ways to systematically explore the size of such potential and the extent to which it is realized
    DOI: 10.1596/1813-9450-7466
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  • 79
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    Pronatal Property Rights over Land and Fertility Outcomes : Evidence from a Natural Experiment in Ethiopia (2015)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (42 p)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als Ali, Daniel Ayalew Pronatal Property Rights over Land and Fertility Outcomes: Evidence from a Natural Experiment in Ethiopia
    Abstract: This study exploits a natural experiment to investigate the impact of land reform on the fertility outcomes of households in rural Ethiopia. Public policies and customs created a situation where Ethiopian households could influence their usufruct rights to land via a demographic expansion of the family. The study evaluates the impact of the abolishment of these pronatal property rights on fertility outcomes. By matching aggregated census data before and after the reform with administrative data on the reform, a difference-in-differences approach between reform and non-reform districts is used to assess the impact of the reform on fertility outcomes. The impact appears to be large. The study estimates that women in rural areas reduced their life-time fertility by 1.2 children due to the reform. Robustness checks show that the impact estimates are not biased by spillovers or policy endogeneity
    DOI: 10.1596/1813-9450-7419
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  • 80
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    Global Monitoring Report 2014/2015 : Ending Poverty and Sharing Prosperity (2014)
    Washington, D.C : The World Bank
    Details
    ISBN: 9781464803376
    Language: English
    Pages: Online-Ressource (240 p)
    Edition: 2014 World Bank eLibrary
    Series Statement: Global Monitoring Report
    Abstract: The Global Monitoring Report 2014/2015: Ending Poverty and Sharing Prosperity was written jointly by the World Bank Group (WBG) and the International Monetary Fund, with substantive inputs from the Organisation for Economic Co-operation and Development. This year's report details, for the first time, progress toward the WBG's twin goals of ending extreme poverty by 2030 and promoting shared prosperity and assesses the state of policies and institutions that are important for achieving them. The report continues to monitor progress on the Millennium Development Goals (MDGs). Also for the first time, the report includes information about high-income countries. It finds that while gaps in living standards have been closing in many countries, the well-being of households in the bottom 40 percent, as measured by the non-income MDGs such as access to education and health services, remains below that of households in the top 60 percent. The focus of this year's report is on three elements needed to make growth more inclusive and sustainable: investment in human capital that favors the poor, the best use of safety nets, and steps to ensure the environmental sustainability of economic growth. These three elements are imperative to all countries' development strategies, and are also fundamental to global efforts to achieve the twin goals, the MDGs, and the Sustainable Development Goals that will succeed the MDGs. Global Monitoring Report 2014/2015 was prepared in collaboration with regional development banks and other multilateral partners
    DOI: 10.1596/978-1-4648-0336-9
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  • 81
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    Is There a Farm-Size Productivity Relationship in African Agriculture? : Evidence from Rwanda (2014)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (46 p)
    Edition: 2014 World Bank eLibrary
    Parallel Title: Ali, Daniel Ayalew Is There a Farm-Size Productivity Relationship in African Agriculture?
    Abstract: Whether the negative relationship between farm size and productivity that is confirmed in a large global literature holds in Africa is of considerable policy relevance. This paper revisits this issue and examines potential causes of the inverse productivity relationship in Rwanda, where policy makers consider land fragmentation and small farm sizes to be key bottlenecks for the growth of the agricultural sector. Nationwide plot-level data from Rwanda point toward a constant returns to scale crop production function and a strong negative relationship between farm size and output per hectare as well as intensity of labor use that is robust across specifications. The inverse relationship continues to hold if profits with family labor valued at shadow wages are used, but disappears if family labor is rather valued at village-level market wage rates. These findings imply that, in Rwanda, labor market imperfections, rather than other unobserved factors, seem to be a key reason for the inverse farm-size productivity relationship
    DOI: 10.1596/1813-9450-6770
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 82
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    Inheritance Law Reform, Empowerment, and Human Capital Accumulation : Second-Generation Effects from India (2014)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (31 p)
    Edition: 2014 World Bank eLibrary
    Parallel Title: Deininger, Klaus Inheritance Law Reform, Empowerment, and Human Capital Accumulation
    Abstract: This paper uses evidence from three Indian states, one of which amended inheritance legislation in 1994, to assess first- and second-generation effects of inheritance reform using a triple-difference strategy. Second-generation effects on education, time use, and health are larger and more significant than first-generation effects even controlling for mothers' endowments. Improved access to bank accounts and sanitation as well as lower fertility in the parent generation suggest that inheritance reform empowered females in a sustainable way, a notion supported by significantly higher female survival rates
    DOI: 10.1596/1813-9450-7086
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  • 83
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    The Price of Empowerment : Experimental Evidence on Land Titling in Tanzania (2014)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (37 p)
    Edition: 2014 World Bank eLibrary
    Parallel Title: Ali, Daniel Ayalew The Price of Empowerment
    Keywords: Bodenreform ; Bodenrecht ; Geschlecht ; Feldforschung ; Tansania
    Abstract: This paper reports on a randomized field experiment that uses price incentives to address economic and gender inequality in land tenure formalization. During the 1990s and 2000s, nearly two dozen African countries proposed de jure land reforms extending access to formal, freehold land tenure to millions of poor households. Many of these reforms stalled. Titled land remains the de facto preserve of wealthy households and, within households, men. Beginning in 2010, the study tested whether price instruments alone can generate greater inclusion by offering formal titles to residents of a low-income, unplanned settlement in Dar es Salaam at a range of subsidized prices, as well as additional price incentives to include women as owners or co-owners of household land. Estimated price elasticities of demand confirm that prices-rather than other implementation failures or features of the titling regime-are a key obstacle to broader inclusion in the land registry, and that some degree of pro-poor price discrimination is justified even from a narrow budgetary perspective. In terms of gender inequality, the study finds that even small price incentives for female co-titling achieve almost complete gender parity in land ownership with no reduction in demand
    DOI: 10.1596/1813-9450-6908
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  • 84
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    Credit Constraints, Agricultural Productivity, and Rural Nonfarm Participation : Evidence from Rwanda (2014)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (30 p)
    Edition: 2014 World Bank eLibrary
    Parallel Title: Ali, Daniel Ayalew Credit Constraints, Agricultural Productivity, and Rural Nonfarm Participation
    Abstract: Although the potentially negative impacts of credit constraints on economic development have long been discussed conceptually, empirical evidence for Africa remains limited. This study uses a direct elicitation approach for a national sample of Rwandan rural households to assess empirically the extent and nature of credit rationing in the semi-formal sector and its impact using an endogenous sample separation between credit-constrained and unconstrained households. Being credit constrained reduces the likelihood of participating in off-farm self-employment activities by about 6.3 percent while making participation in low-return farm wage labor more likely. Even within agriculture, elimination of all types of credit constraints in the semi-formal sector could increase output by some 17 percent. Two suggestions for policy emerge from the findings. First, the estimates suggest that access to information (education, listening to the radio, and membership in a farm cooperative) has a major impact on reducing the incidence of credit constraints in the semi-formal credit sector. Expanding access to information in rural areas thus seems to be one of the most promising strategies to improve credit access in the short term. Second, making it easy to identify land owners and transfer land could also significantly reduce transaction costs associated with credit access
    DOI: 10.1596/1813-9450-6769
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  • 85
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    Does Land Fragmentation Increase the Cost of Cultivation? : Evidence from India (2014)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (27 p)
    Edition: 2014 World Bank eLibrary
    Parallel Title: Deininger, Klaus Does Land Fragmentation Increase the Cost of Cultivation?
    Abstract: Although a large literature discusses the productivity effects of land fragmentation, measurement and potential endogeneity issues are often overlooked. This paper uses several measures of fragmentation and controls for endogeneity and crop choice by looking at inherited paddy and wheat plots to show that these issues matter empirically. While crop choice can mitigate effects, fragmentation as measured by the Simpson index increases production cost and fosters substitution of labor for machinery, especially for small and medium farmers. Greater distances between fragments have a smaller effect. Creating opportunities for market-based consolidation could be one step to limit fragmentation-induced cost increases
    DOI: 10.1596/1813-9450-7085
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  • 86
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    Welfare and Poverty Impacts of India's National Rural Employment Guarantee Scheme : Evidence from Andhra Pradesh (2013)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (31 p)
    Edition: 2013 World Bank eLibrary
    Parallel Title: Deininger, Klaus Welfare and Poverty Impacts of India's National Rural Employment Guarantee Scheme
    Abstract: This paper uses a three-round 4,000-household panel from Andhra Pradesh together with administrative data to explore short and medium-term poverty and welfare effects of the National Rural Employment Guarantee Scheme. Triple difference estimates suggest that participants significantly increase consumption (protein and energy intake) in the short run and accumulate more nonfinancial assets in the medium term. Direct benefits exceed program-related transfers and are most pronounced for scheduled castes and tribes and households supplying casual labor. Asset creation via program-induced land improvements is consistent with a medium-term increase in assets by nonparticipants and increases in wage income in excess of program cost
    DOI: 10.1596/1813-9450-6543
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  • 87
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    Are Mega-Farms the Future of Global Agriculture? : Exploring the Farm Size-Productivity Relationship for Large Commercial Farms in Ukraine (2013)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (37 p)
    Edition: 2013 World Bank eLibrary
    Parallel Title: Deininger, Klaus Are Mega-Farms the Future of Global Agriculture?
    Abstract: With farms cultivating tens or hundreds of thousands of hectares, Ukraine is often used to demonstrate the existence of economies of scale in modern grain production. Panel data analysis for all the country's farms with more than 200 hectares in 2001-2011 suggests that higher yields and profits are due to unobserved factors at rayon (district) and farm level rather than economies of scale. Productivity growth was driven not by farm expansion but by exit of unproductive and entry of more efficient farms. Higher initial shares of area under farms with more than 3,000 or 5,000 hectares at the rayon level significantly reduce subsequent exit, suggesting that land concentration reduces productivity growth. The paper draws implications for global evolution of farm structures
    DOI: 10.1596/1813-9450-6544
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  • 88
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    Does Sharecropping Affect Productivity and Long-Term Investment? : Evidence from West Bengal's Tenancy Reforms (2012)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (33 p)
    Edition: 2012 World Bank eLibrary
    Parallel Title: Deininger, Klaus Does Sharecropping Affect Productivity and Long-Term Investment?
    Abstract: Although transfer of agricultural land ownership through land reform had positive impacts on productivity, investment, and political empowerment in many cases, institutional arrangements in West Bengal - which made tenancy heritable and imposed a prohibition on subleasing - imply that early land reform benefits may not be sustained and gains from this policy remain well below potential. Data from a listing of 96,000 households in 200 villages, complemented by a detailed survey of 1,800 owner-cum tenants, point toward binding policy constraints and large contemporaneous inefficiency of share tenancy that is exacerbated by strong disincentives to investment. A conservative estimate puts the efficiency losses from such arrangements in any period at 25 percent
    DOI: 10.1596/1813-9450-6293
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  • 89
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    Moving off the Farm : Land Institutions to Facilitate Structural Transformation and Agricultural Productivity Growth in China (2012)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (30 p)
    Edition: 2012 World Bank eLibrary
    Parallel Title: Deininger, Klaus Moving off the Farm
    Abstract: Agriculture has made major contributions to China's economic growth and poverty reduction, but the literature has rarely focused on the institutional factors that might underpin such structural transformation and productivity. This paper aims to fill that gap. Drawing on an 8-year panel of 1,200 households in six key provinces, it explores the impact of government land reallocations and formal land-use certificates on agricultural productivity growth, as well as the likelihood of households to exit from agriculture or send family members to the non-farm sector. It finds that land tenure insecurity, measured by the history of past land reallocations, discourages households from quitting agriculture. The recognition of land rights through formal certificates encourages the temporary migration of rural labor. Both factors have a large impact on productivity (at about 30 percent each), mainly by encouraging market-based land transfers. A sustained increase in non-agricultural opportunities will likely reinforce the importance of secure land tenure, which is a precondition for successful structural transformation and continued economic attractiveness of rural areas
    DOI: 10.1596/1813-9450-5949
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  • 90
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    Land Fragmentation, Cropland Abandonment, and Land Market Operation in Albania (2012)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (31 p)
    Edition: 2012 World Bank eLibrary
    Parallel Title: Klaus Deininger Land Fragmentation, Cropland Abandonment, and Land Market Operation in Albania
    Abstract: Albania's radical farmland distribution is credited with averting an economic crisis and social unrest during the transition. But many believe it led to a holding structure too fragmented to be efficient, and that public efforts to consolidate plots are needed to lay the foundation for greater rural productivity. This paper uses farm-level data from the 2005 Albania Living Standards Measurement Survey to explore this quantitatively. The analysis finds no support for the argument that fragmentation reduces productivity. However, producers fail to utilize about 10 percent of the country's productive land, and, in the majority of cases, this land has been idle for at least five years. Farmers quote inefficiently-small plots as the reason for this in few cases, casting doubt on the scope for land consolidation to solve this issue. Instead, the data are consistent with the notion of land market imperfections, which can be traced to gaps in the legal and policy framework, as well as inefficiencies in registry operations, leading to land abandonment on a large scale. To maintain the productive potential of Albania's rural economy and, if and when needed, the ability to conduct consolidation in a cost-effective and sustainable manner, it will be critical to complement the emphasis on consolidation with an effort to address those gaps and inefficiencies on a priority basis
    DOI: 10.1596/1813-9450-6032
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  • 91
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    Causes and Implications of Credit Rationing in Rural Ethiopia : The Importance of Spatial Variation (2012)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (27 p)
    Edition: 2012 World Bank eLibrary
    Parallel Title: Ali, Daniel Ayalew Causes and Implications of Credit Rationing in Rural Ethiopia
    Abstract: This paper uses Ethiopian data to explore credit rationing in semi-formal credit markets and its effects on farmers' resource allocation and crop productivity. Credit rationing-both voluntarily and involuntarily-is found to be widespread in the sampled rural villages, largely because of risk-related factors. Political and social networks emerge as key determinants of access to credit among smallholder, peasant farmers. Significant regional variation emerges as well. In high-potential, surplus producing areas where credit is largely used for agricultural production, eliminating credit constraints is estimated to increase productivity by roughly 11 percentage points. By contrast, in low-productivity, drought prone areas where loans were rarely used to acquire inputs for crop production, the authors find no relationship between credit rationing and agricultural productivity. To be effective, efforts to improve agricultural productivity not only need to increase credit supply, but also explore the reasons for credit rationing and the availability of productive opportunities
    DOI: 10.1596/1813-9450-6096
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  • 92
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    Boosting Jobs and Living Standards in G20 Countries (2012)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other papers
    Series Statement: World Bank E-Library Archive
    Abstract: Almost four years since the onset of the global financial and economic crisis, unemployment and underemployment remain stubbornly high in many G20 countries, and many workers remain trapped in low paid, often informal, jobs with little social protection. Job creation has been anemic in many countries, too slow to fully reabsorb the mass of unemployed and underemployed or, particularly in some emerging market economies, to keep pace with labour force growth and the pressures of rural-urban migration. This raises concerns about the long-term negative effects on human capital, growing inequality and lower future output growth. The political pressures are high, and the risk of a drift towards protectionist measures aimed at 'keeping jobs at home' cannot be ignored. While there is substantial variation in national contexts, G20 countries can help minimize these risks through collective and collaborative work aimed at identifying and implementing credible policy reforms that will boost job creation, employment and the quality of jobs. The report aims at providing a preliminary review of countries' experiences against the backdrop of an evolving economic outlook and could form the basis of a more in-depth analysis, should Ministers request it. Improving labour market outcomes involves several challenges relating to both the quantity and quality aspects of job creation. There is a need in all countries to harness growth to generate labour market opportunities that correspond to labour force growth
    DOI: 10.1596/27112
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  • 93
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    People's Republic of China Financial Sector Assessment Program : IOSCO Objectives and Principles for Securities Regulation (2012)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Financial Sector Assessment Program
    Series Statement: World Bank E-Library Archive
    Abstract: This is an initial report of the International Organization of Securities Commissions (IOSCO) assessment performed in 2010 as part of the financial sector assessment program (FSAP) of China. The assessment was prepared on the basis of a self-assessment prepared by the China Securities Regulatory Commission (CSRC), public information contained on the CSRC website and the websites of other entities in China, and a review of relevant Chinese laws and regulations. The timely completion of this assessment was greatly facilitated by the cooperation provided by numerous members of the staff of the CSRC. The CSRC has broad regulatory authority over the stock and futures exchanges, the China Securities Depository and Clearing Corporation Limited (SD and C) and other clearing and settlement institutions, securities companies, futures companies, and collective investment scheme (CIS) operators. This paper is divided into two parts. The first part gives summary, key findings, and recommendations. It is further divided into following six parts: (i) introduction; (ii) information and methodology used for assessment; (iii) institutional and market structure- overview; (iv) preconditions for effective securities regulation; (v) key findings; and (vi) recommended action plan and authorities' response. The second part gives tabular detailed assessment
    DOI: 10.1596/26543
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  • 94
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    The rise of large farms in land abundant countries : Do they have a future? (2011)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (37 p)
    Edition: 2011 World Bank eLibrary
    Parallel Title: Deininger, Klaus The rise of large farms in land abundant countries
    Abstract: Increased levels and volatility of food prices has led to a surge of interest in large-scale agriculture and land acquisition. This creates challenges for policy makers aiming to establish a policy environment conducive to an agrarian structure to contribute to broad-based development in the long term. Based on a historical review of episodes of growth of large farms and their impact, this paper identifies factors underlying the dominance of owner-operated farm structures and ways in which these may change with development. The amount of land that could potentially be available for expansion and the level of productivity in exploiting available land resources are used to establish a country-level typology. The authors highlight that an assessment of the advantages of large operations, together with information on endowments, can provide input into strategy formulation at the country level. A review of recent cases of land acquisition reinforces the importance of the policy framework in determining outcomes. It suggests that transparency and contract enforcement, recognition of local land rights and ways in which they can be exercised, attention to employment effects and technical viability, and mechanisms to re-allocate land from unsuccessful ventures to more productive entrepreneurs are key areas warranting the attention of policy makers
    DOI: 10.1596/1813-9450-5588
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  • 95
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    Does Female Reservation Affect Long-Term Political Outcomes : Evidence from Rural India (2011)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (32 p)
    Edition: 2011 World Bank eLibrary
    Parallel Title: Deininger, Klaus Does Female Reservation Affect Long-Term Political Outcomes
    Abstract: Although many studies have explored the impacts of political quotas for females, often with ambiguous results, the underlying mechanisms and long-term effects have received little attention. This paper uses nation-wide data from India spanning a 15-year period to explore how reservations affect leader qualifications, service delivery, political participation, local accountability, and individuals' willingness to contribute to public goods. Although leader quality declines and impacts on service quality are often negative, gender quotas are shown to increase the level and quality of women's political participation, the ability to hold leaders to account, and the willingness to contribute to public goods. Key effects persist beyond the reserved period and impacts on females often materialize only with a lag
    DOI: 10.1596/1813-9450-5708
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  • 96
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    Productivity Effects of Land Rental Markets in Ethiopia : Evidence from a Matched Tenant-Landlord Sample (2011)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (35 p)
    Edition: 2011 World Bank eLibrary
    Parallel Title: Deininger, Klaus Productivity Effects of Land Rental Markets in Ethiopia
    Abstract: As countries increasingly strive to transform their economies from agriculture-based into a diversified one, land rental will become of greater importance. It will thus be critical to complement research on the efficiency of specific land rental arrangements-such as sharecropping-with an inquiry into the broader productivity impacts of the land rental market. Plot-level data for a matched landlord-tenant sample in an environment where sharecropping dominates allows this paper to explore both issues. The authors find that pure output sharing leads to significantly lower levels of efficiency that can be attenuated by monitoring while the inefficiency disappears if inputs are shared as well. Rentals transfer land to more productive producers but realization of this productivity advantage is prevented by the inefficiency of contractual arrangements, suggesting changes that would prompt adoption of different contractual arrangements could have significant benefits
    DOI: 10.1596/1813-9450-5727
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  • 97
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    What Drives the Global "Land Rush"? (2011)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (33 p)
    Edition: 2011 World Bank eLibrary
    Parallel Title: Arezki, Rabah What Drives the Global "Land Rush"?
    Abstract: The 2007-2008 upsurge in agricultural commodity prices gave rise to widespread concern about investors causing a "global land rush". Large land deals can provide opportunities for better access to capital, transfer of technology, and advances in productivity and employment generation. But they carry risks of dispossession and loss of livelihoods, corruption, deterioration in local food security, environmental damage, and long-term social polarization that led some countries to recently pass legislation restricting foreign land acquisition. To stimulate evidence-based debate, this paper explores determinants of foreign land acquisition for large-scale agriculture. It quantifies demand for land deals, showing it focused on Africa where land expansion is about 20 times the level it was in the past. The analysis uses data on bilateral investment relationships, together with newly constructed indicators of agro-ecological suitability in non-protected and forested areas with low population density as well as land rights security. It estimates gravity models that can help identify determinants of foreign land acquisition dedicated to large-scale agriculture. The results confirm the central role of agro-ecological potential as a pull factor. In contrast to the literature on foreign investment in general, the quality of the business climate is insignificant, whereas weak land governance and tenure security for current users make countries more attractive for investors. Implications for policy are discussed
    DOI: 10.1596/1813-9450-5864
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  • 98
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    Environmental and Gender Impacts of Land Tenure Regularization in Africa : Pilot Evidence from Rwanda (2011)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (31 p)
    Edition: 2011 World Bank eLibrary
    Parallel Title: Ali, Daniel Ayalew Environmental and Gender Impacts of Land Tenure Regularization in Africa
    Abstract: Although increased global demand for land has led to renewed interest in African land tenure, few models to address these issues quickly and at the required scale have been identified or evaluated. The case of Rwanda's nation-wide and relatively low-cost land tenure regularization program is thus of great interest. This paper evaluates the short-term impact (some 2.5 years after completion) of the pilots undertaken to fine-tune the approach using a geographic discontinuity design with spatial fixed effects. Three key findings emerge from the analysis. First, the program improved land access for legally married women (about 76 percent of married couples) and prompted better recordation of inheritance rights without gender bias. Second, the analysis finds a very large impact on investment and maintenance of soil conservation measures. This effect was particularly pronounced for female headed households, suggesting that this group had suffered from high levels of tenure insecurity, which the program managed to reduce. Third, land market activity declined, allowing rejection of the hypothesis that the program caused a wave of distress sales or widespread landlessness by vulnerable people. Implications for program design and policy are discussed
    DOI: 10.1596/1813-9450-5765
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  • 99
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    Can Diaries Help Improve Agricultural Production Statistics : Evidence from Uganda (2011)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (25 p)
    Edition: 2011 World Bank eLibrary
    Parallel Title: Deininger, Klaus Can Diaries Help Improve Agricultural Production Statistics
    Abstract: Although good and timely information on agricultural production is critical for policy-decisions, the quality of underlying data is often low and improving data quality could have a high payoff. This paper uses data from a production diary, administered concurrently with a standard household survey in Uganda to analyze the nature and incidence of responses, the magnitude of differences in reported outcomes, and factors that systematically affect these. Despite limited central supervision, diaries elicited a strong response, complemented standard surveys in a number of respects, and were less affected by problems of respondent fatigue than expected. The diary-based estimates of output value consistently exceeded that from the recall-based production survey, in line with reported disposition. Implications for policy and practical administration of surveys are drawn out
    DOI: 10.1596/1813-9450-5717
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  • 100
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    Republic of Argentina : Principles for Insurance Supervision (2011)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Financial Sector Assessment Program
    Series Statement: World Bank E-Library Archive
    Abstract: This assessment is focused on the Superintendencia de Seguros de la Nacion (SSN) in Argentina. SSN has responsibility for regulation and supervision of all players in the insurance market. In addition to its role as a supervisor, SSN has powers to issue regulations, is responsible for advising the executive on issues related to insurance, and can propose draft bills. The laws are passed by the national legislative branch and enacted by the national executive branch. The assessment was performed using the 2007 version of the core principles for insurance supervision issued by the International Association of Insurance Supervisors (IAIS). This paper is structured into following four parts: part one is information and methodology used for the assessment; part two is institutional and macro prudential setting, part three gives summary assessment; and part four gives authorities' responses
    DOI: 10.1596/27429
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