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  • MPI Ethno. Forsch.  (306)
  • 1995-1999  (306)
  • Washington, D.C : The World Bank  (306)
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  • 1
    Online Resource
    Online Resource
    Fiscal Management in Federal Democracies : Argentina and Brazil (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (43 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Webb, B. Steven Fiscal Management in Federal Democracies
    Keywords: Bailouts ; Banks and Banking Reform ; Creditors ; Debt Markets ; Deficits ; Developing Countries ; Domestic Debt ; Emerging Markets ; External Debts ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Decentralization ; Fiscal Deficits ; Inflation ; Interest ; Levy ; Macroeconomic Stabilization ; Monetary Fund ; Municipal Financial Management ; Private Sector Development ; Public Finances ; Public Sector Deficits ; Public Sector Economics and Finance ; Public Spending ; Public and Municipal Finance ; Return ; Revenue ; Tax ; Urban Development ; Urban Economics ; Bailouts ; Banks and Banking Reform ; Creditors ; Debt Markets ; Deficits ; Developing Countries ; Domestic Debt ; Emerging Markets ; External Debts ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Decentralization ; Fiscal Deficits ; Inflation ; Interest ; Levy ; Macroeconomic Stabilization ; Monetary Fund ; Municipal Financial Management ; Private Sector Development ; Public Finances ; Public Sector Deficits ; Public Sector Economics and Finance ; Public Spending ; Public and Municipal Finance ; Return ; Revenue ; Tax ; Urban Development ; Urban Economics
    Abstract: May 1999 - Argentina and Brazil-two of the most decentralized public sectors in Latin America and (along with Colombia and India) among the most decentralized democracies in the developing world-faced similar problems in the 1980s: excessive public deficits and high inflation exacerbated by subnational deficits. In the 1990s, Argentina was more successful at macroeconomic stabilization, partly because it imposed harder budget constraints on the public sector nationally and partly because it had stronger party control of both national legislators and subnational governments. In shifting to decentralized public finances, a country's central government faces certain fiscal management problems. First, during and soon after the transition, unless it reduces spending or increases its own tax resources, the central government tends to have higher deficits as it shifts fiscal resources to subnational governments through transfers, revenue sharing, or delegation of tax bases. Reducing spending is hard not only because cuts are always hard but because subnational governments might not take on expected tasks, leaving the central government with a legal or political obligation to continue spending for certain services. Second, after decentralization, the local or state government faces popular pressure to spend more and tax less, creating the tendency to run deficits. This tendency can be a problem if subnational governments and their creditors expect or rely on bailouts by the central government. Econometric evidence from 32 large industrial and developing countries indicates that higher subnational spending and deficits lead to greater national deficits. Dillinger and Webb investigate how, and how successfully, Argentina and Brazil dealt with these problems in the 1990s. In both countries, subnational governments account for about half of public spending and are vigorous democracies in most (especially the largest) jurisdictions. The return to democracy in the 1980s revived and strengthened long-standing federal practices while weakening macroeconomic performance, resulting in unsustainable fiscal deficits, high inflation, sometimes hyperinflation, and low or negative growth. Occasional stabilization plans failed within a few years. Then Argentina (in 1991) and Brazil (in 1994) introduced successful stabilization plans. National issues were important in preventing and then bringing about macroeconomic stabilization, but so were intergovernmental fiscal relations and the fiscal management of subnational governments. State deficits and federal transfers were often out of control in the 1980s, contributing to national macroeconomic problems. Stabilization programs in the 1990s needed to establish control, and self-control, over subnational spending and borrowing. This paper-a product of Poverty Reduction and Economic Management, Latin America and the Caribbean Region-is part of the LCR regional studies program on fiscal decentralization in Latin America. The authors may be contacted at wdillingerworldbank.org or swebb@worldbank.org
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  • 2
    Online Resource
    Online Resource
    Social Exclusion and Land Administration in Orissa, India (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (83 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Mearns, Robin Social Exclusion and Land Administration in Orissa, India
    Keywords: Access To Land ; Charges ; Common Property Resource Development ; Communities & Human Settlements ; Contracts ; Fees ; Finance and Financial Sector Development ; Forestry ; Grants ; Income ; Institutional Analysis ; Institutional Reform ; Institutional Reforms ; Land ; Land Tenure ; Land Use ; Land Use and Policies ; Poverty Reduction ; Poverty Reduction ; Public ; Public Sector Management and Reform ; Public and Municipal Finance ; Revenue ; Revenue Collection ; Rural Development ; Rural Development Knowledge and Information Systems ; Rural Land Policies for Poverty Reduction ; Social Exclusion ; State Governments ; States ; Subnational Governance ; Urban Areas ; Urban Development ; Urban Economics ; Urban Governance and Management ; Access To Land ; Charges ; Common Property Resource Development ; Communities & Human Settlements ; Contracts ; Fees ; Finance and Financial Sector Development ; Forestry ; Grants ; Income ; Institutional Analysis ; Institutional Reform ; Institutional Reforms ; Land ; Land Tenure ; Land Use ; Land Use and Policies ; Poverty Reduction ; Poverty Reduction ; Public ; Public Sector Management and Reform ; Public and Municipal Finance ; Revenue ; Revenue Collection ; Rural Development ; Rural Development Knowledge and Information Systems ; Rural Land Policies for Poverty Reduction ; Social Exclusion ; State Governments ; States ; Subnational Governance ; Urban Areas ; Urban Development ; Urban Economics ; Urban Governance and Management
    Abstract: May 1999 - Which factors prevent the rural poor and other socially excluded groups from having access to land in Orissa, India? The authors report on the first empirical study of its kind to examine - from the perspective of transaction costs - factors that constrain access to land for the rural poor and other socially excluded groups in India. They find that: -Land reform has reduced large landholdings since the 1950s. Medium size farms have gained most. Formidable obstacles still prevent the poor from gaining access to land. -The complexity of land revenue administration in Orissa is partly the legacy of distinctly different systems, which produced more or less complete and accurate land records. These not-so-distant historical records can be important in resolving contemporary land disputes. -Orissa tried legally to abolish land-leasing. Concealed tenancy persisted, with tenants having little protection under the law. -Women's access to and control over land, and their bargaining power with their husbands about land, may be enhanced through joint land titling, a principle yet to be realized in Orissa. -Land administration is viewed as a burden on the state rather than a service, and land records and registration systems are not coordinated. Doing so will improve rights for the poor and reduce transaction costs - but only if the system is transparent and the powerful do not retain the leverage over settlement officers that has allowed land grabs. Land in Orissa may be purchased, inherited, rented (leased), or - in the case of public land and the commons - encroached upon. Each type of transaction - and the State's response, through land law and administration - has implications for poor people's access to land. The authors find that: -Land markets are thin and transaction costs are high, limiting the amount of agricultural land that changes hands. -The fragmentation of landholdings into tiny, scattered plots is a brake on agricultural productivity, but efforts to consolidate land may discriminate against the rural poor. Reducing transaction costs in land markets will help. - Protecting the rural poor's rights of access to common land requires raising public awareness and access to information. -Liberalizing land-lease markets for the rural poor will help, but only if the poor are ensured access to institutional credit. This paper - a product of the Rural Development Sector Unit, South Asia Region - is part of a larger effort in the region to promote access to land and to foster more demand-driven and socially inclusive institutions in rural development. Robin Mearns may be contacted at rmearnsworldbank.org
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  • 3
    Online Resource
    Online Resource
    Resolution of Corporate Distress : Evidence from East Asia's Financial Crisis (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (33 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Klapper, Leora Resolution of Corporate Distress
    Keywords: Bank ; Bankruptcy ; Bankruptcy Filing ; Bankruptcy Filings ; Banks and Banking Reform ; Cred Creditor ; Creditors ; Debt ; Debt Markets ; Earnings ; Economic Theory and Research ; Emerging Markets ; Expenses ; Finance and Financial Sector Development ; Financial Crisis ; Financial Distress ; Financial Institutions ; Financial Literacy ; Interest ; Loan ; Macroeconomics and Economic Growth ; Ownership ; Private Sector Development ; Probability ; Regression Analysis ; Stakeholders ; State University ; Bank ; Bankruptcy ; Bankruptcy Filing ; Bankruptcy Filings ; Banks and Banking Reform ; Cred Creditor ; Creditors ; Debt ; Debt Markets ; Earnings ; Economic Theory and Research ; Emerging Markets ; Expenses ; Finance and Financial Sector Development ; Financial Crisis ; Financial Distress ; Financial Institutions ; Financial Literacy ; Interest ; Loan ; Macroeconomics and Economic Growth ; Ownership ; Private Sector Development ; Probability ; Regression Analysis ; Stakeholders ; State University
    Abstract: June 1999 - Evidence from East Asia suggests that a firm's ownership relationship with a family or bank provides insurance against the likelihood of bankruptcy during bad times, possibly at the expense of minority shareholders. Bankruptcy is more likely in countries with strong creditor rights and a good judicial system - perhaps because creditors are more likely to force a firm to file for bankruptcy. The widespread financial crisis in East Asia caused large economic shocks, which varied by degree across the region. That crisis provides a unique opportunity for investigating the factors that determine the use of bankruptcy processes in a number of economies. Claessens, Djankov, and Klapper study the use of bankruptcy in Hong Kong, Indonesia, Japan, the Republic of Korea, Malaysia, the Philippines, Singapore, Taiwan (China), and Thailand. These economies differ in their institutional frameworks for resolving financial distress, partly because of the different origins of their judicial systems. One difference is the strength of creditor rights, which Claessens, Djankov, and Klapper document. They expect that differences in legal enforcement and judicial efficiency should affect the resolution of financial distress. Using a sample of 4,569 publicly traded East Asian firms, they observe a total of 106 bankruptcies in 1997 and 1998. They find that: · The likelihood of filing for bankruptcy is lower for firms with ownership links to banks and families, controlling for firm and country characteristics. · Filings are more likely in countries with better judicial systems. · Filings are more likely where there are both strong creditor rights and a good judicial system. These results alone do not allow Claessens, Djankov, and Klapper to address whether increased use of bankruptcy is an efficient resolution mechanism. This paper - a product of the Financial Economics Unit, Financial Sector Practice Department - is part of a larger effort in the department to study corporate financing and governance mechanisms in emerging markets
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  • 4
    Online Resource
    Online Resource
    An Empirical Analysis of Competition, Privatization, and Regulation in Telecommunications Markets in Africa and Latin America (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (27 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Wallsten, Scott An Empirical Analysis of Competition, Privatization, and Regulation in Telecommunications Markets in Africa and Latin America
    Keywords: Telekommunikation ; Telekommunikationspolitik ; Privatisierung ; Deregulierung ; Afrika ; Lateinamerika ; Banks and Banking Reform ; Business ; Business Services ; Data ; E-Business ; Economic Theory and Research ; Education ; Emerging Markets ; ICT Policy and Strategies ; Information and Communication Technologies ; Infrastructure Economics and Finance ; Infrastructure Regulation ; Institutions ; Knowledge Economy ; Knowledge for Development ; Labor Policies ; Macroeconomics and Economic Growth ; Performance ; Price ; Prices ; Private Sector Development ; Public Sector Regulation ; Reliability ; Results ; Social Protections and Labor ; Technology ; Telecom ; Telecommunication ; Telecommunication Reforms ; Telecommunications ; Telephone ; Telephone Connections ; Telephone Service ; Telephones ; User ; Users ; Banks and Banking Reform ; Business ; Business Services ; Data ; E-Business ; Economic Theory and Research ; Education ; Emerging Markets ; ICT Policy and Strategies ; Information and Communication Technologies ; Infrastructure Economics and Finance ; Infrastructure Regulation ; Institutions ; Knowledge Economy ; Knowledge for Development ; Labor Policies ; Macroeconomics and Economic Growth ; Performance ; Price ; Prices ; Private Sector Development ; Public Sector Regulation ; Reliability ; Results ; Social Protections and Labor ; Technology ; Telecom ; Telecommunication ; Telecommunication Reforms ; Telecommunications ; Telephone ; Telephone Connections ; Telephone Service ; Telephones ; User ; Users
    Abstract: June 1999 - Empirical analysis of telecommunications reforms in 30 African and Latin American countries yields results largely consistent with conventional wisdom. Competition seems to be the most successful change agent, so granting even temporary monopolies may delay the arrival of better services to consumers. Reformers are correct to emphasize that regulatory reform accompany privatization, as privatization without regulation reform may be costly to consumers. Wallsten explores the effects of privatization, competition, and regulation on telecommunications performance in 30 African and Latin American countries from 1984 through 1997. Competition is associated with tangible benefits in terms of mainline penetration, number of pay phones, connection capacity, and reduced prices. Fixed-effects regressions reveal that competition-measured by mobile operators not owned by the incumbent telecommunications provider-is correlated with increases in the per capita number of mainlines, pay phones, and connection capacity, and with decreases in the price of local calls. Privatizing an incumbent is negatively correlated with mainline penetration and connection capacity. Privatization combined with regulation by an independent regulator, however, is positively correlated with connection capacity and substantially mitigates privatization's negative correlation with mainline penetration. Reformers are right to emphasize a combination of privatization, competition, and regulation. But researchers must explore the permutations of regulation: What type of regulation do countries adopt (price caps versus cost-of-service, for example)? How does the regulatory agency work? What is its annual budget? How many employees does it have? Where do the regulators come from? What sort of training and experience do they have? What enforcement powers does the regulatory agency have? In addition, researchers must deal with endogeneity of privatization, competition, and regulation to deal with issues of causality. This paper-a product of Regulation and Competition Policy, Development Research Group-is part of a larger research effort to analyze the role of competition in telecommunications with special emphasis on Africa. The author may be contacted at wallstenstanford.edu
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  • 5
    Online Resource
    Online Resource
    Challenging El Salvador's Rural Health Care Strategy (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (58 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Eskeland, Gunnar Challenging El Salvador's Rural Health Care Strategy
    Keywords: Aged ; Children ; Clinics ; Decision Making ; First Aid ; Health ; Health Behavior ; Health Care ; Health Monitoring and Evaluation ; Health Services ; Health, Nutrition and Population ; Hospitals ; Injuries ; Knowledge ; Mortality ; Patients ; Physicians ; Prevention ; Primary Health Care ; Public Health ; Strategy ; Workers ; Aged ; Children ; Clinics ; Decision Making ; First Aid ; Health ; Health Behavior ; Health Care ; Health Monitoring and Evaluation ; Health Services ; Health, Nutrition and Population ; Hospitals ; Injuries ; Knowledge ; Mortality ; Patients ; Physicians ; Prevention ; Primary Health Care ; Public Health ; Strategy ; Workers
    Abstract: August 1999 - Low-skilled health promoters posted in rural villages are doing little to improve health or health-seeking behaviors. In a supply-driven system, such workers have too few incentives, too little knowledge, and too little supervision. Results can be improved without increasing costs. Can a supply-driven network of under-skilled rural health promoters make a difference in rural health care? There are few, if any, signs that the current rural health strategy in El Salvador is working, whether the health promoters are government employees or nongovernmental organization (NGO) workers. Lewis, Eskeland, and Traa-Valerezo arrived at this conclusion after conducting interviews and analyzing primary and secondary data. The village-based health promoters lack incentives and supervision, and ultimately have little to offer local communities. NGO workers are more successful than government workers, but neither group performs satisfactorily. Even the rural poor use private services quite intensively, despite the high cost of the services and of getting access to them. Moreover, people seem to seek the services they need. They select self-treatment in 50 percent of illness episodes, with about the same success rate as when they use health providers. Other options should be considered, as results can be improved without increasing costs. This paper - a product of the Human Development Sector Units, Europe and Central Asia Region and Latin America and Caribbean Region; and Public Economics, Development Research Group - is part of a larger effort in the Bank to encourage appropriate policies and programs in the health sector. The authors may be contacted at mlewis1worldbank.org, geskeland@worldbank.org, or xtraavalerezo@worldbank.org
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  • 6
    Online Resource
    Online Resource
    Does Corruption Relieve Foreign Investors of the Burden of Taxes and Capital Controls? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (18 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Wei, Shang-Jin Does Corruption Relieve Foreign Investors of the Burden of Taxes and Capital Controls?
    Keywords: Capital Account ; Capital Control ; Capital Controls ; Currencies and Exchange Rates ; Debt Markets ; Domestic Capital ; Economic Theory and Research ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Institutions ; Foreign Direct Investment ; Foreign Direct Investment ; Foreign Firms ; Foreign Investment ; Foreign Investors ; Income ; International Economics & Trade ; International Investors ; Investment ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Price ; Private Sector Development ; Public Policy ; Share ; Tax ; Tax Rate ; Tax Rates ; Taxation and Subsidies ; Taxes ; Capital Account ; Capital Control ; Capital Controls ; Currencies and Exchange Rates ; Debt Markets ; Domestic Capital ; Economic Theory and Research ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Institutions ; Foreign Direct Investment ; Foreign Direct Investment ; Foreign Firms ; Foreign Investment ; Foreign Investors ; Income ; International Economics & Trade ; International Investors ; Investment ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Price ; Private Sector Development ; Public Policy ; Share ; Tax ; Tax Rate ; Tax Rates ; Taxation and Subsidies ; Taxes
    Abstract: October 1999 - Other things being equal, countries with higher tax rates, more corruption, or more restrictions on capital account transactions attract less foreign investment. Taxes and capital controls hinder foreign investment, and bureaucratic corruption adds to those burdens rather than reducing them. In a sample of 14 source countries making bilateral investments in 45 host countries, Wei finds that taxes, capital controls, and corruption all have large, statistically significant negative effects on foreign investment. Moreover, there is no robust support in the data for the efficient grease hypothesis - that corruption helps attract foreign investment by reducing firms' tax burden and the irritant of capital controls. This paper - a product of Public Economics, Development Research Group - is part of a larger effort in the group to study effective anticorruption strategies. It will appear as a chapter in a book on taxation and foreign direct investment edited by James Hines Jr. and to be published by the University of Chicago Press for the National Bureau of Economic Research. The author may be contacted at sweiworldbank.org
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  • 7
    Online Resource
    Online Resource
    Fiscal Solvency and Sustainability in Economic Management (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Dinh, T. Hinh Fiscal Solvency and Sustainability in Economic Management
    Keywords: Banks and Banking Reform ; Budget ; Budget Defic Debt Service ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; Exchange Rate ; External Debt ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Adjustment ; Fiscal Defic Fiscal Effort ; Fiscal Policy ; Income Inequalities ; Income Levels ; International Financial Institutions ; Levy ; Long Term Debt ; Macroeconomic Policies ; Macroeconomic Stability ; Macroeconomics and Economic Growth ; Political Economy ; Poverty ; Private Sector Development ; Solvency ; Banks and Banking Reform ; Budget ; Budget Defic Debt Service ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; Exchange Rate ; External Debt ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Adjustment ; Fiscal Defic Fiscal Effort ; Fiscal Policy ; Income Inequalities ; Income Levels ; International Financial Institutions ; Levy ; Long Term Debt ; Macroeconomic Policies ; Macroeconomic Stability ; Macroeconomics and Economic Growth ; Political Economy ; Poverty ; Private Sector Development ; Solvency
    Abstract: October 1999 - In a financially integrated world, it is misleading to assess fiscal performance separate from other aspects of economic development. The framework proposed here can help assess fiscal performance over time and across countries and point to a pace of fiscal adjustment consistent with a country's economic and social objectives. Fiscal policy is central to a country's economic and social objectives, from macroeconomic stability to sustainable growth and poverty reduction. But evaluations of a country's fiscal performance, over time or relative to other countries, are often conducted independent of other development objectives, disregarding the links between fiscal, monetary, and exchange rate policies. A budget deficit of 4 percent of GDP, for example, may be acceptable in one country but not in another, because of different initial conditions and policy priorities. In the same country, a level of fiscal deficit may be acceptable one year but not the next, depending on developments and changes in policy objectives. Dinh argues for assessing fiscal performance (1) as part of the entire framework of economic policy, (2) against a policy objective, (3) by taking into account both short- and long-term considerations, and (4) with an eye to the quality of adjustment (whether there are income inequalities or other social issues, for example) as well as its magnitude. The approach he proposes for assessing country fiscal performance requires a minimum of data and takes into account flow and stock variables on internal and external debt. The approach addresses the shortcomings of conventional analysis by incorporating the debt dynamics and other macroeconomic targets of growth, inflation, and external and internal debt. While its theoretical foundation is well known in the literature, this approach has not been adapted for assessing fiscal performance either over time or across countries, and he discusses practical issues arising from this adaptation. Dinh proposes two indicators to measure fiscal adjustment efforts: · Fiscal solvency adjustment, which measures how far additional fiscal efforts must be taken to restore solvency to the fiscal sector. · Fiscal sustainability adjustment, which measures how far additional fiscal efforts must be taken to maintain the ratios of internal and external debt to output. Dinh applies the proposed framework to evaluate recent fiscal performance in three countries - Argentina, India, and Zambia - each with a different income level and located on a different continent. The countries were selected on the basis of recent World Bank economic work using the proposed approach or an equivalent. Dinh finds the proposed approach useful for identifying key fiscal issues, for assessing the adequacy and pace of fiscal adjustment consistent with the overall economic and social objectives, and for highlighting the tradeoffs between policy initiatives. Sound fiscal policy is crucial for macroeconomic stability. When fiscal issues are under control, it is easier to coordinate other policies. When fiscal issues are part of the problem, the tradeoffs between policy outcomes become pronounced, and economic management, including the management of capital flows, becomes much more difficult. This paper is a product of Macroeconomics 1, Africa Technical Families. The author may be contacted at hdinhworldbank.org
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  • 8
    Online Resource
    Online Resource
    Border, Border, Wide and Far, How We Wonder What You Are (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Wei, Shang-Jin Border, Border, Wide and Far, How We Wonder What You Are
    Keywords: Arbitrage ; Barriers ; Commodity ; Consumer Price Index ; Currencies and Exchange Rates ; Debt Markets ; E-Business ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; Exchange Rate ; Exchange Rate Movements ; Exchange Rates ; Finance and Financial Sector Development ; Insurance ; International Market ; International Markets ; International Trade ; Legal Systems ; Local Currencies ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Markets and Market Access ; Power Parity ; Price ; Price Volatility ; Prices ; Private Sector Development ; Purchasing Power ; Trade ; Arbitrage ; Barriers ; Commodity ; Consumer Price Index ; Currencies and Exchange Rates ; Debt Markets ; E-Business ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; Exchange Rate ; Exchange Rate Movements ; Exchange Rates ; Finance and Financial Sector Development ; Insurance ; International Market ; International Markets ; International Trade ; Legal Systems ; Local Currencies ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Markets and Market Access ; Power Parity ; Price ; Price Volatility ; Prices ; Private Sector Development ; Purchasing Power ; Trade
    Abstract: November 1999 - Crossing national borders adds significantly to price dispersion. This study of prices in Japan and the United States finds that a substantial part of that border effect is attributable to distance, shipping costs, exchange rates, and relative variability in wages. Parsley and Wei exploit three-dimensional panel data on prices for 27 traded goods, over 88 quarters, across 96 cities in Japan and the United States, to answer several questions: · Does the average exchange rate between countries stray further from zero than that between cities within a country? · Is there any tendency for the average exchange rate to move closer to zero over time? · Does the border narrow over time? · Is there evidence linking changes in the so-called border effect - the extra dispersion in prices between cities in different countries beyond what physical distance could explain - with plausible economic explanations, such as exchange rate variability? The authors present evidence that the intranational real exchange rates are substantially less volatile than the comparable distribution of international relative prices. They also show that an equally weighted average of commodity-level real exchange rates tracks the nominal exchange rate well, suggesting strong evidence of sticky prices. Next they turn to economic explanations for the dynamics of the border effect. Focusing on the dispersion of prices between city pairs, they confirm previous findings that crossing national borders adds significantly to price dispersion. Based on their point estimates, crossing the U.S.-Japan border is equivalent to adding between 2.5 and 13 million miles to the cross-country volatility of relative prices. They infer that distance, exchange rates, shipping costs, and relative variability in wages influence the border effect. After those variables are controlled for, the border effect disappears. This paper - a product of Public Economics, Development Research Group - is part of a larger effort in the group to understand international capital flows. The authors may be contacted at david.parsleyowen.vanderbilt.edu or swei@worldbank.org
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  • 9
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    The Dynamics of Poverty and the Effectiveness of Poland's Safety Net (1993 96) (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (86 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Okrasa, Wlodzimierz The Dynamics of Poverty and the Effectiveness of Poland's Safety Net (1993 96)
    Keywords: Chronically Poor ; Economic Growth ; Health, Nutrition and Population ; Household Budget ; Household Income ; Human Development ; Income ; Measures ; Poor ; Poor Households ; Population Policies ; Poverty ; Poverty Dynamics ; Poverty Index ; Poverty Profile ; Poverty Reduction ; Rural ; Rural Areas ; Rural Development ; Rural Poverty Reduction ; Safety Nets and Transfers ; Savings ; Services and Transfers to Poor ; Social Policies ; Social Programs ; Social Protections and Labor ; Temporarily Poor ; Unemployment ; Chronically Poor ; Economic Growth ; Health, Nutrition and Population ; Household Budget ; Household Income ; Human Development ; Income ; Measures ; Poor ; Poor Households ; Population Policies ; Poverty ; Poverty Dynamics ; Poverty Index ; Poverty Profile ; Poverty Reduction ; Rural ; Rural Areas ; Rural Development ; Rural Poverty Reduction ; Safety Nets and Transfers ; Savings ; Services and Transfers to Poor ; Social Policies ; Social Programs ; Social Protections and Labor ; Temporarily Poor ; Unemployment
    Abstract: November 1999 - Changes in Poland's family allowances and unemployment benefits have significant but different effects on different groups of households. In deciding on strategies to address long-term poverty, policymakers must take such differences into account. Okrasa analyzes how the incidence of household endowments and the allocation of social benefits affect families' transitions into and out of poverty. Using panel data for 1993-96 from Poland's Household Budget Survey, and a framework based on sample survival analysis techniques, Okrasa evaluates how various policies will affect households with specific characteristics that make them likely to become poor or to move out of poverty under different scenarios (including whether or not they receive a given amount of a particular type of social transfer). He also discusses how nonincome sources of welfare, such as savings, credits, and loans, affect the likelihood that families will become or stop being poor. He concludes that family allowances and unemployment benefits, the two major social programs analyzed, have significant but different effects on different groups of households (characterized in terms of the age, gender, marital status, and educational attainment of the head of household; the size, type, location, and sector of employment of the family or household; and the year in which the household fell into poverty). If the share of family allowances in total household income were reduced by 1 percent, for example, the average length of poverty would be increased by roughly 2 percent. But a 1 percent change in unemployment benefits would yield a 3 percent change in the average duration of poverty. Differences in hazard rates for various subgroups would be even greater. Households in villages were much more likely to fall into poverty than households in cities and large towns, but the poor in towns and cities had more difficulty exiting poverty. There was generally less poverty mobility among households headed by public sector employees than among those headed by employees in the private sector. Families with three or more children and one-parent families (and grandparents with children) faced the greatest risk of being poor; single-person households and childless married couples were the least endangered. Small nuclear families with one or two children and families without children fell between these two extremes. This paper - a product of Poverty and Human Resources, Development Research Group - is part of a larger effort in the group to analyze the dynamics of poverty and the effectiveness of the safety net. The study was funded by the Bank's Research Support Budget under the research project Household Welfare Change during the Transition (RPO 681-21). The author may be contacted at wokrasaworldbank.org
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  • 10
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    How Did Highly Indebted Poor Countries Become Highly Indebted? : Reviewing Two Decades of Debt Relief (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (44 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Easterly, William How Did Highly Indebted Poor Countries Become Highly Indebted?
    Keywords: Amount Of Debt ; Banks and Banking Reform ; Commercial Banks ; Currencies and Exchange Rates ; Debt ; Debt Markets ; Debt Payment ; Debt Relief ; Debt Service ; Debt Servicing ; Debt-Service ; Default ; Discount ; Discount Rate ; Economic Theory and Research ; Emerging Markets ; External Debt ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Foreign Debt ; Foreign Loan ; Foreign Loans ; Forgiveness ; Good ; Indebted Countries ; International Economics & Trade ; Macroeconomics and Economic Growth ; Private Sector Development ; Productive Investments ; Strategic Debt Management ; Third World Debt ; Amount Of Debt ; Banks and Banking Reform ; Commercial Banks ; Currencies and Exchange Rates ; Debt ; Debt Markets ; Debt Payment ; Debt Relief ; Debt Service ; Debt Servicing ; Debt-Service ; Default ; Discount ; Discount Rate ; Economic Theory and Research ; Emerging Markets ; External Debt ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Foreign Debt ; Foreign Loan ; Foreign Loans ; Forgiveness ; Good ; Indebted Countries ; International Economics & Trade ; Macroeconomics and Economic Growth ; Private Sector Development ; Productive Investments ; Strategic Debt Management ; Third World Debt
    Abstract: November 1999 - Theoretical models predict that countries with unchanged long-run savings preferences will respond to debt relief by running up new debts or by running down assets. And there are some signs that incremental debt relief over the past two decades has fulfilled those predictions. Debt relief is futile for countries with unchanged long-run savings preferences. How did highly indebted poor countries become highly indebted after two decades of debt relief efforts? A set of theoretical models predict that countries with unchanged long-run savings preferences will respond to debt relief with a mixture of asset decumulation and new borrowing. A model also predicts that a high-discount-rate government will choose poor policies and impose its intertemporal preferences on the entire economy. Reviewing the experience of highly indebted poor countries, compared with that of other developing countries, Easterly finds direct and indirect evidence of asset decumulation and new borrowing associated with debt relief. The ratio of the net present value of debt to exports rose strongly over 1979-97 despite the debt relief efforts. Average policies in highly indebted poor countries were generally worse than those in other developing countries, controlling for income. The trend for terms of trade was no different in highly indebted poor countries than in other developing countries, not were wars more likely in highly indebted poor countries. Over time there has been an important shift in financing for highly indebted poor countries, away from private and bilateral nonconcessional sources to the International Development Association and other sources of multilateral concessional financing. But this implicit form of debt relief also failed to reduce debt in net present value terms. Although debt relief is done in the name of the poor, the poor are worse off if debt relief creates incentives to delay reforms needed for growth. This paper - a product of Macroeconomics and Growth, Development Research Group - is part of a larger effort in the group to study the effectiveness of aid for growth. The author may be contacted at weasterlyworldbank.org
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  • 11
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    Do School Facilities Matter? : The Case of the Peruvian Social Fund (FONCODES) (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (40 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Schady, Norbert Do School Facilities Matter?
    Keywords: Access To Schooling ; Attendance Rate ; Attendance Rates ; Classrooms ; Communities & Human Settlements ; Disability ; Education ; Education ; Education for All ; Educational Infrastructure ; Educational Inputs ; Educational Outcomes ; Finance and Financial Sector Development ; Financial Literacy ; Gender ; Gender and Education ; Health, Nutrition and Population ; Housing and Human Habitats ; Illiteracy ; Investments In Education ; Population Policies ; Poverty Monitoring and Analysis ; Poverty Reduction ; Primary Education ; Public School ; Rural Development ; Rural Poverty Reduction ; Sanitation ; School ; School Attendance ; School Breakfast ; School Facilities ; School Level ; Schoolchildren ; Social Protections and Labor ; Tertiary Education ; Textbooks ; Values ; Access To Schooling ; Attendance Rate ; Attendance Rates ; Classrooms ; Communities & Human Settlements ; Disability ; Education ; Education ; Education for All ; Educational Infrastructure ; Educational Inputs ; Educational Outcomes ; Finance and Financial Sector Development ; Financial Literacy ; Gender ; Gender and Education ; Health, Nutrition and Population ; Housing and Human Habitats ; Illiteracy ; Investments In Education ; Population Policies ; Poverty Monitoring and Analysis ; Poverty Reduction ; Primary Education ; Public School ; Rural Development ; Rural Poverty Reduction ; Sanitation ; School ; School Attendance ; School Breakfast ; School Facilities ; School Level ; Schoolchildren ; Social Protections and Labor ; Tertiary Education ; Textbooks ; Values
    Abstract: A revised version was published as The Allocation and Impact of Social Funds: Spending on School Infrastructure in Peru (with Christina Paxson). World Bank Economic Review 16 (2): 297-319, 2002. - Education projects of the Peruvian Social Fund (FONCODES) have reached poor districts and, to the extent they live in those districts, poor households. FONCODES has had a positive effect on school attendance rates for young children, but not on the likelihood that children will be at an appropriate school level for their age. Since its creation in 1991, the Peruvian Social Fund (FONCODES) has spent about US
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  • 12
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    User's Guide to an Early Warning System for Macroeconomic Vulnerability in Latin American Countries (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (22 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Herrera, Santiago User's Guide to an Early Warning System for Macroeconomic Vulnerability in Latin American Countries
    Keywords: Arts and Music ; Banking Crises ; Credit Growth ; Culture & Development ; Currency ; Currency Crises ; Debt Markets ; Domestic Cred Exchange ; Economic Conditions and Volatility ; Economic Theory and Research ; Educational Technology and Distance Learning ; Exchange Rate ; Federal Reserve ; Federal Reserve System ; Finance and Financial Sector Development ; Financial Crises ; Financial Literacy ; Geographical Information Systems ; Good ; Inflation ; Inflation Rate ; Information Security and Privacy ; Instrument ; Interest ; Interest Rates ; Macroeconomics and Economic Growth ; Market ; Markets and Market Access ; Options ; Real Exchange Rate ; Reserves ; Science and Technology Development ; Statistical and Mathematical Sciences ; Arts and Music ; Banking Crises ; Credit Growth ; Culture & Development ; Currency ; Currency Crises ; Debt Markets ; Domestic Cred Exchange ; Economic Conditions and Volatility ; Economic Theory and Research ; Educational Technology and Distance Learning ; Exchange Rate ; Federal Reserve ; Federal Reserve System ; Finance and Financial Sector Development ; Financial Crises ; Financial Literacy ; Geographical Information Systems ; Good ; Inflation ; Inflation Rate ; Information Security and Privacy ; Instrument ; Interest ; Interest Rates ; Macroeconomics and Economic Growth ; Market ; Markets and Market Access ; Options ; Real Exchange Rate ; Reserves ; Science and Technology Development ; Statistical and Mathematical Sciences
    Abstract: Models for an early warning system do a good job predicting vulnerability to macroeconomic crises in several Latin American countries. - Herrera and Garcia develop an early warning system for macroeconomic vulnerability for several Latin American countries, drawing on the work of Kaminsky, Lizondo, and Reinhart (1997) and Kaminsky (1988). They build a composite leading indicator that signals macroeconomic vulnerability, showing that, historically, crises tend to happen in certain vulnerable situations. Interested mainly in providing an operational tool, Herrera and Garcia use a different approach to the problem than Kaminsky did. First, they use fewer variables to generate the signals. Then, after the variables are aggregated, a signal is issued, depending on the behavior of the composite index. (Kaminsky's procedure was to generate signals with each variable and then aggregate them.) Their results are satisfactory both statistically and operationally. Statistically, Type I and Type II errors are smaller than those reported in previous papers. Operationally, this system of leading indicators is less costly to maintain, given fewer variables - which are widely available and reported with timeliness. Herrera and Garcia tested the models' out-of-sample predictive ability on crises that occurred after the first stage of their project was finished: Colombia (September 1998), Brazil (January 1999), and Ecuador (February 1999). In all cases the models correctly anticipated the speculative attacks. Moreover, Mexico's models, estimated with information available two years before the 1994 crisis, show that these signaling devices would have been useful for signaling the macroeconomic vulnerability before December 1994. This paper - a product of the Economic Policy Sector Unit, Latin America and the Caribbean Region - is part of a larger effort in the region to build tools that policymakers can use to prevent crises. The authors may be contacted at cgarciacoradoworldbank.org or sherrera@worldbank.org
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  • 13
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    The EU Factor in the Trade Policies of Central European Countries (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Kaminski, Bartlomiej The EU Factor in the Trade Policies of Central European Countries
    Keywords: Applied Tariff ; Autonomy ; Border Protection ; Currencies and Exchange Rates ; Debt Markets ; Domestic Producers ; Economic Theory and Research ; Emerging Markets ; Exchange Rates ; Finance and Financial Sector Development ; Foreign Trade ; Foreign Trade Policy ; Free Trade ; Free Trade ; International Economics & Trade ; International Trade ; International Trade Policies ; Law and Development ; Macroeconomics and Economic Growth ; Market Access ; Private Sector Development ; Public Sector Development ; Regional Integration ; Tariff ; Tariff Barriers ; Tariff Rates ; Tariffs ; Trade ; Trade Law ; Trade Liberalization ; Trade Policies ; Trade Policy ; Trade Regimes ; Trade and Regional Integration ; Applied Tariff ; Autonomy ; Border Protection ; Currencies and Exchange Rates ; Debt Markets ; Domestic Producers ; Economic Theory and Research ; Emerging Markets ; Exchange Rates ; Finance and Financial Sector Development ; Foreign Trade ; Foreign Trade Policy ; Free Trade ; Free Trade ; International Economics & Trade ; International Trade ; International Trade Policies ; Law and Development ; Macroeconomics and Economic Growth ; Market Access ; Private Sector Development ; Public Sector Development ; Regional Integration ; Tariff ; Tariff Barriers ; Tariff Rates ; Tariffs ; Trade ; Trade Law ; Trade Liberalization ; Trade Policies ; Trade Policy ; Trade Regimes ; Trade and Regional Integration
    Abstract: Despite strong protectionist sentiments, trade regimes have remained open in Central European countries invited to negotiate their accession to the European Union. Regional disciplines (the EU factor), combined with the legacy of low tariffs under GATT commitments, appear to have offset domestic protectionist impulses. - Kaminski examines the development of foreign trade institutions and policies in Central European countries invited to negotiate their accession to the European Union. With the dismantling of state trading, conditions of market access have been dramatically liberalized. However, except for Estonia and, to a lesser extent, the Czech Republic, most Central European countries have followed a policy of bilateral rather than multilateral trade liberalization. The fall in tariff rates on preferential imports has prompted a search for nontariff barriers, but these countries' trade regimes have remained open - which is surprising, considering the strong protectionist sentiments in economic administration. Regional disciplines (the EU factor), combined with the legacy of low tariffs under GATT commitments, appear to have been responsible for this openness. Foreign trade policy has been shaped by tensions between domestic protectionist impulses and pressures from the European Union (and other World Trade Organization members) to improve conditions of market access. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to examine trade and integration issues. The author may be contacted at bkaminskiworldbank.org
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  • 14
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    How Land Registration Affects Financial Development and Economic Growth in Thailand (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Byamugish, K.F. Frank How Land Registration Affects Financial Development and Economic Growth in Thailand
    Keywords: Banks and Banking Reform ; Climate Change ; Communities & Human Settlements ; Cred Development ; Debt Markets ; Economic Growth ; Economic Growth ; Economic Historians ; Economic Theory and Research ; Environment ; Equations ; Finance and Financial Sector Development ; Financial Crisis ; GDP Per Capita ; Incentives ; Inequality ; Investment ; Land Use and Policies ; Liquidity ; Macroeconomics and Economic Growth ; Markets ; Natural Resources ; Poverty Reduction ; Private Property ; Pro-Poor Growth ; Productivity ; Property Rights ; Public Sector Economics and Finance ; Real GDP ; Regression Analysis ; Rural Development ; Rural Land Policies for Poverty Reduction ; Theory ; Value ; Variables ; Banks and Banking Reform ; Climate Change ; Communities & Human Settlements ; Cred Development ; Debt Markets ; Economic Growth ; Economic Growth ; Economic Historians ; Economic Theory and Research ; Environment ; Equations ; Finance and Financial Sector Development ; Financial Crisis ; GDP Per Capita ; Incentives ; Inequality ; Investment ; Land Use and Policies ; Liquidity ; Macroeconomics and Economic Growth ; Markets ; Natural Resources ; Poverty Reduction ; Private Property ; Pro-Poor Growth ; Productivity ; Property Rights ; Public Sector Economics and Finance ; Real GDP ; Regression Analysis ; Rural Development ; Rural Land Policies for Poverty Reduction ; Theory ; Value ; Variables
    Abstract: November 1999 - Land registration in Thailand has significant positive long-run effects on financial development and economic growth. Using an economywide conceptual framework, the author analyzes how land registration affects financial development and economic growth in Thailand. He uses contemporary techniques, such as error correction and co-integration, to deal with such problems as time-series data not being stationary. He also uses the auto-regressive distributed lag model to analyze long lags in output response to changes in land registration. His key findings: -Land titling has significant positive long-run effects on financial development. -Economic growth responds to land titling following a J curve, by first registering a fall and recovering gradually, thereafter to post a long, strong rally. -The quality of land registration services, as measured by public spending on land registration, has strongly positive and significant long-run effects on economic growth. This paper - a product of the Rural Development and Natural Resources Sector Unit, East Asia and Pacific Region - is part of a larger effort in the region to increase the effectiveness of country assistance strategies in the area of property rights and economic development. The author may be contacted at fbyamugishaworldbank.org
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  • 15
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    Designing Pro-Poor Water and Sewer Concessions : Early Lessons from Bolivia (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (40 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Komives, Kristin Designing Pro-Poor Water and Sewer Concessions
    Keywords: Concession Contracts ; Contract Objectives ; Cost Recovery ; Financial Incentives ; Industry ; Low-Income Households ; Private Companies ; Private Participation ; Public Utility ; Public Water ; Sanitation Service ; Sanitation Services ; Sanitation Solutions ; Service Providers ; Service Supplier ; Sewer Service ; Town Water Supply and Sanitation ; Urban Areas ; Urban Water Supply and Sanitation ; Utility Model ; Water ; Water Conservation ; Water Resources ; Water Sector ; Water Supply and Sanitation ; Water Supply and Sanitation Governance and Institutions ; Water Utilities ; Water and Industry ; Concession Contracts ; Contract Objectives ; Cost Recovery ; Financial Incentives ; Industry ; Low-Income Households ; Private Companies ; Private Participation ; Public Utility ; Public Water ; Sanitation Service ; Sanitation Services ; Sanitation Solutions ; Service Providers ; Service Supplier ; Sewer Service ; Town Water Supply and Sanitation ; Urban Areas ; Urban Water Supply and Sanitation ; Utility Model ; Water ; Water Conservation ; Water Resources ; Water Sector ; Water Supply and Sanitation ; Water Supply and Sanitation Governance and Institutions ; Water Utilities ; Water and Industry
    Abstract: To design pro-poor concession arrangements in the water sector, policymakers must pay careful attention to how the proposed contract, and existing or proposed regulations, will affect private concessionaires' ability, obligations, and financial incentives to serve low-income households. - The Bolivian government awarded a concession for water and sewer services in La Paz and El Alto in 1997. One goal of doing so was to expand in-house water and sewer service to low-income households. Komives uses the Aguas del Illimani case to explore how the design of typical concession agreements (with monopoly private service suppliers) can affect outcomes in poor neighborhoods. She finds that outcomes in services can be affected by the concession contracts, by the contract bid process, by sector regulations, and by regulatory arrangements. To increase the likelihood of improvements in low-income areas, policymakers should: · Make contract objectives clear and easily measurable. · Eliminate policy barriers to serving the poor (including property title requirements and service boundaries that exclude poor neighborhoods). · Design financial incentives consistent with service expansion or improved objectives for low-income areas. Contracts are subject to negotiation, so expansion or connection mandates alone do not guarantee that concessionaires will serve poor areas. Provisions and standards that reduce service options (for example, requirements that eliminate all alternatives to in-house connections) or restrict the emergence of new service providers (for example, granting exclusivity in the service area) could do more harm than good. In two years of operation, Aguas del Illimani met its first expansion mandate and took many steps to facilitate the expansion of in-house water connections in low-income areas. The company and the Bolivian water regulator were willing to discuss and seek possible solutions to problems associated with servicing poor neighborhoods. It is too early to tell whether these gains will be sustainable or to predict how privatization will ultimately affect poor households in La Paz and El Alto. This paper - a product of Private Participation in Infrastructure, Private Sector Development Department - is part of a larger effort in the department to analyze and disseminate the principles of, and good practice for, improving service options for the poor through reforms for private participation in infrastructure. The author may be contacted at komivesemail.unc.edu
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  • 16
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    Infrastructure's Contribution to Aggregate Output (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (20 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Canning, David Infrastructure's Contribution to Aggregate Output
    Keywords: Capital ; Economic Growth ; Economic Theory and Research ; Externalities ; Externality ; Human Capital ; Income ; Income Levels ; Inputs ; Investment ; Labor Policies ; Macroeconomics and Economic Growth ; Marginal Productivity ; Marginal Products ; Outcomes ; Prices ; Production ; Production Function ; Productivity ; Social Protections and Labor ; Taxation ; Telecommunications ; Theory ; Total Factor Productivity ; Transport ; Transport Economics, Policy and Planning ; Variables ; Capital ; Economic Growth ; Economic Theory and Research ; Externalities ; Externality ; Human Capital ; Income ; Income Levels ; Inputs ; Investment ; Labor Policies ; Macroeconomics and Economic Growth ; Marginal Productivity ; Marginal Products ; Outcomes ; Prices ; Production ; Production Function ; Productivity ; Social Protections and Labor ; Taxation ; Telecommunications ; Theory ; Total Factor Productivity ; Transport ; Transport Economics, Policy and Planning ; Variables
    Abstract: Of the major kinds of physical infrastructure, electricity generating capacity has roughly the same marginal productivity as physical capital as a whole. So have roads-plus-rail, globally and in lower-income countries. Telephones, however, and transport routes in higher-income countries, have higher marginal productivity than other kinds of capital. - Using panel data for a cross-section of countries, Canning estimates an aggregate production function that includes infrastructure capital. He finds that: · The productivity of physical and human capital is close to the levels suggested by microeconomic evidence on their private returns. · Electricity generating capacity and transportation networks have roughly the same marginal productivity as capital as a whole. · Telephone networks appear to show higher marginal productivity than other types of capital. Panel data cointegration methods used in estimation take account of the nonstationary nature of the data, are robust to reverse causation, and allow for different levels of productivity and different short-run business-cycle and multiplier relationships across countries. This paper - a product of Public Economics, Development Research Group - is part of a larger effort in the group to study the impact of public expenditures. The study was funded by the Bank's Research Support Budget under the research project Infrastructure and Growth: A Multicountry Panel Study (RPO 680-89). The author may be contacted at d.canningqub.ac.uk
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  • 17
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    Universal Service Obligations in Utility Concession Contracts and the Needs of the Poor in Argentina's Privatizations (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Estache, Antonio Universal Service Obligations in Utility Concession Contracts and the Needs of the Poor in Argentina's Privatizations
    Keywords: Bank ; Communities & Human Settlements ; Consumer ; Consumers ; Customers ; Debt Markets ; Demand ; Disabilities ; E-Business ; Economic Theory and Research ; Emerging Markets ; Energy ; Energy Production and Transportation ; Expenses ; Finance and Financial Sector Development ; Financial Literacy ; Housing and Human Habitats ; Income ; Income Level ; Industry ; Investment ; Lack Of Interest ; Macroeconomics and Economic Growth ; Markets and Market Access ; Pensioners ; Population ; Private Sector Development ; Profits ; Public Sector Economics and Finance ; Savings ; Subsidies ; Supply ; Technology Industry ; Valuable ; Valuation ; Worth ; Bank ; Communities & Human Settlements ; Consumer ; Consumers ; Customers ; Debt Markets ; Demand ; Disabilities ; E-Business ; Economic Theory and Research ; Emerging Markets ; Energy ; Energy Production and Transportation ; Expenses ; Finance and Financial Sector Development ; Financial Literacy ; Housing and Human Habitats ; Income ; Income Level ; Industry ; Investment ; Lack Of Interest ; Macroeconomics and Economic Growth ; Markets and Market Access ; Pensioners ; Population ; Private Sector Development ; Profits ; Public Sector Economics and Finance ; Savings ; Subsidies ; Supply ; Technology Industry ; Valuable ; Valuation ; Worth
    Abstract: The structural changes that come with privatization may induce a reconsideration of the regulations defined during the early stages of privatization. - Chisari and Estache summarize the main lessons emerging from Argentina's experience, including universal service obligations in concession contracts. They discuss free-riding risks, moral hazard problems, and other issues that arise when social concerns are delegated to private operators. After reporting on Argentina's experience, Chisari and Estache suggest some guidelines: · Anticipate interjurisdictional externalities. Users' mobility makes targeting service obligations difficult. · Minimize the risks imposed by elusive demand. In providing new services, a gradual policy may work better than a shock. · Realize that unemployment leads to delinquency and lower expected tariffs. Elasticity of fixed and usage charges is important. · Deal with the fact that the poor have limited access to credit. Ultimately, plans that included credit for the payment of infrastructure charges were not that successful. · Coordinate regulatory, employment, and social policy. One successful plan to provide universal service involved employing workers from poor families in infrastructure extension works. · Beware of the latent opportunism of users who benefit from special programs. Special treatment of a sector may encourage free-riding (for example, pensioners overused the telephone until a limit was placed on the number of subsidized phone calls they could make). · Fixed allocations for payment of services do not ensure that universal service obligations will be met. How do you deal with the problem that many pensioners do not pay their bills? · Anticipate that operators will have more information than regulators do. If companies exaggerate supply costs in remote areas, direct interaction with poor users there may lead to the selection of more cost-effective technologies. · Tailored programs are often much more effective than standardized programs. They are clearly more expensive but, when demand-driven, are also more effective. This paper - a product of Governance, Regulation, and Finance, World Bank Institute - is part of a larger effort in the institute to increase understanding of infrastructure regulation. The authors may be contacted at ochisariuade.edu or aestache@worldbank.org
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  • 18
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    Revenue Recycling and the Welfare Effects of Road Pricing (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (36 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Parry, H.W. Ian Revenue Recycling and the Welfare Effects of Road Pricing
    Keywords: Congestion ; Congestion Reduction ; Costs ; Costs Of Travel ; Externalities ; Fuel ; Fuel Consumption ; Infrastructure ; Policies ; Public Trans Public Transit Subsidies ; Road ; Road Pricing ; Road Traffic ; Tax ; Taxes ; Traffic ; Traffic Congestion ; Transport ; Transport Economics, Policy and Planning ; Vehicle ; Vehicle Miles ; Congestion ; Congestion Reduction ; Costs ; Costs Of Travel ; Externalities ; Fuel ; Fuel Consumption ; Infrastructure ; Policies ; Public Trans Public Transit Subsidies ; Road ; Road Pricing ; Road Traffic ; Tax ; Taxes ; Traffic ; Traffic Congestion ; Transport ; Transport Economics, Policy and Planning ; Vehicle ; Vehicle Miles
    Abstract: December 1999 - The presence of preexisting tax distortions, and the form of revenue recycling, can crucially affect the size - and possibly even the sign - of the welfare effect of road pricing schemes. The efficiency gains from recycling congestion tax revenues in other tax reductions can amount to several times the Pigouvian welfare gains from congestion reduction. Parry and Bento explore the interactions between taxes on work-related traffic congestion and preexisting distortionary taxes in the labor market. A congestion tax raises the overall costs of commuting to work and discourages labor force participation at the margin when revenues are returned in lump-sum transfers. The resulting efficiency loss in the labor market can be larger than the Pigouvian efficiency gains from internalizing the congestion externality. By contrast, if congestion tax revenues are used to reduce labor taxes, the net impact on the labor supply is positive and the efficiency gain in the labor market can raise the overall welfare gains of the congestion tax by as much as 100 percent. Recycling congestion tax revenues in public transit subsidies produces a positive, but smaller, impact on the labor supply. In short, Parry and Bento's results indicate that the presence of preexisting tax distortions, and the form of revenue recycling, can crucially affect the size - and possibly even the sign - of the welfare effect of road pricing schemes. The efficiency gains from recycling congestion tax revenues in other tax reductions can amount to several times the Pigouvian welfare gains from congestion reduction. This paper - a product of Infrastructure and Environment, Development Research Group - is part of a larger effort in the group to study the cost-effectiveness of alternative transport policies. The study was funded by the Bank's Research Support Budget under the research project The Cost-Effectiveness of Alternative Transport Policies (RPO 683-39). Copies of this paper are available free. Please contact Roula Yazigi, email address ryazigiworldbank.org. The authors may be contacted at parry@rff.org or abento@worldbank.org
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  • 19
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    Risk and Efficiency in East Asian Banks (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (40 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Laeven, Luc Risk and Efficiency in East Asian Banks
    Keywords: Bank ; Bank Risk ; Banking ; Banks ; Banks and Banking Reform ; Cred Deposits ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Financial Institutions ; Financial Intermediation ; Financial Literacy ; Financial Services ; Governance ; Interest ; Lending ; Nonperforming Loans ; Operating Costs ; Principal ; Real Sector ; Risk ; Risk Factors ; Risk Management ; Risk Taking ; Services ; Bank ; Bank Risk ; Banking ; Banks ; Banks and Banking Reform ; Cred Deposits ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Financial Institutions ; Financial Intermediation ; Financial Literacy ; Financial Services ; Governance ; Interest ; Lending ; Nonperforming Loans ; Operating Costs ; Principal ; Real Sector ; Risk ; Risk Factors ; Risk Management ; Risk Taking ; Services
    Abstract: Banks restructured after East Asia's crisis of 1997 - most of them family-owned or company-owned and almost never foreign-owned - tended to be heavy risk takers. Most of them had excessive credit growth. - Laeven uses a linear programming technique (data envelopment analysis) to estimate the inefficiencies of banks in Indonesia, the Republic of Korea, Malaysia, the Philippines, and Thailand. He applies this technique to the precrisis period 1992-96. Assessing a bank's overall performance requires assessing both efficiency and risk factors, so Laeven also introduces a measure of risk taking. This risk measure helps predict which banks were restructured after the crisis of 1997. Laeven finds that foreign-owned banks took little risk relative to other banks in East Asia, and that family-owned and company-owned banks were among the highest risk takers. Banks restructured after the 1997 crisis had excessive credit growth, were mostly family-owned or company-owned, and were almost never foreign-owned. This paper - a product of the Financial Sector Strategy and Policy Department - is part of a larger effort in the department to study the causes and resolution of financial distress. The author may be contacted at llaevenworldbank.org
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  • 20
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    Predicting Currency Fluctuations and Crises : Do Resident Firms Have an Informational Advantage? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (40 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Schmukler, Sergio Predicting Currency Fluctuations and Crises
    Keywords: Asymmetric Information ; Balance Of Payments ; Balance Of Payments Crises ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Devaluation ; E-Business ; Emerging Markets ; Exchange ; Exchange Rate ; Finance and Financial Sector Development ; Financial Crises ; Financial Literacy ; Financial Markets ; Future ; Interest ; Interest Rate ; Interest Rate Differentials ; International Cred International Financial Markets ; Investors ; Local Business ; Local Investors ; Mutual Funds ; Private Sector Development ; Sovereign Debt ; Asymmetric Information ; Balance Of Payments ; Balance Of Payments Crises ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Devaluation ; E-Business ; Emerging Markets ; Exchange ; Exchange Rate ; Finance and Financial Sector Development ; Financial Crises ; Financial Literacy ; Financial Markets ; Future ; Interest ; Interest Rate ; Interest Rate Differentials ; International Cred International Financial Markets ; Investors ; Local Business ; Local Investors ; Mutual Funds ; Private Sector Development ; Sovereign Debt
    Abstract: December 1999 - Markets have had limited success predicting crises and might do better by drawing on private information available to resident enterprise managers, who seem to know better than markets about future movements in exchange rates. Kaufmann, Mehrez, and Schmukler investigate whether resident enterprise managers have an informational advantage about the countries in which they work. They propose a method for extracting information available to resident managers but unknown to investors and forecasters. They test their hypothesis of informational advantage using a unique data set, the Global Competitiveness Survey. The survey asks local managers about their outlook for the country in which they reside. They find that local managers do have useful private information. Local managers' responses improve on conventional forecasts of future volatility and changes in the exchange rate, which are based on economic fundamentals or interest rate differentials. They find that the local business community perceived in advance the recent crises in the Republic of Korea, Russia, and Thailand, but not those in Indonesia and Malaysia. Markets have had limited success predicting crises and might do better by drawing on private information available to resident enterprise managers, who seem to know better than markets about future movements in exchange rates. This paper - a product of Governance, Regulation, and Finance, World Bank Institute - is part of a larger effort in the institute to understand the roles of transparency and governance. The authors may be contacted at dkaufmannworldbank.org, mehrezg@gunet.georgetown.edu, or sschmukler@worldbank.org
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  • 21
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    When Is Growth Pro-Poor? : Evidence from the Diverse Experiences of India's States (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (36 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Ravallion, Martin When Is Growth Pro-Poor?
    Keywords: Absolute Poverty ; Economic Growth ; Farm Growth ; Farm Output ; Farm Productivity ; Food Policy ; Health, Nutrition and Population ; Household Income ; Household Surveys ; Human Development ; Inequality ; Measures ; Poor ; Population Policies ; Poverty ; Poverty Alleviation ; Poverty Measurement ; Poverty Reducing ; Poverty Reduction ; Poverty Reduction ; Pro-Poor Growth ; Rural ; Rural Development ; Rural Development ; Rural Living Standards ; Rural Poverty Reduction ; Absolute Poverty ; Economic Growth ; Farm Growth ; Farm Output ; Farm Productivity ; Food Policy ; Health, Nutrition and Population ; Household Income ; Household Surveys ; Human Development ; Inequality ; Measures ; Poor ; Population Policies ; Poverty ; Poverty Alleviation ; Poverty Measurement ; Poverty Reducing ; Poverty Reduction ; Poverty Reduction ; Pro-Poor Growth ; Rural ; Rural Development ; Rural Development ; Rural Living Standards ; Rural Poverty Reduction
    Abstract: December 1999 - Nonfarm economic growth in India had very different effects on poverty in different states. Nonfarm growth was least effective at reducing poverty in states where initial conditions were poor in terms of rural development and human resources. Among initial conditions conducive to pro-poor growth, literacy plays a notably positive role. Ravallion and Datt use 20 household surveys for India's 15 major states, spanning 1960-94, to study how initial conditions and the sectoral composition of economic growth interact to influence how much economic growth reduced poverty. The elasticities of measured poverty to farm yields and development spending did not differ significantly across states. But the elasticities of poverty to (urban and rural) nonfarm output varied appreciably, and the differences were quantitatively important to the overall rate of poverty reduction. States with initially lower farm productivity, lower rural living standards relative to those in urban areas, and lower literacy experienced a less pro-poor growth process. This paper - a joint product of Poverty and Human Resources, Development Research Group, and the Poverty Reduction and Economic Management Sector Unit, South Asia Region - is part of a larger effort in the Bank to better understand the conditions required for pro-poor growth. The authors may be contacted at mravallionworldbank.org or gdatt@worldbank.org
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  • 22
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    Sources of Ethnic Inequality in Vietnam (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Walle, devan Dominique Sources of Ethnic Inequality in Vietnam
    Keywords: Agricultural Knowledge and Information Systems ; Agriculture ; Basic Infrastructure ; Cash Crops ; Communities & Human Settlements ; Debt Markets ; Development Policies ; Disability ; Discrimination ; Ethnic Groups ; Finance and Financial Sector Development ; Financial Literacy ; Health Care ; Health, Nutrition and Population ; Housing and Human Habitats ; Ill-Health ; Income Inequality ; Indigenous Practices ; Knowledge ; Land Tenure ; Large Population ; Living Standards ; Minority ; Policies ; Policy ; Population Policies ; Poverty ; Poverty Reduction ; Public Services ; Rural Areas ; Rural Development ; Rural Development ; Rural Development Knowledge and Information Systems ; Rural Poverty Reduction ; Social Protections and Labor ; Urban Development ; Urban Housing ; Agricultural Knowledge and Information Systems ; Agriculture ; Basic Infrastructure ; Cash Crops ; Communities & Human Settlements ; Debt Markets ; Development Policies ; Disability ; Discrimination ; Ethnic Groups ; Finance and Financial Sector Development ; Financial Literacy ; Health Care ; Health, Nutrition and Population ; Housing and Human Habitats ; Ill-Health ; Income Inequality ; Indigenous Practices ; Knowledge ; Land Tenure ; Large Population ; Living Standards ; Minority ; Policies ; Policy ; Population Policies ; Poverty ; Poverty Reduction ; Public Services ; Rural Areas ; Rural Development ; Rural Development ; Rural Development Knowledge and Information Systems ; Rural Poverty Reduction ; Social Protections and Labor ; Urban Development ; Urban Housing
    Abstract: March 2000 - To redress ethnic inequality in Vietnam, it is not enough to target poor areas. Policies must be designed to reach minority households in poor areas, to open up options by ensuring that minority groups are not disadvantaged (in labor markets, for example), to change the conditions that have caused their isolation and social exclusion, and to explicitly recognize behavior patterns (including compensating behavior) that have served the minorities well but intensify ethnic inequalities in the longer term. Vietnam's ethnic minorities, who tend to live mostly in remote rural areas, typically have lower living standards than the ethnic majority. How much is this because of differences in economic characteristics (such as education levels and land) rather than low returns to characteristics? Is there a self-reinforcing culture of poverty in the minority groups, reflecting patterns of past discrimination? Van de Walle and Gunewardena find that differences in levels of living are due in part to the fact that the minorities live in less productive areas characterized by difficult terrain, poor infrastructure, less access to off-farm work and the market economy, and inferior access to education. Geographic disparities tend to persist because of immobility and regional differences in living standards. But the authors also find large differences within geographical areas even after controlling for household characteristics. They find differences in returns to productive characteristics to be the most important explanation for ethnic inequality. But the minorities do not obtain lower returns to all characteristics. There is evidence of compensating behavior. For example, pure returns to location - even in remote, inhospitable areas - tend to be higher for minorities, though not high enough to overcome the large consumption difference with the majority. The majority ethnic group's model of income generation is a poor guide on how to fight poverty among ethnic minority groups. Nor is it enough to target poor areas to redress ethnic inequality. Policies must be designed to reach minority households in poor areas and to explicitly recognize behavior patterns (including compensating behavior) that have served the minorities well in the short term but intensify ethnic inequalities in the longer term. It will be important to open up options for minority groups both by ensuring that they are not disadvantaged (in labor markets, for example), and by changing the conditions that have caused their isolation and social exclusion. This paper - a product of Public Economics and Rural Development, Development Research Group - is part of a larger effort in the group to understand the determinants of poverty and the policy implications. Dominique van de Walle may be contacted at dvandewalleworldbank.org
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    Single Mothers in Russia : Household Strategies for Coping with Poverty (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Lokshin, Michael Single Mothers in Russia
    Keywords: Child Care ; Childbearing ; Communities & Human Settlements ; Divorce ; Family Income ; Finance and Financial Sector Development ; Financial Literacy ; Gender ; Gender and Law ; Health Care ; Health Systems Development and Reform ; Health, Nutrition and Population ; Housing and Human Habitats ; Infant ; Infant Health ; Labor Market ; Law and Development ; Male Mortality ; Mother ; Nutrition ; Opportunities For Women ; Population ; Population Center ; Population Policies ; Population and Development ; Poverty ; Poverty Reduction ; Rural Development ; Rural Poverty Reduction ; Safety Net ; Single Mothers ; Single-Parent Families ; Single-Parent Households ; Social Concern ; Social Development ; Social Inclusion and Institutions ; Child Care ; Childbearing ; Communities & Human Settlements ; Divorce ; Family Income ; Finance and Financial Sector Development ; Financial Literacy ; Gender ; Gender and Law ; Health Care ; Health Systems Development and Reform ; Health, Nutrition and Population ; Housing and Human Habitats ; Infant ; Infant Health ; Labor Market ; Law and Development ; Male Mortality ; Mother ; Nutrition ; Opportunities For Women ; Population ; Population Center ; Population Policies ; Population and Development ; Poverty ; Poverty Reduction ; Rural Development ; Rural Poverty Reduction ; Safety Net ; Single Mothers ; Single-Parent Families ; Single-Parent Households ; Social Concern ; Social Development ; Social Inclusion and Institutions
    Abstract: March 2000 - Because of the decline in government assistance that accompanied economic reform in Russia, single mothers there - facing a greater risk of poverty - are increasingly choosing to live with other adults or relatives. Lokshin, Harris, and Popkin describe trends in single parenthood in Russia, examining factors that affect living arrangements in single-mother families. Before economic reform, single mothers and their children were somewhat protected from poverty by government assistance (income support, subsidized child care, and full employment guarantees). Economic reform in Russia has reduced government transfers, eliminated publicly subsidized preschool care programs, and worsened women's opportunities in the labor market. The loss of government support has eroded family stability and left single mothers at increased risk of poverty. Over the last decade, the proportion of households headed by women has increased rapidly, raising the risk of poverty. Single-parent families now represent nearly a quarter of all Russian households. Using seven rounds of data from the Russian Longitudinal Monitoring Survey, the authors investigate how household living arrangements and other factors affect income in single-mother families. They find that a single parent with more earning power and child benefits is more likely not to live with relatives. But single mothers are increasingly choosing to live with other adults or relatives to survive and to raise their children in times of economic stress and uncertainty. Half of all single mothers in Russia live with their parents, their adult siblings, or other adult relatives. Help from relatives is important to single-mother families, and that help - including the sharing of domestic and child-care duties - is more efficient and productive when the single parent lives with the family. The other half live in independent residences and face increased risk of poverty. This paper - a product of Poverty and Human Resources, Development Research Group - is part of a larger effort in the group to understand the mechanisms used by households in transition economies to cope with poverty
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  • 24
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    Disinflation and the Supply Side (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Pizzati, Lodovico Disinflation and the Supply Side
    Keywords: Aggregate Demand ; Assets ; Capital ; Capital Markets ; Consumption ; Currencies and Exchange Rates ; Debt Markets ; Devaluation ; Economic Theory and Research ; Elasticity ; Elasticity Of Substitution ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Literacy ; Goods ; Interest ; Investment ; Macroeconomics and Economic Growth ; Money ; Open Economy ; Private Sector Development ; Production ; Recession ; Stock ; Supply ; Wages ; Wealth ; Aggregate Demand ; Assets ; Capital ; Capital Markets ; Consumption ; Currencies and Exchange Rates ; Debt Markets ; Devaluation ; Economic Theory and Research ; Elasticity ; Elasticity Of Substitution ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Literacy ; Goods ; Interest ; Investment ; Macroeconomics and Economic Growth ; Money ; Open Economy ; Private Sector Development ; Production ; Recession ; Stock ; Supply ; Wages ; Wealth
    Abstract: March 2000 - What role do supply-side factors play in the dynamics of output and absorption in exchange rate-based stabilization programs? Agénor and Pizzati study the dynamics of output, consumption, and real wages induced by a disinflation program based on permanent and temporary reductions in the nominal devaluation rate. They use an intertemporal optimizing model of a small open economy in which domestic households face imperfect world capital markets, the labor supply is endogenous, and wages are flexible. The model predicts that, with a constant capital stock and no investment, there is an initial reduction in real wages and output expands. Consumption falls on impact but increases afterward. In addition, with a temporary shock, a current account deficit emerges and, later, a recession sets in, as documented in various studies. With endogenous capital accumulation, numerical simulations show that the model can also predict a boom in investment. This paper is a product of the Economic Policy and Poverty Reduction Division, World Bank Institute. The authors may be contacted at pagenorworldbank.org and lpizzati@worldbank.org
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  • 25
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    The Impact of Banking Crises on Money Demand and Price Stability (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (86 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Peria, Maria The Impact of Banking Crises on Money Demand and Price Stability
    Keywords: Central Banks ; Currencies and Exchange Rates ; Debt Markets ; Demand ; Demand For Money ; Deregulation ; Economic Theory and Research ; Emerging Markets ; Equations ; Exchange ; Exchange Rates ; Finance and Financial Sector Development ; Financial Intermediation ; Financial Literacy ; Fiscal and Monetary Policy ; Government Bonds ; Inflation ; Interest ; Interest Rates ; Labor Policies ; M2 ; Macroeconomics and Economic Growth ; Markets and Market Access ; Monetary Policy ; Money ; Multipliers ; Prices ; Private Sector Development ; Public Sector Development ; Social Protections and Labor ; Stock ; Stock Prices ; T-Bills ; Variables ; Central Banks ; Currencies and Exchange Rates ; Debt Markets ; Demand ; Demand For Money ; Deregulation ; Economic Theory and Research ; Emerging Markets ; Equations ; Exchange ; Exchange Rates ; Finance and Financial Sector Development ; Financial Intermediation ; Financial Literacy ; Fiscal and Monetary Policy ; Government Bonds ; Inflation ; Interest ; Interest Rates ; Labor Policies ; M2 ; Macroeconomics and Economic Growth ; Markets and Market Access ; Monetary Policy ; Money ; Multipliers ; Prices ; Private Sector Development ; Public Sector Development ; Social Protections and Labor ; Stock ; Stock Prices ; T-Bills ; Variables
    Abstract: March 2000 - Policymakers in countries undergoing banking crises should not worry about the structural stability of money demand functions; the behavior of money demand during crises can be modeled by the same function used during periods of tranquility. But policymakers should be aware that in some instances crises can give rise to variance instability in the price or inflation equations. Martinez Peria empirically investigates the monetary impact of banking crises in Chile, Colombia, Denmark, Japan, Kenya, Malaysia, and Uruguay. She uses cointegration analysis and error correction modeling to research: · Whether money demand stability is threatened by banking crises. · Whether crises bring about structural breaks in the relationship between monetary indicators and prices. Overall, she finds no systematic evidence that banking crises cause money demand instability. Nor do the results consistently support the notion that the relationship between monetary indicators and prices undergoes structural breaks during crises. However, although individual coefficients in price equations do not seem to be severely affected by crises, crises can sometimes give rise to variance instability in price or inflation equations. This paper - a product of Finance, Development Research Group - is part of a larger effort in the group to study banking crises. The study was funded by the Bank's Research Support Budget under the research project Monetary Policy and Monetary Indicators during Banking Crises (RPO 683-24). The author may be contacted at mmartinezperiaworldbank.org
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  • 26
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    What Drives Private Saving around the World? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Loayza, Norman What Drives Private Saving around the World?
    Keywords: Capital Gains ; Central Bank ; Currencies and Exchange Rates ; Debt Markets ; Demographic ; Developing Countries ; Developing Country ; Disposable Income ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Policy ; Housing Lending ; Income ; Inequality ; Inflation Episodes ; Interest ; Interest Rate ; Interest Rates ; Liberalization ; Macroeconomics and Economic Growth ; Pension ; Pension System ; Poverty Reduction ; Prices ; Private Saving ; Private Sector Development ; Pro-Poor Growth ; Public Policies ; Trade ; Capital Gains ; Central Bank ; Currencies and Exchange Rates ; Debt Markets ; Demographic ; Developing Countries ; Developing Country ; Disposable Income ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Policy ; Housing Lending ; Income ; Inequality ; Inflation Episodes ; Interest ; Interest Rate ; Interest Rates ; Liberalization ; Macroeconomics and Economic Growth ; Pension ; Pension System ; Poverty Reduction ; Prices ; Private Saving ; Private Sector Development ; Pro-Poor Growth ; Public Policies ; Trade
    Abstract: March 2000 - Saving rates vary considerably across countries and over time. Policies that spur development are an indirect but effective way to raise private saving rates - which rise with the level and growth rate of real per capita income. Loayza, Schmidt-Hebbel, and Servén investigate the policy and nonpolicy factors behind saving disparities, using a large panel data set and an encompassing approach including several relevant determinants of private saving. They extend the literature in several dimensions by: · Using the largest data set on aggregate saving assembled to date. · Using panel instrumental variable techniques to correct for endogeneity and heterogeneity. · Performing robustness checks on changes in estimation procedures, data samples, and model specification. Their main empirical findings: · Private saving rates show considerable inertia (are highly serially correlated even after controlling for other relevant factors). · Private saving rates rise with the level and growth rate of real per capita income. So policies that spur development are an indirect but effective way to raise private saving rates. · Predictions of the life-cycle hypothesis are supported in that dependency ratios generally have a negative effect on private saving rates. · The precautionary motive for saving is supported by the finding that inflation - conventionally taken as a summary measure of macroeconomic volatility - has a positive impact on private saving, holding other facts constant. · Fiscal policy is a moderately effective tool for raising national saving. · The direct effects of financial liberalization are largely detrimental to private saving rates. Greater availability of credit reduces the private saving rate; financial depth and higher real interest rates do not increase saving. This paper - a product of Macroeconomics and Growth, Development Research Group - is part of a larger effort in the group to understand the determinants of saving in developing countries. The study was funded by the Bank's Research Support Budget under the research project Saving in the World: Puzzles and Policies (RPO 681-36). The authors may be contacted at nloayzaworldbank.org or lserven@worldbank.org
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    Investment in Natural Gas Pipelines in the Southern Cone of Latin America (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (36 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Jadresic, Alejandro Investment in Natural Gas Pipelines in the Southern Cone of Latin America
    Keywords: Coal ; Coal Mines ; Electricity ; Electricity Demand ; Electricity System ; Energy ; Energy ; Energy Consumption ; Energy Markets ; Energy Needs ; Energy Production and Transportation ; Energy and Environment ; Environment ; Environment and Energy Efficiency ; Industry ; Infrastructure Economics and Finance ; Infrastructure Regulation ; Investment ; Investments ; Natural Gas ; Natural Gas Infrastructure ; Natural Gas Pipelines ; Oil ; Oil and Gas Industry ; Pipeline ; Pipeline Projects ; Power ; Power Generation ; Power Generators ; Water Resources ; Water and Industry ; Coal ; Coal Mines ; Electricity ; Electricity Demand ; Electricity System ; Energy ; Energy ; Energy Consumption ; Energy Markets ; Energy Needs ; Energy Production and Transportation ; Energy and Environment ; Environment ; Environment and Energy Efficiency ; Industry ; Infrastructure Economics and Finance ; Infrastructure Regulation ; Investment ; Investments ; Natural Gas ; Natural Gas Infrastructure ; Natural Gas Pipelines ; Oil ; Oil and Gas Industry ; Pipeline ; Pipeline Projects ; Power ; Power Generation ; Power Generators ; Water Resources ; Water and Industry
    Abstract: April 2000 - The natural gas pipelines between Argentina and Chile are large-scale investments in competitive environments. Jadresic, a former minister of energy in Chile, argues that a competitive energy sector and free entry were important policy initiatives to spur the cross-border investments that have benefited Chile's energy sector and environment. Increasing demand for clean energy sources is expanding investment in natural gas infrastructure around the world. Many international projects involve pipelines connecting energy markets in two or more countries. A key feature of investment taking place in Latin America is the convergence of gas and electricity markets. Many projects are being developed to supply gas to new power generation plants needed to meet electricity demand. Construction of a pipeline over the Andes mountains to supply gas from Argentina to energy markets in central Chile was an idea long unfulfilled for political, economic, and technical reasons. Great changes have now taken place in a very short time. Jadresic discusses both the achievements and the challenges to be faced by pipeline developers and Chile's energy sector. He details the benefits of the cooperative effort to consumers in terms of lower energy prices, higher environmental standards, and a more reliable energy system. The experience in Latin America's Southern Cone shows how technological innovation, economic deregulation, and regional integration make it possible to build major international gas pipeline projects within a competitive framework and without direct state involvement. This paper - a product of Private Participation in Infrastructure, Private Sector Advisory Services Department - is part of a larger effort in the department to analyze and disseminate the principles of, and good practice for, promoting competition in infrastructure. The author may be contacted at jadresiccreuna.cl
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  • 28
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    Does More Intense Competition Lead to Higher Growth? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Dutz, A. Mark Does More Intense Competition Lead to Higher Growth?
    Keywords: Anti-Trust Laws ; Competition ; Competition Policy ; Competitiveness ; Consumer Protection ; Deregulation ; Development ; Economic Growth ; Economic Theory and Research ; Economy ; Emerging Markets ; Growth Models ; Influence ; Labor Policies ; Macroeconomics and Economic Growth ; Monopoly ; Positive Effects ; Private Sector Development ; Productivity ; Productivity Growth ; Regulatory Framework ; Social Protections and Labor ; Telecommunications ; Trade ; Unfair Competition ; Variables ; Anti-Trust Laws ; Competition ; Competition Policy ; Competitiveness ; Consumer Protection ; Deregulation ; Development ; Economic Growth ; Economic Theory and Research ; Economy ; Emerging Markets ; Growth Models ; Influence ; Labor Policies ; Macroeconomics and Economic Growth ; Monopoly ; Positive Effects ; Private Sector Development ; Productivity ; Productivity Growth ; Regulatory Framework ; Social Protections and Labor ; Telecommunications ; Trade ; Unfair Competition ; Variables
    Abstract: April 2000 - Empirical evidence indicates a strong correlation between long-run growth and effective enforcement of antitrust and competition policy. The relationship between the intensity of competition in an economy and its long-run growth is an open question in economics. Theoretically, there is no clear-cut answer. Empirical evidence exists, however, that in some sectors more competition leads to more innovation and accelerates productivity growth. To complement those findings and capture economywide effects, Dutz and Hayri conduct a cross-country study. They examine the impact on growth of various measures having to do with intensity of domestic competition - beyond the effects of trade liberalization. Their results indicate a strong correlation between long-run growth and effective enforcement of antitrust and competition policy. An earlier version of this paper - a product of Public Economics, Development Research Group - was presented at a conference, Industrial Reorganization and Development, in Toulouse, France (November 1998). The study was funded by the Bank's Research Support Budget under the research project Does More Intense Competition Lead to Higher Growth? (RPO 682-47). The authors may be contacted at mdutzworldbank.org or ahayri@dttus.com
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  • 29
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    Globalization and Firms' Financing Choices : Evidence from Emerging Economies (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (74 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Schmukler, Sergio Globalization and Firms' Financing Choices
    Keywords: Banks and Banking Reform ; Bond ; Bond Markets ; Debt ; Debt Markets ; Debt Maturity ; Debt-Equity ; Economic Development ; Emerging Economies ; Emerging Markets ; Emerging Markets ; Equity ; Finance and Financial Sector Development ; Financial Liberalization ; Financial Markets ; Financial Structure ; Financial Systems ; Globalization ; International Bond ; International Financial Markets ; International Markets ; Maturity Structure ; Private Sector Development ; Share ; World Financial Markets ; Banks and Banking Reform ; Bond ; Bond Markets ; Debt ; Debt Markets ; Debt Maturity ; Debt-Equity ; Economic Development ; Emerging Economies ; Emerging Markets ; Emerging Markets ; Equity ; Finance and Financial Sector Development ; Financial Liberalization ; Financial Markets ; Financial Structure ; Financial Systems ; Globalization ; International Bond ; International Financial Markets ; International Markets ; Maturity Structure ; Private Sector Development ; Share ; World Financial Markets
    Abstract: April 2000 - Debt-equity ratios do not tend to increase after financial liberalization, but there is a shift from long-term to short-term debt. Globalization has uneven effects for firms with and without access to international capital markets. Countries with deeper domestic financial markets are less affected by financial liberalization. Schmukler and Vesperoni investigate whether integration with global markets affects the financing choices of firms from East Asia and Latin America. Using firm-level data for the 1980s and 1990s, they study how leverage ratios, the structure of debt maturity, and sources of financing change when economies are liberalized and when firms gain access to international equity and bond markets. The evidence shows that integration with world financial markets has uneven effects. On the one hand, debt maturity for the average firm shortens when countries undertake financial liberalization. On the other hand, domestic firms that actually participate in international markets get better financing opportunities and extend their debt maturity. Moreover, firms in economies with deeper domestic financial systems are affected less by financial liberalization. Finally, they show that leverage ratios increase during times of crisis. In an appendix, they analyze the previously unstudied case of Argentina, which experienced sharp financial liberalization and was hit hard by all recent global crises. This paper - a product of Macroeconomics and Growth, Development Reseach Group - is part of a larger effort in the group to understand financial development and financial integration. The authors may be contacted at sschmuklerworldbank.org or vesperon@wam.umd.edu
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    How the Republic of Korea's Financial Structure Affects the Volatility of Four Asset Prices (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (40 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Min, G. Hong How the Republic of Korea's Financial Structure Affects the Volatility of Four Asset Prices
    Keywords: Asset Prices ; Banking Sector ; Banks and Banking Reform ; Capital Flows ; Currencies and Exchange Rates ; Currency ; Currency Crises ; Debt Markets ; Emerging Markets ; Exchange ; Exchange Rate ; Finance ; Finance and Financial Sector Development ; Financial Crisis ; Financial Institutions ; Financial Literacy ; Financial Structure ; Financial System ; Government Bond ; Government Bond Yield ; Macroeconomics and Economic Growth ; Market ; Markets and Market Access ; Monetary Authority ; Monetary Policies ; Money Market ; Money Market Rate ; Private Sector Development ; Stock ; Asset Prices ; Banking Sector ; Banks and Banking Reform ; Capital Flows ; Currencies and Exchange Rates ; Currency ; Currency Crises ; Debt Markets ; Emerging Markets ; Exchange ; Exchange Rate ; Finance ; Finance and Financial Sector Development ; Financial Crisis ; Financial Institutions ; Financial Literacy ; Financial Structure ; Financial System ; Government Bond ; Government Bond Yield ; Macroeconomics and Economic Growth ; Market ; Markets and Market Access ; Monetary Authority ; Monetary Policies ; Money Market ; Money Market Rate ; Private Sector Development ; Stock
    Abstract: April 2000 - How Korea's financial structure affects the volatility of Korea's real effective exchange rate, money market rate, government bond yields, and stock prices. Min and Park explore how Korea's financial structure affects the volatility of asset prices. Documented empirical evidence of the relationship between financial structure and financial crisis sheds light on the relationship between asset price volatility - extreme variations in prices - and financial structure. And the volatility of financial and nonfinancial asset prices provides an indirect link between an economy's financial structure and the likelihood of financial crisis. Using time-series data and a set of indicators measuring financial structure, Min and Park examine how Korea's financial structure affects the volatility of the real effective exchange rate, the money market rate, government bond yields, and stock prices. They find: · There is a stable long-term relationship between financial structure and volatility in the real effective exchange rate, the money market rate, stock prices, and the yield on government housing bonds. · Financial structure affects asset price variables asymmetrically. Some variables' volatility increases and others' diminish, suggesting that monetary policies should target different asset markets to achieve different goals. If the goal of the monetary authority is to stabilize the money market rate, for example, intervening in the banking sector is more efficient than intervening in other financial subsectors. · The higher volatility of stock prices reflects the thin stock market in Korea. · The stability of the yield on government housing bonds reflects the Korean government's policy of stabilizing the nation's housing supply by isolating the housing market from the impact of Korea's financial structure. · Restrictions on foreigners' ownership of domestic stock in Korea during the period analyzed, and the fact that most capital flows through commercial banks, affect the exchange rate, which is determined (at least in the short run) by capital flows in the foreign exchange market. This paper - a product of the Macroeconomic Data Team, Development Data Group - is part of a larger effort in the group to understand the financial structure of developing countries based on empirical data. The authors may be contacted at hmin56aol.com or jpark@worldbank.org
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    Financial Intermediary Distress in the Republic of Korea : Small Is Beautiful? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (42 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Ferri, Giovanni Financial Intermediary Distress in the Republic of Korea
    Keywords: Bank ; Bank Examinations ; Bank Of Korea ; Banking Systems ; Banks and Banking Reform ; Capital Adequacy ; Commercial Banks ; Cred Deposits ; Debt Markets ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Crises ; Financial Institutions ; Financial Intermediation ; Financial Literacy ; Financial Ratios ; Loans ; Merchant Banking ; Private Sector Development ; Risk ; Risk Management ; Savings ; Services ; Small Banks ; Supervisory Agencies ; Bank ; Bank Examinations ; Bank Of Korea ; Banking Systems ; Banks and Banking Reform ; Capital Adequacy ; Commercial Banks ; Cred Deposits ; Debt Markets ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Crises ; Financial Institutions ; Financial Intermediation ; Financial Literacy ; Financial Ratios ; Loans ; Merchant Banking ; Private Sector Development ; Risk ; Risk Management ; Savings ; Services ; Small Banks ; Supervisory Agencies
    Abstract: May 2000 - During a systemic financial crisis in Korea, the probability of financial distress was greater for large financial intermediaries (such as commercial banks and merchant banking corporations) than it was for tiny mutual savings and finance companies. Taking the Korean experience as a laboratory experiment in systemic financial crisis, Bongini, Ferri, and Kang analyze distress in individual institutions among two groups of financial intermediaries. They pool together a group of large financial intermediaries (commercial banks, merchant banking corporations) and another group of tiny mutual savings and finance companies. Both the too-big-to-fail doctrine and the credit channel approach suggest that the probability of distress would be greater for small intermediaries. But Bongini, Ferri, and Kang find that proportionately fewer small intermediaries were distressed than were large intermediaries. They offer two hypothetical explanations for this unexpected result: · Exchange rate exposure - a major shock to Korean intermediaries - was presumably negligible for the small financial intermediaries. · Small financial intermediaries allocated loans better, because of the peer monitoring natural to their mutual nature and deep local roots. Available data did not allow the authors to test the first hypothesis, but they did find support for the second one. Estimating a logit model, they find that the probability of distress was systematically smaller for the mutual savings and finance companies that stayed closer to their origins (for example, collecting many deposits as credit mutual installment savings) and for those with a longer history of doing business in their local community. This paper - a product of Finance, Development Research Group - is part of a larger effort in the group to study the financial crises in East Asia. The authors may be contacted at pbonginimi.unicatt.it, gferri@worldbank.orgor tkang@worldbank.org
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  • 32
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    Inflation and the Poor (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (36 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Easterly, William Inflation and the Poor
    Keywords: Access to Markets ; Bank ; Bonds ; Checks ; Cred Education ; Currencies and Exchange Rates ; Debt Markets ; Economic Theory and Research ; Finance and Financial Sector Development ; Financial Instruments ; Financial Literacy ; Health Indicators ; Health, Nutrition and Population ; ICT Applications ; ICT for Health ; Income ; Incomes ; Inflation ; Inflation ; Information and Communication Technologies ; International Economics & Trade ; Macroeconomics and Economic Growth ; Markets and Market Access ; Minimum Wage ; Money ; Pensions ; Poverty Rate ; Poverty Rates ; Probabilities ; Research Assistance ; Stocks ; Subsidies ; Unemployment ; Wages ; Access to Markets ; Bank ; Bonds ; Checks ; Cred Education ; Currencies and Exchange Rates ; Debt Markets ; Economic Theory and Research ; Finance and Financial Sector Development ; Financial Instruments ; Financial Literacy ; Health Indicators ; Health, Nutrition and Population ; ICT Applications ; ICT for Health ; Income ; Incomes ; Inflation ; Inflation ; Information and Communication Technologies ; International Economics & Trade ; Macroeconomics and Economic Growth ; Markets and Market Access ; Minimum Wage ; Money ; Pensions ; Poverty Rate ; Poverty Rates ; Probabilities ; Research Assistance ; Stocks ; Subsidies ; Unemployment ; Wages
    Abstract: May 2000 - The poor suffer more from inflation than the rich do, reveals this survey of poor people in 38 countries. Using polling data for 31,869 households in 38 countries and allowing for country effects, Easterly and Fischer show that the poor are more likely than the rich to mention inflation as a top national concern. This result survives several robustness checks. Also, direct measures of improvements in well-being for the poor - the change in their share of national income, the percentage decline in poverty, and the percentage change in the real minimum wage - are negatively correlated with inflation in pooled cross-country samples. High inflation tends to lower the share of the bottom quintile and the real minimum wage - and tends to increase poverty. This paper - a joint product of Macroeconomics and Growth, Development Research Group, and the International Monetary Fund - is part of a larger effort to study the effects of macroeconomic policies on growth and poverty
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  • 33
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    Building Subnational Debt Markets in Developing and Transition Economies : A Framework for Analysis, Policy Reform, and Assistance Strategy (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (54 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Noel, Michel Building Subnational Debt Markets in Developing and Transition Economies
    Keywords: Agency Problems ; Bond Market Players ; Debt Market ; Debt Markets ; Decentralization ; Domestic Bond ; Domestic Bond Market ; Domestic Debt ; Domestic Debt Markets ; Finance ; Finance and Financial Sector Development ; Financial Sector Development ; Financial Systems ; Markets Development ; Sub-National Bond ; Sub-National Bond Market ; Sub-National Bond Markets ; Sub-National Debt ; Sub-National Debt Market ; Sub-National Debt Market Development ; Sub-National Debt Markets ; Transition Countries ; Agency Problems ; Bond Market Players ; Debt Market ; Debt Markets ; Decentralization ; Domestic Bond ; Domestic Bond Market ; Domestic Debt ; Domestic Debt Markets ; Finance ; Finance and Financial Sector Development ; Financial Sector Development ; Financial Systems ; Markets Development ; Sub-National Bond ; Sub-National Bond Market ; Sub-National Bond Markets ; Sub-National Debt ; Sub-National Debt Market ; Sub-National Debt Market Development ; Sub-National Debt Markets ; Transition Countries
    Abstract: May 2000 - Because of the trend toward decentralization in more than 70 countries where the World Bank is active, subnational entities - states, regions, provinces, counties, and municipalities, and the local utility companies owned by them - are now responsible for delivering services and investing in infrastructure. And infrastructure investments are growing rapidly to meet increasing urban demand. How should the World Bank Group help? Subnational debt markets can be a powerful force in a country's development. Through delegated monitoring by financial intermediaries and through debt placed directly with investors, sub-national debt markets account for about 5 percent of GDP in Argentina and Brazil. But they remain embryonic in most developing and transition economies. To resolve a potential clash between the increased financing needs of subnational entities and the limited development of domestic subnational debt markets, it is critical to support the orderly, efficient emergence of such debt markets. As a framework for policy reform, the following steps (mirroring typical weaknesses) are prerequisites for developing a country's subnational debt market: · Reducing moral hazard. · Improving market transparency. · Strengthening market governance. · Establishing a level playing field. · Developing local capacity for accounting, budgeting, and financial management. In countries where the government shows a clear commitment to market development, says Noel, the IBRD should support the framework needed for policy-based operations that establish hard budget constraints. In doing so, the IBRD should concentrate on (1) supporting national and local capacity building in those areas essential for developing a subnational debt market and (2) financing specific subnational projects with strictly nonrecourse loans. At the same time, the World Bank Group should offer a variety of lending and guarantee instruments that encourage private financing for investments by subnational entities - including, for example, equity participation in (or lines of credit or partial credit guarantees to) financial intermediaries specializing in subnational investment finance or in funds for financing local infrastructure. This paper - a product of the Private and Financial Sectors Development Unit, Europe and Central Asia Region - was prepared as background for a manual on policy issues relating to domestic debt markets. Michel Noel may be contacted at mnoel2worldbank.org
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  • 34
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    The Middle Class Consensus and Economic Development (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (48 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Easterly, William The Middle Class Consensus and Economic Development
    Keywords: Class Polarization ; Cross-Country Data ; Cross-Country Differences ; Cross-Country Income ; Development Outcomes ; Development Successes ; Economic Development ; Economic Growth ; Emerging Markets ; Exogenous Country Characteristics ; Human Capital ; Income ; Income Differences ; Inequality ; Inequality ; Macroeconomics and Economic Growth ; Middle Class ; Middle Class Consensus ; Political Community ; Political Economy ; Political Economy ; Political Instability ; Poverty Reduction ; Private Sector Development ; Resource Endowments ; Social Conflict ; Class Polarization ; Cross-Country Data ; Cross-Country Differences ; Cross-Country Income ; Development Outcomes ; Development Successes ; Economic Development ; Economic Growth ; Emerging Markets ; Exogenous Country Characteristics ; Human Capital ; Income ; Income Differences ; Inequality ; Inequality ; Macroeconomics and Economic Growth ; Middle Class ; Middle Class Consensus ; Political Community ; Political Economy ; Political Economy ; Political Instability ; Poverty Reduction ; Private Sector Development ; Resource Endowments ; Social Conflict
    Abstract: May 2000 - A higher share of income for the middle class and lower ethnic polarization are empirically associated with higher income, higher growth, more education, better health, better infrastructure, better economic policies, less political instability, less civil war (putting ethnic minorities at risk), more social modernization, and more democracy. Modern political economy stresses society's polarization as a determinant of development outcomes. Among the most common forms of social conflict are class polarization and ethnic polarization. A middle class consensus is defined as a high share of income for the middle class and a low degree of ethnic polarization. A middle class consensus distinguishes development successes from failures. A theoretical model shows how groups- distinguished by class or ethnicity - will under-invest in human capital and infrastructure when there is leakage to another group. Easterly links the existence of a middle class consensus to exogenous country characteristics such as resource endowments, along the lines of the provocative thesis of Engerman and Sokoloff 1997 that tropical commodity exporters are more unequal than other societies. Easterly confirms this hypothesis with cross-country data. This makes it possible to use resource endowments as instruments for inequality. A higher share of income for the middle class and lower ethnic polarization are empirically associated with higher income, higher growth, more education, better health, better infrastructure, better economic policies, less political instability, less civil war (putting ethnic minorities at risk), more social modernization, and more democracy. This paper - a product of Macroeconomics and Growth, Development Research Group - is part of a larger effort in the group to study the determinants of growth. The author may be contacted at weasterlyworldbank.org
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  • 35
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    Taxing Issues with Privatization : A Checklist (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (44 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Mintz, M. Jack Taxing Issues with Privatization
    Keywords: Capital Gains Taxes ; Company Taxes ; Corporate Income Tax ; Corporate Income Taxes ; Debt Markets ; Deductions ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Income Tax ; Investment and Investment Climate ; Law and Development ; Macroeconomics and Economic Growth ; Private Sector Development ; Property Taxes ; Tax ; Tax Base ; Tax Benefits ; Tax Credits ; Tax Incentives ; Tax Law ; Tax Liabilities ; Tax Liability ; Tax Policies ; Tax Policy ; Tax Revenue ; Taxable Income ; Taxation and Subsidies ; Taxes ; Taxpayers ; Capital Gains Taxes ; Company Taxes ; Corporate Income Tax ; Corporate Income Taxes ; Debt Markets ; Deductions ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Income Tax ; Investment and Investment Climate ; Law and Development ; Macroeconomics and Economic Growth ; Private Sector Development ; Property Taxes ; Tax ; Tax Base ; Tax Benefits ; Tax Credits ; Tax Incentives ; Tax Law ; Tax Liabilities ; Tax Liability ; Tax Policies ; Tax Policy ; Tax Revenue ; Taxable Income ; Taxation and Subsidies ; Taxes ; Taxpayers
    Abstract: May 2000 - The literature on privatization has overlooked how the tax status of the company to be privatized will affect the firm's, and the country's, financial transition. Privatization has been a popular strategy for improving efficiency in both market and transition economies. The literature on privatization includes broad discussions of pricing techniques but overlooks tax issues. In reality, a state-owned company loses its privilege of paying no taxes once it is privatized. This change in tax status would certainly complicate the financial transition of a newly privatized company, affect industrywide economic efficiency, and change the revenue pattern of governments. Using Ontario Hydro and the Canadian tax regime as examples, Mintz, Chen, and Zorotheos provide policymakers with a checklist on tax issues under privatization. Their main observations: · The tax status of the company to be privatized must be considered in analyzing the firm's financial transition. · The economic efficiency targeted by privatization may depend partly on the tax regime for a particular industry. · Privatization affects government revenue through the revenue-sharing structure determined by intergovernmental fiscal relationships and cross-border tax arrangements. Time is a factor in tax and transition issues. At the time of privatization, for example, how are assets to be valued for calculating capital gains and cost deductions, for tax purposes? Are the assets transferred to the new owners at fair market value, book value, or at cost, for tax purposes? How should heavy debt loads be treated? Ontario Hydro will not be privatized but it will become taxable. How the taxes will be paid will depend on how the transition is treated. Tax policy will be a key determinant of the industry's future development. This paper - a product of the Governance, Regulation, and Finance Division, World Bank Institute - is part of a larger effort in the institute to increase understanding of infrastructure regulation
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  • 36
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    How Stronger Patent Protection in India Might Affect the Behavior of Transnational Pharmaceutical Industries (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (50 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Fink, Carsten How Stronger Patent Protection in India Might Affect the Behavior of Transnational Pharmaceutical Industries
    Keywords: Access to Markets ; Advertising ; Brand ; Brands ; Commercialization ; Competition ; Demand ; Economic Theory and Research ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Market ; Market Structure ; Marketing ; Markets and Market Access ; Price ; Price Controls ; Price Increases ; Prices ; Product ; Products ; Publicity ; Real and Intellectual Property Law ; Sales ; Substitute ; Substitution ; Trademarks ; Access to Markets ; Advertising ; Brand ; Brands ; Commercialization ; Competition ; Demand ; Economic Theory and Research ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Market ; Market Structure ; Marketing ; Markets and Market Access ; Price ; Price Controls ; Price Increases ; Prices ; Product ; Products ; Publicity ; Real and Intellectual Property Law ; Sales ; Substitute ; Substitution ; Trademarks
    Abstract: May 2000 - How will stronger patent rights in developing countries affect transnational corporations' behavior in and toward those countries? How will market structure and consumer welfare be affected by extending patent protection to products that could previously be freely imitated? Will research-based transnational corporations devote more resources to developing technologies relevant to needs in developing countries? To address questions about how stronger patent rights will affect India's pharmaceutical industry, Fink simulates the effects of introducing such protection - as required by the World Trade Organization Agreement on Trade-Related Intellectual Property Rights (TRIPs) - on market structure and static consumer welfare. (India must amend its current patent regime by 2005 and establish a transitional regime in the meanwhile.) The model Fink uses accounts for the complex demand structure for pharmaceutical goods. Consumers can choose among various drugs available to treat a specific disease. And for each drug, they have a choice among various differentiated brands. Fink calibrates the model for two groups of drugs - quinolonnes and synthetic hypotensives - using 1992 brand-level data. In both groups, a subset of all available drugs was patent-protected in Western Europe but not India, where Indian manufacturers freely imitated them. The simulation analysis asks how the market structure for the two groups of drugs would have looked if India had granted patents for drugs. It does not take account of the fact that stronger patent protection will not apply to existing drugs and that the Indian government might be able to restrain high drug prices by imposing price controls or granting compulsory licenses. Still, Fink concludes that if future drug discoveries are mainly new varieties of already existing therapeutic treatments, the effect of stronger patent protection is likely to be small. If newly discovered drugs are medicinal breakthroughs, however, prices may rise significantly above competitive levels and static welfare losses may be large. If demand is highly price-elastic, as is likely in India, profits for transnational corporations are likely to be small. But if private health insurance is permitted in India, reducing the price-sensitivity of demand, patent-holders' profits could increase substantially. In light of the fact that the TRIPS Agreement strengthens patent rights in most developing countries, pharmaceutical companies may do more research on, for example, tropical diseases. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to investigate the economic consequences of multilateral trade agreements. The author may be contacted at cfinkworldbank.org
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  • 37
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    Bureaucratic Delegation and Political Institutions : When Are Independent Central Banks Irrelevant? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (54 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Keefer, Philip Bureaucratic Delegation and Political Institutions
    Keywords: Banks and Banking Reform ; Central Bank ; Central Bank Independence ; Central Banks ; Checks ; Contracts ; Credibility ; Credibility Problem ; Currencies and Exchange Rates ; Debt Markets ; Default ; Discount ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Fixed Investments ; Future ; Futures ; Holding ; ICT Applications ; Inflation ; Inflation Rate ; Information and Communication Technologies ; Macroeconomics and Economic Growth ; Monetary Policy ; Money Supply ; Option ; Political Economy ; Private Sector Development ; Shocks To Income ; Banks and Banking Reform ; Central Bank ; Central Bank Independence ; Central Banks ; Checks ; Contracts ; Credibility ; Credibility Problem ; Currencies and Exchange Rates ; Debt Markets ; Default ; Discount ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Fixed Investments ; Future ; Futures ; Holding ; ICT Applications ; Inflation ; Inflation Rate ; Information and Communication Technologies ; Macroeconomics and Economic Growth ; Monetary Policy ; Money Supply ; Option ; Political Economy ; Private Sector Development ; Shocks To Income
    Abstract: March 2000 - Does delegation of policymaking authority to independent agencies improve policy outcomes? This paper reports new theory and tests related to delegation of monetary policy to an independent central bank. The authors find that delegation reduces inflation only under specific institutional and political conditions. The government's ability to credibly commit to policy announcements is critical to the successful implementation of economic policies as diverse as capital taxation and utilities regulation. One frequently advocated means of signaling credible commitment is to delegate authority to an agency that will not have an incentive to opportunistically change policies once the private sector has taken such steps as signing wage contracts or making irreversible investments. Delegating authority is suggested as a government strategy particularly for monetary policy. And existing work on the independence of central banks generally assumes that government decisions to delegate are irrevocable. But delegation - in monetary policy as elsewhere - is inevitably a political choice, and can be reversed, contend Keefer and Stasavage. They develop a model of monetary policy that relaxes the assumption that monetary delegation is irreversible. Among the testable predictions of the model are these: · The presence of an independent central bank should reduce inflation only in the presence of political checks and balances. This effect should be evident in both developing and industrial countries. · Political actions to interfere with the central bank should be more apparent when there are few checks and balances. · The effects of checks and balances should be more marked when political decisionmakers are more polarized. The authors test these predictions and find extensive empirical evidence to support each of the observable implications of their model: Central banks are associated with better inflation outcomes in the presence of checks and balances. The turnover of central bank governors is reduced when governors have tenure protections supported by political checks and balances. And the effect of checks and balances is enhanced in more polarized political environments. This paper - a product of Regulation and Competition Policy, Development Research Group - is part of a larger effort in the group to identify the conditions under which regulatory reforms can be effective. The authors may be contacted at pkeeferworldbank.org or d.stasavage@lse.ac.uk
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  • 38
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    Corruption and the Composition of Foreign Direct Investment : Firm-Level Evidence (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (30 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Wei, Shang-Jin Corruption and the Composition of Foreign Direct Investment
    Keywords: Capital Flows ; Corporate Law ; Corporate Tax Rate ; Debt Markets ; E-Business ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Foreign Direct Investment ; Foreign Direct Investment ; Foreign Investment ; Foreign Investor ; Foreign Investors ; Host Country ; Intangible ; Intangible Assets ; International Capital ; International Economics & Trade ; Investment and Investment Climate ; Investors ; Joint Venture Partner ; Law and Development ; Macroeconomics and Economic Growth ; Microfinance ; Ownership Structure ; Private Sector Development ; Protection Of Investor ; Public Sector Corruption and Anticorruption Measures ; Tax ; Transaction ; Transaction Cost ; Transactions ; Transition Economies ; Transparency ; Capital Flows ; Corporate Law ; Corporate Tax Rate ; Debt Markets ; E-Business ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Foreign Direct Investment ; Foreign Direct Investment ; Foreign Investment ; Foreign Investor ; Foreign Investors ; Host Country ; Intangible ; Intangible Assets ; International Capital ; International Economics & Trade ; Investment and Investment Climate ; Investors ; Joint Venture Partner ; Law and Development ; Macroeconomics and Economic Growth ; Microfinance ; Ownership Structure ; Private Sector Development ; Protection Of Investor ; Public Sector Corruption and Anticorruption Measures ; Tax ; Transaction ; Transaction Cost ; Transactions ; Transition Economies ; Transparency
    Abstract: June 2000 - The extent of corruption in a host country affects a foreign direct investor's choice of investing through a joint venture or through a wholly owned subsidiary. Corruption reduces inward foreign investment and shifts the ownership structure toward joint ventures. Smarzynska and Wei study the impact of corruption in a host country on foreign investors' preference for a joint venture or a wholly owned subsidiary. Their simple model highlights a basic tradeoff in using local partners. On the one hand, corruption makes the local bureaucracy less transparent and increases the value of using a local partner to cut through the bureaucratic maze. On the other hand, corruption decreases the effective protection of an investor's intangible assets and reduces the probability that disputes between foreign and domestic partners will be adjudicated fairly, which reduces the value of having a local partner. As the investor's technological sophistication increases, so does the importance of protecting intangible assets, which tilts the preference away from joint ventures in a corrupt country. Empirical tests of this hypothesis on firm-level data show that corruption reduces inward foreign direct investment and shifts the ownership structure toward joint ventures. Conditonal on foreign direct investment taking place, an increase in corruption from the level found in Hungary to that found in Azerbaijan decreases the probability of a wholly owned subsidiary by 10 to 20 percent. Technologically more advanced firms are less likely to engage in joint ventures, however. Smarzynska and Wei find support for the view that U.S. firms are more averse to joint ventures in corrupt countries than are other foreign investors - possibly because of the U.S. Foreign Corrupt Practices Act, which stipulates penalties for executives of U.S. companies whose employees or local partners engage in paying bribes. But although U.S. companies are more likely than investors from other countries to retain full ownership of firms in corrupt countries, they are not less likely than firms from other countries to undertake foreign direct investment in those countries. This paper - a joint product of Trade and Public Economics, Development Research Group - is part of a larger effort in the group to study the effects of corruption on economic activity. The authors may be contacted at bsmarzynskaworldbank.org or swei@worldbank.org
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  • 39
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    Perverse Effects of a Ratings-Related Capital Adequacy System (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (20 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Honohan, Patrick Perverse Effects of a Ratings-Related Capital Adequacy System
    Keywords: Bank ; Bank Failure ; Bank Failures ; Banking Supervision ; Banks ; Banks and Banking Reform ; Capital ; Capital Adequacy ; Capital Requirement ; Capital Requirements ; Debt ; Debt Markets ; Deposit Insurance ; Deposits ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Interest ; Lending ; Loans ; Private Sector Development ; Projects ; Rating Agencies ; Risk ; Risk Factors ; Systemic Risk ; Bank ; Bank Failure ; Bank Failures ; Banking Supervision ; Banks ; Banks and Banking Reform ; Capital ; Capital Adequacy ; Capital Requirement ; Capital Requirements ; Debt ; Debt Markets ; Deposit Insurance ; Deposits ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Interest ; Lending ; Loans ; Private Sector Development ; Projects ; Rating Agencies ; Risk ; Risk Factors ; Systemic Risk
    Abstract: June 2000 - Allowing banks to hold less capital against loans to borrowers who have received a favorable rating by an approved rating agency may result in a rating system that neither reveals risk information about borrowers nor protects the deposit insurance fund. Part of the problem is the very idea of basing portfolio risk evaluation on the sum of individual loan risks, but there are also important incentive issues. It has recently been proposed that banks be allowed to hold less capital against loans to borrowers who have received a favorable rating by an approved rating agency. But a plausible model of rating-agency behavior shows that this strategy could have perverse results, actually increasing the risk of deposit insurance outlays. First, there is an issue of signaling, with low-ability borrowers possibly altering their behavior to secure a lower capital requirement for their borrowing. Second, establishing a regulatory cut-off may actually reduce the amount of risk information made available by raters. Besides, the credibility of rating agencies may not be damaged by neglect of the risk of unusual systemic shocks, although deposit insurers greatest outlays come chiefly at times of systemic crisis. And using agencies' individual ratings is unlikely to be an effective early-warning system for the risk of systemic failure, so use of the ratings could lull policymakers into a false sense of security. It is important to harness market information to improve bank safety (for example, by increasing the role of large, well-informed, but uninsured claimants), but this particular approach could be counterproductive. Relying on ratings could induce borrowers to increase their exposure to systemic risk even if they reduce exposure to specific risk. This paper - a product of Finance, Development Research Group - is part of a larger effort in the group to examine the effects of financial sector regulation. The author may be contacted at phonohanworldbank.org
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  • 40
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    Seeds of Corruption : Do Market Institutions Matter? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Recanatini, Francesca Seeds of Corruption
    Keywords: Accountability ; Bank ; Banks and Banking Reform ; Corruption ; Corruption and Anticorruption Law ; Debt Markets ; Discretion ; Economic Theory and Research ; Emerging Markets ; Fight Against Corruption ; Finance and Financial Sector Development ; Governance ; Governance ; Governance Indicators ; Governance Reforms ; Government ; Government Officials ; Governments ; Investigation ; Law and Development ; Laws ; Legal Products ; Macroeconomics and Economic Growth ; Monopolies ; Monopoly ; National Governance ; Organization ; Policies ; Policy ; Political Economy ; Politicians ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Services ; Transparent Mechanism ; Accountability ; Bank ; Banks and Banking Reform ; Corruption ; Corruption and Anticorruption Law ; Debt Markets ; Discretion ; Economic Theory and Research ; Emerging Markets ; Fight Against Corruption ; Finance and Financial Sector Development ; Governance ; Governance ; Governance Indicators ; Governance Reforms ; Government ; Government Officials ; Governments ; Investigation ; Law and Development ; Laws ; Legal Products ; Macroeconomics and Economic Growth ; Monopolies ; Monopoly ; National Governance ; Organization ; Policies ; Policy ; Political Economy ; Politicians ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Services ; Transparent Mechanism
    Abstract: June 2000 - Economists in the field of industrial organization, antitrust, and regulation have long recognized certain factors as potent determinants of opportunistic behavior, corruption, and capture of government officials. Only now are these relationships becoming conventional wisdom among specialists in economies in transition. Ten years into the transition, corruption is so pervasive that it could jeopardize the best-intentioned reform efforts. Broadman and Recanatini present an analytical framework for examining the role market institutions play in rent-seeking and illicit behavior. Using recently available data on the incidence of corruption and on institutional development, they provide preliminary evidence on the link between the development of market institutions and incentives for corruption. Virtually all of the indicators they examine appear to be important, but three are statistically significant: · The intensity of barriers to the entry of new business. · The effectiveness of the legal system. · The efficacy and competitiveness of services provided by infrastructure monopolies. The main lesson emerging from their analysis: a well established system of market institutions - clear and transparent rules, fully functioning checks and balances (including strong enforcement mechanisms), and a robust competitive environment - reduces opportunities for rent-seeking and hence incentives for corruption. Both the design and effective implementation of such measures are important if a market system is to be effective. It is not enough, for example, to enact first-rate laws if they are not enforced. The local political economy greatly affects whether a given policy reform will curtail corruption. Especially important are the following factors in the political economy: · The credibility of the government's commitment to carrying out announced reforms. · The degree to which government officials are captured by the entities they regulate or oversee. · The stability of the government itself. · The political power of entrenched vested interests. Economists in the field of industrial organization, antitrust, and regulation have long recognized these factors as potent determinants of opportunistic behavior, corruption, and capture of government officials. Only now are they becoming conventional wisdom among specialists in economies in transition. This paper - a product of the Poverty Reduction and Economic Management Sector Unit, Europe and Central Asia Region - is part of a larger effort in the region to analyze the determinants of corruption and develop remedies. The authors may be contacted at hbroadmanworldbank.org or frecanatini@worldbank.org
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  • 41
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    Reciprocity across Modes of Supply in the World Trade Organization : A Negotiating Formula (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (24 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Mattoo, Aaditya Reciprocity across Modes of Supply in the World Trade Organization
    Keywords: Agreement On Trade ; Border Trade ; Comparative Advantage ; Concessions ; Economic Theory and Research ; Emerging Markets ; Foreign Labor ; Foreign Markets ; Free Trade ; International Economics & Trade ; International Trade and Trade Rules ; Macroeconomics and Economic Growth ; Market Access ; Private Sector Development ; Public Sector Development ; Reciprocal Reduction ; Reciprocity ; Tariff ; Tariff Reduction ; Terms Of Trade ; Terms Of Trade Effects ; Trade Effect ; Trade Negotiations ; Trade Policy ; Trade Policy ; Trade and Services ; Volume Of Trade ; Welfare Gains ; World Trade ; World Trade Organization ; Agreement On Trade ; Border Trade ; Comparative Advantage ; Concessions ; Economic Theory and Research ; Emerging Markets ; Foreign Labor ; Foreign Markets ; Free Trade ; International Economics & Trade ; International Trade and Trade Rules ; Macroeconomics and Economic Growth ; Market Access ; Private Sector Development ; Public Sector Development ; Reciprocal Reduction ; Reciprocity ; Tariff ; Tariff Reduction ; Terms Of Trade ; Terms Of Trade Effects ; Trade Effect ; Trade Negotiations ; Trade Policy ; Trade Policy ; Trade and Services ; Volume Of Trade ; Welfare Gains ; World Trade ; World Trade Organization
    Abstract: June 2000 - If negotiations on trade in services at the World Trade Organization are to advance liberalization beyond levels undertaken unilaterally and lead to more balanced outcomes, reciprocity must play a greater role in negotiations. This may be facilitated by the use of negotiating rules that establish credible links across sectors and modes of delivery. Negotiations on trade in services at the World Trade Organization (WTO) have so far produced little liberalization beyond levels countries have undertaken unilaterally. One reason: limited application of the traditional negotiating principle of reciprocity. In particular, participants have failed to exploit the scope of the services agreement (GATS) for the exchange of market-access concessions across different modes of supply - cross-border delivery and the movement of capital and workers. Using the Heckscher-Ohlin-Vanek framework, Mattoo and Olarreaga propose a negotiating formula that generalizes the fundamental WTO principle of reciprocity to include alternative modes of delivery. Adoption of this formula as a basis for negotiations could bring greater commitments to liberalization on all modes of delivery, producing substantial gains in global welfare and more balanced outcomes. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to improve trade policy in goods and services. The authors may be contacted at amattooworldbank.org or molarreaga@worldbank.org
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  • 42
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    Disintegration and Trade Flows : Evidence from the Former Soviet Union (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (34 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Djankov, Simeon Disintegration and Trade Flows
    Keywords: LTC ; M1 ; Reform ; Roads and Highways ; Transport ; VD ; ZDV ; LTC ; M1 ; Reform ; Roads and Highways ; Transport ; VD ; ZDV ; Armenia ; Azerbaijan ; Belarus ; Estonia ; Georgia ; Iru ; Latvia ; Lithuania ; Moldova ; Tajikistan ; Turkmenistan ; Ukraine ; Uzbekistan ; Armenia ; Azerbaijan ; Belarus ; Estonia ; Georgia ; Iru ; Latvia ; Lithuania ; Moldova ; Tajikistan ; Turkmenistan ; Ukraine ; Uzbekistan
    Abstract: June 2000 - This study of trade flows among and between nine Russian regions and 14 republics of the former Soviet Union shows a bias toward domestic trade in the reform period that is primarily the result of tariffs. In addition, old linkages - such as infrastructure, business networks, and production and consumption chains - have limited the reorientation of trade. Djankov and Freund study the effects of trade barriers and the persistence of past linkages on trade flows in the former Soviet Union. Estimating a gravity equation on trade among and between nine Russian regions and 14 former Soviet republics, they find that Russian regions traded 60 percent more with each other than with republics in the reform period (1994-96). By contrast, the Russian regions did not trade significantly more with each other than with republics in the prereform period (1987-90). The results suggest that the bias toward domestic trade in the reform period is primarily the result of tariffs. In addition, past linkages - such as infrastructure, business networks, and production and consumption chains - have limited the reorientation of trade. This paper-a product of the Financial Sector Strategy and Policy Department-is part of a larger effort in the department to promote economic liberalization
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  • 43
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    The Effect of Early Childhood Development Programs on Women's Labor Force Participation and Older Children's Schooling in Kenya (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (42 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Lokshin, M. Michael The Effect of Early Childhood Development Programs on Women's Labor Force Participation and Older Children's Schooling in Kenya
    Keywords: Age ; Boys ; Child Care ; Child Development ; Children ; Children and Youth ; Day Care ; Dropout Rates ; Early Child Development ; Early Childhood Development ; Early Childhood Development ; Education ; Enrollment ; Enrollment Of Girls ; Exams ; Finance and Financial Sector Development ; Financial Literacy ; Girls ; Health, Nutrition and Population ; Participation ; Population Policies ; Primary Education ; Primary Education ; Primary School ; Schooling ; Street Children ; Unemployment ; Urban Development ; Wages ; Women ; Youth and Government ; Age ; Boys ; Child Care ; Child Development ; Children ; Children and Youth ; Day Care ; Dropout Rates ; Early Child Development ; Early Childhood Development ; Early Childhood Development ; Education ; Enrollment ; Enrollment Of Girls ; Exams ; Finance and Financial Sector Development ; Financial Literacy ; Girls ; Health, Nutrition and Population ; Participation ; Population Policies ; Primary Education ; Primary Education ; Primary School ; Schooling ; Street Children ; Unemployment ; Urban Development ; Wages ; Women ; Youth and Government
    Abstract: June 2000 - Economic incentives have a powerful effect on the work behavior of women with children in Kenya. In addition to increasing the future productivity of children, government subsidies of low-cost early childhood development programs would increase the number of mothers who work, thus increasing the incomes of poor households and lifting some families out of poverty. They would also increase older girls' enrollment in school, by releasing them from child care responsibilities. About 20,000 early childhood development centers provided day care for and prepared for primary school more than 1 million children aged three to seven (roughly 20 percent of children in that age group) in Kenya in 1995. The number of child care facilities reached 23,690 by the end of 1999. Lokshin, Glinskaya, and Garcia analyze the effect of child care costs on households' behavior in Kenya. For households with children aged three to seven, they model household demand for mothers' participation in paid work, the participation in paid work of other household members, household demand for schooling, and household demand for child care. They find that: · A high cost for child care discourages households from using formal child care facilities and has a negative effect on mothers' participation in market work. · The cost of child care and the level of mothers' wages affect older children's school enrollment, but these factors affect boys' and girls' schooling differently. An increase in mothers' wages increases boys' enrollment but depresses girls' enrollment. · Higher child care costs have no significant effect on boys' schooling but significantly decrease the number of girls in school. This paper - a joint product of Poverty and Human Resources, Development Research Group; Poverty Reduction and Economic Management Sector Unit, South Asia Region; and Human Development 1, Africa Technical Families - is part of a larger effort in the Bank to study the role of gender in the context of the household, institutions, and society. The authors may be contacted at mlokshinworldbank.org, eglinskaya@worldbank.org, or mgarcia1@worldbank.org
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  • 44
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    Impediments to the Development and Efficiency of Financial Intermediation in Brazil (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (20 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Beck, Thorsten Impediments to the Development and Efficiency of Financial Intermediation in Brazil
    Keywords: Accounting ; Accounting Standards ; Banks and Banking Reform ; Bond Markets ; Borrowers ; Contract ; Contract Enforcement ; Credit Information ; Credit Information Systems ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Enforceability ; Enforceability Of Contracts ; Enforcement Of Contracts ; Finance and Financial Sector Development ; Financial Development ; Financial Institutions ; Financial Literacy ; Interest ; Liabilities ; Macroeconomics and Economic Growth ; Private Bond ; Private Sector Development ; Regulatory Framework ; Stock ; Stock Markets ; Unsecured Creditors ; Accounting ; Accounting Standards ; Banks and Banking Reform ; Bond Markets ; Borrowers ; Contract ; Contract Enforcement ; Credit Information ; Credit Information Systems ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Enforceability ; Enforceability Of Contracts ; Enforcement Of Contracts ; Finance and Financial Sector Development ; Financial Development ; Financial Institutions ; Financial Literacy ; Interest ; Liabilities ; Macroeconomics and Economic Growth ; Private Bond ; Private Sector Development ; Regulatory Framework ; Stock ; Stock Markets ; Unsecured Creditors
    Abstract: June 2000 - To improve on the low level and low efficiency of Brazil's financial intermediation (and hence economic growth), Brazil needs reforms leading to a more efficient judicial sector, better enforcement of contracts, stronger rights for creditors, stronger accounting standards and practices, and a legal and regulatory framework that facilitates the exchange of information about borrowers. Reforms to improve both the level and the efficiency of financial intermediation in Brazil should be high on Brazilian policymakers' agendas, because of the financial sector's importance to economic growth. This means that Brazil must also improve the legal and regulatory environment in which its financial institutions operate. Brazil is weak in important components of such an environment: the rights of secured and unsecured creditors, the enforcement of contracts, and the sharing of credit information among intermediaries. Recent reforms, such as the extension of alienação fiduciaria to housing, the introduction of cédula de crédito bancario, the legal separation of principal and interest, and improvements in credit information systems, are useful steps in strengthening the framework. But more is needed. Reforms that will significantly increase the level and efficiency of financial intermediation and have a positive impact on economic growth include: · A more efficient judicial sector and better enforcement of contracts. · Stronger rights for secured and unsecured creditors. · Stronger accounting standards and practices, to improve the quality of information available about borrowers. · The development of a legal and regulatory framework that facilitates the exchange among financial institutions of both negative and positive information about borrowers. This paper - a product of the Financial Sector Strategy and Policy Department - is part of a larger effort in the department to better understand the link between financial development and economic growth, with application to Brazil. The author may be contacted at tbeckworldbank.org
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  • 45
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    Regulators and the Poor : Lessons from the United Kingdom (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (24 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Green, Richard Regulators and the Poor
    Keywords: Bank Transfers ; Customer ; Customers ; Debt Markets ; E-Business ; Economic Theory and Research ; Electricity ; Emerging Markets ; Energy ; Energy Production and Transportation ; Fax ; Finance and Financial Sector Development ; Financial Literacy ; Information ; Information Services ; Legal Framework ; Macroeconomics and Economic Growth ; Markets and Market Access ; Network ; Networks ; Price ; Prices ; Private Sector Development ; Result ; Telecommunications ; Telephone ; Telephone Services ; Universal Service ; Universal Service Obligation ; Universal Service Obligations ; User ; Bank Transfers ; Customer ; Customers ; Debt Markets ; E-Business ; Economic Theory and Research ; Electricity ; Emerging Markets ; Energy ; Energy Production and Transportation ; Fax ; Finance and Financial Sector Development ; Financial Literacy ; Information ; Information Services ; Legal Framework ; Macroeconomics and Economic Growth ; Markets and Market Access ; Network ; Networks ; Price ; Prices ; Private Sector Development ; Result ; Telecommunications ; Telephone ; Telephone Services ; Universal Service ; Universal Service Obligation ; Universal Service Obligations ; User
    Abstract: July 2000 - The United Kingdom generally fights poverty directly-through the government's benefit system-and not through utilities. But British regulators have taken certain measures that help utility consumers (mostly, but not always, poor consumers). Other countries may be able to copy some of their techniques. Green studies a number of ways in which British regulators have helped poorer consumers. British Telecommunications offers a lower user tariff and a very cheap service with most outgoing calls barred, to attract customers who could not afford the full service. The gas regulator has taken action to reduce price differentials between customers who pay in cash (mostly, but not always, poor customers) and those who pay with bank transfers (mostly, but not always, better off customers). The electricity industry faces a series of rules and codes of practice governing its dealings with domestic consumers. Some of these schemes will help all consumers; others are aimed at, but not exclusive to, the poor. One challenge facing utilities in some countries is that of expanding their networks to reach millions of unserved (mostly poor) customers. The United Kingdom achieved nearly universal service in geographical terms while the utilities were state-owned. The utilities were serving some customers who were already profitable and were simply required to serve others, who might not be. It might be possible to grant a concession, or privatize a new company, on a similar basis of bundling social obligations with opportunities for profit, but it will be important to ensure that obligations are performed properly. U.K. regulators have been fairly successful at protecting existing customers; other countries may be able to copy some of their techniques. This paper-a product of Governance, Regulation, and Finance, World Bank Institute-is part of a larger effort in the institute to increase understanding of infrastructure regulation. The author may be contacted at r.j.greenecon.hull.ac.uk
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  • 46
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    Determinants of Current Account Deficits in Developing Countries (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (44 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Loayza, Norman Determinants of Current Account Deficits in Developing Countries
    Keywords: Buffer ; Business Cycle ; Central Bank ; Consumption ; Cross-Country Studies ; Currencies and Exchange Rates ; Current Account ; Current Account Balance ; Current Account Defic Current Account Deficits ; Current Account Position ; Debt Markets ; Demand ; Economy ; Emerging Markets ; Explanatory Variables ; External Debt ; Finance and Financial Sector Development ; Financial Literacy ; Interest Rates ; International Economics ; International Economics & Trade ; Macroeconomic Management ; Macroeconomic Variables ; Macroeconomics and Economic Growth ; National Income ; Private Saving ; Private Sector Development ; Surplus ; World Economy ; Buffer ; Business Cycle ; Central Bank ; Consumption ; Cross-Country Studies ; Currencies and Exchange Rates ; Current Account ; Current Account Balance ; Current Account Defic Current Account Deficits ; Current Account Position ; Debt Markets ; Demand ; Economy ; Emerging Markets ; Explanatory Variables ; External Debt ; Finance and Financial Sector Development ; Financial Literacy ; Interest Rates ; International Economics ; International Economics & Trade ; Macroeconomic Management ; Macroeconomic Variables ; Macroeconomics and Economic Growth ; National Income ; Private Saving ; Private Sector Development ; Surplus ; World Economy
    Abstract: July 2000 - In developing countries, increases in current account deficits tend to be associated with a rise in domestic output growth and shocks that increase the terms of trade and cause the real exchange rate to appreciate. Higher savings rates, higher growth rates in industrial economies, and higher international interest rates tend to have the opposite effect. Calderón, Chong, and Loayza examine the empirical links between current account deficits and a broad set of economic variables proposed in the literature. To accomplish this, they complement and extend previous research by using a large, consistent set of macroeconomic data on public and private domestic savings, external savings, and national income variables; focusing on developing economies by drawing on a panel data set for 44 developing countries and annual information for the period 1966-95; adopting a reduced-form approach rather than holding to a particular structural model; distinguishing between within-country and cross-country effects; and employing a class of estimators that controls for the problems of simultaneity and reverse causation. Among their findings: · Current account deficits in developing countries are moderately persistent. · A rise in domestic output growth generates a larger current account deficit. · Increases in savings rates have a positive effect on the current account. · Shocks that increase the terms of trade or cause the real exchange rate to appreciate are linked with higher current account deficits. · Either higher growth rates in industrial economies or higher international interest rates reduce the current account deficit in developing economies. This paper-a product of the Regional Studies Program, Latin America and the Caribbean Region-is part of an effort in the region to understand the determinants of external sustainability. The authors may be contacted at crcntroi.cc.rochester.edu, achong@worldbank.org, or nloayza@condor.bcentral.cl
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  • 47
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    How Mexico's Financial Crisis Affected Income Distribution (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Salinas, Angel How Mexico's Financial Crisis Affected Income Distribution
    Keywords: Bank ; Calculations ; Contribution ; Current Account ; Current Income ; Earnings ; Economic Theory and Research ; Education ; Emerging Markets ; Equity ; Finance and Financial Sector Development ; Financial Crisis ; Financial Literacy ; Household Income ; Income ; Income ; Income Groups ; Income Sources ; Inequality ; Information ; Investment ; Labor Markets ; Labor Policies ; Low-Income ; Macroeconomics and Economic Growth ; Population ; Poverty Impact Evaluation ; Poverty Reduction ; Private Sector Development ; Rural Development ; Rural Poverty Reduction ; Salaries ; Services and Transfers to Poor ; Severe Financial Crisis ; Social Protections and Labor ; Wages ; Bank ; Calculations ; Contribution ; Current Account ; Current Income ; Earnings ; Economic Theory and Research ; Education ; Emerging Markets ; Equity ; Finance and Financial Sector Development ; Financial Crisis ; Financial Literacy ; Household Income ; Income ; Income ; Income Groups ; Income Sources ; Inequality ; Information ; Investment ; Labor Markets ; Labor Policies ; Low-Income ; Macroeconomics and Economic Growth ; Population ; Poverty Impact Evaluation ; Poverty Reduction ; Private Sector Development ; Rural Development ; Rural Poverty Reduction ; Salaries ; Services and Transfers to Poor ; Severe Financial Crisis ; Social Protections and Labor ; Wages
    Abstract: July 2000 - After Mexico's financial crisis in 1994, the distribution of income and labor earnings improved. But financial income and rising labor earnings in higher-income brackets are growing sources of inequality in Mexico. After Mexico's financial crisis in 1994, the distribution of income and labor earnings improved. Did inequality increase during the recession, as one would expect, since the rich have more ways to protect their assets than the poor do? After all, labor is poor people's only asset (the labor-hoarding hypothesis). In principle, one could argue that the richest deciles experienced severe capital losses because of the crisis in 1994-96, and were hurt proportionately more than the poor were. But the facts don't support this hypothesis. As a share of total income, both monetary income (other than wages and salaries) and financial income increased during that period, especially in urban areas. Financial income is a growing source of inequality in Mexico. Mexico's economy had a strong performance in 1997. The aggregate growth rate was about 7 percent, real investment grew 24 percent and exports 17 percent, industrial production increased 9.7 percent, and growth in civil construction (which makes intensive use of less skilled labor) was close to 11 percent. Given those figures, it is not surprising that the distribution of income and labor earnings improved, but the magnitude and quickness of the recovery prompted a close inspection of the mechanisms responsible for it. Lopez-Acevedo and Salinas analyze the decline in income inequality after the crisis, examine income sources that affect the level of inequality, and investigate the forces that drive inequality in Mexico. They find that in 1997 the crisis had hurt the income share of the top decile of the population mainly by reducing its share of labor earnings. Especially affected were highly skilled workers in financial services and nontradables. Results from 1998 suggest that the labor earnings of those workers recovered and in fact increased. Indeed, labor earnings are a growing source of income inequality. This paper-a product of the Economic Policy Sector Unit and Mexico Country Office, Latin America and the Caribbean Region-is part of the Bank's study of earnings inequality after Mexico's economic and educational reforms. The authors may be contacted at gacevedoworldbank.org or asalinas@worldbank.org
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  • 48
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    How Did the World's Poorest Fare in the 1990s? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (36 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Ravallion, Martin How Did the World's Poorest Fare in the 1990s?
    Keywords: Absolute Poverty ; Aggregate Poverty ; Consumer Price Index ; Consumption ; Consumption Basket ; Consumption Expenditure ; Consumption Expenditures ; Consumption Per Capita ; Consumption Poverty ; Debt Markets ; Finance and Financial Sector Development ; Health Systems Development and Reform ; Health, Nutrition and Population ; Higher Inequality ; Household Living Standards ; Household Size ; Incidence Of Poverty ; Income Distribution ; Inequality ; Poor Countries ; Population Policies ; Poverty Diagnostics ; Poverty Line ; Poverty Lines ; Poverty Measures ; Poverty Monitoring and Analysis ; Poverty Rate ; Poverty Reduction ; Poverty Reduction ; Poverty Reduction Strategies ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction ; Services and Transfers to Poor ; Absolute Poverty ; Aggregate Poverty ; Consumer Price Index ; Consumption ; Consumption Basket ; Consumption Expenditure ; Consumption Expenditures ; Consumption Per Capita ; Consumption Poverty ; Debt Markets ; Finance and Financial Sector Development ; Health Systems Development and Reform ; Health, Nutrition and Population ; Higher Inequality ; Household Living Standards ; Household Size ; Incidence Of Poverty ; Income Distribution ; Inequality ; Poor Countries ; Population Policies ; Poverty Diagnostics ; Poverty Line ; Poverty Lines ; Poverty Measures ; Poverty Monitoring and Analysis ; Poverty Rate ; Poverty Reduction ; Poverty Reduction ; Poverty Reduction Strategies ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction ; Services and Transfers to Poor
    Abstract: August 2000 - Between 1987 and 1998, the incidence of poverty fell in Asia and the Middle East and North Africa, changed little in Latin America and Sub-Saharan Africa, and rose in Eastern Europe and Central Asia. Too little economic growth in the poorest countries and persistent inequalities (in income and other measures) are the main reasons for the disappointing rate of poverty reduction. Drawing on data from 265 national sample surveys spanning 83 countries, Chen and Ravallion find that there was a net decrease in the total incidence of consumption poverty between 1987 and 1998. But it was not enough to reduce the total number of poor people, by various definitions. The incidence of poverty fell in Asia and the Middle East and North Africa, changed little in Latin America and Sub-Saharan Africa, and rose in Eastern Europe and Central Asia. The two main proximate causes of the disappointing rate of poverty reduction: too little economic growth in many of the poorest countries, and persistent inequalities (in both income and other essential measures) that kept the poor from participating in the growth that did occur. This paper-a product of Poverty and Human Resources, Development Research Group-is part of a larger effort in the group to monitor progress against poverty in the developing world. The authors may be contacted at schenworldbank.org or mravallion@worldbank.org
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  • 49
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    State Policies and Women’s Autonomy in China, India, and the Republic of Korea, 1950–2000 : Lessons from Contrasting Experiences (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (40 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Gupta, Das Monica State Policies and Women’s Autonomy in China, India, and the Republic of Korea, 1950–2000
    Keywords: Anthropology ; Child Mortality ; Communication Efforts ; Cultural Values ; Culture & Development ; Development Strategies ; Gender ; Gender Equity ; Gender Policy ; Gender Roles ; Gender and Development ; Gender and Health ; Gender and Law ; Health Monitoring and Evaluation ; Health, Nutrition and Population ; Impact Of Policies ; Inheritance ; Integration Of Women ; Kinship ; Law and Development ; Opportunities For Women ; Policy Research ; Population ; Population Association ; Population Policies ; Population and Development ; Public Life ; Rural Development Knowledge and Information Systems ; Social Development ; State Policies ; Urbanization ; Women ; Anthropology ; Child Mortality ; Communication Efforts ; Cultural Values ; Culture & Development ; Development Strategies ; Gender ; Gender Equity ; Gender Policy ; Gender Roles ; Gender and Development ; Gender and Health ; Gender and Law ; Health Monitoring and Evaluation ; Health, Nutrition and Population ; Impact Of Policies ; Inheritance ; Integration Of Women ; Kinship ; Law and Development ; Opportunities For Women ; Policy Research ; Population ; Population Association ; Population Policies ; Population and Development ; Public Life ; Rural Development Knowledge and Information Systems ; Social Development ; State Policies ; Urbanization ; Women
    Abstract: November 2000 - State policies can enormously influence gender equity. They can mitigate cultural constraints on women’s autonomy (as in China and India) or slow the pace of change in gender equity (as in the Republic of Korea). Policies to provide opportunities for women’s empowerment should be accompanied by communication efforts to alter cultural values that limit women’s access to those opportunities. Das Gupta, Lee, Uberoi, Wang, Wang, and Zhang compare changes in gender roles and women’s empowerment in China, India, and the Republic of Korea. Around 1950, these newly formed states were largely poor and agrarian, with common cultural factors that placed similar severe constraints on women’s autonomy. They adopted very different paths of development, which are well known to have profoundly affected development outcomes. These choices have also had a tremendous impact on gender outcomes, and today these countries show striking differences in the extent of gender equity achieved. China has achieved the most gender equity, the Republic of Korea the least. The authors conclude that: States can exert enormous influence over gender equity. They can mitigate cultural constraints on women’s autonomy (as in China and India) or slow the pace of change in gender equity despite women’s rapid integration into education, formal employment, and urbanization (as in the Republic of Korea). The impact of policies to provide opportunities for women’s empowerment can be greatly enhanced if accompanied by communication efforts to alter cultural values that place heavy constraints on women’s access to those opportunities. This paper—a product of Poverty and Human Resources, Development Research Group—is part of a larger effort in the group to examine the institutional bases of social inclusion and poverty reduction. Monica Das Gupta may be contacted at mdasguptaworldbank.org
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  • 50
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    Hungary's Integration into European Union Markets : Production and Trade Restructuring (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (33 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Kaminski, Bartlomiej Hungary's Integration into European Union Markets
    Keywords: Access to Markets ; Agribusiness and Markets ; Agriculture ; Capital ; Central Planning ; Comparative Advantage ; Competitive Markets ; Competitiveness ; Debt Markets ; Economic Relations ; Economic Theory and Research ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Exports ; Finance and Financial Sector Development ; Free Trade ; GDP ; General System Of Preferences ; Goods ; Industry ; International Economics & Trade ; Investment ; Macroeconomics and Economic Growth ; Markets ; Markets and Market Access ; Private Sector Development ; Production ; Public Sector Development ; Rural Development ; Shares ; Trade ; Trade Barriers ; Trade Policy ; Transition Economies ; Transition Economy ; Value ; Water Resources ; Water and Industry ; Access to Markets ; Agribusiness and Markets ; Agriculture ; Capital ; Central Planning ; Comparative Advantage ; Competitive Markets ; Competitiveness ; Debt Markets ; Economic Relations ; Economic Theory and Research ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Exports ; Finance and Financial Sector Development ; Free Trade ; GDP ; General System Of Preferences ; Goods ; Industry ; International Economics & Trade ; Investment ; Macroeconomics and Economic Growth ; Markets ; Markets and Market Access ; Private Sector Development ; Production ; Public Sector Development ; Rural Development ; Shares ; Trade ; Trade Barriers ; Trade Policy ; Transition Economies ; Transition Economy ; Value ; Water Resources ; Water and Industry
    Abstract: June 1999 - Can Hungarian firms cope with competitive pressures and market forces within the European Union market (a criterion for joining)? The empirical evidence suggests that Hungary can withstand such competitive pressures without suppressing the real incomes of Hungary's citizens. Hungary has achieved impressive results in reorienting both its production and trade. Between 1989 and 1992, as the former CMEA markets collapsed and Hungary liberalized imports and the exchange rate regime, exports to the European Union (EU) expanded, with manufactured exports redirected largely to Western (mostly EU) markets. During this first phase of expansion, characterized by a dramatic reorientation and explosion of trade, the value of Hungary's exports increased 84 percent. In 1993 export expansion lost steam and EU-oriented exports fell 12 percent. In a second phase of expansion (in 1994-97), driven by restructured and rapidly changing export offers, exports again registered strong performance, their value increasing 132 percent. There was a dramatic shift from an export basket dominated by resource-intensive, low-value-added products to one driven by manufactures, with a rapidly accelerating growth of engineering products. Machinery and transport equipment rose from 12 percent of exports to the EU in 1989 to more than 50 percent in 1997. The shift from natural resource and unskilled-labor-intensive products to technology- and capital-intensive products in EU-oriented exports suggests the potential for integration higher in the value-added spectrum. More stringent EU environmental regulations will affect a relatively low, and falling, share of Hungary's exports. The Hungarian share of environmentally dirty products imported by the EU has increased, but these products have not been trendsetters among Hungarian exports, their share in exports falling from 26 percent in 1989 to 16 percent in 1996. The rapid pace of Hungary's turnaround seems to reflect the emergence of second-generation firms, mostly foreign-owned. Foreign-owned firms tend to be more export-oriented. Hungary has been one of the more successful transition economies because its economy was receptive to foreign direct investment from the outset. Between 1990 and 1997, Hungary absorbed roughly half of all foreign capital invested in Central Europe. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to study regional integration. The author may be contacted at bkaminskiworldbank.org
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  • 51
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    Jamaica's Food Stamp Program : Impacts on Poverty and Welfare (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (42 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Ezemenari, Kene Jamaica's Food Stamp Program
    Keywords: Agricultural Sector ; Dates ; Debt Markets ; Farm-Gate ; Finance and Financial Sector Development ; Food ; Food Consumption ; Food Policy ; Food Price ; Food Stamps ; Food Subsidies ; Food Subsidy ; Food and Beverage Industry ; Health, Nutrition and Population ; Incidence Of Poverty ; Industry ; Milk ; Population Policies ; Poverty ; Poverty Gap ; Poverty Impact ; Poverty Lines ; Poverty Reduction ; Poverty Reduction ; Poverty Reduction Strategies ; Poverty Severity ; Pro-Poor Growth ; Rice ; Rural Development ; Rural Poverty Reduction ; Safety Net ; Safety Nets ; Services and Transfers to Poor ; Small Area Estimation Poverty Mapping ; Urban Partnerships and Poverty ; Agricultural Sector ; Dates ; Debt Markets ; Farm-Gate ; Finance and Financial Sector Development ; Food ; Food Consumption ; Food Policy ; Food Price ; Food Stamps ; Food Subsidies ; Food Subsidy ; Food and Beverage Industry ; Health, Nutrition and Population ; Incidence Of Poverty ; Industry ; Milk ; Population Policies ; Poverty ; Poverty Gap ; Poverty Impact ; Poverty Lines ; Poverty Reduction ; Poverty Reduction ; Poverty Reduction Strategies ; Poverty Severity ; Pro-Poor Growth ; Rice ; Rural Development ; Rural Poverty Reduction ; Safety Net ; Safety Nets ; Services and Transfers to Poor ; Small Area Estimation Poverty Mapping ; Urban Partnerships and Poverty
    Abstract: Without the food stamp program, the poverty gap in Jamaica would have been much worse during the early 1990s, when the Jamaican dollar was being devalued. Households with elderly members and young children benefited most from the program. - Ezemenari and Subbarao examine how the food stamp program affected measures of poverty during devaluation of the Jamaican dollar in the early 1990s. They find that without the food stamp program, the poverty gap in Jamaica would have been much worse, especially in 1990 and 1991. For the country as a whole, not having a food stamp program wouldn't have affected the incidence of poverty significantly, but particular groups among the poor would have fared worse. Households with elderly residents benefited most from the program. Households with young children benefited more than households without, in terms of the poverty headcount and gap. The program also appears to have had more effect on extremely poor households than on those of the transient poor (people who move in and out of poverty). Explicitly incorporating behavioral responses into the model reduces the contribution of food stamps to household consumption and poverty, but the poorest benefited most from the program even after accounting for behavioral responses. The program contributed more to reducing poverty than to smoothing consumption. This paper - a product of the Poverty Division, Poverty Reduction and Economic Management Network - was presented at the World Bank Institute workshop Evaluating the Impact of Development Interventions: Concepts, Methods and Cases, December 9-10, 1998. The authors may be contacted at kezemenariworldbank.org or ksubbarao@worldbank.org
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    Implementation of Uruguay Round Commitments : The Development Challenge (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (59 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Finger, Michael J Implementation of Uruguay Round Commitments
    Keywords: Agricultural Products ; Agricultural Sector ; Customs ; Customs Administration and Reform ; Customs Procedures ; Customs Valuation ; Debt Markets ; Differential Treatment ; Dispute Settlement ; E-Business ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Intellectual Property ; Intellectual Property Rights ; International Community ; International Conventions ; International Economics & Trade ; International Trade ; International Trading System ; Law and Development ; Macroeconomics and Economic Growth ; Market Access ; Private Sector Development ; Public Sector Development ; Quantitative Restrictions ; Rules of Origin ; Tariff Reductions ; Trade ; Trade Barriers ; Trade Law ; Trade Negotiations ; Trade Policy ; Trade Restrictions ; Trade and Regional Integration ; Agricultural Products ; Agricultural Sector ; Customs ; Customs Administration and Reform ; Customs Procedures ; Customs Valuation ; Debt Markets ; Differential Treatment ; Dispute Settlement ; E-Business ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Intellectual Property ; Intellectual Property Rights ; International Community ; International Conventions ; International Economics & Trade ; International Trade ; International Trading System ; Law and Development ; Macroeconomics and Economic Growth ; Market Access ; Private Sector Development ; Public Sector Development ; Quantitative Restrictions ; Rules of Origin ; Tariff Reductions ; Trade ; Trade Barriers ; Trade Law ; Trade Negotiations ; Trade Policy ; Trade Restrictions ; Trade and Regional Integration
    Abstract: October 1999 - At the Uruguay Round, developing countries took on obligations not only to reduce trade barriers but also to undertake significant reforms of regulations and trade procedures. The Round did not, however, take into account the cost of implementing these reforms - a full year's development budget for many of the least developed countries - nor did it ask whether the money might be more productive in other development uses. At the Uruguay Round, developing countries took on unprecedented obligations not only to reduce trade barriers but to implement significant reforms both of trade procedures (including import licensing procedures and customs valuation) and of many areas of regulation that establish the basic business environment in the domestic economy (including intellectual property law and technical, sanitary, and phytosanitary standards. This will cost substantial amounts of money. World Bank project experience in areas covered by the agreements suggests that an entire year's development budget is at stake in many of the least developed countries. Institutions in these areas are weak in developing countries, and would benefit from strengthening and reform. But Finger and Schuler's analysis indicates that the obligations reflect little awareness of development problems and little appreciation for the capacities of the least developed countries to carry out the functions that these reforms of regulations and trade procedures address. The content of these obligations can be characterized as the advanced countries saying to the others, Do it my way! Moreover, these developing countries had limited capacity to participate in the Uruguay Round negotiations, so the process has generated no sense of ownership of the reforms to which membership in the World Trade Organization obligates them. From their perspective, the implementation exercise has been imposed imperially, with little concern for what it will cost, how it will be carried out, or whether it will support their development efforts. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to support effective developing country participation in the WTO system. This research was supported by the global and regional trust fund component of the World Bank/Netherlands Partnership Program. Michael Finger may be contacted at jfingerworldbank.org
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    The Effect of the United States' Granting Most Favored Nation Status to Vietnam (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (34 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Martin, Will The Effect of the United States' Granting Most Favored Nation Status to Vietnam
    Keywords: Agribusiness and Markets ; Agricultural Commodities ; Apparel ; Currencies and Exchange Rates ; Economic Theory and Research ; Export Competitiveness ; Exporters ; Exports ; Finance and Financial Sector Development ; Food and Beverage Industry ; Free Trade ; General Equilibrium Model ; High Tariffs ; Industry ; International Economics & Trade ; Macroeconomics and Economic Growth ; Market Access ; Metal Products ; Public Sector Development ; Rural Development ; Tariff ; Tariff Data ; Tariff Rates ; Tariff Schedule ; Tariffs ; Terms Of Trade ; Trade ; Trade Liberalization ; Trade Patterns ; Trade Policy ; Welfare Gains ; World Trade ; World Trade Organization ; Agribusiness and Markets ; Agricultural Commodities ; Apparel ; Currencies and Exchange Rates ; Economic Theory and Research ; Export Competitiveness ; Exporters ; Exports ; Finance and Financial Sector Development ; Food and Beverage Industry ; Free Trade ; General Equilibrium Model ; High Tariffs ; Industry ; International Economics & Trade ; Macroeconomics and Economic Growth ; Market Access ; Metal Products ; Public Sector Development ; Rural Development ; Tariff ; Tariff Data ; Tariff Rates ; Tariff Schedule ; Tariffs ; Terms Of Trade ; Trade ; Trade Liberalization ; Trade Patterns ; Trade Policy ; Welfare Gains ; World Trade ; World Trade Organization
    Abstract: November 1999 - If the United States grants Vietnam most favored nation status, both countries would benefit. Vietnamese exports to the United States would more than double, and Vietnam would gain substantial welfare benefits from improved market access and increased availability of imports. For the United States, lowering the current high tariffs against Vietnam would improve welfare by reducing costly diversion away from Vietnamese products. Since the U.S. embargo on trade with Vietnam was lifted in 1994, exports from Vietnam to the United States have risen dramatically. However, Vietnam remains one of the few countries to which the United States has not yet granted most favored nation (MFN) status. The general tariff rates that the United States imposes average 35 percent compared with 4.9 percent for the MFN rate. Granting MFN status to Vietnam would improve its terms of trade and help improve the efficiency of resource allocation in the country. Better access to the U.S. market would increase the volume of Vietnamese exports to the United States and the prices received for them while also reducing their costs to U.S. users. Fukase and Martin use a computable general equilibrium model to examine the effects of reducing U.S. tariffs on Vietnamese imports from general rates to MFN rates. They estimate tariff changes using the U.S. tariff schedule for 1997 weighted by Vietnam's exports to the United States. The results suggest that after a change to MFN status for Vietnam, its exports to the United States would more than double, from the 1996 baseline of
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    Integrated Financial Supervision : Lessons from Northern European Experience (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (44 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Fleming, Alex Integrated Financial Supervision
    Keywords: Accountability ; Bank ; Bank Of England ; Banking ; Banking Crises ; Banking Supervision ; Banks and Banking Reform ; Debt Markets ; Economies ; Emerging Markets ; Finance and Financial Sector Development ; Financial Conglomerates ; Financial Crises ; Financial Intermediation ; Financial Literacy ; Financial Markets ; Financial Regulation ; Financial Services ; Financial Stability ; Financial Structure ; Governance ; Insurance ; Insurance and Risk Mitigation ; Interest ; Private Sector Development ; Safety & Soundness ; Supervisory Agencies ; Supervisory Framework ; Accountability ; Bank ; Bank Of England ; Banking ; Banking Crises ; Banking Supervision ; Banks and Banking Reform ; Debt Markets ; Economies ; Emerging Markets ; Finance and Financial Sector Development ; Financial Conglomerates ; Financial Crises ; Financial Intermediation ; Financial Literacy ; Financial Markets ; Financial Regulation ; Financial Services ; Financial Stability ; Financial Structure ; Governance ; Insurance ; Insurance and Risk Mitigation ; Interest ; Private Sector Development ; Safety & Soundness ; Supervisory Agencies ; Supervisory Framework
    Abstract: November 1999 - In the past, financial supervision tended to be organized around specialist agencies for the banking, securities, and insurance sectors. In recent years, several countries have moved toward integrating these different supervisory functions in a single agency. Drawing on Northern European experience - where three Scandinavian countries have practiced integrated supervision for the past 10 years - Taylor and Fleming address three policy-related issues associated with the integrated model: · Under what conditions should (or should not) a country consider moving toward an integrated model of financial supervision? Clearly, for a small transition or developing economy, or an economy with a small financial sector, the economies of scale from establishing an integrated agency outweigh the costs of moving to such a model. A strong case can also be made for an integrated approach in a financial sector dominated by banks, with little role for capital markets or a highly integrated financial sector. · How should an integrated agency be structured, organized, and managed? There is no single obviously correct organizational structure, and existing agencies are experimenting with a variety of forms. An institutionally based structure has the virtue of simplicity and can be implemented fairly quickly, but tends to preserve the cultures and identities of the predecessor agencies more than is optimal. Whatever the structure, integrated supervision requires active management to secure the potential benefits that the approach offers. · How should the integration process be implemented? While the decision to move to an integrated agency must be carefully thought through in the context of the country concerned, the more difficult part is implementation, which must be sensitively managed. Once the decision has been made, implementation should take place as quickly as possible. A well-conceived change management process should aim to overcome the cultural barriers associated with the previous fragmented structure. Taylor and Fleming's review of Northern European experience with integration of financial supervision raises a range of questions relevant to developing and transition economies, which they discuss. This paper - a product of the Private and Financial Sectors Development Unit, Europe and Central Asia Region - is part of a larger effort in the region to assist transition economies in strengthening the legal and regulatory framework for their financial sectors. The authors may be contacted at mtaylorimf.org or afleming@worldbank.org
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    The Sri Lankan Unemployment Problem Revisited (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (52 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Rama, Martin The Sri Lankan Unemployment Problem Revisited
    Keywords: Educational Attainment ; Export Processing Zones ; Finance and Financial Sector Development ; Financial Literacy ; High Unemployment ; High Unemployment Rate ; Job ; Job Security ; Labor ; Labor Force ; Labor Market ; Labor Market Participants ; Labor Market Policies ; Labor Markets ; Labor Study ; Management ; Private Sector ; Private Sector Activities ; Public Sector Jobs ; Social Protections and Labor ; Unemployed ; Unemployment ; Unemployment Problem ; Unemployment Rates ; Educational Attainment ; Export Processing Zones ; Finance and Financial Sector Development ; Financial Literacy ; High Unemployment ; High Unemployment Rate ; Job ; Job Security ; Labor ; Labor Force ; Labor Market ; Labor Market Participants ; Labor Market Policies ; Labor Markets ; Labor Study ; Management ; Private Sector ; Private Sector Activities ; Public Sector Jobs ; Social Protections and Labor ; Unemployed ; Unemployment ; Unemployment Problem ; Unemployment Rates
    Abstract: November 1999 - Unemployment in Sri Lanka is largely voluntary. The underlying problem is not a shortage of jobs but the artificial gap between good jobs and bad ones. Policy efforts should be aimed at reducing the gap between good and bad jobs by making product markets more competitive, reducing excessive job security, and reforming government policies on pay and employment. Sri Lanka's high unemployment rate has been attributed to a mismatch of skills, to queuing for public sector jobs, and to stringent job security regulations. But the empirical evidence supporting these explanations is weak. Rama takes a fresh look at the country's unemployment problem, using individual records from the 1995 Labor Force Survey and time series for wages in the economy's formal and informal sectors. He assesses, and rejects, the skills mismatch hypothesis by comparing the impact of educational attainment on the actual wages of those who have a job with the effect on the lowest acceptable wages of the unemployed. However, he finds substantial rents associated with jobs in the public sector and in private sector activities protected by high tariffs or covered by job security regulations. A time-series analysis of the impact of unemployment on wage increases across sectors supports the hypothesis that most of the unemployed are waiting for good job openings but are not interested in readily available bad jobs. In short, unemployment in Sri Lanka is largely voluntary. The problem is not a shortage of jobs but the artificial gap between good and bad jobs. Policy efforts should be aimed at reducing the gap between good and bad jobs by making product markets more competitive, by reducing excessive job security, and by reforming government policies on pay and employment. This paper was written as part of a broader labor study undertaken by the Poverty Reduction and Economic Management Sector Unit, South Asia Region. The study was also supported by the Bank's Research Support Budget under the research project The Impact of Labor Market Policies and Institutions on Economic Performance (RPO 680-96). The author may be contacted at mramaworldbank.org
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  • 56
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    Market Access Bargaining in the Uruguay Round : Rigid or Relaxed Reciprocity? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (30 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Finger, Michael J Market Access Bargaining in the Uruguay Round
    Keywords: Concessions ; Debt Markets ; Domestic Market ; Duty Reduction ; Export Industries ; Exports ; Finance and Financial Sector Development ; Foreign Markets ; Free Trade ; International Economics & Trade ; International Trade ; International Trade and Trade Rules ; Market Access ; Market Access Bargaining ; Public Sector Development ; Reciprocal Concessions ; Reciprocal Reduction ; Reciprocity ; Tariff ; Tariff Concessions ; Tariffs ; Trade Liberalization ; Trade Negotiations ; Trade Policy ; Trade Restrictions ; Unilateral Free Trade ; Unilateral Liberalization ; Concessions ; Debt Markets ; Domestic Market ; Duty Reduction ; Export Industries ; Exports ; Finance and Financial Sector Development ; Foreign Markets ; Free Trade ; International Economics & Trade ; International Trade ; International Trade and Trade Rules ; Market Access ; Market Access Bargaining ; Public Sector Development ; Reciprocal Concessions ; Reciprocal Reduction ; Reciprocity ; Tariff ; Tariff Concessions ; Tariffs ; Trade Liberalization ; Trade Negotiations ; Trade Policy ; Trade Restrictions ; Unilateral Free Trade ; Unilateral Liberalization
    Abstract: December 1999 - The Uruguay Round tariff negotiations did not achieve a country-by-country balancing of concessions given and concessions received. How governments bargained was determined less by their national interests than by the interests of their politically important industrial constituencies. How tightly are trade negotiators held to winning a dollar of concession for each dollar of concession granted? The outcome of the Uruguay Round tariff negotiations suggests that such constraints were not tight. None of the delegations interviewed by Finger, Reincke, and Castro had tried to calculate for themselves the extent of concessions received. And the surplus or deficit of concessions received (over concessions given) varied widely among countries. Measuring the percentage point dollar of concessions given and received (a percentage point dollar being a reduction of the tariff by one percentage point on
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    How Inadequate Provision of Public Infrastructure and Services Affects Private Investment (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Reinikka, Ritva How Inadequate Provision of Public Infrastructure and Services Affects Private Investment
    Keywords: Bottlenecks ; Capital Stock ; Debt Markets ; Emerging Markets ; Employment ; Equipment ; Finance ; Finance and Financial Sector Development ; IRU ; Infrastructure ; Interest ; Interest Rates ; International Economics & Trade ; Investment ; Investment Rate ; Investment Rates ; Investment and Investment Climate ; Labor Policies ; M1 ; Macroeconomics and Economic Growth ; Non Bank Financial Institutions ; Prices ; Private Sector Development ; Prof Standard Errors ; Roads and Highways ; Social Protections and Labor ; Statistics ; Tax ; Taxes ; Trade and Regional Integration ; Transport ; Vdu ; Bottlenecks ; Capital Stock ; Debt Markets ; Emerging Markets ; Employment ; Equipment ; Finance ; Finance and Financial Sector Development ; IRU ; Infrastructure ; Interest ; Interest Rates ; International Economics & Trade ; Investment ; Investment Rate ; Investment Rates ; Investment and Investment Climate ; Labor Policies ; M1 ; Macroeconomics and Economic Growth ; Non Bank Financial Institutions ; Prices ; Private Sector Development ; Prof Standard Errors ; Roads and Highways ; Social Protections and Labor ; Statistics ; Tax ; Taxes ; Trade and Regional Integration ; Transport ; Vdu
    Abstract: Evidence from Uganda shows that poor public provision of infrastructure services - proxied by an unreliable and inadequate power supply - significantly reduces productive private investment. - Lack of private investment is a serious policy problem in many developing countries, especially in Africa. Despite recent structural reform and stabilization, the investment response to date has been mixed, even among the strongest reformers. The role of poor infrastructure and deficient public services has received little attention in the economic literature, where the effect of public spending and investment on growth is shown to be at best ambiguous. Reinikka and Svensson use unique microeconomic evidence to show the effects of poor infrastructure services on private investment in Uganda. They find that poor public capital, proxied by an unreliable and inadequate power supply, significantly reduces productive private investment. Firms can substitute for inadequate provision of public capital by investing in it themselves. This comes at a cost, however: the installation of less productive capital. These results have clear policy implications. Although macroeconomic reforms and stabilization are necessary conditions for sustained growth and private investment, without an accompanying improvement in the public sector's performance, the private supply response to macroeconomic policy reform is likely to remain limited. This paper - a product of Public Economics and Macroeconomics and Growth, Development Research Group - is part of a larger effort in the group to study public service delivery and economic growth. The authors may be contacted at rreinikkaworldbank.org or jsvensson@worldbank.org
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    A Regime-Switching Approach to Studying Speculative Attacks : A Focus on European Monetary System Crises (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (57 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Peria, Maria A Regime-Switching Approach to Studying Speculative Attacks
    Keywords: Central Bank ; Crawling Peg ; Currencies ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Dependent Variable ; Devaluations ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; European Monetary System ; Exchange Rate ; Exchange Rate Mechanism ; Exchange Rates ; Federal Reserve ; Federal Reserve Bank ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Fixed Exchange Rate ; Fixed Exchange Rate Regimes ; Fixed Exchange Rate Systems ; Interest Rates ; Macroeconomics and Economic Growth ; Private Sector Development ; Speculative Attack ; Speculative Attacks ; Speculative Pressure ; Central Bank ; Crawling Peg ; Currencies ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Dependent Variable ; Devaluations ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; European Monetary System ; Exchange Rate ; Exchange Rate Mechanism ; Exchange Rates ; Federal Reserve ; Federal Reserve Bank ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Fixed Exchange Rate ; Fixed Exchange Rate Regimes ; Fixed Exchange Rate Systems ; Interest Rates ; Macroeconomics and Economic Growth ; Private Sector Development ; Speculative Attack ; Speculative Attacks ; Speculative Pressure
    Abstract: June 1999 - A regime-switching framework is used to study speculative attacks against European Monetary System currencies during 1979-93. Peria uses a regime-switching framework to study speculative attacks against European Monetary System (EMS) currencies during 1979-93. She identifies speculative attacks by modeling exchange rates, reserves, and interest rates as time series subject to discrete regime shifts. She assumes two states: tranquil and speculative. She models the probabilities of switching between states as a function of fundamentals and expectations. She concludes that: ° The switching models with time-varying transition probabilities capture most of the conventional episodes of speculative attacks. ° Speculative attacks do not always coincide with currency realignments. ° Both economic fundamentals and expectations determine the likelihood of switching from a period of tranquility to a speculative attack. The budget deficit appears to be an especially important factor driving the probability of switching to a speculative regime. Given the importance of anticipating and, wherever possible, avoiding crises, it might be useful to conduct forecasting exercises to determine whether the switching framework proposed here can be used to forecast crises in countries outside the sample. Because currency crises tend to occur simultaneously in two or more countries, it also might be useful to adapt the regime-switching framework to explore the role of contagion in explaining crises. This paper-a product of Finance, Development Research Group-is part of a larger effort in the group to understand currency crises. The author may be contacted at mmartinezperiaworldbank.org
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    Globalization and National Development at the End of the 20th Century : Tensions and Challenges (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (19 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Solimano, Andrés Globalization and National Development at the End of the 20th Century
    Keywords: Balance Of Payments ; Capital Mobility ; Capital Movements ; Currencies and Exchange Rates ; Debt Markets ; Deficits ; Developing Countries ; Economic Conditions and Volatility ; Economic Theory and Research ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Institutions ; Financial Literacy ; Fixed Exchange Rates ; Free Capital ; Global Economy ; Globalization ; Human Development ; Inflation ; Inflations ; International Trade ; Macroeconomic Volatility ; Macroeconomics and Economic Growth ; Market ; Monetary Fund ; Private Sector Development ; Security ; Wealth Creation ; Balance Of Payments ; Capital Mobility ; Capital Movements ; Currencies and Exchange Rates ; Debt Markets ; Deficits ; Developing Countries ; Economic Conditions and Volatility ; Economic Theory and Research ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Institutions ; Financial Literacy ; Fixed Exchange Rates ; Free Capital ; Global Economy ; Globalization ; Human Development ; Inflation ; Inflations ; International Trade ; Macroeconomic Volatility ; Macroeconomics and Economic Growth ; Market ; Monetary Fund ; Private Sector Development ; Security ; Wealth Creation
    Abstract: June 1999 - Do globalization and national development reinforce each other? Are they mutually compatible? What opportunities for national development does globalization open? What problems does it pose? What is the proper balance between national, regional, and global responses to the challenges posed by globalization? Globalization offers developing countries the opportunities to create wealth through export-led growth, to expand international trade in goods and services, and to gain access to new ideas, technologies, and institutional designs. But globalization also entails problems and tensions that must be appropriately managed. For one thing, global business cycles can contribute greatly to macroeconomic volatility at the national level. The scope and severity of crises in Mexico (1994-95), Asia (1997), Russia (1998), and Brazil (1999) suggests the severity of the financial vulnerability developing countries face nowadays. With financial markets so highly integrated, problems are transmitted rapidly from one country to another. The rapid transmission of financial shocks changes levels of confidence and affects exchange rates, interest rates, asset prices, and, ultimately, output and employment-with consequent social effects. Policymakers should also be concerned about how globalization exacerbates job instability and income disparities both within and across countries. Macroeconomic and financial crises, by increasing poverty and social tensions, can be political destabilizing. As the 20th century ends, the resources of Bretton Woods institutions are strained because of the large and complex rescue packages needed to deal with large-scale volatility. Development policy agendas in the era of globalization need to articulate traditional concerns with growth, stability, and social equity with new themes such as transparency and good governance at several levels: national, regional, and global. This paper-a product of the Country Management Unit, Colombia, Ecuador, and Venezuela-is part of a larger effort in the region to understand the links between globalization and national development. The author may be contacted at asolimano worldbank.org
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    Decentralization and Fiscal Management in Colombia (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (49 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Webb, B. Steven Decentralization and Fiscal Management in Colombia
    Keywords: Bank ; Banks and Banking Reform ; Budget ; Debt ; Debt Markets ; Decentralization ; Decentralization Process ; Deconcentration ; Deficits ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Decentralization ; Fiscal Deficits ; Interest ; Intergovernmental Relations ; Laws ; Local Governments ; Macroeconomic Stability ; Municipal Financial Management ; Municipalities ; Public Sector Economics and Finance ; Public and Municipal Finance ; Revenue ; Risk ; Subnational Governments ; Transfers ; Urban Development ; Urban Economics ; Value ; Bank ; Banks and Banking Reform ; Budget ; Debt ; Debt Markets ; Decentralization ; Decentralization Process ; Deconcentration ; Deficits ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Decentralization ; Fiscal Deficits ; Interest ; Intergovernmental Relations ; Laws ; Local Governments ; Macroeconomic Stability ; Municipal Financial Management ; Municipalities ; Public Sector Economics and Finance ; Public and Municipal Finance ; Revenue ; Risk ; Subnational Governments ; Transfers ; Urban Development ; Urban Economics ; Value
    Abstract: May 1999 - Institutional arrangements have helped Colombia manage the fiscal aspects of decentralization, despite the country's political problems. Colombia's political geography contrasts sharply with its economy. Physical characteristics and guerilla war fragment the country geographically, yet it has a long tradition of political centrism and macroeconomic stability. Recently, with political and economic decentralization, there has been some weakening of macroeconomic performance. Dillinger and Webb explore institutional arrangements that have helped Colombia manage the fiscal aspects of decentralization, despite the country's political problems. Fiscal decentralization proceeded rapidly in Colombia. Education, health, and much infrastructure provision have been decentralized to the departmentos and municipios. Decentralization has led to substantial but not overwhelming problems, both in maintaining fiscal balance nationally (as resources are transferred to subnational levels) and in preventing unsustainable deficits by the subnational governments. The problems have arisen because central government interference prevents departments from controlling their costs and because of expectations of debt bailouts. Both are legacies of the earlier pattern of management from the center, and some recent changes-especially about subnational debt-may improve matters. Colombia's traditional political process has had difficulty dealing with problems of decentralization because traditional parties are weak in internal organization and have lost de facto rule over substantial territories. The fiscal problems of subnational government have been contained, however, because subnational governments are relatively weak politically and the central government, for the time being, has been able to enforce restrictions on subnational borrowing. This paper-a product of the Poverty Reduction and Economic Management Sector Unit, Latin America and Caribbean Region-is part of a larger effort in the region to examine the macroeconomic consequences of decentralization. The authors may be contacted at wdillingerworldbank.org or swebb@worldbank.org
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    A New Database on Financial Development and Structure (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (67 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Levine, Ross A New Database on Financial Development and Structure
    Keywords: Bank ; Banks and Banking Reform ; Bond ; Bond Markets ; Commercial Banks ; Corporate Law ; Debt Markets ; Emerging Markets ; Equity ; Equity Markets ; Finance ; Finance and Financial Sector Development ; Financial Crises ; Financial Institutions ; Financial Intermediaries ; Financial Literacy ; Financial Sector ; Financial Systems ; Insurance ; Insurance Companies ; Law and Development ; Money ; Non Bank Financial Institutions ; Ownership ; Pension ; Pension Funds ; Private Sector Development ; Stock ; Stock Market ; Bank ; Banks and Banking Reform ; Bond ; Bond Markets ; Commercial Banks ; Corporate Law ; Debt Markets ; Emerging Markets ; Equity ; Equity Markets ; Finance ; Finance and Financial Sector Development ; Financial Crises ; Financial Institutions ; Financial Intermediaries ; Financial Literacy ; Financial Sector ; Financial Systems ; Insurance ; Insurance Companies ; Law and Development ; Money ; Non Bank Financial Institutions ; Ownership ; Pension ; Pension Funds ; Private Sector Development ; Stock ; Stock Market
    Abstract: July 1999 - This new database of indicators of financial development and structure across countries and over time unites a range of indicators that measure the size, activity, and efficiency of financial intermediaries and markets. Beck, Demirgüç-Kunt, and Levine introduce a new database of indicators of financial development and structure across countries and over time. This database is unique in that it unites a variety of indicators that measure the size, activity, and efficiency of financial intermediaries and markets. It improves on previous efforts by presenting data on the public share of commercial banks, by introducing indicators of the size and activity of nonbank financial institutions, and by presenting measures of the size of bond and primary equity markets. The compiled data permit the construction of financial structure indicators to measure whether, for example, a country's banks are larger, more active, and more efficient than its stock markets. These indicators can then be used to investigate the empirical link between the legal, regulatory, and policy environment and indicators of financial structure. They can also be used to analyze the implications of financial structure for economic growth. Beck, Demirgüç-Kunt, and Levine describe the sources and construction of, and the intuition behind, different indicators and present descriptive statistics. This paper - a product of Finance, Development Research Group - is part of a broader effort in the group to understand the determinants of financial structure and its importance to economic development. The authors may be contacted at tbeckworldbank.org, ademirguckunt@worldbank.org, or rlevine@csom.umn.edu
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    Malaria and Growth (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (30 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: McCarthy, Desmond F Malaria and Growth
    Keywords: Anopheles Mosquitoes ; Climate Change ; Communicable Diseases ; Disability ; Disease Control and Prevention ; Diseases ; Early Child and Children's Health ; Effects ; Environment ; Females ; Health ; Health Indicators ; Health Monitoring and Evaluation ; Health Service Management and Delivery ; Health, Nutrition and Population ; Illnesses ; Impact Of Malaria ; Life ; Malaria ; Malaria ; Malaria Incidence ; Malaria Morbidity ; Malaria Mortality ; Medical Treatment ; Morbidity And Mortality ; Nutrition ; Parasitic Disease ; Population Policies ; Poverty Reduction ; Poverty and Health ; Public Health ; Tuberculosis ; Vaccine ; Anopheles Mosquitoes ; Climate Change ; Communicable Diseases ; Disability ; Disease Control and Prevention ; Diseases ; Early Child and Children's Health ; Effects ; Environment ; Females ; Health ; Health Indicators ; Health Monitoring and Evaluation ; Health Service Management and Delivery ; Health, Nutrition and Population ; Illnesses ; Impact Of Malaria ; Life ; Malaria ; Malaria ; Malaria Incidence ; Malaria Morbidity ; Malaria Mortality ; Medical Treatment ; Morbidity And Mortality ; Nutrition ; Parasitic Disease ; Population Policies ; Poverty Reduction ; Poverty and Health ; Public Health ; Tuberculosis ; Vaccine
    Abstract: March 2000 - Malaria ranks among the foremost health problems in tropical countries. Allowing for reverse causation, malaria is estimated to reduce GDP per capita growth rates by at least a quarter percentage point a year in many Sub-Saharan countries. McCarthy, Wolf, and Wu explore the two-sided link between malaria morbidity and GDP per capita growth. Climate significantly affects cross-country differences in malaria morbidity. Tropical location is not destiny, however: greater access to rural health care and greater income equality are associated with lower malaria morbidity. But the interpretation of this link is ambiguous: does greater income equality allow for improved anti-malaria efforts, or does malaria itself increase income inequality? Allowing for two-sided causation, McCarthy, Wolf, and Wu find a significant negative causal effect running from malaria morbidity to the growth rate of GDP per capita. In about a quarter of their sample countries, malaria is estimated to reduce GDP per capita growth by at least 0.25 percentage point a year. This paper - a product of Public Economics, Development Research Group - is part of a larger effort in the group to study the health-environment-economy nexus. This study was funded by the Bank's Research Support Budget under the research project Health, Environment, and the Economy (RPO 683-73). The authors may be contacted at fmccarthyworldbank.org and holger.wolf@mailexcite.com
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    Regulatory Reform, Competition, and Innovation : A Case Study of the Mexican Road Freight Industry (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (58 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Dutz, A. Mark Regulatory Reform, Competition, and Innovation
    Keywords: Bottlenecks ; Costs ; Efficient Transport ; Freight ; Freight Services ; Freight Transport ; Highways ; Infrastructure ; Policies ; Road ; Road Transport ; Transport ; Transport Corridors ; Transport Economics, Policy and Planning ; Transport Industry ; Transport Requirements ; Transport Sector ; Transport Services ; Transportation ; Transportation Costs ; Transportation Services ; Trucks ; Bottlenecks ; Costs ; Efficient Transport ; Freight ; Freight Services ; Freight Transport ; Highways ; Infrastructure ; Policies ; Road ; Road Transport ; Transport ; Transport Corridors ; Transport Economics, Policy and Planning ; Transport Industry ; Transport Requirements ; Transport Sector ; Transport Services ; Transportation ; Transportation Costs ; Transportation Services ; Trucks
    Abstract: April 2000 - Regulatory reform can spur innovations in infrastructure services, generating new downstream activities and magnifying the economywide benefits of reform. The national competition agency can help greatly in laying the groundwork for reform by making a compelling case for the reform's expected benefits. Discussions of competition and regulatory reform typically focus on price and quantity effects. But improving certain infrastructure services can also stimulate entry and competition in user industries downstream, allowing new firms to enter, incumbent users to offer new products, and rivalry to intensify. Dutz, Hayri, and Ibarra present a case study of how innovations in road freight services affect selected downstream users of those services after regulatory reform. After a period of rigid regulation and heavy government interference, Mexico in 1989 developed a new policy framework for road transport, with free entry and market-based price setting. The result: faster, more reliable trucking has allowed user companies to offer new, previously unavailable products and to reach new areas with existing products. Cheaper, more customer-responsive trucking services have allowed logistical innovations in user firms, and some user firms have decided not to keep their own fleets of trucks but to outsource trucking services on the open market, thereby converting fixed costs to variable costs. For one fertilizer company, the benefits of reform included a 10 percent improvement in operating margin. Successful reform requires careful planning and execution and political support at high levels. Regulatory reform also profoundly changes the sectoral institution formerly responsible for the regulation. Enough resources should be provided to help organizations in the reformed industry make the transition to the post-reform environment - helping with such tasks as defining the organization's new role and facilitating the redeployment of staff. The national competition agency can help greatly in laying the groundwork for reform by making a compelling case for the reform's expected benefits. After reform, the competition agency should also help with enforcement, to ensure that the cozy, cartel-like behavior stimulated by tight entry restrictions does not persist. In Mexico, three strong interventions were required to discipline attempted anti-competitive practices in the trucking industry in the years following reform. This paper is a product of Public Economics, Development Research Group. The study was funded by the Bank's Research Support Budget under the research project Competition and Barriers to Entrepreneurship (RPO 682-57). The authors may be contacted at mdutzworldbank.org, ahayri@dttus.com, or ibarrarodriguez_pablo@jpmorgan.com
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    Self-Targeted Subsidies : The Distributional Impact of the Egyptian Food Subsidy System (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (46 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Jr., AdamsH. Richard Self-Targeted Subsidies
    Keywords: Agriculture ; Basic Foods ; Bread ; Cigarettes ; Eggs ; Food ; Food Aid ; Food Imports ; Food Rationing ; Food Riots ; Food Subsidies ; Food Subsidy ; Food Subsidy Programs ; Food and Beverage Industry ; Frozen Fish ; Frozen Me Rice ; Industry ; Sugar ; Tea ; Whe Wheat Flour ; Agriculture ; Basic Foods ; Bread ; Cigarettes ; Eggs ; Food ; Food Aid ; Food Imports ; Food Rationing ; Food Riots ; Food Subsidies ; Food Subsidy ; Food Subsidy Programs ; Food and Beverage Industry ; Frozen Fish ; Frozen Me Rice ; Industry ; Sugar ; Tea ; Whe Wheat Flour
    Abstract: April 2000 - By gradually reducing the number of subsidized foods, and by focusing subsidies on foods consumed more by the poor than by the rich - like coarse baladi bread - Egyptian policymakers have found a way to self-target food subsidies to the urban poor. Yet because the rural poor do not consume as much baladi bread, this system is not as well-targeted to the rural poor. The Egyptian food subsidy system is an untargeted system that is essentially open to all Egyptians. For this reason, the budgetary costs of this system have been high and the ability of this system to improve the welfare status of the poor has been questioned. Since the food riots of 1977, Egyptian policymakers have been reluctant to make large changes in their food subsidy system. Rather, their strategy has been to reduce the costs and coverage of this system gradually. For example, since 1980 policymakers have reduced the number of subsidized foods from 20 to just four. Despite these cutbacks, Adams uses new 1997 household survey data to show that the Egyptian food subsidy system is self-targeted to the poor, because it subsidizes inferior goods. In urban Egypt, for instance, the main subsidized food - coarse baladi bread - is consumed more by the poor (the lowest quintile group of the population) than by the rich (the highest quintile). So subsidizing baladi bread is a good way of improving the welfare status of the urban poor. But in rural Egypt where the poor do not consume so much baladi bread, the poor receive less in income transfers than the rich. In many countries, administrative targeting of food subsidies can do a better job of targeting the poor than self-targeting systems. In Jamaica, for example, poor people get food stamps at health clinics, so the Jamaican poor receive double the income transfers from food subsidies that the Egyptian poor receive. But starting a comparable system in Egypt would be costly both in financial and political terms, because many nonpoor households currently receiving food subsidies would have to be excluded. For these reasons, it is likely that the government will continue to refine the present food subsidy system, perhaps by eliminating current subsidies on sugar or edible oil. Neither of these foods is an inferior good, so eliminating these subsidies will have only a minimal impact on the welfare status of the poor. This paper - a product of the Poverty Division, Poverty Reduction and Economic Management Network - is part of a larger effort in the network to identify the impact of transfer programs on the urban and rural poor. The author may be contacted at radamsworldbank.org
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    How Urban Concentration Affects Economic Growth (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (48 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Henderson, Vernon How Urban Concentration Affects Economic Growth
    Keywords: Capital ; Consumers ; Costs ; Development ; Economic Efficiency ; Economic Geography ; Economic Growth ; Economic Theory and Research ; Economies Of Scale ; Economy ; Emerging Markets ; Externalities ; Finance and Financial Sector Development ; Financial Literacy ; GDP ; GDP Per Capita ; Goods ; Growth Rate ; Health, Nutrition and Population ; Income ; Industrialization ; Inequality ; Labor Policies ; Macroeconomics and Economic Growth ; Marginal Benefits ; Markets ; Population Policies ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Social Protections and Labor ; Telecommunications ; Transactions Costs ; Transport ; Transport Economics, Policy and Planning ; Urban Development Policies and Strategies ; Urban Housing and Land ; Capital ; Consumers ; Costs ; Development ; Economic Efficiency ; Economic Geography ; Economic Growth ; Economic Theory and Research ; Economies Of Scale ; Economy ; Emerging Markets ; Externalities ; Finance and Financial Sector Development ; Financial Literacy ; GDP ; GDP Per Capita ; Goods ; Growth Rate ; Health, Nutrition and Population ; Income ; Industrialization ; Inequality ; Labor Policies ; Macroeconomics and Economic Growth ; Marginal Benefits ; Markets ; Population Policies ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Social Protections and Labor ; Telecommunications ; Transactions Costs ; Transport ; Transport Economics, Policy and Planning ; Urban Development Policies and Strategies ; Urban Housing and Land
    Abstract: April 2000 - If urban overconcentration really is an issue, it ought to affect economic growth rates in a robust, consistent fashion. And it does. Not only is there an optimal degree of urban concentration that varies with country income, but departures from optimal concentration result in substantial growth losses. Overconcentrated countries can reduce concentration by investing in interregional transport infrastructure - in particular, increasing the density of road networks. Henderson explores the issue of urban overconcentration econometrically, using data from a panel of 80 to 100 countries every 5 years from 1960 to 1995. He finds the following: · At any level of development there is indeed a best degree of national urban concentration. It increases sharply as income rises, up to a per capita income of about
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    Reducing Structural Dominance and Entry Barriers in Russian Industry (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (24 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Broadman, G. Harry Reducing Structural Dominance and Entry Barriers in Russian Industry
    Keywords: Banks and Banking Reform ; Barriers ; Barriers To Entry ; Business Environment ; Business Investment ; Competition ; Competition Policy ; Competitive Market ; Debt Markets ; Developing Countries ; E-Business ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; International Accounting Standards ; Liberalization ; Macroeconomics and Economic Growth ; Market Share ; Market Shares ; Markets and Market Access ; Microfinance ; Monopoly ; Output ; Price ; Prices ; Private Sector Development ; Privatization ; Public Sector Corruption and Anticorruption Measures ; Regional Trade ; Small Scale Enterprises ; Transparency ; Transport ; Transport Economics, Policy and Planning ; Vertical Integration ; Banks and Banking Reform ; Barriers ; Barriers To Entry ; Business Environment ; Business Investment ; Competition ; Competition Policy ; Competitive Market ; Debt Markets ; Developing Countries ; E-Business ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; International Accounting Standards ; Liberalization ; Macroeconomics and Economic Growth ; Market Share ; Market Shares ; Markets and Market Access ; Microfinance ; Monopoly ; Output ; Price ; Prices ; Private Sector Development ; Privatization ; Public Sector Corruption and Anticorruption Measures ; Regional Trade ; Small Scale Enterprises ; Transparency ; Transport ; Transport Economics, Policy and Planning ; Vertical Integration
    Abstract: May 2000 - The absence of new business in Russia is striking. Reforms to make Russia more competitive should start with eliminating regulatory and institutional barriers to the entry of new competitors. Many industrial firms in Russia have undergone changes in ownership, but relatively few have been competitively restructured. Using survey and other data, Broadman suggests that much of Russian industry is immune from robust competition because of heavy vertical integration, geographic segmentation, and the concentration of buyers and sellers in selected markets. Moreover, regulatory constraints protect incumbent firms from competition with new entrants, both domestic and foreign. Broadman sketches a reform agenda for Russia's post-privatization program, which emphasizes the restructuring of anticompetitive structures and the reduction of barriers to entry. Broadman's proposed reform agenda calls broadly for strengthening Russia's nascent rules-based framework for competition policy to reduce discretion, increase transparency, and improve accountability. This paper - a product of the Poverty Reduction and Economic Management Sector Unit, Europe and Central Asia Regional Office - is part of a larger effort in the region to assess structural reform in Russia. The author may be contacted at hbroadmanworldbank.org
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    Sex Workers and the Cost of Safe Sex : The Compensating Differential for Condom Use in Calcutta (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (24 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Lokshin, Michael Sex Workers and the Cost of Safe Sex
    Keywords: AIDS HIV ; Adolescent Health ; Aids ; Aids Crisis ; Commercial Sex ; Commercial Sex Workers ; Condom Use ; Condoms ; Gender ; Gender and Health ; Health Monitoring and Evaluation ; Health Services ; Health, Nutrition and Population ; Heterosexual Sex ; High Risk Of Infection ; High-Risk ; Infections ; National Aids Control ; Population Policies ; Risk Behavior ; Safe Sex ; Sex ; Sex Partners ; Sex Practices ; Sex Workers ; Sexual Partners ; Young Adults ; AIDS HIV ; Adolescent Health ; Aids ; Aids Crisis ; Commercial Sex ; Commercial Sex Workers ; Condom Use ; Condoms ; Gender ; Gender and Health ; Health Monitoring and Evaluation ; Health Services ; Health, Nutrition and Population ; Heterosexual Sex ; High Risk Of Infection ; High-Risk ; Infections ; National Aids Control ; Population Policies ; Risk Behavior ; Safe Sex ; Sex ; Sex Partners ; Sex Practices ; Sex Workers ; Sexual Partners ; Young Adults
    Abstract: May 2000 - Prostitution is often called the world's oldest profession, yet economists almost never study it. The practice of safe sex by commercial sex workers is considered central to preventing the transmission of AIDS in developing countries - yet sex workers in Calcutta who regularly use condoms suffer a 79 percent loss in their average earnings per sex act. The practice of safe sex by commercial sex workers is considered central to preventing the transmission of AIDS in developing countries. Rao, Gupta, and Jana estimate the compensating differential for condom use among sex workers in Calcutta, based on results from a survey conducted in 1993. If, as suggested by anecdotal evidence, this loss in income is large, it would indicate the existence of strong disincentives for practicing safe sex. To identify the relationship between condom use and the average price per sex act, they follow an instrumental variable approach, exploiting an intervention program focused on providing information about the AIDS virus and about safe sex practices. The program, instituted in 1992, was not systematically administered. Using this method, they found that sex workers who always use condoms face a loss of 79 percent in the average earnings per sex act. This paper - a product of Poverty and Human Resources, Development Research Group - is part of a larger effort in the group to understand the behavior underlying HIV/AIDS transmission. Vijayendra Rao may be contacted at vraoworldbank.org
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    The Slippery Slope : Explaining the Increase in Extreme Poverty in Urban Brazil, 1976 96 (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (78 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Barros, de Paes Ricardo The Slippery Slope
    Keywords: Economic Growth ; Economic Theory and Research ; Extreme Poverty ; Finance and Financial Sector Development ; Financial Literacy ; Formal Safety Nets ; Health, Nutrition and Population ; Household Composition ; Household Income ; Household Per Capita Income ; Income ; Income Distribution ; Income Inequality ; Inequality ; Inequality ; Labor Markets ; Labor Policies ; Macroeconomics and Economic Growth ; Measures ; Poor ; Poor Households ; Population Policies ; Poverty Incidence ; Poverty Indices ; Poverty Line ; Poverty Lines ; Poverty Measures ; Poverty Reduction ; Pro-Poor Growth ; Rural ; Rural Development ; Rural Poverty Reduction ; Services and Transfers to Poor ; Social Protections and Labor ; Unemployment ; Economic Growth ; Economic Theory and Research ; Extreme Poverty ; Finance and Financial Sector Development ; Financial Literacy ; Formal Safety Nets ; Health, Nutrition and Population ; Household Composition ; Household Income ; Household Per Capita Income ; Income ; Income Distribution ; Income Inequality ; Inequality ; Inequality ; Labor Markets ; Labor Policies ; Macroeconomics and Economic Growth ; Measures ; Poor ; Poor Households ; Population Policies ; Poverty Incidence ; Poverty Indices ; Poverty Line ; Poverty Lines ; Poverty Measures ; Poverty Reduction ; Pro-Poor Growth ; Rural ; Rural Development ; Rural Poverty Reduction ; Services and Transfers to Poor ; Social Protections and Labor ; Unemployment
    Abstract: October 1999 - During the turbulent years 1976-96, aggregate data for Brazil appear to show only small changes in mean income, inequality, and incidence of poverty - suggesting little change in the distribution of income. But a small group of urban households - excluded from formal labor markets and safety nets - was trapped in indigence. Based on welfare measured in terms of income alone, the poorest part of urban Brazil has experienced two lost decades. Despite tremendous macroeconomic instability in Brazil, the country's distributions of urban income in 1976 and 1996 appear, at first glance, deceptively similar. Mean household income per capita was stagnant, with minute accumulated growth (4.3 percent) over the two decades. The Gini coefficient hovered just above 0.59 in both years, and the incidence of poverty (relative to a poverty line of R
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    Ownership and Performance of Lithuanian Enterprises (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (46 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Grigorian, A. David Ownership and Performance of Lithuanian Enterprises
    Keywords: Central Planning ; Debt Markets ; Economic Reforms ; Economic Theory and Research ; Emerging Markets ; Enterprise Performance ; Enterprise Restructuring ; Enterprises ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Financial Literacy ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Market Competition ; Microfinance ; Operational Efficiency ; Ownership Of Enterprises ; Performance Indicators ; Political Economy ; Private Firms ; Private Owners ; Private Ownership ; Private Sector Development ; Privatization ; Privatization ; Privatization Process ; Privatization Program ; Profit Maximization ; Share Ownership ; State Firms ; State Owned Enterprise Reform ; State Ownership ; State Property ; Central Planning ; Debt Markets ; Economic Reforms ; Economic Theory and Research ; Emerging Markets ; Enterprise Performance ; Enterprise Restructuring ; Enterprises ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Financial Literacy ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Market Competition ; Microfinance ; Operational Efficiency ; Ownership Of Enterprises ; Performance Indicators ; Political Economy ; Private Firms ; Private Owners ; Private Ownership ; Private Sector Development ; Privatization ; Privatization ; Privatization Process ; Privatization Program ; Profit Maximization ; Share Ownership ; State Firms ; State Owned Enterprise Reform ; State Ownership ; State Property
    Abstract: May 2000 - Does private ownership improve on corporate performance in a developing institutional environment? In Lithuania commercial transfer of state property to private owners has significantly improved enterprises' revenue and export performance. Grigorian presents some evidence of improved corporate performance in Lithuania for the period 1995-97. His question: Were these improvements in any way caused by privatization and changes in the environment in which enterprises operate? He presents evidence of correlation between ownership and enterprise performance as measured by increased revenues and improved export performance. Controlling for preselection bias increases the magnitude and significance of private share ownership, which indicates negative selection bias at privatization. On the other hand, (expected) subsidies seem to contribute negatively to enterprise performance. However, the study finds no clear evidence of the effect of market competition on performance indicators in the short run. Grigorian's is the first study to analyze the consequences of commercial (as opposed to mass) privatization in Central and Eastern European countries. This paper - a product of the Private and Financial Sectors Development Sector Unit, Europe and Central Asia Region - is part of a larger effort in the region to study enterprise restructuring in transition. The author may be contacted at dgrigorianworldbank.org
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    Competition Policy, Developing Countries, and the World Trade Organization (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (34 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Hoekman, Bernard Competition Policy, Developing Countries, and the World Trade Organization
    Keywords: Access to Markets ; Barriers ; Competition ; Competition Policies ; Competition Policy ; Developing Countries ; Developing Country ; Domestic Competition ; Economic Development ; Economic Theory and Research ; Education ; Emerging Markets ; Export Markets ; Foreign Competition ; Free Trade ; ICT Policy and Strategies ; Information and Communication Technologies ; Interest ; Interests ; International Cooperation ; International Economics & Trade ; Investment ; Investment Policies ; Jurisdictions ; Knowledge for Development ; Labor Policies ; Law and Development ; Macroeconomics and Economic Growth ; Market Access ; Markets and Market Access ; Monopoly ; Private Sector Development ; Public Sector Development ; Social Protections and Labor ; Trade Law ; Trade Policy ; Traditional Market ; World Trade ; Access to Markets ; Barriers ; Competition ; Competition Policies ; Competition Policy ; Developing Countries ; Developing Country ; Domestic Competition ; Economic Development ; Economic Theory and Research ; Education ; Emerging Markets ; Export Markets ; Foreign Competition ; Free Trade ; ICT Policy and Strategies ; Information and Communication Technologies ; Interest ; Interests ; International Cooperation ; International Economics & Trade ; Investment ; Investment Policies ; Jurisdictions ; Knowledge for Development ; Labor Policies ; Law and Development ; Macroeconomics and Economic Growth ; Market Access ; Markets and Market Access ; Monopoly ; Private Sector Development ; Public Sector Development ; Social Protections and Labor ; Trade Law ; Trade Policy ; Traditional Market ; World Trade
    Abstract: October 1999 - Developing countries have a great interest in pursuing active domestic competition policy but should do so independent of the World Trade Organization - which they should use to improve market access through further reduction in direct barriers to trade in goods and services. Hoekman and Holmes discuss developing country interests in including competition law disciplines in the World Trade Organization (WTO). Developing countries have a great interest in pursuing active domestic competition policy, they conclude, but should do so independent of the WTO. Given the mercantilist basis of multilateral trade negotiations, the WTO is less likely to be a powerful instrument for encouraging adoption of welfare-enhancing competition rules than it is to be a forum for abolishing cross-border measures. Developing countries should therefore give priority to using the WTO to improve market access - to further reduce direct barriers to trade in goods and services. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to analyze issues that may be the subject of WTO negotiations. The authors may be contacted at bhoekmanworldbank.org or p.holmes@sussex.ac.uk
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    Labor Market Integration in the Presence of Social Capital (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Schiff, Maurice Labor Market Integration in the Presence of Social Capital
    Keywords: Bonds ; Capital ; Cred Economic Performance ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equilibrium ; Finance and Financial Sector Development ; Financial Literacy ; Free Trade ; Goods ; Health, Nutrition and Population ; Human Capital ; Labor Markets ; Labor Policies ; Liquidity ; Macroeconomics and Economic Growth ; Markets and Market Access ; Negative Externalities ; Population Policies ; Private Sector Development ; Production Function ; Production Functions ; Public Good ; Social Capital ; Social Development ; Social Protections and Labor ; Trade Barriers ; Transactions Costs ; Transport ; Transport Economics, Policy and Planning ; Unemployment ; Utility ; Utility Function ; Voters ; Welfare ; Bonds ; Capital ; Cred Economic Performance ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equilibrium ; Finance and Financial Sector Development ; Financial Literacy ; Free Trade ; Goods ; Health, Nutrition and Population ; Human Capital ; Labor Markets ; Labor Policies ; Liquidity ; Macroeconomics and Economic Growth ; Markets and Market Access ; Negative Externalities ; Population Policies ; Private Sector Development ; Production Function ; Production Functions ; Public Good ; Social Capital ; Social Development ; Social Protections and Labor ; Trade Barriers ; Transactions Costs ; Transport ; Transport Economics, Policy and Planning ; Unemployment ; Utility ; Utility Function ; Voters ; Welfare
    Abstract: November 1999 - Social capital raises productivity and falls with labor mobility. Because labor mobility generates a negative externality, integration of labor markets results in too much mobility, too low a level of social capital, and an ambiguous effect on welfare. Trade liberalization is superior to labor market integration because it reduces mobility and the negative externality associated with it. Labor market integration is typically assumed to improve welfare in the absence of distortions, because it allows labor to move to where returns are highest. Schiff examines this result in a simple general equilibrium model in the presence of a common property resource: social capital. Drawing on evidence that social capital raises productivity and falls with labor mobility, Schiff's main findings are that: · Labor market integration imposes a negative externality and need not raise welfare. · The welfare impact is more beneficial (or less harmful) the greater the difference in endowments is between the integrating regions. · Whether positive or negative, the welfare impact is larger the more similar the levels of social capital of the integrating regions are and the lower the migration costs are. · Trade liberalization generates an additional benefit-over and above the standard gains from trade - by reducing labor mobility and the negative externality associated with it. Trade liberalization is superior to labor market integration. · The creation of new private or public institutions in response to labor market integration may reduce welfare. Schiff shows that the welfare implications depend on two parameters of the model, the curvature of the utility function and the cost of private migration. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to understand the link between market performance and welfare. The author may be contacted at mschiffworldbank.org
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    Bankruptcy Reorganization through Markets : Auction-based Creditor Ordering by Reducing Debts (ACCORD) (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (42 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Hausch, B. Donald Bankruptcy Reorganization through Markets
    Keywords: Aggregate Debts ; Auction ; Bankruptcy ; Bankruptcy Laws ; Bid ; Call Options ; Cash Flows ; Claimant ; Claimants ; Creditor ; Creditors ; Debt Markets ; Debts ; Deposits ; Domestic Banks ; Equity ; Face Value ; Finance and Financial Sector Development ; Financial Literacy ; Interests ; Investment and Investment Climate ; Junior Creditors ; Macroeconomics and Economic Growth ; Market ; Markets ; Strategic Debt Management ; Aggregate Debts ; Auction ; Bankruptcy ; Bankruptcy Laws ; Bid ; Call Options ; Cash Flows ; Claimant ; Claimants ; Creditor ; Creditors ; Debt Markets ; Debts ; Deposits ; Domestic Banks ; Equity ; Face Value ; Finance and Financial Sector Development ; Financial Literacy ; Interests ; Investment and Investment Climate ; Junior Creditors ; Macroeconomics and Economic Growth ; Market ; Markets ; Strategic Debt Management
    Abstract: November 1999 - Financial reorganization under bankruptcy reduces a firm's debts to serviceable levels through negotiations overseen by courts. Academics have suggested using markets for such negotiations, giving equity holders and junior claimants call options to buy the firm back from senior creditors. Hausch and Ramachandran further develop such a market-based approach for situations in which claimants are severely cash-constrained and there is good reason for existing owner-managers to remain in control. Under the ACCORD scheme - Auction-based Creditor Ordering by Reducing Debts - creditors remain creditors but form a queue, to be serviced in sequence from the firm's operating cash flows. Creditors bid for their position in this queue. Those accepting greater proportionate reductions in the face value of their claims (perhaps most pessimistic about the firm's prospects) are placed ahead of the others. A preexisting hierarchy of claims is honored by having claimants bid for their positions within the relevant segment of the queue. No one in the queue, including owners (who are last), is paid anything until the (reduced) debts of the first in line are fully discharged. The queue then moves up and the next claimant in line is serviced. Deferred creditors, who must wait their turn for the firm's operating cash surpluses, are not junior creditors in the conventional sense. Hausch and Ramachandran determine equilibrium bidding strategies, showing that the firm's aggregate debts would be reduced to a more serviceable level. This would improve the incentives of the firm's owner-managers, who remain in control, to operate the firm efficiently. Economic resources would thus be better used, and losses already incurred would be efficiently and quickly allocated among creditors. Hausch and Ramachandran suggest that ACCORD would be appropriate for East Asia, where, despite new bankruptcy laws, inexperienced courts are unlikely to nudge creditors into a quick negotiated agreement nor to be able to cope with systemic bankruptcy. Moreover, when the government is a major unsatisfied creditor, whose agents may not act in the taxpayers' best interests, market-based solutions might remove political interference from restructuring decisions. Neither owners nor creditors would be worse off than they are now. This paper - a joint product of the Private Sector Development Department, and Poverty Reduction and Economic Management Sector Unit, East Asia and Pacific Region - is part of a larger effort in the region to understand and improve corporate restructuring and governance. The authors may be contacted at dhauschbus.wisc.edu or sramachandran@worldbank.org
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  • 73
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    Gender, Poverty, and Nonfarm Employment in Ghana and Uganda (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (48 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Newman, Constance Gender, Poverty, and Nonfarm Employment in Ghana and Uganda
    Keywords: Agricultural Output ; Cash Crops ; Communities & Human Settlements ; Finance and Financial Sector Development ; Financial Literacy ; Gender ; Gender and Development ; Gender and Health ; Gender and Law ; Health, Nutrition and Population ; Household Income ; Household Income Diversification ; Housing and Human Habitats ; Human Capital ; Human Development ; Income ; Income Shares ; Income-Generating Activities ; Inequality ; Law and Development ; Poor ; Population Policies ; Poverty ; Poverty Levels ; Poverty Monitoring and Analysis ; Poverty Reduction ; Poverty Reduction ; Rural ; Rural Areas ; Rural Development ; Rural Development ; Rural Development Knowledge and Information Systems ; Rural Economy ; Rural Poverty ; Rural Poverty Reduction ; Rural Residents ; Agricultural Output ; Cash Crops ; Communities & Human Settlements ; Finance and Financial Sector Development ; Financial Literacy ; Gender ; Gender and Development ; Gender and Health ; Gender and Law ; Health, Nutrition and Population ; Household Income ; Household Income Diversification ; Housing and Human Habitats ; Human Capital ; Human Development ; Income ; Income Shares ; Income-Generating Activities ; Inequality ; Law and Development ; Poor ; Population Policies ; Poverty ; Poverty Levels ; Poverty Monitoring and Analysis ; Poverty Reduction ; Poverty Reduction ; Rural ; Rural Areas ; Rural Development ; Rural Development ; Rural Development Knowledge and Information Systems ; Rural Economy ; Rural Poverty ; Rural Poverty Reduction ; Rural Residents
    Abstract: June 2000 - For women in Ghana and Uganda, nonfarm activities play an important role in yielding the lowest - and the most rapidly declining - rural poverty rates. In both countries rural poverty declined fastest for female heads of household engaged in nonfarm work (which tended to be a secondary activity). But patterns vary between the two countries. Newman and Canagarajah provide evidence that women's nonfarm activities help reduce poverty in two economically and culturally different countries, Ghana and Uganda. In both countries rural poverty rates were lowest - and fell most rapidly - for female heads of household engaged in nonfarm activities. Participation in nonfarm activities increased more rapidly for women, especially married women and female heads of household, than for men. Women were more likely than men to combine agriculture and nonfarm activities. In Ghana it was nonfarm activities (for which income data are available) that provided the highest average incomes and the highest shares of income. Bivariate probit analysis of participation shows that in Uganda female heads of household and in Ghana women in general are significantly more likely than men to participate in nonfarm activities and less likely to participate in agriculture. This paper - a joint product of Rural Development, Development Research Group, and the Social Protection Team, Human Development Network- is part of a larger effort in the Bank to discuss gender, employment, and poverty linkages. The authors may be contacted at cnewman1worldbank.orgor scanagarajah@worldbank.org
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  • 74
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    Reforming Tax Systems : The World Bank Record in the 1990s (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (44 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Barbone, Luca Reforming Tax Systems
    Keywords: Accountability ; Audits ; Bank ; Banks and Banking Reform ; Communities & Human Settlements ; Debt Markets ; E-Business ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Governance ; Governance Capacity Building ; Housing and Human Habitats ; Institutional Development ; Law and Development ; Lending ; Loans ; Macroeconomic Stability ; Macroeconomics and Economic Growth ; Principal ; Private Sector Development ; Projects ; Public Sector Development ; Public Sector Economics and Finance ; Revenue ; Risk ; Services ; Social Services ; Structural Adjustment ; Tax Law ; Tax Policy and Administration ; Tax Reform ; Taxation ; Taxation and Subsidies ; Technical Assistance ; Value ; Accountability ; Audits ; Bank ; Banks and Banking Reform ; Communities & Human Settlements ; Debt Markets ; E-Business ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Governance ; Governance Capacity Building ; Housing and Human Habitats ; Institutional Development ; Law and Development ; Lending ; Loans ; Macroeconomic Stability ; Macroeconomics and Economic Growth ; Principal ; Private Sector Development ; Projects ; Public Sector Development ; Public Sector Economics and Finance ; Revenue ; Risk ; Services ; Social Services ; Structural Adjustment ; Tax Law ; Tax Policy and Administration ; Tax Reform ; Taxation ; Taxation and Subsidies ; Technical Assistance ; Value
    Abstract: In efforts to reform the administration of tax systems, the World Bank can substantially improve project design, execution, and effectiveness by adopting a more concerted approach to institutional analysis. - The main constraint on World Bank operations in tax and customs administration is the Bank's inadequate institutional framework for accumulating knowledge from loan operations, concludes this review of the Bank's record on reform of tax systems in the 1990s. The Bank's theoretical basis for reforming tax and customs administration is still rudimentary. Recent theories stress the importance of institutions that harness voice and improve transparency and contestability, but there is little evidence that reform of these factors alone makes tax administration more effective. Improvements are needed in pre-project diagnosis and project design, especially for examining accountability, administration costs, managerial autonomy, performance incentives for staff, taxpayer equity and services, and environmental factors. Pre-project work could draw more systematically on lessons from previous experience. Institutional components of project design have been biased toward organization, manpower upgrading, and procedures related to information technology. Too little attention has been paid to improving accountability, administrative cost-effectiveness, and anticorruption institution-building. Projects have made inadequate use of different kinds of performance indicators, with little uniformity in those applied. Methods used to evaluate project outcomes could be better and more uniform. Suggestions for future Bank operations: · Doing better background work and articulating a strategy and comprehensive framework for Bank involvement in reform of tax administration. · Possibly supporting and strengthening regional tax administration associations, which could serve as catalysts for change. · Strengthening partnering and supporting private sector consultant organizations, so they can manage major components of administrative reform. · Institutionalizing the accumulation of knowledge about tax administration (which might require changing staff recruitment, the mix of staff skills, and training plans). The authors provide recommendations for improving project diagnosis, design, performance indicators, and appraisal, as well as a short list of projects that serve as guides to good practice. This paper - a product of the Public Sector Management Division, Poverty Reduction and Economic Management Network - is part of a larger effort in the network to draw on lessons of past Bank activity in order to pursue professional excellence and maximum client impact. The authors may be contacted at lbarboneworldbank.org, oldmonk87@yahoo.com, ldewulf@worldbank.org, or ahansson1@worldbank.org
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  • 75
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    Opportunities for Improving Environmental Compliance in Mexico (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (22 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Dasgupta, Susmita Opportunities for Improving Environmental Compliance in Mexico
    Keywords: Economics ; Economies ; Emissions ; Environment ; Environmental ; Environmental Economics and Policies ; Environmental Information ; Environmental Management ; Environmental Performance ; Environmental Quality ; Environmental Regulations ; Information ; Metals ; Monitoring ; Options ; Policy Makers ; Polluters ; Pollution ; Pollution Control ; Regulation ; Regulations ; Technology ; Economics ; Economies ; Emissions ; Environment ; Environmental ; Environmental Economics and Policies ; Environmental Information ; Environmental Management ; Environmental Performance ; Environmental Quality ; Environmental Regulations ; Information ; Metals ; Monitoring ; Options ; Policy Makers ; Polluters ; Pollution ; Pollution Control ; Regulation ; Regulations ; Technology
    Abstract: One of the main reasons for noncompliant firms' poor environmental performance is the information gap on Mexico's environmental policy. Pollution control could be improved through systematically fuller communication targeted to noncompliant firms - including more environmental education, especially of senior managers. - Survey evidence from Mexico reveals large observed differences in pollution from factories in the same industry, or the same area, or operating under the same regulatory regime. Many factories have adopted significant measures for pollution control and are in compliance with environmental regulations, but some have made little or no such effort. For lack of data, systematic research on the reasons behind such variations in plant-level environmental performance (especially on how impediments to pollution control affect plant behavior) is rare, even in industrial societies. Drawing on a recent plant-level survey of Mexican factories, Dasgupta identifies a number of performance variables characteristic of compliant and noncompliant plants, as well as factors that non-compliant plants perceive to be obstacles to pollution control. Noncompliant firms made less effort than compliant firms to change materials used, to change production processes, or to install end-of-pipe treatment equipment. They had significantly fewer programs to train their general workers in environmental responsibilities. They lagged behind in environmental training, waste management, and transportation training. They received less technical training, especially about the environment, environmental policy and administration, and clean technology and audits. Responses about obstacles to better environmental performance included scarcity of training resources, government bureaucracy, high interest rates, and Mexico's lack of an environmental protection culture. Respondents said that senior managers did not emphasize the environment, assigned more priority to economic considerations, and were not trained in the subject. There were too few suitable programs, training was not recognized, and workers were not interested in the subject. Most important, however, little information was available about Mexico's environmental policy. These findings suggest the importance of technical assistance - especially training and information. In Mexico, the information gap on policy is a major problem. Mexican environmental agencies should invest more in technical assistance and environmental training targeted to noncompliant enterprises. Environmental education, especially of senior managers, could significantly improve pollution control. Maintaining close contact with noncompliant firms, designing programs targeted to them, and pursuing them systemically should increase their responsiveness to regulations. This paper - a product of Infrastructure and Environment, Development Research Group - is part of a larger effort in the group to understand the determinants of environmental performance in developing countries. The study was funded by the Bank's Research Support Budget under the research project The Economics of Industrial Pollution Control in Developing Countries (RPO 680-20). The author may be contacted at sdasguptaworldbank.org
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  • 76
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    Argentina's Transport Privatization and Re-Regulation : Ups and Downs of a Daring Decade-Long Experience (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (30 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Estache, Antonio Argentina's Transport Privatization and Re-Regulation
    Keywords: Airport ; Airport Authority ; Commuters ; Costs ; Infrastructure ; Investments ; Modal Shift ; Port Services ; Rail ; Railroad ; Railways ; Road Transport ; Roads ; Subsidy ; Subway ; Traffic ; Transport ; Transport ; Transport Economics ; Transport Economics, Policy and Planning ; Transport Sector ; Trucks ; Airport ; Airport Authority ; Commuters ; Costs ; Infrastructure ; Investments ; Modal Shift ; Port Services ; Rail ; Railroad ; Railways ; Road Transport ; Roads ; Subsidy ; Subway ; Traffic ; Transport ; Transport ; Transport Economics ; Transport Economics, Policy and Planning ; Transport Sector ; Trucks
    Abstract: November 1999 - Argentina's policy for reform of the transport sector has been a mix of competition in the market and, through concessions, for the market. Capacity has increased, demand has grown, and prices and services have improved. Public financing has not been eliminated but it has been drastically reduced. When Argentina initiated reform of its transport sector in 1989, it had few models to follow. It was the first Latin American country to privatize its intercity railroad, to explicitly organize intraport competition, and to grant a private concession to operate its subway. It was second (after Japan) to privatize its urban commuter railways and one of the first in the developing world to grant road concessions to private operators. Argentina's experience shows that transport privatization and deregulation provide efficiency gains that can be delivered to users. Despite unexpectedly high residual subsidy requirements, fiscal costs are lower, services have improved, and new investment is taking place. Argentina's decade-long experience shows that the reform process involves learning by doing. Inexperienced new regulators quickly face the challenges in controlling monopoly power and providing long-run incentives for private investment. Designing sustainable reform requires a commitment by government to minimize its role in the sector and to respect its original promises to both users and concessionaires. Argentina has learned the importance of building up the regulatory capacity needed to monitor contracts, especially when initial uncertainty about demand and cost conditions is strong and renegotiation is the probable outcome of daring reform. The government's main challenge in monitoring contracts is to get enough information to reach a balance in its decisions about distributing efficiency gains fairly between consumers and private investors. This is one area in which Argentina may not yet have met the challenge. As the last wave of contract extensions in rail and roads comes to an end, one issue is likely to be the need for better targeting of subsidies for the poor. This paper - a product of Governance, Regulation, and Finance, World Bank Institute - is part of a larger effort in the institute to increase understanding of infrastructure regulation. Antonio Estache may be contacted at aestacheworldbank.org
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    Infrastructure, Geographical Disadvantage, and Transport Costs (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (48 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Venables, Anthony Infrastructure, Geographical Disadvantage, and Transport Costs
    Keywords: Elasticity ; Fixed Costs ; High Transport ; Infrastructure ; Infrastructure Investment ; International Transport ; Journey ; Journeys ; Quality Of Transport ; Rail ; Road ; Routes ; Trans Transit Routes ; Transport ; Transport ; Transport Costs ; Transport Economics ; Transport Economics, Policy and Planning ; Travel ; Trips ; True ; Elasticity ; Fixed Costs ; High Transport ; Infrastructure ; Infrastructure Investment ; International Transport ; Journey ; Journeys ; Quality Of Transport ; Rail ; Road ; Routes ; Trans Transit Routes ; Transport ; Transport ; Transport Costs ; Transport Economics ; Transport Economics, Policy and Planning ; Travel ; Trips ; True
    Abstract: December 1999 - The median landlocked country has only 30 percent of the trade volume of the median coastal economy. Halving transport costs increases that trade volume by a factor of five. Improving the standard of infrastructure from that of the bottom quarter of countries to that of the median country increases trade by 50 percent. Improving infrastructure in Sub-Saharan Africa is especially important for increasing African trade. Limão and Venables use three different data sets to investigate how transport depends on geography and infrastructure. Landlocked countries have high transport costs, which can be substantially reduced by improving the quality of their infrastructure and that of transit countries. Analysis of bilateral trade data confirms the importance of infrastructure. Limão and Venables estimate the elasticity of trade flows with regard to transport costs to be high, at about -2.5. This means that: · The median landlocked country has only 30 percent of the trade volume of the median coastal economy. · Halving transport costs increases the volume of trade by a factor of five. · Improving infrastructure from the 75th to the 50th percentile increases trade by 50 percent. Using their results and a basic gravity model to study Sub-Saharan African trade, both internally and with the rest of the world, Limão and Venables find that infrastructure problems largely explain the relatively low levels of African trade. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to investigate the effects of geography on economic performance. The authors may be contacted at ngl4columbia.edu or avenables@worldbank.org
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    Is Knowledge Shared within Households? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Ravallion, Martin Is Knowledge Shared within Households?
    Keywords: Access and Equity in Basic Education ; Bank ; Brochure ; Budget ; Conflict of Interest ; Earnings ; Education ; Education for All ; Family Member ; Finance and Financial Sector Development ; Financial Literacy ; Gender ; Gender and Law ; Household Expenditure ; Income ; Incomes ; Information ; Interest ; Interests ; Knowledge ; Law and Development ; Literacy ; Pamphlets ; Primary Education ; Public Goods ; Unemployment ; Wage ; Welfare ; Access and Equity in Basic Education ; Bank ; Brochure ; Budget ; Conflict of Interest ; Earnings ; Education ; Education for All ; Family Member ; Finance and Financial Sector Development ; Financial Literacy ; Gender ; Gender and Law ; Household Expenditure ; Income ; Incomes ; Information ; Interest ; Interests ; Knowledge ; Law and Development ; Literacy ; Pamphlets ; Primary Education ; Public Goods ; Unemployment ; Wage ; Welfare
    Abstract: December 1999: Yes - and more efficiently by women than by men, according to this analysis of household survey data for Bangladesh. An illiterate adult earns significantly more in the nonfarm economy when living in a household with at least one literate member. According to theory, a member of a collective-action household may or may not share knowledge with others in that household. Shared income gains from shared knowledge may well be offset by a shift in the balance of power within the family. But do literate members of the household share the benefits of literacy with other members of the household in practice? Using household survey data for Bangladesh, Basu, Narayan, and Ravallion find that education has strong external effects on individual earnings. When a range of personal attributes is held constant, an illiterate adult earns significantly more in the nonfarm economy when living in a household with at least one literate member. That is, a literate person is likely to share some of the benefits of his or her literacy with other members of the household. It is better to be an illiterate in a household where someone is literate than in a household of illiterates only. It is widely noted that a literate mother confers greater benefits on her children than a literate father does. But what about differences between male and female recipients of knowledge? The empirical results suggest that women are more efficient recipients, too. This paper - a joint product of the Office of the Senior Vice President and Chief Economist, Development Economics, and Poverty and Human Resources, Development Research Group - is part of a larger effort in the Bank to understand the relationship between literacy and balance of power in the household. This paper was funded by the Bank's Research Support Budget under the research project Intrahousehold Decisionmaking, Literacy, and Child Labor (RPO 683-07). The authors may be contacted at kb40cornell.edu, anarayan@worldbank.org, or mravallion@worldbank.org
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    Aid Dependence and the Quality of Governance : A Cross-Country Empirical Analysis (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (44 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Knack, Stephen Aid Dependence and the Quality of Governance
    Keywords: Accountability ; Aid Dependence ; Bureaucracy ; Bureaucratic Quality ; Corruption ; Country Data ; Development Economics and Aid Effectiveness ; Disability ; Economic Growth ; Economic Theory and Research ; Education ; Emerging Markets ; Foreign Aid ; Gender ; Gender and Health ; Good Governance ; Governance ; Governance ; Governance Indicators ; Growth ; Health, Nutrition and Population ; Income ; Income Growth ; Institutional Quality ; Institutions ; Macroeconomics and Economic Growth ; National Governance ; Natural Resources ; Per Capita Incomes ; Policy Implications ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Reverse Causality ; Rule Of Law ; School Health ; Social Protections and Labor ; Accountability ; Aid Dependence ; Bureaucracy ; Bureaucratic Quality ; Corruption ; Country Data ; Development Economics and Aid Effectiveness ; Disability ; Economic Growth ; Economic Theory and Research ; Education ; Emerging Markets ; Foreign Aid ; Gender ; Gender and Health ; Good Governance ; Governance ; Governance ; Governance Indicators ; Growth ; Health, Nutrition and Population ; Income ; Income Growth ; Institutional Quality ; Institutions ; Macroeconomics and Economic Growth ; National Governance ; Natural Resources ; Per Capita Incomes ; Policy Implications ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Reverse Causality ; Rule Of Law ; School Health ; Social Protections and Labor
    Abstract: July 2000 - Do higher levels of aid erode the very quality of governance poor countries need for sustained and rapid income growth? Good governance-in the form of institutions that establish predictable, impartial, and consistently enforced rules for investors-is crucial for the sustained and rapid growth of per capita incomes in poor countries. Aid dependence can undermine institutional quality by weakening accountability, encouraging rent seeking and corruption, fomenting conflict over control of aid funds, siphoning off scarce talent from the bureaucracy, and alleviating pressures to reform inefficient policies and institutions. Knack's analyses of cross-country data provide evidence that higher aid levels erode the quality of governance, as measured by indexes of bureaucratic quality, corruption, and the rule of law. This negative relationship strengthens when instruments for aid are used to correct for potential reverse causality. It is robust to changes in the sample and to several alternative forms of estimation. Recent studies have concluded that aid's impact on economic growth and infant mortality is conditional on policy and institutional gaps. Knack's results indicate that the size of the institutional gap itself increases with aid levels. This paper-a product of Regulation and Competition Policy, Development Research Group-is part of a larger effort in the group to identify the determinants of good governance and institutions conducive to long-run economic development. The author may be contacted at sknackworldbank.org
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    The Distribution of Mexico's Public Spending on Education (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (20 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Salinas, Angel The Distribution of Mexico's Public Spending on Education
    Keywords: Access and Equity in Basic Education ; Cred Earnings ; Debt Markets ; Education ; Education ; Education for All ; Effective Schools and Teachers ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Financial Sector ; Gender ; Gender and Education ; Health, Nutrition and Population ; Household Expenditure ; Income ; Income Groups ; Information ; Investments ; Level Of Education ; Loan Programs ; Population Policies ; Primary Education ; Primary Education ; Public Expenditures ; Public Sector Expenditure Analysis and Management ; Spending ; Student ; Student Loan ; Students ; Subsidies ; Subsidy ; Tertiary Education ; Access and Equity in Basic Education ; Cred Earnings ; Debt Markets ; Education ; Education ; Education for All ; Effective Schools and Teachers ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Financial Sector ; Gender ; Gender and Education ; Health, Nutrition and Population ; Household Expenditure ; Income ; Income Groups ; Information ; Investments ; Level Of Education ; Loan Programs ; Population Policies ; Primary Education ; Primary Education ; Public Expenditures ; Public Sector Expenditure Analysis and Management ; Spending ; Student ; Student Loan ; Students ; Subsidies ; Subsidy ; Tertiary Education
    Abstract: July 2000 - Public spending on tertiary education in Mexico is strongly regressive, benefiting mainly the nonpoor in urban areas. To give the poor a chance at higher education, student loan programs or means-tested financial aid and scholarship programs (though rarely devoid of subsidy) are preferable to free education services, because loan and aid programs target the students who suffer from the financial market's failure to provide long-term loans for higher education. Research shows that education has played a crucial role in raising levels of earnings and that returns to education in Mexico have increased, particularly in higher education and in the upper tail of the conditional earnings distribution. Lopez-Acevedo and Salinas examine patterns of public spending on education in the face of further increases in earnings inequality. They analyze the incidence of benefits using two sets of data: data on unit costs per student by state and by education level, and data from surveys on household income and spending. Among their findings: · Nationally, the poorest income groups get most of the national and state subsidy for primary education. At higher education levels the poor get progressively smaller subsidies. · For all Mexico, government spending on primary education is very progressive. In lower secondary education it is neutral. And in upper secondary education it benefits mainly the middle and upper classes. Tertiary education is strongly regressive, benefiting mainly the richest deciles and mainly in urban areas. · But those government patterns vary by region. In the central region average total spending is more uniformly distributed than the national pattern. In the northern region the subsidy is progressive. Primary education is neutral and higher levels of instruction are moderately regressive. In the central region primary schooling is very progressive, while lower secondary schooling is almost neutral. Upper secondary and tertiary instruction strongly benefit the richest income deciles. In the southern region basic (primary and lower secondary) education is very progressive, upper secondary education is neutral, and tertiary education is highly regressive. In Mexico City all levels of education except primary are strongly regressive. Lopez-Acevedo and Salinas show that public spending at the tertiary level is more regressive than household spending. So much of public spending on tertiary education favors nonpoor families in urban areas that to reallocate the spending so that poor students have a chance to participate would require developing credit markets for higher education. The government's role should be to help overcome market failures in the financial sector, which limit the availability of long-term financing for higher education. These failures can be corrected through student loan programs or means-tested financial aid and scholarship programs. Such programs are rarely devoid of subsidy but are preferable to the direct, cost-free provision of services because the subsidy is targeted more closely to the source of market failure. This paper-a product of the Economic Policy Sector Unit and Mexico Country Office, Latin America and the Caribbean Region-is part of a strategy to reduce poverty and inequality in Mexico. The study was part of the research project Earnings Inequality after Mexico's Economic Reforms. The authors may be contacted at gacevedoworldbank.org or asalinas@worldbank.org
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    Identifying Welfare Effects from Subjective Questions (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (42 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Ravallion, Martin Identifying Welfare Effects from Subjective Questions
    Keywords: Bank ; Current Income ; Economic Theory and Research ; Finance and Financial Sector Development ; Financial Literacy ; Financial Support ; Future Incomes ; Household Income ; Household Incomes ; Income ; Incomes ; Inequality ; Information ; Labor Policies ; Macroeconomics and Economic Growth ; Money ; Monthly Income ; Personality Tra Personality Traits ; Population ; Poverty Diagnostics ; Poverty Impact Evaluation ; Poverty Monitoring and Analysis ; Poverty Reduction ; Psychological Traits ; Questionnaire ; Savings ; Services and Transfers to Poor ; Social Protections and Labor ; Unemployed ; Unemployment ; Welfare ; Bank ; Current Income ; Economic Theory and Research ; Finance and Financial Sector Development ; Financial Literacy ; Financial Support ; Future Incomes ; Household Income ; Household Incomes ; Income ; Incomes ; Inequality ; Information ; Labor Policies ; Macroeconomics and Economic Growth ; Money ; Monthly Income ; Personality Tra Personality Traits ; Population ; Poverty Diagnostics ; Poverty Impact Evaluation ; Poverty Monitoring and Analysis ; Poverty Reduction ; Psychological Traits ; Questionnaire ; Savings ; Services and Transfers to Poor ; Social Protections and Labor ; Unemployed ; Unemployment ; Welfare
    Abstract: March 2000 - In subjective surveys, people who become ill or lose their jobs report reduced well-being, even if they later get a job. Perhaps their exposure to uninsured risk outside the formal employment sector reduces their expectations about future income. Do potential biases cloud the inferences that can be drawn from subjective surveys? Ravallion and Lokshin argue that the welfare inferences drawn from subjective answers to questions on qualitative surveys are clouded by concerns about the structure of measurement errors and how latent psychological factors influence observed respondent characteristics. They propose a panel data model that allows more robust tests. In applying the model to high-quality panel data for Russia for 1994-96, they find that some results widely reported in past studies of subjective well-being appear to be robust but others do not. Household income, for example, is a highly significant predictor of self-rated economic welfare; per capita income is a weaker predictor. Ill health and loss of a job reduce self-reported economic welfare, but demographic effects are weak at a given current income. And the effect of unemployment is not robust. Returning to work does not restore a sense of welfare unless there is an income gain. The results imply that even transient unemployment brings the feeling of a permanent welfare loss, suggesting that high unemployment benefits do not attract people out of work but do discourage a return to work. This paper - a product of Poverty and Human Resources, Development Research Group - is part of a larger effort in the group to understand the relationship between subjective and objective economic welfare. The authors may be contacted at mravallionworldbank.org and mlokshin@worldbank.org
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    Surveying Surveys and Questioning Questions : Learning from World Bank Experience (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (50 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Xu, Lixin Surveying Surveys and Questioning Questions
    Keywords: Accounting ; Bankruptcy ; Banks and Banking Reform ; Capital Stock ; Corporate Governance ; Debt Markets ; Developing Countries ; E-Business ; Economic Theory and Research ; Emerging Markets ; Entry Barriers ; Finance and Financial Sector Development ; Financial Literacy ; Firm Performance ; Future ; Goods ; Human Capital ; ICT Policy and Strategies ; Information and Communication Technologies ; Investment ; Labor Policies ; Macroeconomics and Economic Growth ; Market ; Market Environment ; Market Structure ; Micro Data ; Microfinance ; Political Economy ; Private Sector Development ; Share ; Social Protections and Labor ; Stock ; Transaction ; Transition Countries ; Transition Economies ; Accounting ; Bankruptcy ; Banks and Banking Reform ; Capital Stock ; Corporate Governance ; Debt Markets ; Developing Countries ; E-Business ; Economic Theory and Research ; Emerging Markets ; Entry Barriers ; Finance and Financial Sector Development ; Financial Literacy ; Firm Performance ; Future ; Goods ; Human Capital ; ICT Policy and Strategies ; Information and Communication Technologies ; Investment ; Labor Policies ; Macroeconomics and Economic Growth ; Market ; Market Environment ; Market Structure ; Micro Data ; Microfinance ; Political Economy ; Private Sector Development ; Share ; Social Protections and Labor ; Stock ; Transaction ; Transition Countries ; Transition Economies
    Abstract: March 2000 - How to make firm-level surveys more consistent, yielding data more relevant to policy analysis. The World Bank has increasingly focused on firm-level surveys to build the data foundation needed for accurate policy analysis in developing and transition economies. Recanatini, Wallsten, and Xu take stock of some recent Bank surveys and discuss how to improve their results. Lessons on data issues and hypothesis testing: · Use panel data, if possible. · Have enough information about productivity to estimate a production function. · Avoid the paradigm of list the severity of the obstacle/problem on a scale of 1 to 5. Instead, ask for data on specific dimensions of the problem that will shed light on alternative hypotheses and policy recommendations. · Pick particular disaggregated industries and sample those industries in each survey. · Identify the most important policy interventions of interest and consider how you will empirically identify specific changes by picking instruments useful for doing so. Lessons on questionnaire design: · Incorporate only one idea or dimension in each question. Do not ask, in one question, about the quality, integrity, and efficiency of services, for example. · Consider the costs and benefits of numeric scales compared with adjectival scales. Scales in which each point is labeled may be more precise than numeric scales in which only the endpoints are labeled. But responses are very sensitive to the exact adjective chosen and it may be impossible to translate adjectives precisely across languages, making it impossible to compare responses across countries. · Recognize that the share of respondents expressing opinions will be biased upward if the survey does not include a middle (indifferent or don't know) category and downward if it does include the middle category. · When asking degree-of-concern and how-great-an-obstacle questions, consider first asking a filter question (such as Do you believe this regulation is an obstacle or not?). If the answer is yes, then ask how severe the obstacle is. · Be aware of the effects of context. The act of asking questions can affect the answers given on subsequent, related questions. · Think carefully about how to ask sensitive questions. Consider using a self-administered module for sensitive questions. Alternatively, a randomized response mechanism may be a useful, truth-revealing mechanism. This paper - a product of Regulation and Competition Policy, Development Research Group - is part of a larger effort in the group to develop consistent cross-country firm level surveys. The authors may be contacted at frecanatiniworldbank.org, wallsten@leland.stanford.edu, or lxu1@worldbank.org
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  • 83
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    Social Transfers and Social Assistance : An Empirical Analysis Using Latvian Household Survey Data (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (36 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Milanovic, Branko Social Transfers and Social Assistance
    Keywords: Cash Transfers ; Finance and Financial Sector Development ; Financial Literacy ; Household Budget ; Household Per Capita Income ; Household Survey ; Income ; Income Distribution ; Insurance ; Poor ; Poor Households ; Poor Individuals ; Poverty ; Poverty Alleviation ; Poverty Assessments ; Poverty Impact Evaluation ; Poverty Line ; Poverty Reduction ; Rural Development ; Rural Poverty Reduction ; Services and Transfers to Poor ; Social Assistance ; Targeting ; Transfers ; Transfers In Kind ; Transition Economies ; Unemployment ; Cash Transfers ; Finance and Financial Sector Development ; Financial Literacy ; Household Budget ; Household Per Capita Income ; Household Survey ; Income ; Income Distribution ; Insurance ; Poor ; Poor Households ; Poor Individuals ; Poverty ; Poverty Alleviation ; Poverty Assessments ; Poverty Impact Evaluation ; Poverty Line ; Poverty Reduction ; Rural Development ; Rural Poverty Reduction ; Services and Transfers to Poor ; Social Assistance ; Targeting ; Transfers ; Transfers In Kind ; Transition Economies ; Unemployment
    Abstract: April 2000 - In Latvia, only 1.5 percent of households receive social assistance, which for those households represents 20 percent of income. The allocation of social assistance is unequal. Urban households outside the capital (Riga) and those headed by male adults are systematically discriminated against. Because social assistance is locally financed, poor households in different parts of the country are treated unequally. Milanovic assesses the performance of Latvia's system of social transfers, in three ways: First, he analyzes the incidence (who receives transfers) of pensions, family allowances, unemployment benefits, and social assistance. Per capita analysis shows pensions tending to be pro-rich and families allowances pro-poor (a finding typical in poverty analyses). Introducing an equivalence scale alters the results and shows all individual cash transfers performing about the same: mildly pro-poor. Next, he examines the performance of social assistance, which is, by definition, directed to the poor. He shows that Latvia's current system is concentrated - meaning that social assistance is disbursed to few households (only 1.5 percent of all households receive it) but among those that do receive it, it represents a relatively high share (20 percent) of income. Households that are systematically discriminated against in the allocation of social assistance are urban households living outside the capital (Riga) and those headed by male adults. Third, he looks at the regional allocation of social assistance. The results confirm earlier findings of large horizontal inequalities - that people with the same income from different parts of the country are treated unequally, because the existing system is based on local financing of social assistance. This paper - a product of Poverty and Human Resources, Development Research Group - is part of the Latvia Poverty Assistance Report (February 2000). The author may be contacted at bmilanovicworldbank.org
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  • 84
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    Measuring Governance, Corruption, and State Capture : How Firms and Bureaucrats Shape the Business Environment in Transit (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (50 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Hellman, S. Joel Measuring Governance, Corruption, and State Capture
    Keywords: Banks and Banking Reform ; Bureaucracy ; Citizens ; Corporate Governance ; Corruption ; Corruption and Anticorruption Law ; Debt Markets ; Decrees ; Emerging Markets ; Federation ; Finance and Financial Sector Development ; Foreign Investors ; Governance ; Governance ; Governance Indicators ; Governments ; Infrastructure Economics and Finance ; Investment Climate ; Law ; Legal Framework ; Legislation ; Microfinance ; National Governance ; Private Participation in Infrastructure ; Private Sector Development ; Public Officials ; Public Procurement ; Public Sector Corruption and Anticorruption Measures ; Regulation ; Small Scale Enterprises ; State ; State Intervention ; States ; Transparency ; Banks and Banking Reform ; Bureaucracy ; Citizens ; Corporate Governance ; Corruption ; Corruption and Anticorruption Law ; Debt Markets ; Decrees ; Emerging Markets ; Federation ; Finance and Financial Sector Development ; Foreign Investors ; Governance ; Governance ; Governance Indicators ; Governments ; Infrastructure Economics and Finance ; Investment Climate ; Law ; Legal Framework ; Legislation ; Microfinance ; National Governance ; Private Participation in Infrastructure ; Private Sector Development ; Public Officials ; Public Procurement ; Public Sector Corruption and Anticorruption Measures ; Regulation ; Small Scale Enterprises ; State ; State Intervention ; States ; Transparency
    Abstract: April 2000 - In a new approach to measuring typically subjective variables, BEEPS - the 1999 Business Environment and Enterprise Performance Survey, the transition economies component of the World Business Environment Survey - quantitatively assesses governance from the perspective of about 3,000 firms in 20 countries. Unbundling the measurement of governance and corruption empirically suggests the importance of grand corruption in some countries, manifested in state capture by the corporate sector - through the purchase of decrees and legislation - and by graft in procurement. As a symptom of fundamental institutional weaknesses, corruption needs to be viewed within a broader governance framework. It thrives where the state is unable to reign over its bureaucracy, to protect property and contractual rights, or to provide institutions that support the rule of law. Furthermore, governance failures at the national level cannot be isolated from the interface between the corporate and state sectors, in particular from the heretofore underemphasized influence that firms may exert on the state. Under certain conditions, corporate strategies may exacerbate misgovernance at the national level. An in-depth empirical assessment of the links between corporate behavior and national governance can thus provide particular insights. The 1999 Business Environment and Enterprise Performance Survey (BEEPS) - the transition economies component of the ongoing World Business Environment Survey - assesses in detail the various dimensions of governance from the perspective of about 3,000 firms in 20 countries. After introducing the survey framework and measurement approach, Hellman, Jones, Kaufmann, and Schankerman present the survey results, focusing on governance, corruption, and state capture. By unbundling governance into its many dimensions, BEEPS permits an in-depth empirical assessment. The authors pay special attention to certain forms of grand corruption, notably state capture by parts of the corporate sector - that is, the propensity of firms to shape the underlying rules of the game by purchasing decrees, legislation, and influence at the central bank, which is found to be prevalent in a number of transition economies. The survey also measures other dimensions of grand corruption, including those associated with public procurement, and quantifies the more traditional (pettier) forms of corruption. Cross-country surveys may suffer from bias if firms tend to systematically over- or underestimate the extent of problems within their country. The authors provide a new test for this potential bias, finding little evidence of country perception bias in BEEPS. This paper - a joint product of Governance, Regulation, and Finance, World Bank Institute, and the Chief Economist's Office, European Bank for Reconstruction and Development - is part of a larger program to measure governance and corruption worldwide. A companion working paper that econometrically analyzes the effects of state capture is forthcoming. For further details, visit www.worldbank.org/wbi/governance. The authors may be contacted at dkaufmannworldbank.org or hellmanj@ebrd.com
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  • 85
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    Trade Negotiations in the Presence of Network Externalities (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Kubota, Keiko Trade Negotiations in the Presence of Network Externalities
    Keywords: Consumers ; Costs ; Deregulation ; Economic Theory and Research ; Economies Of Scale ; Emerging Markets ; Foreign Competition ; Free Trade ; Free Trade ; Goods ; Government Regulations ; International Economics & Trade ; International Trade ; Law and Development ; Macroeconomics and Economic Growth ; Markets ; Monopolies ; Monopoly ; Network Externalities ; Payments ; Private Sector Development ; Public Sector Development ; Telecommunications ; Trade ; Trade Law ; Trade Liberalization ; Trade Negotiations ; Trade Policy ; WTO ; Welfare ; Consumers ; Costs ; Deregulation ; Economic Theory and Research ; Economies Of Scale ; Emerging Markets ; Foreign Competition ; Free Trade ; Free Trade ; Goods ; Government Regulations ; International Economics & Trade ; International Trade ; Law and Development ; Macroeconomics and Economic Growth ; Markets ; Monopolies ; Monopoly ; Network Externalities ; Payments ; Private Sector Development ; Public Sector Development ; Telecommunications ; Trade ; Trade Law ; Trade Liberalization ; Trade Negotiations ; Trade Policy ; WTO ; Welfare
    Abstract: April 2000 - With technology-related goods and services, the presence of network externalities affects a country's willingness to trade. To achieve efficiency gains through worldwide standardization and mutually beneficial trade arrangements, it is important to arrive at multilateral trade agreements before regional blocs form. Network externalities exist when the benefit a consumer derives from a good or service depends on the number of other consumers using the same good or service (as happens, for example, with telecommunications, television broadcasting standards, and many other technology-related goods and services). National monopolies, regulated and endorsed by sovereign governments, tended to produce network externalities in the past: most countries had telephone monopolies, often state-owned, before deregulation. Whether to allow foreign competition in such industries becomes a pressing issue when national boundaries begin to blur as technology advances and as previously untraded goods and services become tradable. Despite obvious gains from trade in such newly tradable sectors, governments often keep trade-prohibiting measures. With analog high definition television (HDTV) transmission standards, for example, regulations and politics kept Europe and Japan from cooperating, so each invested heavily to develop its system in an attempt to have its own standard adopted by the rest of the world. Kubota analyzes how the presence of network externalities affects a country's willingness to trade. In her model, governments decide whether or not to allow international trade. When trading is permitted, the superior standard drives out all others in the trading area. She shows that even when there are efficiency gains from worldwide standardization, global free trade may not prevail. The technology leader is generally eager to trade, but countries with less advanced technology often choose to form inefficient regional blocs or not to trade at all. Once such regional networks are established, global efficiency-enhancing free trade becomes even harder to achieve than it would have been in their absence. Transfer payments between countries reduce or eliminate such inefficiency and facilitate the achievement of efficient trade in products. To achieve mutually beneficial trade arrangements, it is important to arrive at multilateral agreements before regional blocs form. This paper is a product of Trade, Development Research Group. The author may be contacted at kkubotaworldbank.org
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  • 86
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    Externalities and Production Efficiency (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (50 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Eskel, S. Gunnar Externalities and Production Efficiency
    Keywords: Commodity Taxes ; Economic Welfare ; Economics ; Efficiency ; Emission Standards ; Emission Tax ; Emissions ; Environment ; Environment ; Environmental ; Environmental Economics and Policies ; Environmental Management ; Environmental Protection ; Externalities ; Macroeconomics and Economic Growth ; Marginal Costs ; Polluters ; Pollution ; Pollution Abatement ; Pollution Management and Control ; Production ; Revenue ; Taxation ; Taxation and Subsidies ; Taxes ; Commodity Taxes ; Economic Welfare ; Economics ; Efficiency ; Emission Standards ; Emission Tax ; Emissions ; Environment ; Environment ; Environmental ; Environmental Economics and Policies ; Environmental Management ; Environmental Protection ; Externalities ; Macroeconomics and Economic Growth ; Marginal Costs ; Polluters ; Pollution ; Pollution Abatement ; Pollution Management and Control ; Production ; Revenue ; Taxation ; Taxation and Subsidies ; Taxes
    Abstract: April 2000 - Environmental improvements should be sought from different polluters (public or private, producer or consumer, rich or poor) at the same cost, regardless of the nature of the polluting activity. Under a plausible structure of monitoring costs, emissions standards play a central role. Eskeland brings together two of government's primary challenges: environmental protection and taxation to generate revenues. If negative externalities can be reduced not only by changes in consumption patterns but also by making each activity cleaner (abatement efforts), how shall inducements to various approaches be combined? If negative externalities are caused by agents as different as consumers, producers, and government, how does optimal policy combine inducements to reduce pollution? Intuitively it seems right to tax emissions neutrally, based on marginal damages - no matter which activity pollutes or whether the polluter is rich or poor, consumer or producer, private or public. Eskeland provides a theoretical basis for such simplicity. Three assumptions are critical to his analysis: · Returns to scale do not influence the traditional problem of revenue generation. · Consumers have equal access to pollution abatement opportunities (but he also relaxes this assumption). · Planners can differentiate policy instruments (emission taxes or abatement standards) by polluting good, and by whether the polluter is a consumer, producer, or government, but they cannot differentiate such instruments (or commodity taxes) by personal characteristics or make them nonlinear in individual emissions. Among Eskeland's findings and conclusions: Abatement efforts and consumption adjustments at all stages are optimally stimulated by a uniform emission tax levied simply where emissions occur. It simplifies things that optimal abatement is independent of whether the car is used by government, firms, or households - for weddings or for work. It also simplifies implementation that the stimulus to abatement at one stage (say, the factory) is independent of whether it yields emission reductions from the factory or from others (say, from car owners who buy the factory's products). Finally, ministers of finance and of the environment should coordinate efforts, but they need not engage in each other's business. The minister of environment need not know which commodities are elastic in demand and thus would bear a low commodity tax. The finance minister need not know which commodities or agents pollute or who pays emission taxes. This paper - a product of Public Economics, Development Research Group - is part of a larger effort in the group to establish principles for public intervention. The author may be contacted at geskelandworldbank.org
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  • 87
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    Trade, Foreign Direct Investment, and International Technology Transfer : A Survey (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (50 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Saggi, Kamal Trade, Foreign Direct Investment, and International Technology Transfer
    Keywords: Attributes ; Basic ; E-Business ; E-Mail ; Economic Theory and Research ; Emerging Markets ; Foreign Direct Investment ; High Technology ; ICT Policy and Strategies ; Industry ; Information ; Information and Communication Technologies ; International Economics & Trade ; Inventors ; Know-How ; Knowledge Economy ; Labor Policies ; Macroeconomics and Economic Growth ; Microfinance ; New Technologies ; Outsourcing ; Private Sector Development ; Semiconductor ; Semiconductor Industry ; Social Protections and Labor ; Systems ; Technological Change ; Technologies ; Technology ; Technology Industry ; Technology Licensing ; Technology Spillovers ; Technology Transfer ; Trade and Regional Integration ; Attributes ; Basic ; E-Business ; E-Mail ; Economic Theory and Research ; Emerging Markets ; Foreign Direct Investment ; High Technology ; ICT Policy and Strategies ; Industry ; Information ; Information and Communication Technologies ; International Economics & Trade ; Inventors ; Know-How ; Knowledge Economy ; Labor Policies ; Macroeconomics and Economic Growth ; Microfinance ; New Technologies ; Outsourcing ; Private Sector Development ; Semiconductor ; Semiconductor Industry ; Social Protections and Labor ; Systems ; Technological Change ; Technologies ; Technology ; Technology Industry ; Technology Licensing ; Technology Spillovers ; Technology Transfer ; Trade and Regional Integration
    Abstract: May 2000 - How much a developing country can take advantage of technology transfer from foreign direct investment depends partly on how well educated and well trained its workforce is, how much it is willing to invest in research and development, and how much protection it offers for intellectual property rights. Saggi surveys the literature on trade and foreign direct investment - especially wholly owned subsidiaries of multinational firms and international joint ventures - as channels for technology transfer. He also discusses licensing and other arm's-length channels of technology transfer. He concludes: How trade encourages growth depends on whether knowledge spillover is national or international. Spillover is more likely to be national for developing countries than for industrial countries. · Local policy often makes pure foreign direct investment infeasible, so foreign firms choose licensing or joint ventures. The jury is still out on whether licensing or joint ventures lead to more learning by local firms. · Policies designed to attract foreign direct investment are proliferating. Several plant-level studies have failed to find positive spillover from foreign direct investment to firms competing directly with subsidiaries of multinationals. (However, these studies treat foreign direct investment as exogenous and assume spillover to be horizontal - when it may be vertical.) All such studies do find the subsidiaries of multinationals to be more productive than domestic firms, so foreign direct investment does result in host countries using resources more effectively. · Absorptive capacity in the host country is essential for getting significant benefits from foreign direct investment. Without adequate human capital or investments in research and development, spillover fails to materialize. · A country's policy on protection of intellectual property rights affects the type of industry it attracts. Firms for which such rights are crucial (such as pharmaceutical firms) are unlikely to invest directly in countries where such protections are weak, or will not invest in manufacturing and research and development activities. Policy on intellectual property rights also influences whether technology transfer comes through licensing, joint ventures, or the establishment of wholly owned subsidiaries. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to study microfoundations of international technology diffusion. The study was funded by the Bank's Research Support Budget under the research project Microfoundations of International Technology Diffusion. The author may be contacted at ksaggimail.smu.edu
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  • 88
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    When the Bureaucrats Move out of Business : A Cost-Benefit Assessment of Labor Retrenchment in China (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (48 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Chen, Yi When the Bureaucrats Move out of Business
    Keywords: Economic Growth ; Economic Theory and Research ; Finance and Financial Sector Development ; Financial Literacy ; High Wages ; Job ; Job Creation ; Jobs ; Labor ; Labor Force ; Labor Market ; Labor Markets ; Labor Policies ; Labor Productivity ; Labor Redeployment ; Macroeconomics and Economic Growth ; Municipal Financial Management ; Open Unemployment ; Previous Results ; Private Enterprise ; Private Sector ; Private Sector Activity ; Private Sectors ; Production Function ; Public Sector Economics and Finance ; Social Protections and Labor ; State Owned Enterprise Reform ; State-Owned Enterprises ; Unemployment ; Urban Development ; Worker ; Workers ; Economic Growth ; Economic Theory and Research ; Finance and Financial Sector Development ; Financial Literacy ; High Wages ; Job ; Job Creation ; Jobs ; Labor ; Labor Force ; Labor Market ; Labor Markets ; Labor Policies ; Labor Productivity ; Labor Redeployment ; Macroeconomics and Economic Growth ; Municipal Financial Management ; Open Unemployment ; Previous Results ; Private Enterprise ; Private Sector ; Private Sector Activity ; Private Sectors ; Production Function ; Public Sector Economics and Finance ; Social Protections and Labor ; State Owned Enterprise Reform ; State-Owned Enterprises ; Unemployment ; Urban Development ; Worker ; Workers
    Abstract: May 2000 - Reformers of China's state enterprises should realize that more could be realized from capital transfer than is being gained from labor retrenchment. And more efficient capital allocation, by reducing the pressure on labor, would bring larger gains at a lower social cost. Chen and Diwan estimate the costs and benefits of labor retrenchment in state-owned industrial enterprises in China. Their results indicate the prevalence of low and stagnant labor productivity, low capital productivity, and excessively high wages in the state sector for the period reviewed (1994-97). The private sector exhibited consistently greater productivity. The authors' most striking finding: A greater gain could be realized from capital transfer than is being gained from labor retrenchment. Their simulation results for 1996 estimate that 43 percent of the workers in state enterprises and 70 percent of the capital are redundant. By itself, a transfer of labor from the public to the private sector at the current magnitude (20 percent of the labor force) would secure only 2 percent gains in output. A transfer of 10 percent of both capital and labor would achieve a greater efficiency gain than transferring the full 43 percent of redundant workers. This is partly because the private sector uses capital more efficiently than the public sector and partly because it needs capital to hire workers transferred from the public sector. Their results suggest that reform in state enterprises should concentrate more on the efficiency of capital allocation, not just on labor retrenchment. More efficient capital allocation would reduce the pressure on labor and would bring larger gains at a lower social cost. This paper - a product of the Economic Policy and Poverty Reduction Division, World Bank Institute - is part of a larger effort in the institute to study the architecture of reform. The authors may be contacted at ychendol.eta.gov or idiwan@worldbank.org
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  • 89
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    Why Infrastructure Financing Facilities Often Fall Short of Their Objectives (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (46 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Klingebiel, Daniela Why Infrastructure Financing Facilities Often Fall Short of Their Objectives
    Keywords: Banks and Banking Reform ; Capital Flows ; Debt Markets ; Emerging Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Government Support ; Guarantees ; Infrastructure Development ; Infrastructure Financing ; Instruments ; Investor ; Investors ; Loans ; Political Risks ; Portfolio ; Portfolio Diversification ; Private Capital ; Private Investment ; Private Sector Development ; Soft Loans ; Stock ; Transaction ; Transaction Costs ; Transparency ; Banks and Banking Reform ; Capital Flows ; Debt Markets ; Emerging Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Government Support ; Guarantees ; Infrastructure Development ; Infrastructure Financing ; Instruments ; Investor ; Investors ; Loans ; Political Risks ; Portfolio ; Portfolio Diversification ; Private Capital ; Private Investment ; Private Sector Development ; Soft Loans ; Stock ; Transaction ; Transaction Costs ; Transparency
    Abstract: June 2000 - To encourage the private funding and provision of infrastructure services, governments have used specialized financing facilities to offer financial support to investors. A study of five cases shows that these facilities have often fallen short of their objectives, for two main sets of reasons. First, the environment was not conducive to private participation in infrastructure. And second, the facility was faulty in design. To encourage the private funding and provision of infrastructure services, governments have used specialized financing facilities to offer financial support to investors, often in the form of grants, soft loans, or guarantees. Klingebiel and Ruster present case studies of infrastructure financing facilities in various stages of development in Colombia, India, and Pakistan. They also present case studies of government-sponsored financing facilities (not of infrastructure) in Argentina and Moldova. They find that these facilities have often fallen short of their objectives for two main sets of reasons. First, the environment was not conducive to private participation in infrastructure because of poor sector policies, an unstable macroeconomic environment, and inadequate financial sector policies, among other reasons. Second, the facility was faulty in design - in terms of sectors targeted, pricing of instruments, and consistency of objectives and instruments. This paper - a product of Private Participation in Infrastructure, Private Sector Development Department - is part of a larger effort in the department to examine government policies in infrastructure. Daniela Klingebiel may be contacted at dklingebielworldbank.org
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  • 90
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    A Transitory Regime Water Supply in Conakry, Guinea (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (58 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Clarke, George A Transitory Regime Water Supply in Conakry, Guinea
    Keywords: Banks and Banking Reform ; Cost Of Water ; Debt Markets ; Drinking Water ; Finance and Financial Sector Development ; Financial Literacy ; Households ; Industry ; Mortality Rate ; Pipeline ; Pit Latrines ; Population Growth ; Price Of Water ; Private Operator ; Private Participation ; Public Sector Corruption and Anticorruption Measures ; Raw Water ; Town Water Supply and Sanitation ; Urban Areas ; Urban Water ; Urban Water Supply and Sanitation ; Water ; Water Conservation ; Water Resources ; Water Resources ; Water Sector ; Water Supply ; Water Supply and Sanitation ; Water Supply and Sanitation Governance and Institutions ; Water System ; Water Systems ; Water Use ; Water and Industry ; Wells ; Banks and Banking Reform ; Cost Of Water ; Debt Markets ; Drinking Water ; Finance and Financial Sector Development ; Financial Literacy ; Households ; Industry ; Mortality Rate ; Pipeline ; Pit Latrines ; Population Growth ; Price Of Water ; Private Operator ; Private Participation ; Public Sector Corruption and Anticorruption Measures ; Raw Water ; Town Water Supply and Sanitation ; Urban Areas ; Urban Water ; Urban Water Supply and Sanitation ; Water ; Water Conservation ; Water Resources ; Water Resources ; Water Sector ; Water Supply ; Water Supply and Sanitation ; Water Supply and Sanitation Governance and Institutions ; Water System ; Water Systems ; Water Use ; Water and Industry ; Wells
    Abstract: June 2000 - In several ways, the reform introduced to the water sector in Conakry, Guinea, in 1989 under a World Bank-led project was remarkable. It showed that even in a weak institutional environment, where contracts are hard to enforce and political interference is common, private sector participation can improve sector performance. Why did the sector improve as much as it did, and what has inhibited reform? Both consumers and the government benefited from reform of the water system in Conakry, Guinea, whose deterioration since independence had become critical by the mid-1980s. Less than 40 percent of Conakry's population had access to piped water - low even by regional standards - and service was intermittent, at best, for the few who had connections. The public agency in charge of the sector was inefficient, overstaffed, and virtually insolvent. In several ways, the reform introduced to the sector in 1989 under a World Bank-led project was remarkable. It showed that even in a weak institutional environment, where contracts are hard to enforce and political interference is common, private sector participation can improve sector performance. Ménard and Clarke discuss the mechanisms that made progress possible and identify factors that inhibit the positive effects of reform. Water has become very expensive, the number of connections has increased very slowly, and conflicts have developed between SEEG (the private operator) and SONEG (the state agency). Among the underlying problems: · The lack of strong, stable institutions. · The lack of an independent agency capable of restraining arbitrary government action, regulating the private operator, and enforcing contractual arrangements. · The lack of adequate conflict resolution mechanisms for contract disputes. · Weak administrative capacity. This paper - a joint product of Public Economics and Regulation and Competition Policy, Development Research Group - is part of a larger effort in the group to promote competition and private sector development. The study was funded by the Bank's Research Support Budget under the research project Institutions, Politics, and Contracts: Private Sector Participation in Urban Water Supply (RPO 681-87). The authors may be contacted at menarduniv-paris1.fr or gclarke@worldbank.org
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    Leading Indicator Project : Lithuania (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (22 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Duval-Hernandez, Robert Leading Indicator Project
    Keywords: Averaging ; Benchmark ; Business Cycles ; Cd ; Cred Economic Activity ; Currencies and Exchange Rates ; Debt Markets ; E-Business ; Economic Research ; Economic Statistics ; Economic Theory and Research ; Education ; Emerging Markets ; Expectations ; Finance and Financial Sector Development ; Forecasting ; Forecasts ; Information Security and Privacy ; Interest Rate ; Knowledge for Development ; Leading Indicators ; Macroeconomics and Economic Growth ; Money ; Private Sector Development ; Science Education ; Science and Technology Development ; Scientific Research and Science Parks ; Statistical and Mathematical Sciences ; Trade ; Trends ; Trough ; Unemployment ; Value ; Variables ; Averaging ; Benchmark ; Business Cycles ; Cd ; Cred Economic Activity ; Currencies and Exchange Rates ; Debt Markets ; E-Business ; Economic Research ; Economic Statistics ; Economic Theory and Research ; Education ; Emerging Markets ; Expectations ; Finance and Financial Sector Development ; Forecasting ; Forecasts ; Information Security and Privacy ; Interest Rate ; Knowledge for Development ; Leading Indicators ; Macroeconomics and Economic Growth ; Money ; Private Sector Development ; Science Education ; Science and Technology Development ; Scientific Research and Science Parks ; Statistical and Mathematical Sciences ; Trade ; Trends ; Trough ; Unemployment ; Value ; Variables
    Abstract: June 2000 - A method for forecasting growth cycles in economic activity (measured as total industrial production), as applied to Lithuania. Everhart and Duval-Hernandez present a method for forecasting growth cycles in economic activity, measured as total industrial production. They construct a series which they aggregate into a composite leading indicator to predict the path of the economy in Lithuania. The cycle is the result of the economy's deviations from its long-term trend. A contractionary phase means a decline in the growth rate of the economy, not necessarily an absolute decline in economic activity. The indicator they select for economic activity is usually the Index of Industrial Production, plus a group of variables that, when filtered and adjusted, becomes the composite leading indicator that forecasts the reference series. Variables include economically and statistically significant financial, monetary, real sector, and business survey data. They base selection of the components of the leading indicator on the forecast efficiency and economic significance of the series. Once selected, the relevant variables are aggregated into a single composite leading indicator, which forecasts the detrended Index of Industrial Production. They apply the Hodrick-Prescott filter method for detrending the series. This is a smoothing technique that decomposes seasonally adjusted series into cyclical and trend components. One advantage of the Hodrick-Prescott filter is that it provides a reasonable estimate of a series' long-term trend. The OECD uses a system of leading indicators to predict growth cycles in the economies of its member countries. These exercises have been very effective in their forecasting ability and accuracy - but for the technique to work it is essential to have an adequate statistical system that provides many economic variables in a precise and timely manner, preferably monthly. The authors extend the OECD technique and present an application to a country of the former Soviet Union. This paper - a joint product of the Poverty Reduction and Economic Management Sector Units, Europe and Central Asia and Latin America and the Carribean Regions, and the Mexico Country Management Unit - is part of a larger effort in the Bank to foster the development of macroeconomic monitoring techniques. Authors may be contacted by email at severhartworldbank.org or rduval@worldbank.org
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  • 92
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    A New Model for Market-Based Regulation of Subnational Borrowing : The Mexican Approach (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (30 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Giugale, Marcelo A New Model for Market-Based Regulation of Subnational Borrowing
    Keywords: Bank ; Banks ; Banks and Banking Reform ; Borrowing ; Capital ; Commercial Banks ; Cred Debt ; Debt Markets ; Decentralization ; Deposits ; Economic Theory and Research ; Emerging Markets ; Externalities ; Finance and Financial Sector Development ; Financial Intermediation ; Financial Literacy ; Financial Performance ; Governments ; Institutional Development ; Interest ; Interest Rates ; Lending ; Loans ; Macroeconomic Stability ; Macroeconomics and Economic Growth ; Moral Hazard ; Private Sector Development ; Risk ; Bank ; Banks ; Banks and Banking Reform ; Borrowing ; Capital ; Commercial Banks ; Cred Debt ; Debt Markets ; Decentralization ; Deposits ; Economic Theory and Research ; Emerging Markets ; Externalities ; Finance and Financial Sector Development ; Financial Intermediation ; Financial Literacy ; Financial Performance ; Governments ; Institutional Development ; Interest ; Interest Rates ; Lending ; Loans ; Macroeconomic Stability ; Macroeconomics and Economic Growth ; Moral Hazard ; Private Sector Development ; Risk
    Abstract: July 2000 - To bring fiscal discipline to state and municipal governments, Mexico's federal government has established a two-pillar framework that explicitly renounces federal bail-outs and establishes a Basel-consistent link between the capital-risk weighting of bank loans to subnational governments and the borrower's credit rating. Whether the framework succeeds will depend partly on market assessments of the government's commitment to enforce bank capital rules and refrain from bailing out defaulting subnational governments. Faced with weak subnational finances that pose a risk to macroeconomic stability, Mexico's federal government in April 2000 established an innovative incentive framework to bring fiscal discipline to state and municipal governments. That framework is based on two pillars: an explicit renunciation of federal bail-outs and a Basel-consistent link between the capital-risk weighting of bank loans to subnational governments and the borrower's credit rating. In theory, this new regulatory arrangement should reduce moral hazard among banks and their state and municipal clients; differentiate interest rates on the basis of the borrowers' creditworthiness; and elicit a strong demand for institutional development at the subnational level. But its success will depend on three factors critical to implementation: · Whether markets find the federal commitment not to bail out defaulting subnational governments credible. · Whether subnational governments have access to financing other than bank loans. · How well bank capital rules are enforced. This paper - a product of the Mexico- Country Department and Poverty Reduction and Economic Management Sector Unit, Latin America and the Caribbean Region - is part of a larger effort in the region to understand the subnational underpinnings of sustainable, national economic framework. The authors may be contacted at mgiugaleworldbank.org, akorobow@worldbank.org, or swebb@worldbank.org
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  • 93
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    Trade Policies for Electronic Commerce (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Mattoo, Aaditya Trade Policies for Electronic Commerce
    Keywords: Commodities ; Cross-Border Trade ; Customs ; Customs Duties ; Debt Markets ; E-Business ; Economic Theory and Research ; Electronic Commerce ; Emerging Markets ; European Union ; Finance and Financial Sector Development ; Financial Services ; Free Trade ; Free Trade ; Importing Country ; International Economics & Trade ; International Trade ; Law and Development ; Macroeconomics and Economic Growth ; Market Access ; National Treatment ; Preferential Trading Arrangements ; Preferential Treatment ; Private Sector Development ; Public Sector Development ; Recourse ; Tariff Reductions ; Trade ; Trade Diversion ; Trade Law ; Trade Policies ; Trade Policy ; Trade Regime ; Trade and Services ; Transport ; Transport and Trade Logistics ; World Trade Organization ; Commodities ; Cross-Border Trade ; Customs ; Customs Duties ; Debt Markets ; E-Business ; Economic Theory and Research ; Electronic Commerce ; Emerging Markets ; European Union ; Finance and Financial Sector Development ; Financial Services ; Free Trade ; Free Trade ; Importing Country ; International Economics & Trade ; International Trade ; Law and Development ; Macroeconomics and Economic Growth ; Market Access ; National Treatment ; Preferential Trading Arrangements ; Preferential Treatment ; Private Sector Development ; Public Sector Development ; Recourse ; Tariff Reductions ; Trade ; Trade Diversion ; Trade Law ; Trade Policies ; Trade Policy ; Trade Regime ; Trade and Services ; Transport ; Transport and Trade Logistics ; World Trade Organization
    Abstract: June 2000 - Members of the World Trade Organization have decided provisionally to exempt electronic delivery of products from customs duties. There is growing support for the decision to be made permanent. Is this desirable? Some countries in the World Trade Organization initially opposed WTO's decision to exempt electronic delivery of products from customs duties, out of concern for the revenue consequences. Others supported the decision as a means of securing open trading conditions. Mattoo and Schuknecht argue that neither the inhibitions nor the enthusiasm are fully justified. First, even if all delivery of digitizable media products moved online - an unlikely prospect - the revenue loss for most countries would be small. More important, however, the prohibition of customs duties does not ensure continued open access for electronically delivered products and may even prompt recourse to inferior instruments of protection. Barrier-free electronic commerce would be more effectively secured by deepening and widening the limited cross-border trade commitments under the General Agreement on Trade in Services (GATS) and by clarifying and strengthening certain GATS disciplines. This paper-a product of Trade, Development Research Group-is part of a larger effort in the group to improve trade policy for goods and services. It is part of a larger project on trade in services supported in part by the United Kingdom's Department for International Development. Aaditya Mattoo may be contacted at amattooworldbank.org
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  • 94
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    The Rise, the Fall, and . . . the Emerging Recovery of Project Finance in Transport (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Estache, Antonio The Rise, the Fall, and . . . the Emerging Recovery of Project Finance in Transport
    Keywords: Bank Debt ; Banks and Banking Reform ; Bond ; Capital Structures ; Debt Markets ; Debt Servicing ; Emerging Bond Markets ; Emerging Markets ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Finance ; Finance and Financial Sector Development ; Financial Crises ; Financial Intermediation ; Financial Literacy ; Financial Performance ; Good ; Infrastructure Finance ; Interest ; Interest Rate ; Interest Rate Risk ; Investing ; Market ; Pension ; Pension Assets ; Private Sector Development ; Public Sector Economics and Finance ; Revenues ; Short-Term Debt ; Transport ; Transport Economics, Policy and Planning ; Bank Debt ; Banks and Banking Reform ; Bond ; Capital Structures ; Debt Markets ; Debt Servicing ; Emerging Bond Markets ; Emerging Markets ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Finance ; Finance and Financial Sector Development ; Financial Crises ; Financial Intermediation ; Financial Literacy ; Financial Performance ; Good ; Infrastructure Finance ; Interest ; Interest Rate ; Interest Rate Risk ; Investing ; Market ; Pension ; Pension Assets ; Private Sector Development ; Public Sector Economics and Finance ; Revenues ; Short-Term Debt ; Transport ; Transport Economics, Policy and Planning
    Abstract: July 2000 - Many transport projects undertaken during the boom period of the 1990s came to a crashing halt in 1997, and conditions in emerging markets worsened in 1998 and 1999. Many projects failed, victim of everything from overoptimistic forecasts to excessive debt to an inability to refinance bridge loans. As available financing dried up, many projects went bankrupt, had to be renegotiated, or were taken over by the government. What have we learned from all this? Recent developments in emerging financial markets have dramatically changed the appetite for (and terms of) transport infrastructure projects. As a result of defaults in Asia and Russia and devaluations in Asia, Brazil, and Russia, political and currency and exchange risk premia have increased dramatically. Given large needs for sovereign debt financing, infrastructure project finance will be seeking guarantees at the same time as governments are issuing primary securities. Large portfolio outflows in emerging market funds mean that the sources of both equity and debt capital that became available in the mid-1990s are drying up for all but the most creditworthy projects. Moreover, real economic effects from financial events have consequences in the transport sector, since transport is a derived demand. Any decline in real economic activity is felt quickly in traffic levels and revenues. Currency devaluations that help spur exports may generate higher volumes for seaports and air cargo activity. These effects vary by sector, especially over the medium to longer term. Declines in real economic activity make matters especially difficult for toll roads, as drivers shift to free alternatives and reduce the number of trips taken. What does all this mean for project finance in transport? Risks have increased. Debt finance costs more. The available tenor of debt instruments has shortened and more equity is required for projects. The sources and availability of equity finance have changed. Project finance efforts have shifted from new projects to the privatization, rehabilitation, and expansion of existing facilities. And a superclass of sponsors, bankers, and investors has emerged. Failures and mistakes in project finance deals in the 1990s were sharp and persistent. But much has been learned about sound project economics, conservative financial structures, comprehensive sensitivity analysis, the effects of macroeconomic factors, and the need for proper incentives and sound institutional and regulatory arrangements. This paper-a product of Governance, Regulation, and Finance, World Bank Institute-is part of a larger effort in the institute to increase understanding of infrastructure regulation. The authors may be contacted at aestacheworldbank.org or jstrong@worldbank.org
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  • 95
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    Access to Land in Rural India (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (56 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Mearns, Robin Access to Land in Rural India
    Keywords: Agrarian Structure ; Agriculture ; Common Property Resource Development ; Communities & Human Settlements ; Countries ; Farm Size ; Farmland ; Land ; Land Administration ; Land Distribution ; Land Markets ; Land Ownership ; Land Records ; Land Reform ; Land Reforms ; Land Registration ; Land Rights ; Land Tenure ; Land Transfers ; Land Use and Policies ; Land and Real Estate Development ; Landlessness ; Macroeconomics and Economic Growth ; Municipal Housing and Land ; Political Economy ; Poverty Reduction ; Private Sector Development ; Public Access To Land ; Public Land ; Public Sector Management and Reform ; Real Estate Development ; Rural Development ; Rural Development Knowledge and Information Systems ; Rural Land Policies for Poverty Reduction ; Rural Poverty Reduction ; Agrarian Structure ; Agriculture ; Common Property Resource Development ; Communities & Human Settlements ; Countries ; Farm Size ; Farmland ; Land ; Land Administration ; Land Distribution ; Land Markets ; Land Ownership ; Land Records ; Land Reform ; Land Reforms ; Land Registration ; Land Rights ; Land Tenure ; Land Transfers ; Land Use and Policies ; Land and Real Estate Development ; Landlessness ; Macroeconomics and Economic Growth ; Municipal Housing and Land ; Political Economy ; Poverty Reduction ; Private Sector Development ; Public Access To Land ; Public Land ; Public Sector Management and Reform ; Real Estate Development ; Rural Development ; Rural Development Knowledge and Information Systems ; Rural Land Policies for Poverty Reduction ; Rural Poverty Reduction
    Abstract: May 1999 - Access to land is deeply important in rural India, where the incidence of poverty is highly correlated with lack of access to land. The author provides a framework for assessing alternative approaches to improving access to land by India's rural poor. He considers India's record implementing land reform and identifies an approach that includes incremental reforms in public land administration to reduce transaction costs in land markets (thereby facilitating land transfers) and to increase transparency, making information accessible to the public to ensure that socially excluded groups benefit. Reducing constraints on access to land for the rural poor and socially excluded requires five key issues: restrictions on land-lease markets, the fragmentation of holdings, the widespread failure to translate women's legal rights into practice, poor access to (and encroachment on) the commons, and high transaction costs for land transfers. Among guidelines for policy reform the author suggests: -Selectively deregulate land-lease (rental) markets, because rental markets may be important in giving the poor access to land. -Reduce transaction costs in land markets, including both official costs and informal costs (such as bribes to expedite transactions), partly by improving systems for land registration and management of land records. -Critically reassess land administration agencies and find ways to improve incentive structures, to reduce rent-seeking and base promotions on performance. -Promote women's independent land rights through policy measures to increase women's bargaining power within the household and in society generally. -Improve transparency of land administration and public access to information, to reduce rent-seeking by land administration officers and to strengthen poor people's land rights (and knowledge thereof). -Strengthen institutions in civil society to provide the awareness, monitoring, and pressure needed for successful reform and to provide checks and balances on inappropriate uses of state power. -In a companion paper (WPS 2124) the author addresses these issues at the level of a particular state - Orissa, one of India ' s poorest states - in an empirical study, from a transaction costs perspective, of social exclusion and land administration. This paper - a product of the Rural Development Sector Unit, South Asia Region - is part of a larger effort in the region to promote access to land and to foster more demand-driven and socially inclusive institutions in rural development
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  • 96
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    Developing Country Agriculture and the New Trade Agenda (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (31 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Hoekman, Bernard Developing Country Agriculture and the New Trade Agenda
    Keywords: Agribusiness ; Agricultural Production ; Agricultural Protection ; Agriculture ; Competition ; Debt Markets ; Economic Development ; Economic Theory and Research ; Economics ; Emerging Markets ; Environment ; Environmental ; Environmental Economics and Policies ; Environmental Regulations ; Finance and Financial Sector Development ; Free Trade ; Income ; International Economics & Trade ; Investment ; Labor Policies ; Law and Development ; Macroeconomics and Economic Growth ; Markets ; Policies ; Private Sector Development ; Public Sector Development ; Quotas ; Resources ; Rural Communities ; Social Protections and Labor ; Standards ; Subsidies ; Tariffs ; Taxation ; Trade ; Trade Law ; Trade Policy ; Welfare Gains ; World Trade Organization ; Agribusiness ; Agricultural Production ; Agricultural Protection ; Agriculture ; Competition ; Debt Markets ; Economic Development ; Economic Theory and Research ; Economics ; Emerging Markets ; Environment ; Environmental ; Environmental Economics and Policies ; Environmental Regulations ; Finance and Financial Sector Development ; Free Trade ; Income ; International Economics & Trade ; Investment ; Labor Policies ; Law and Development ; Macroeconomics and Economic Growth ; Markets ; Policies ; Private Sector Development ; Public Sector Development ; Quotas ; Resources ; Rural Communities ; Social Protections and Labor ; Standards ; Subsidies ; Tariffs ; Taxation ; Trade ; Trade Law ; Trade Policy ; Welfare Gains ; World Trade Organization
    Abstract: May 1999 - In the new round of World Trade Organization talks expected in late 1999, negotiations about access to agricultural and services markets should be given top priority, but new trade agenda issues should also be discussed. Including new trade agenda issues would increase market discipline's role in the allocation of resources in agriculture and would encourage nonagricultural groups with interests in the new issues to take part in the round, counterbalancing forces favoring agricultural protection. A new round of World Trade Organization negotiations on agriculture, services, and perhaps other issues is expected in late 1999. To what extent should those negotiations include new trade agenda items aimed at ensuring that domestic regulatory policies do not discriminate against foreign suppliers? Hoekman and Anderson argue that negotiations about market access should be given priority, as the potential welfare gains from liberalizing access to agricultural (and services) markets are still huge, but new issues should be included too. Including new trade agenda issues would increase the role of market discipline in the allocation of resources in agriculture and would encourage nonagricultural groups with interests in the new issues to take part in the round, counterbalancing forces in favor of agricultural protection. They also argue, however, that rule-making efforts to accommodate the new issues should be de-linked from negotiations about access to agricultural markets, because the issues affect activity in all sectors. This paper-a product of the Development Research Group-is part of a larger effort in the group to analyze options and priorities for developing countries in the run-up to a new round of WTO negotiations. Bernard Hoekman may be contacted at bhoekmanworldbank.org or kanderson@economics.adelaide.edu.au
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  • 97
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    Deep Integration, Nondiscrimination, and Euro-Mediterranean Free Trade (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (44 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Hoekman, Bernard Deep Integration, Nondiscrimination, and Euro-Mediterranean Free Trade
    Keywords: Bilateral Free Trade Agreement ; Competition Laws ; Currencies and Exchange Rates ; Customs Clearance ; Debt Markets ; Domestic Regulatory Policies ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Foreign Suppliers ; Free Trade ; Free Trade ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Market Access ; Market Access Costs ; Market Segmentation ; Market Segmenting ; Market Segmenting Effect ; Preferential Trade ; Preferential Trade Agreements ; Private Sector Development ; Public Sector Development ; Regional Integration ; Regionalism ; Regulatory Barriers ; Regulatory Stance ; Safety Regulations ; Tariff ; Tariff Barriers ; Trade Law ; Trade Policy ; Trade and Regional Integration ; Bilateral Free Trade Agreement ; Competition Laws ; Currencies and Exchange Rates ; Customs Clearance ; Debt Markets ; Domestic Regulatory Policies ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Foreign Suppliers ; Free Trade ; Free Trade ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Market Access ; Market Access Costs ; Market Segmentation ; Market Segmenting ; Market Segmenting Effect ; Preferential Trade ; Preferential Trade Agreements ; Private Sector Development ; Public Sector Development ; Regional Integration ; Regionalism ; Regulatory Barriers ; Regulatory Stance ; Safety Regulations ; Tariff ; Tariff Barriers ; Trade Law ; Trade Policy ; Trade and Regional Integration
    Abstract: May 1999 - Preferential trade agreements that are limited to the elimination of tariffs for merchandise trade flows are of limited value at best and may be as easily welfare-reducing as welfare-enhancing. It is important that preferential trade agreements go beyond eliminating tariffs and quotas to eliminating regulatory and red tape costs and opening up service markets to foreign competition. Deep integration-explicit government actions to reduce the market-segmenting effect of domestic regulatory policies through coordination and cooperation-is becoming a major dimension of some regional integration agreements, led by the European Union. Health and safety regulations, competition laws, licensing and certification regimes, and administrative procedures such as customs clearance can affect trade (in ways analogous to nontariff barriers) even though their underlying intent may not be to discriminate against foreign suppliers of goods and services. Whether preferential trade agreements (PTAs) can be justified in a multilateral trading system depends on the extent to which formal intergovernmental agreements are technically necessary to achieve the deep integration needed to make markets more contestable. The more need for formal cooperation, the stronger the case for regional integration. Whether PTAs are justified regionally also depends on whether efforts to reduce market segmentation are applied on a nondiscriminatory basis. If innovations to reduce transaction or market access costs extend to both members and nonmembers of a PTA, regionalism as an instrument of trade and investment becomes more attractive. Using a standard competitive general equilibrium model of the Egyptian economy, Hoekman and Konan find that the static welfare impact of a deep free trade agreement is far greater than the impact that can be expected from a classic shallow agreement. Under some scenarios, welfare may increase by more than 10 percent of GDP, compared with close to zero under a shallow agreement. Given Egypt's highly diversified trading patterns, a shallow PTA with the European Union could be merely diversionary, leading to a small decline in welfare. Egypt already has duty-free access to the European Union for manufactures, so the loss in tariff revenues incurred would outweigh any new trade created. Large gains in welfare from the PTA are conditional on eliminating regulatory barriers and red tape-in which case welfare gains may be substantial: 4 to 20 percent growth in real GNP. This paper-a product of the Development Research Group-is part of a larger effort in the group to analyze regional integration agreements. The authors may be contacted at bhoekmanworldbank.org or konan@hawaii.edu
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    Multilateral Disciplines for Investment-Related Policies (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (34 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Hoekman, Bernard Multilateral Disciplines for Investment-Related Policies
    Keywords: Costs ; Debt Markets ; Economic Theory and Research ; Economics ; Economy ; Emerging Markets ; Expectations ; Exports ; Finance and Financial Sector Development ; Foreign Direct Investment ; Free Trade ; Goods ; Incentives ; International Economics & Trade ; Investment ; Investment and Investment Climate ; Labor Policies ; Macroeconomics and Economic Growth ; Markets ; Multilateral Trade ; Non Bank Financial Institutions ; Payments ; Positive Externalities ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Risk Averse ; Social Protections and Labor ; Subsidy ; Trade Negotiations ; Trade and Regional Integration ; Transactions Costs ; Value ; Value Added ; WTO ; Welfare ; Costs ; Debt Markets ; Economic Theory and Research ; Economics ; Economy ; Emerging Markets ; Expectations ; Exports ; Finance and Financial Sector Development ; Foreign Direct Investment ; Free Trade ; Goods ; Incentives ; International Economics & Trade ; Investment ; Investment and Investment Climate ; Labor Policies ; Macroeconomics and Economic Growth ; Markets ; Multilateral Trade ; Non Bank Financial Institutions ; Payments ; Positive Externalities ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Risk Averse ; Social Protections and Labor ; Subsidy ; Trade Negotiations ; Trade and Regional Integration ; Transactions Costs ; Value ; Value Added ; WTO ; Welfare
    Abstract: June 1999 - Is there a strong case for developing countries to support the creation of a multilateral agreement on investment? Probably not. Existing agreements offer ample scope for liberalizing foreign direct investment in the area that matters most to developing countries: services. Hoekman and Saggi evaluate the potential benefits of international disciplines on policies toward foreign direct investment for developing countries. They conclude that the case for initiating negotiations on investment policies is weak, at present. Negotiating efforts that center on further liberalizing market access on a nondiscriminatory basis-especially for services-are likely to be more fruitful in terms of economic welfare and growth. Existing multilateral instruments, although imperfect, are far from fully exploited and provide significant opportunities for governments opening further access to markets. Hoekman and Saggi conclude that priority should be given to expanding coverage of the General Agreement on Trade in Services (GATS) before seeking to negotiate general disciplines on investment policies. This paper-a product of Trade, Development Research Group-is part of a larger effort in the group to prepare for the next round of WTO negotiations. The authors may be contacted at bhoekmanworldbank.org or ksaggi @mail.smu.edu
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  • 99
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    Protecting the Poor from Macroeconomic Shocks (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (28 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Ravallion, Martin Protecting the Poor from Macroeconomic Shocks
    Keywords: Banks and Banking Reform ; Debt Markets ; Drought ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Deficits ; Household Income ; Individual Welfare ; Labor Demand ; Labor Policies ; Living Standards ; Macroeconomic Crisis ; Macroeconomic Shocks ; Macroeconomics and Economic Growth ; Poor ; Poverty ; Poverty Reduction ; Private Sector Development ; Public Transfers ; Recessions ; Resource Allocation ; Rural Development ; Rural Poverty Reduction ; Safety Net ; Safety Nets ; Safety Nets and Transfers ; Services and Transfers to Poor ; Shock ; Social Protections and Labor ; Structural Reforms ; Unemployment ; Wage Earners ; Welfare ; Banks and Banking Reform ; Debt Markets ; Drought ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Deficits ; Household Income ; Individual Welfare ; Labor Demand ; Labor Policies ; Living Standards ; Macroeconomic Crisis ; Macroeconomic Shocks ; Macroeconomics and Economic Growth ; Poor ; Poverty ; Poverty Reduction ; Private Sector Development ; Public Transfers ; Recessions ; Resource Allocation ; Rural Development ; Rural Poverty Reduction ; Safety Net ; Safety Nets ; Safety Nets and Transfers ; Services and Transfers to Poor ; Shock ; Social Protections and Labor ; Structural Reforms ; Unemployment ; Wage Earners ; Welfare
    Abstract: August 1999 - To minimize the harmful impact on poor people of macroeconomic shocks, sound policies for dealing with crises - and an adequate public safety net - should be in place before a crisis starts. Many developing countries faced macroeconomic shocks in the 1980s and 1990s. The impact of the shocks on welfare depended on the nature of the shock, on initial household and community conditions, and on policy responses. To avoid severe and lasting losses to poor and vulnerable groups, governments and civil society need to be prepared for a flexible response well ahead of the crisis. A key component of a flexibly responsive system is an effective permanent safety net, which will typically combine a workfare program with targeted transfers and credit. Once a crisis has happened, several things should be done: ° Macroeconomic policies should aim to achieve stabilization goals at the least cost to the poor. Typically, a temporary reduction in aggregate demand is inevitable but as soon as a sustainable external balance has been reached and inflationary pressures have been contained, macroeconomic policy should be eased (interest rates reduced and efficient public spending restored, to help offset the worst effects of the recession on the poor). A fiscal stimulus directed at labor-intensive activities (such as building rural roads) can combine the benefits of growth with those of income support for poor groups, for example. ° Key areas of public spending should be protected, especially investments in health care, education, rural infrastructure, urban sanitation, and microfinance. ° Efforts should be made to preserve the social fabric and build social capital. ° Sound information should be generated on the welfare impacts of the crisis. This paper - a joint product of the Poverty Group, Poverty Reduction and Economic Management Network, and Poverty and Human Resources, Development Research Group - is part of a larger effort in the Bank to inform policy choices aimed at minimizing the social costs of macroeconomic shocks. The authors may be contacted at fferreiraecon.puc-rio.br, gprennushi@worldbank.org, or mravallion@worldbank.org
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  • 100
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    Seeking Votes : The Political Economy of Expenditures by the Peruvian Social Fund (FONCODES), 1991-95 (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (36 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Schady, Norbert Seeking Votes
    Keywords: Allocation ; Business Cycles ; Business Environment ; Business in Development ; Competitiveness and Competition Policy ; Data On Expenditures ; Data Requirements ; Debt Markets ; Discretionary Funds ; Distribution Of Expenditures ; E-Government ; Econometric Techniques ; Expenditures ; Finance and Financial Sector Development ; Governance ; Health Systems Development and Reform ; Health, Nutrition and Population ; Outcomes ; Parliamentary Government ; Politicians ; Poverty Reduction ; Private Sector Development ; Public Expenditure ; Public Expenditures ; Public Sector Development ; Public Sector Expenditure Analysis and Management ; Social Expenditures ; Social Funds ; Social Policy ; Social Programs ; Social Services ; Stated Objectives ; Structural Adjustment ; Allocation ; Business Cycles ; Business Environment ; Business in Development ; Competitiveness and Competition Policy ; Data On Expenditures ; Data Requirements ; Debt Markets ; Discretionary Funds ; Distribution Of Expenditures ; E-Government ; Econometric Techniques ; Expenditures ; Finance and Financial Sector Development ; Governance ; Health Systems Development and Reform ; Health, Nutrition and Population ; Outcomes ; Parliamentary Government ; Politicians ; Poverty Reduction ; Private Sector Development ; Public Expenditure ; Public Expenditures ; Public Sector Development ; Public Sector Expenditure Analysis and Management ; Social Expenditures ; Social Funds ; Social Policy ; Social Programs ; Social Services ; Stated Objectives ; Structural Adjustment
    Abstract: A revised version was published as The Political Economy of Expenditures by the Peruvian Social Fund (FONCODES), 1991-95. American Political Science Review 94 (2, June): 289-304, 2000. - As the literature on political influences on the allocation of discretionary funds predicts, spending by the Peruvian Social Fund, FONCODES, increased significantly before elections. FONCODES projects were also directed at provinces where the marginal political impact of expenditures was likely to be greatest. President Alberto Fujimori created the Peruvian Social Fund (FONCODES) in 1991 with the stated objectives of generating employment, helping to alleviate poverty, and improving access to social services. Schady uses province-level data on monthly expenditures, socioeconomic indicators, and electoral outcomes to analyze political influences on the timing and geographic distribution of FONCODES expenditures between 1991 and 1995. He finds that: ° FONCODES expenditures increased significantly before elections. ° FONCODES projects were directed at poor provinces, as well as provinces in which the marginal political impact of expenditures was likely to be greatest. The results are robust to many specifications and controls. The Peruvian data thus support predictions made in the literature on political business cycles as well as the literature on political influences on the allocation of discretionary funds. This paper - a product of the Poverty Division, Poverty Reduction and Economic Management Network - is part of a larger effort in the network to understand the functioning and impact of social funds
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