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  • English  (33)
  • 1995-1999  (33)
  • Washington, D.C : The World Bank  (33)
  • Cham : Springer International Publishing AG
  • Investment  (33)
  • 1
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    Online Resource
    Reconsidering the Evidence on Returns to T&V Extension in Kenya (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (21 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Gautam, Madhur Reconsidering the Evidence on Returns to T&V Extension in Kenya
    Keywords: Agencies ; Agricultural ; Agricultural Extension ; Agricultural Production ; Agriculture ; Agriculture ; Banks and Banking Reform ; Crops ; Crops and Crop Management Systems ; E-Business ; Econometrics ; Economic Theory and Research ; Education ; Education ; Extension ; Extension Services ; Family ; Farmers ; Farms ; Information ; Investment ; Labor Policies ; Land ; Livestock ; Macroeconomics and Economic Growth ; Management ; Private Sector Development ; Research ; Rural Development ; Rural Development Knowledge and Information Systems ; Science Education ; Science and Technology Development ; Scientific Research and Science Parks ; Social Protections and Labor ; Statistical and Mathematical Sciences ; Training ; Agencies ; Agricultural ; Agricultural Extension ; Agricultural Production ; Agriculture ; Agriculture ; Banks and Banking Reform ; Crops ; Crops and Crop Management Systems ; E-Business ; Econometrics ; Economic Theory and Research ; Education ; Education ; Extension ; Extension Services ; Family ; Farmers ; Farms ; Information ; Investment ; Labor Policies ; Land ; Livestock ; Macroeconomics and Economic Growth ; Management ; Private Sector Development ; Research ; Rural Development ; Rural Development Knowledge and Information Systems ; Science Education ; Science and Technology Development ; Scientific Research and Science Parks ; Social Protections and Labor ; Statistical and Mathematical Sciences ; Training
    Abstract: April 1999 - The sensitivity of empirical results to potential data errors and model misspecification can yield misleading policy implications and investment signals. A widely disseminated study of the impact of the training and visit (T&V) system of management for extension services in Kenya is a striking example of how innocuous data errors and alternative specifications lead to strikingly different results. Gautam and Anderson revisit the widely disseminated results of a study (Bindlish and Evenson 1993, 1997) of the impact of the training and visit (T&V) system of management for public extension services in Kenya. T&V was introduced in Kenya by the World Bank and has since been supported through two successive projects. The impact of the projects continues to be the subject of much debate. Gautam and Anderson's paper suggests the need for greater vigilance in empirical analysis, especially about the quality of data used to support Bank policy and the need to validate potentially influential findings. Using household data from 1990, Bindlish and Evenson found the returns from extension to be very high. But Gautam and Anderson find that the returns estimated by Bindlish and Evenson suffer from data errors, and limitations imposed by cross-sectional data. After correcting for several data processing and measurement errors, the authors show the results to be less robust than reported by Bindlish and Evenson and highly sensitive to regional effects. When region-specific effects are included, a positive return to extension cannot be established, using Bindlish and Evenson's data set and cross-sectional model specifications. After testing the robustness of results using a number of tests, Gautam and Anderson could not definitively establish the factors underlying strong regional effects, largely because of the limitations imposed by the cross-sectional framework. Household panel data methods would have allowed greater control for regional effects and would have yielded better insight into the impact of extension. The impact on agricultural productivity in Kenya expected from T&V extension services is not discernible from the available data, and the impact may vary across districts. The hypothesis that T&V had no impact in Kenya between 1982 and 1990 cannot be rejected. The sample data fail to support a positive rate of return on the investment in T&V. This paper-a product of the Sector and Thematic Evaluation Division, Operations Evaluation Department-is part of a larger exploration by the department of the effects of the investment in agricultural extension in Kenya. The authors may be contacted at mgautamworldbank.org or janderson@worldbank.org
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  • 2
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    Mutual Funds and Institutional Investments : What Is the Most Efficient Way to Set Up Individual Accounts in a Social Security System? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (65 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: James, Estelle Mutual Funds and Institutional Investments
    Keywords: Administrative Costs ; Bank ; Contribution ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Industry ; Financial Literacy ; Financial Markets ; Financial Sustainability ; Individual Accounts ; Investment ; Investment Companies ; Investment and Investment Climate ; Investments ; Macroeconomics and Economic Growth ; Money ; Money Market ; Mutual Fund ; Mutual Funds ; Populations ; Private Sector Development ; Research Assistance ; Retirement ; Retirement Benefits ; Saving ; Social Security ; Administrative Costs ; Bank ; Contribution ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Industry ; Financial Literacy ; Financial Markets ; Financial Sustainability ; Individual Accounts ; Investment ; Investment Companies ; Investment and Investment Climate ; Investments ; Macroeconomics and Economic Growth ; Money ; Money Market ; Mutual Fund ; Mutual Funds ; Populations ; Private Sector Development ; Research Assistance ; Retirement ; Retirement Benefits ; Saving ; Social Security
    Abstract: April 1999 - Among three options for constructing funded social security pillars, one system - individual accounts invested in the institutional market, with constrained choice among investment companies - appears to offer reduced administrative and marketing costs, significant worker choice, and more insulation from political interference than a single centralized fund or individual investments in the retail market would offer. One of the main criticisms of the defined-contribution, individual-account components of social security systems is that they are too expensive. James, Ferrier, Smalhout, and Vittas investigate the cost-effectiveness of three options for constructing funded social security pillars: ° Individual accounts invested in the retail market with relatively open choice. ° Individual accounts invested in the institutional market with constrained choice among investment companies. ° A centralized fund without individual accounts or differentiated investments across individuals. The authors asked several questions: What is the most cost-effective way to organize a system with mandatory individual accounts? How does the cost of an efficient individual account system compare with that of a single centralized fund? And are the cost differentials great enough to outweigh other important considerations? The authors concentrate on countries with well-functioning financial markets, such as the United States, but make comparative references to developing countries. Based on empirical evidence about U.S. mutual and institutional funds, the authors found that the retail market (option 1) allows individual investors to benefit from scale economies in asset management-but at the cost of the high marketing expenses needed to attract large pools of small investments. By contrast, a centralized fund (option 3) can be much cheaper because it achieves scale economies without high marketing costs. But it gives workers no choice and is subject to political manipulation and misallocation of capital. The system of constrained choice (option 2) is much cheaper than the retail option and only slightly more expensive than a single centralized fund. It allows scale economies in asset management and record-keeping while incurring low marketing costs and allowing significant worker choice. It is also more effectively insulated from political interference than a single centralized fund. The authors estimate that option 2 would cost only 0.14 percent-0.18 percent of assets annually. Such large administrative cost savings imply a Pareto improvement-so long as choice is not constrained too much. This paper-a product of Poverty and Human Resources and Finance, Development Research Group-was prepared for a National Bureau of Economic Research Conference on Social Security held on December 4, 1998. The authors may be contacted at ejames3worldbank.org or dvittas@worldbank.org
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  • 3
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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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  • 4
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    The Green Revolution and the Productivity Paradox : Evidence from the Indian Punjab (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: Murgai, Rinku The Green Revolution and the Productivity Paradox
    Keywords: Agricultural Production ; Agricultural Research ; Agriculture ; Agriculture ; Cotton ; Crop ; Cropping ; Cropping Systems ; Crops ; Crops and Crop Management Systems ; Development Research ; Drought Management ; Economic Growth ; Economic Theory and Research ; Farmers ; Green Revolution ; Hybrid Seed ; Infrastructure ; Investment ; Irrigation and Drainage ; Labor Policies ; Macroeconomics and Economic Growth ; Maize ; Markets ; Poverty Reduction ; Pro-Poor Growth ; Rice ; Seed Varieties ; Social Protections and Labor ; Technology ; Technology Adoption ; Water Resources ; Wheat ; Agricultural Production ; Agricultural Research ; Agriculture ; Agriculture ; Cotton ; Crop ; Cropping ; Cropping Systems ; Crops ; Crops and Crop Management Systems ; Development Research ; Drought Management ; Economic Growth ; Economic Theory and Research ; Farmers ; Green Revolution ; Hybrid Seed ; Infrastructure ; Investment ; Irrigation and Drainage ; Labor Policies ; Macroeconomics and Economic Growth ; Maize ; Markets ; Poverty Reduction ; Pro-Poor Growth ; Rice ; Seed Varieties ; Social Protections and Labor ; Technology ; Technology Adoption ; Water Resources ; Wheat
    Abstract: In assessing new technologies, policy-makers should allow time between the adoption of the technologies and the realization of productivity gains attributable to them. Productivity growth was much lower than might be expected during the green revolution in the Indian Punjab but improved as learning processes took effect and resource management and the use of inputs became more efficient.Murgai provides district-level estimates of the contribution of technical change to agricultural output growth in the Indian Punjab from 1960 to 1993. Contrary to widespread belief, productivity growth in the Punjab was surprisingly low during the green revolution (in the mid-1960s), when modern hybrid seed varieties were being adopted. It improved later, after adoption of the new varieties was essentially complete. Murgai proposes three reasons for this pattern: · The standard measure of total factor productivity overstates the contribution of capital to output growth at the expense of the productivity residual. High-yielding varieties introduced in the 1960s helped spur output growth by making crops responsive to water and fertilizer, which not only allowed but indeed encouraged far greater use of capital inputs. This increase in the elasticity of the output response to capital inputs is incorporated into the index of factor accumulation and therefore excluded from the measure of total factor productivity growth. As a result, the contribution of technical change to growth in Punjab's agriculture during the green revolution is probably underestimated. · The overstatement of the capital contribution during the green revolution is exacerbated by indivisibilities in capital inputs. · Productivity growth did not come from the adoption of modern varieties alone. Improved resource management and public investment in infrastructure also helped improve productivity. This paper - a product of Rural Development, Development Research Group - is part of a larger effort in the group to study the determinants and impact of technology adoption and productivity growth in agriculture. The study was funded by the Bank's Research Support Budget under the research project Productivity and Sustainability of Irrigated Systems in South Asia (RPO 680-34). The author may be contacted at rmurgaiworldbank.org
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  • 5
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    A Review of the Role and Impact of Export Processing Zones (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (114 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Madani, Dorsati A Review of the Role and Impact of Export Processing Zones
    Keywords: Banks and Banking Reform ; Capital Goods ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Environment ; Environment ; Environmental ; Environmental Economics and Policies ; Environmental Issues ; Finance and Financial Sector Development ; Financial Literacy ; Imports ; Incentives ; Income ; International Economics & Trade ; Investment ; Investments ; Knowledge ; Labor ; Labor Markets ; Labor Policies ; Macroeconomics and Economic Growth ; Markets ; Policy Instruments ; Private Sector Development ; Production ; Public Sector Development ; Revenue ; Social Protections and Labor ; Subsidies ; Technology ; Trade ; Trade Policy ; Unemployment ; Wages ; Banks and Banking Reform ; Capital Goods ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Environment ; Environment ; Environmental ; Environmental Economics and Policies ; Environmental Issues ; Finance and Financial Sector Development ; Financial Literacy ; Imports ; Incentives ; Income ; International Economics & Trade ; Investment ; Investments ; Knowledge ; Labor ; Labor Markets ; Labor Policies ; Macroeconomics and Economic Growth ; Markets ; Policy Instruments ; Private Sector Development ; Production ; Public Sector Development ; Revenue ; Social Protections and Labor ; Subsidies ; Technology ; Trade ; Trade Policy ; Unemployment ; Wages
    Abstract: As instruments for encouraging economic development, export processing zones have only limited usefulness. A better policy choice is general liberalization of a country's economy. - Traditional export processing zones are fenced-in industrial estates specializing in manufacturing for exports. Modern ones have more flexible rules, such as permitting more liberal domestic sales. They provide a free-trade and liberal regulatory environment for the firms involved. Their primary goals: to provide foreign exchange earnings by promoting nontraditional exports, to provide jobs and create income, and to attract foreign direct investment and attendant technology transfer and knowledge spillover. Domestic, international, or joint venture firms operating in export processing zones typically benefit from reduced red tape, flexible labor laws, generous long-term tax holidays and concessions, above-average communications services and infrastructure (and often subsidized utilities and rental rates), and unlimited duty-free imports of raw and intermediate inputs and capital goods needed for production. In this review of experience, Madani concludes that export processing zones have limited applications; the better policy choice is to liberalize a country's entire economy. Under certain conditions - including appropriate setup and good management - export processing zones can play a dynamic role in a country's development, but only as a transitional step in an integrated movement toward general liberalization of the economy (with revisions as national economic conditions change). The World Bank, writes Madani, should be cautious about supporting export processing zone projects, doing so only on a case-by-case basis, only with expert guidance, and only as part of a general reform package. It should not support isolated export processing zone projects in unreformed or postreform economies (in the last case they might encourage backsliding on trade policy). In general, if a policy is good for the economy as a whole, it is likely to be good for an export processing zone. Sound policy will encourage: · Sound, stable monetary and fiscal policies, clear private property and investment laws, and a business-friendly economic environment. · Moderate, simplified (but not overfriendly) corporate tax schedules, and generally liberal tariffs and other trade taxes. · Private development and management of export processing zones and their infrastructure and unsubsidized utilities. · Labor laws that are business-friendly but do not abuse workers' safety and labor rights. · A better understanding of the impact of industrial refuse on the quality of air, soil, water, and human health. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to understand the impact of trade policy and trade policy tools on development. The author may be contacted at dmadaniworldbank.org
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  • 6
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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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  • 7
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    The Buenos Aires Water Concession (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (72 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Alcázar, Lorena The Buenos Aires Water Concession
    Keywords: Debt Markets ; Decision Making ; Economics ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Financial Literacy ; Incentives ; Income ; Industry ; Information ; Information Asymmetries ; Infrastructure Economics ; Infrastructure Economics and Finance ; Interest ; Investment ; Marginal Cost ; Outcomes ; Perverse Incentives ; Prices ; Private Sector Development ; Productivity ; Regulation ; Revenues ; Supply ; Taking ; Tariffs ; Town Water Supply and Sanitation ; Urban Water Supply and Sanitation ; Water ; Water Conservation ; Water Resources ; Water Supply and Sanitation ; Water Supply and Sanitation Governance and Institutions ; Water and Industry ; Welfare Effects ; Debt Markets ; Decision Making ; Economics ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Financial Literacy ; Incentives ; Income ; Industry ; Information ; Information Asymmetries ; Infrastructure Economics ; Infrastructure Economics and Finance ; Interest ; Investment ; Marginal Cost ; Outcomes ; Perverse Incentives ; Prices ; Private Sector Development ; Productivity ; Regulation ; Revenues ; Supply ; Taking ; Tariffs ; Town Water Supply and Sanitation ; Urban Water Supply and Sanitation ; Water ; Water Conservation ; Water Resources ; Water Supply and Sanitation ; Water Supply and Sanitation Governance and Institutions ; Water and Industry ; Welfare Effects
    Abstract: April 2000 - Transparent, rule-based decisionmaking is important to maintaining public trust in regulated infrastructure. The Buenos Aires water and sanitation concession led to remarkable improvements in delivery and coverage of services and to lower prices for consumers. But a poor information base, lack of transparency in regulatory decisions, and the ad hoc nature of executive branch interventions make it difficult to reassure consumers that their welfare is being protected and that the concession is sustainable. The signing of a concession contract for the Buenos Aires water and sanitation system in December 1992 attracted worldwide attention and caused considerable controversy in Argentina. It was one of the world's largest concessions, but the case was also interesting for other reasons. The concession was implemented rapidly, in contrast with slow implementation of privatization in Santiago, for example. And reform generated major improvements in the sector, including wider coverage, better service, more efficient company operations, and reduced waste. Moreover, the winning bid brought an immediate 26.9 percent reduction in water system tariffs. Consumers benefited from the system's expansion and from the immediate drop in real prices, which was only partly reversed by subsequent changes in tariffs and access charges. And these improvements would probably not have occurred under public administration of the system. Still, as Alcázar, Abdala, and Shirley show, information asymmetries, perverse incentives, and weak regulatory institutions could threaten the concession's sustainability. Opportunities for the company to act opportunistically - and the regulator, arbitrarily - exist because of politicized regulation, a poor information base, serious flaws in the concession contract, a lumpy and ad hoc tariff system, and a general lack of transparency in the regulatory process. Because of these circumstances, public confidence in the process has eroded. The Buenos Aires concession shows how important transparent, rule-based decisionmaking is to maintaining public trust in regulated infrastructure. This paper - a product of Regulation and Competition Policy, Development Research Group - is part of a larger effort in the group to analyze institutional issues in regulated infrastructure. 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). Mary Shirley may be contacted at mshirleyworldbank.org
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  • 8
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    The Tyranny of Concepts : CUDIE (Cumulated, Depreciated Investment Effort) Is Not Capital (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: Pritchett, Lant The Tyranny of Concepts
    Keywords: Accumulation ; Assets ; Capital ; Commodity Prices ; Cost Of Capital ; Debt Markets ; Disclosure ; Economic Growth ; Economic Theory and Research ; Emerging Markets ; Expected Value ; Finance and Financial Sector Development ; Financial Literacy ; Investment ; Investment Flows ; Investment Spending ; Investment and Investment Climate ; Investments ; Labor Policies ; Macroeconomics and Economic Growth ; Non Bank Financial Institutions ; Ownership ; Private Capital ; Private Investors ; Private Sector Development ; Productive Capital ; Profitability ; Public Investment ; Public Sector Economics and Finance ; Share ; Shareholder Value ; Social Protections and Labor ; Value ; Accumulation ; Assets ; Capital ; Commodity Prices ; Cost Of Capital ; Debt Markets ; Disclosure ; Economic Growth ; Economic Theory and Research ; Emerging Markets ; Expected Value ; Finance and Financial Sector Development ; Financial Literacy ; Investment ; Investment Flows ; Investment Spending ; Investment and Investment Climate ; Investments ; Labor Policies ; Macroeconomics and Economic Growth ; Non Bank Financial Institutions ; Ownership ; Private Capital ; Private Investors ; Private Sector Development ; Productive Capital ; Profitability ; Public Investment ; Public Sector Economics and Finance ; Share ; Shareholder Value ; Social Protections and Labor ; Value
    Abstract: May 2000 - Using the word capital to represent two different concepts is not such a problem when government is responsible for only a small fraction of national investment and is reasonably effective (as in the United States). But when government is a major investor and is ineffective, the gap between capital and cumulative, depreciated investment effort (CUDIE) may be enormous. A public sector steel mill may absorb billions as an investment, but if it cannot produce steel it has zero value as capital. The cost of public investment is not the value of public capital. Unlike for private investors, there is no remotely plausible behavioral model of the government as investor that suggests that every dollar the public sector spends as investment creates capital in an economic sense. This seemingly obvious point has so far been uniformly ignored in the voluminous empirical literature on economic growth, which uses, at best, cumulated, depreciated investment effort (CUDIE) to estimate capital stocks. But in developing countries especially, the difference between investment cumulated at cost and capital value is of primary empirical importance: government investment is half or more of total investment. And perhaps as much as half or more of government investment spending has not created equivalent capital. This suggests that nearly everything empirical written in three broad areas is misguided. First, none of the estimates of the impact of public spending identify the productivity of public capital. Even where public capital could be very productive, regressions and evaluations may suggest that public investment spending has little impact. Second, everything currently said about total factor productivity in developing countries is deeply suspect, as there is no way empirically to distinguish between low output (or growth) attributable to investments that created no factors and low output (or growth) attributable to low (or slow growth in) productivity in using accumulated factors. Third, multivariate growth regressions to date have not, in fact, controlled for the growth of capital stock, so spurious interpretations have emerged. This paper - a product of Poverty and Human Resources, Development Research Group - is part of a larger effort in the group to understand the importance of public sector actions for economic growth
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  • 9
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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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  • 10
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    Does Financial Liberalization Relax Financing Constraints on Firms? (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: Laeven, Luc Does Financial Liberalization Relax Financing Constraints on Firms?
    Keywords: Administrative Controls ; Allocation Of Cred Banking Sector ; Banks and Banking Reform ; Barriers To Entry ; Credit Programs ; Currencies and Exchange Rates ; Debt Markets ; Deposits ; Developing Countries ; Directed Cred Emerging Economies ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Intermediation ; Financial Liberalization ; Financial Literacy ; Financial Market ; Financial System ; Household Savings ; Informational Asymmetries ; Interest ; Interest Rate ; Interest Rates ; Investment ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Non Bank Financial Institutions ; Private Sector Development ; Securities ; Securities Markets ; Administrative Controls ; Allocation Of Cred Banking Sector ; Banks and Banking Reform ; Barriers To Entry ; Credit Programs ; Currencies and Exchange Rates ; Debt Markets ; Deposits ; Developing Countries ; Directed Cred Emerging Economies ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Intermediation ; Financial Liberalization ; Financial Literacy ; Financial Market ; Financial System ; Household Savings ; Informational Asymmetries ; Interest ; Interest Rate ; Interest Rates ; Investment ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Non Bank Financial Institutions ; Private Sector Development ; Securities ; Securities Markets
    Abstract: October 2000 - Financial liberalization reduces imperfections in financial markets by reducing the agency costs of financial leverage. Small firms gain most from liberalization, because the favoritism of preferential credit directed to large firms tends to disappear under liberalization. Laeven uses panel data on 394 firms in 13 developing countries for the years 1988–98 to learn whether financial liberalization relaxes financing constraints on firms. He finds that liberalization affects small and large firms differently. Small firms are financially constrained before liberalization begins but become less so after liberalization. The financing constraints on large firms, however, are low both before and after liberalization. The initial difference between small and large firms disappears over time. Laeven hypothesizes that financial liberalization has little effect on the financing constraints of large firms because they have better access to preferential directed credit in the period before liberalization.Financial liberalization also reduces imperfections in financial markets, especially the asymmetric information costs of firms’ financial leverage. Countries that liberalize their financial sectors tend to see dramatic improvements in political climate as well. Successful financial liberalization seems to require both the political will and the ability to stop the preferential treatment of well-connected, usually large, firms. This paper—a product of the Financial Sector Strategy and Policy Department—is part of a larger effort in the department to study the benefits and risks of financial liberalization. The author may be contacted at llaevenworldbank.org
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  • 11
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    Good Governance and Trade Policy : Are They the Keys to Africa's Global Integration and Growth? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (77 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Ng, Francis Good Governance and Trade Policy
    Keywords: Consumers ; Debt Markets ; Development ; Economic Growth ; Economic Performance ; Economic Theory and Research ; Economy ; Emerging Markets ; Exports ; Finance and Financial Sector Development ; Free Trade ; GDP ; GDP Per Capita ; Governance ; Governance Indicators ; Growth Rate ; Industrialization ; Influence ; International Economics & Trade ; International Trade ; Investment ; Law and Development ; Low Tariffs ; Macroeconomics and Economic Growth ; Markets ; Monopoly ; Private Sector Development ; Public Sector Development ; Trade ; Trade Barriers ; Trade Law ; Trade Policies ; Trade Policy ; Trade Policy ; Consumers ; Debt Markets ; Development ; Economic Growth ; Economic Performance ; Economic Theory and Research ; Economy ; Emerging Markets ; Exports ; Finance and Financial Sector Development ; Free Trade ; GDP ; GDP Per Capita ; Governance ; Governance Indicators ; Growth Rate ; Industrialization ; Influence ; International Economics & Trade ; International Trade ; Investment ; Law and Development ; Low Tariffs ; Macroeconomics and Economic Growth ; Markets ; Monopoly ; Private Sector Development ; Public Sector Development ; Trade ; Trade Barriers ; Trade Law ; Trade Policies ; Trade Policy ; Trade Policy
    Abstract: Turning the economies of Sub-Saharan Africa around requires badly needed national policy reform-abandoning the region's restrictive fiscal, monetary, property, and wage policies and trade barriers. - Economists often argue that the level and structure of a country's trade barriers and the quality of its governance policies (for example, regulating foreign investment or limiting commercial activity with red tape) have a major influence on its economic growth and performance. One problem testing those relations empirically was the unavailability of objective cross-country indices of the quality of governance and statistics on developing countries' trade barriers. Ng and Yeats use new sources of empirical information to test the influence of trade and governance policies on economic performance. They use a model similar to those used in the literature on causes and implications of economic growth but focus more heavily on the World Bank's index of the speed with which countries are integrating into the world economy. Their results show that countries that adopted less restrictive governance and trade policies achieved significantly higher levels of per capita GDP; experienced higher growth rates for exports, imports, and GDP; and were more successful integrating with the world economy. Regression results indicate that national trade and governance regulations explain over 60 percent of the variance in some measures of economic performance, implying that a country's own national policies shape its rate of development, industrialization, and growth. Their tests provide new insights into the phenomenon of economic convergence, showing that poorer open countries are integrating more rapidly into the global economy than others. This finding parallels what others have observed about economic growth rates. They test their empirical results in a case study asking whether inappropriate national policies have caused Sub-Saharan Africa's dismal economic performance. The evidence strongly supports this proposition. Indices of the quality of national governance show that African countries have generally adopted the most inappropriate (restrictive) fiscal, monetary, property, and wage policies and that their own trade barriers (including customs procedures constraining commercial activity) are among the world's highest. Improving African trade and governance policies to levels currently prevailing in such (non-exceptional) countries as Jordan, Panama, and Sri Lanka would be consistent with a sevenfold increase in per capita GDP (to about
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  • 12
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    Approaches to Liberalizing Services (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (100 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Stephenson, M. Sherry Approaches to Liberalizing Services
    Keywords: Barriers ; Commodities ; Common Market ; Communities & Human Settlements ; Developing Countries ; Developing Country ; Developing Economies ; Economic Development ; Economic Theory and Research ; Emerging Markets ; Foreign Competition ; Free Trade ; Free Trade ; Free Trade Agreement ; Free Trade Agreements ; Future ; Housing and Human Habitats ; ICT Policy and Strategies ; Information and Communication Technologies ; Intangible ; Interest ; International Economics & Trade ; Investment ; Law and Development ; Liberalization ; Macroeconomics and Economic Growth ; Market Access ; Output ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Public Sector Development ; Regional Integration ; Share ; Trade ; Trade Law ; Trade Policy ; Trade and Services ; Barriers ; Commodities ; Common Market ; Communities & Human Settlements ; Developing Countries ; Developing Country ; Developing Economies ; Economic Development ; Economic Theory and Research ; Emerging Markets ; Foreign Competition ; Free Trade ; Free Trade ; Free Trade Agreement ; Free Trade Agreements ; Future ; Housing and Human Habitats ; ICT Policy and Strategies ; Information and Communication Technologies ; Intangible ; Interest ; International Economics & Trade ; Investment ; Law and Development ; Liberalization ; Macroeconomics and Economic Growth ; Market Access ; Output ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Public Sector Development ; Regional Integration ; Share ; Trade ; Trade Law ; Trade Policy ; Trade and Services
    Abstract: May 1999 - Liberalization of services at the subregional level has followed two broad approaches-the GATS model and the NAFTA model-neither of which automatically guarantees the full liberalization of trade in services. The question that participants in integration efforts at both the subregional and the broader regional level must ask is what kind of approach to liberalizing services offers both maximum transparency and the greatest degree of nondiscrimination for service suppliers. Only since completion of the Uruguay Round have developing countries in East Asia and the Western Hemisphere shown interest in liberalizing services. Ambitious efforts are now being made to incorporate services in liberalization objectives of both subregional and regional integration efforts, including in the Asia-Pacific region under APEC and in the Western Hemisphere under the Free Trade Area of the Americas (FTAA) process. At the subregional level, member countries of both ASEAN (in East Asia) and MERCOSUR (in Latin America) have chosen to follow the liberalization model set forth in the World Trade Organization's (WTO) General Agreement on Trade in Services (GATS), and to open their services markets gradually and piecemeal. In the Western Hemisphere, Mexico has successfully promoted the NAFTA model of a more comprehensive liberalization of services markets-and several Latin American countries have adopted the same approach. Regionally, APEC has chosen a concerted voluntary approach to liberalizing services markets. Within the Western Hemisphere, participants are defining which approach they will use in the negotiations on services launched as part of the FTAA in April 1998. In all these efforts, a stated desire to promote more efficient services markets is often hindered by reluctance to open services markets rapidly or comprehensively because of historically entrenched protectionism in the sector and ignorance of the regulatory measures that impede trade in services. Presumably it would be easier to liberalize services at the subregional level, among countries at similar stages of development (although liberalization's economic value there might be questioned). Liberalizing services at the broader regional level is a difficult and ambitious goal, given the diversity of countries involved in such efforts. Thus liberalization will probably move more slowly at the regional than at the subregional level-perhaps even more slowly than at the multilateral level. It is possible that the new round of multilateral talks on services scheduled to begin under the WTO in 2000 may well eclipse the recently begun regional efforts. This paper-a product of Trade, Development Research Group-is part of a larger effort in the group to assist developing countries in the multilateral trade negotiations. The author may be contacted at sstephensonoas.org
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  • 13
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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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  • 14
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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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  • 15
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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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  • 16
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    Evaluating Carbon Offsets from Forestry and Energy Projects : How Do They Compare? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (34 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Chomitz, Kenneth Evaluating Carbon Offsets from Forestry and Energy Projects
    Keywords: Carbon ; Carbon Emissions ; Carbon Policy and Trading ; Clean Development Mechanism ; Climate Change ; Coal ; Developed Countries ; Economies ; Emissions ; Emissions Abatement ; Emissions Reduction ; Energy ; Energy Production and Transportation ; Energy and Environment ; Environment ; Environment and Energy Efficiency ; Environmental ; Environmental Economics and Policies ; Forestry ; Insurance ; Investment ; Joint Implementation ; Land ; Land Use ; Public Sector Development ; Risk ; Sustainable Development ; Taxes ; Technology ; Carbon ; Carbon Emissions ; Carbon Policy and Trading ; Clean Development Mechanism ; Climate Change ; Coal ; Developed Countries ; Economies ; Emissions ; Emissions Abatement ; Emissions Reduction ; Energy ; Energy Production and Transportation ; Energy and Environment ; Environment ; Environment and Energy Efficiency ; Environmental ; Environmental Economics and Policies ; Forestry ; Insurance ; Investment ; Joint Implementation ; Land ; Land Use ; Public Sector Development ; Risk ; Sustainable Development ; Taxes ; Technology
    Abstract: June 2000 - Under the Clean Development Mechanism, developing countries will be able to produce certified emissions reductions (CERs, sometimes called offsets) through projects that reduce greenhouse gas emissions below business-as-usual levels. The challenges of setting up offset markets are considerable. Do forestry projects, as a class, have more difficulty than energy projects reducing greenhouse gas emissions in ways that are real, measurable, additional, and consistent with sustainable development? Under the Kyoto Protocol, industrial countries accept caps on their emissions of greenhouse gases. They are permitted to acquire offsetting emissions reductions from developing countries - which do not have emissions limitations - to assist in complying with these caps. Because these emissions reductions are defined against a hypothetical baseline, practical issues arise in ensuring that the reductions are genuine. Forestry-related emissions reduction projects are often thought to present greater difficulties in measurement and implementation than energy-related emissions reduction projects. Chomitz discusses how project characteristics affect the process for determining compliance with each of the criteria for qualifying. Those criteria are: · Additionality. Would the emissions reductions not have taken place without the project? · Baseline and systems boundaries (leakage). What would business-as-usual emissions have been without the project? And in this comparison, how broad should spatial and temporal system boundaries be? · Measurement (or sequestration). How accurately can we measure actual with-project emissions levels? · Duration or permanence. Will the project have an enduring mitigating effect? · Local impact. Will the project benefit its neighbors? For all the criteria except permanence, it is difficult to find generic distinctions between land use change and forestry and energy projects, since both categories comprise diverse project types. The important distinctions among projects have to do with such things as: · The level and distribution of the project's direct financial benefits. · How much the project is integrated with the larger system. · The project components' internal homogeneity and geographic dispersion. · The local replicability of project technologies. Permanence is an issue specific to land use change and forestry projects. Chomitz describes various approaches to ensure permanence or adjust credits for duration: the ton-year approach (focusing on the benefits from deferring climatic damage, and rewarding longer deferral); the combination approach (bundling current land use change and forestry emissions reductions with future reductions in the buyer's allowed amount); a technology-acceleration approach; and an insurance approach. This paper - a product of Infrastructure and Environment, Development Research Group - is part of a larger effort in the group to assess policies for mitigating climate change. The author may be contacted at kchomitzworldbank.org
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  • 17
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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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  • 18
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    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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  • 19
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    The Effects of Land Registration on Financial Development and Economic Growth : A Theoretical and Conceptual Framework (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: Byamugisha, K.F. Frank The Effects of Land Registration on Financial Development and Economic Growth
    Keywords: Bank Policy ; Collateral ; Common Property Resource Development ; Communities & Human Settlements ; Contracts ; Debt Markets ; Depos Deposit Mobilization ; Economic Development ; Economic Theory and Research ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Development ; Financial Literacy ; Investment ; Labor Policies ; Land Title ; Land Titling ; Land Use and Policies ; Land and Real Estate Development ; Liquidity ; Macroeconomics and Economic Growth ; Markets ; Municipal Housing and Land ; Poverty Reduction ; Private Property ; Private Sector Development ; Property Rights ; Rural Development ; Rural Land Policies for Poverty Reduction ; Security ; Seizure ; Social Protections and Labor ; Transaction ; Transaction Costs ; Transactions ; Bank Policy ; Collateral ; Common Property Resource Development ; Communities & Human Settlements ; Contracts ; Debt Markets ; Depos Deposit Mobilization ; Economic Development ; Economic Theory and Research ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Development ; Financial Literacy ; Investment ; Labor Policies ; Land Title ; Land Titling ; Land Use and Policies ; Land and Real Estate Development ; Liquidity ; Macroeconomics and Economic Growth ; Markets ; Municipal Housing and Land ; Poverty Reduction ; Private Property ; Private Sector Development ; Property Rights ; Rural Development ; Rural Land Policies for Poverty Reduction ; Security ; Seizure ; Social Protections and Labor ; Transaction ; Transaction Costs ; Transactions
    Abstract: November 1999 - A theoretical framework to guide empirical analysis of how land registration affects financial development and economic growth. The author develops a theoretical framework to guide empirical analysis of how land registration affects financial development and economic growth. Most conceptual approaches investigate the effects of land registration on only one sector, nut land registration is commonly observed to affect not only other sectors but the economy as a whole The author builds on the well-tested link between secure land ownership and farm productivity, adding to the framework theory about positive information and transaction costs. To map the relationship between land registration and financial development and economic growth, the framework links: -Land tenure security and investment incentives. -Land title, collateral, and credit. -Land markets, transactions, and efficiency. -Labor mobility and efficiency. -Land liquidity, deposit mobilization, and investment. Empirical results from applying the framework to a single case study - of Thailand, described in a separate paper - suggest that the framework is sound. 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
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  • 20
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    Confronting Competition Investment Response and Constraints in Uganda (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: Reinikka, Ritva Confronting Competition Investment Response and Constraints in Uganda
    Keywords: Banks and Banking Reform ; Capital Investment ; Debt Markets ; Economic Liberalization ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Financial Support ; Future ; Good ; Infrastructure Economics and Finance ; Investing ; Investment ; Investment Rates ; Investment and Investment Climate ; Labor Policies ; Liquidity ; Liquidity Constraint ; Macroeconomic Management ; Macroeconomic Policies ; Macroeconomics and Economic Growth ; Microfinance ; Non Bank Financial Institutions ; Private Investment ; Private Participation in Infrastructure ; Private Sector Development ; Prof Profits ; Public Investment ; Return ; Share ; Social Protections and Labor ; Tax ; Banks and Banking Reform ; Capital Investment ; Debt Markets ; Economic Liberalization ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Financial Support ; Future ; Good ; Infrastructure Economics and Finance ; Investing ; Investment ; Investment Rates ; Investment and Investment Climate ; Labor Policies ; Liquidity ; Liquidity Constraint ; Macroeconomic Management ; Macroeconomic Policies ; Macroeconomics and Economic Growth ; Microfinance ; Non Bank Financial Institutions ; Private Investment ; Private Participation in Infrastructure ; Private Sector Development ; Prof Profits ; Public Investment ; Return ; Share ; Social Protections and Labor ; Tax
    Abstract: November 1999 - While macroeconomic reforms are necessary, firms' investment response is likely to remain limited without an accompanying improvement in public sector performance. Investment rates in Uganda are similar to others in Africa - averaging slightly more than 10 percent annually, with a median value of just under 1 percent. But the country's profit rates are considerably lower. These results are consistent with the view that Ugandan firms display more confidence in the economy than their counterparts in other African countries. Thus, for given profit rates, Ugandan firms invest more. At the same time, increased competition (because of economic liberalization) has exerted pressure on firms to cut costs. Many of those costs are not under the firms' control, however, so their profits have suffered. Using firm-level data, Reinikka and Svensson identify and quantify a number of cost factors, including those associated with transport, corruption, and utility services. Several factors - including crime, erratic infrastructure services, and arbitrary tax administration - not only increase firms' operating costs but affect their perceptions of the risks of investing in (partly) irreversible capital. The empirical analysis suggests that firms - especially small firms - are liquidity-constrained in the sense that they invest only when sufficient internal funds are available. But given the firms' profit-capital ratio, it is hard to argue that the liquidity constraint is binding in most cases, even though the cost of capital is perceived as a problem. This paper - a joint product of Macroeconomics 2, Africa Region, and Public Economics and Macroeconomics and Growth, Development Research Group - is part of a larger effort in the Bank to study economic policy, public service delivery, and growth. The authors may be contacted at rreinikkaworldbank.org or jsvensson@worldbank.org
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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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    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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    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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    Give Growth and Macroeconomic Stability in Russia a Chance : Harden Budgets by Eliminating Nonpayments (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: Pinto, Brian Give Growth and Macroeconomic Stability in Russia a Chance
    Keywords: Arrears ; Banks and Banking Reform ; Budget ; Budgets ; Corporate Governance ; Credibility ; Debt Markets ; Devaluation ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Foreign Direct Investment ; Government Spending ; Inflation ; Investment ; Investment Climate ; Macroeconomic Environment ; Macroeconomics and Economic Growth ; Nonpayment ; Nonpayments ; Oil Prices ; Private Sector Development ; Promissory Notes ; Public Debt ; Public Sector Economics and Finance ; Settlement ; Soft Budget Constraints ; Tax ; Taxation and Subsidies ; Arrears ; Banks and Banking Reform ; Budget ; Budgets ; Corporate Governance ; Credibility ; Debt Markets ; Devaluation ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Foreign Direct Investment ; Government Spending ; Inflation ; Investment ; Investment Climate ; Macroeconomic Environment ; Macroeconomics and Economic Growth ; Nonpayment ; Nonpayments ; Oil Prices ; Private Sector Development ; Promissory Notes ; Public Debt ; Public Sector Economics and Finance ; Settlement ; Soft Budget Constraints ; Tax ; Taxation and Subsidies
    Abstract: April 2000 - In Russia, implicit subsidies amounting to 10 percent of GDP per year in the form of nonpayments have stifled growth, contributed to the August 1998 macroeconomic crisis through their impact on public debt, and made at best a questionable contribution to equity. Hardening budgets requires that these nonpayments - or mutual arrears and noncash settlements among the government, the energy monopolies, and manufacturing firms - be eliminated with energy bills, taxes and budgetary spending settled on time and in cash. Pinto, Drebentsov, and Morozov analyze the links between Russia's disappointing growth performance in the second half of the 1990s, its costly and unsuccessful stabilization, the macroeconomic meltdown of 1998, and the spectacular rise of nonpayments. Nonpayments flourished in an environment of fundamental inconsistency between a macroeconomic policy geared at sharp disinflation and a microeconomic policy of bailing enterprises out through soft budget constraints. Heavy untargeted implicit subsidies flowing through the nonpayments system (amounting to 10 percent of GDP annually) have stifled growth, contributed to the August 1998 meltdown through their impact on public debt, and have made at best a questionable contribution to equity. Dismantling this system must be a top priority, along with promoting enterprise restructuring and growth (by hardening budget constraints) and medium-term macroeconomic stability (by reducing the size of subsidies). Getting the government out of the nonpayments system means settling all appropriately controlled budgetary expenditures on time and in cash, and eschewing spending arrears, thereby setting an example for enterprises and laying the groundwork for eliminating tax offsets at all levels of government, and insisting on cash tax payments. To stop energy-related subsidies would require not only that the government pay its own energy bills on time and in cash, but also that the energy monopolies be empowered to disconnect nonpaying clients. This will enable the government to insist that the energy monopolies in turn pay their own taxes in full and on time. This paper - a product of the Economics Unit, World Bank Office, Moscow - was produced as part of the Economic and Sector Work Program, Poverty Reduction and Economic Management Sector Unit, Europe and Central Asia Region
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    Competition, Corporate Governance, and Regulation in Central Asia : Uzbekistan's Structural Reform Challenges (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (28 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Broadman, G. Harry Competition, Corporate Governance, and Regulation in Central Asia
    Keywords: Business Performance ; Competition ; Competition Policy ; Corporate Governance ; Corporate Law ; Corporate Performance ; Debt Markets ; E-Business ; Economic Theory and Research ; Emerging Markets ; Enforcement ; Finance and Financial Sector Development ; Governance ; Investment ; Labor Policies ; Law and Development ; Legal Frameworks ; Macroeconomic Policy ; Macroeconomic Stability ; Macroeconomics and Economic Growth ; Market Economy ; Market Share ; Market Structure ; Markets and Market Access ; Microfinance ; Monopoly ; National Governance ; Output ; Price ; Prices ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Reform Program ; Social Protections and Labor ; Trade ; Trade Associations ; Business Performance ; Competition ; Competition Policy ; Corporate Governance ; Corporate Law ; Corporate Performance ; Debt Markets ; E-Business ; Economic Theory and Research ; Emerging Markets ; Enforcement ; Finance and Financial Sector Development ; Governance ; Investment ; Labor Policies ; Law and Development ; Legal Frameworks ; Macroeconomic Policy ; Macroeconomic Stability ; Macroeconomics and Economic Growth ; Market Economy ; Market Share ; Market Structure ; Markets and Market Access ; Microfinance ; Monopoly ; National Governance ; Output ; Price ; Prices ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Reform Program ; Social Protections and Labor ; Trade ; Trade Associations
    Abstract: May 2000 - Like many Central Asian republics, Uzbekistan has adopted a gradual, cautious approach in its transition to a market economy. It has had some success attaining macroeconomic stability, but microeconomic reforms have lagged behind. It is time to accelerate structural reform. In Uzbekistan state enterprises are being changed into shareholding companies, and private enterprises account for 45 percent of all registered firms. But business decisions to set prices, output, and investment are often not market-based, nor wholly within the purview of businesses, especially those in commercial manufacturing and services. Lines of authority for corporate governance - from state enterprises to private enterprises - are ill-defined, so there is little discipline on corporate performance and little separation between government and business. Nascent frameworks have been created for competition policy (for firms in the commercial sector) and regulatory policy (governing utilities in the infrastructure monopoly sector). But implementation and enforcement have been hampered by old-style instruments (such as price controls) rooted in central planning, by lack of a strong independent regulatory rule-making authority, by the limited understanding of the basic concepts of competition and regulatory reform, and by weak institutional capabilities for analyzing market structure and business performance. Based on fieldwork in Uzbekistan, Broadman recommends: · Deepening senior policy officials' understanding of, and appreciation of the benefits from, enterprise competition and how it affects economic growth. · Reforming competition policy institutions and legal frameworks in line with the country's goal of strengthening structural reforms and improving macroeconomic policy. · Improving the ability of government and associated institutions to assess Uzbekistan's industrial market structure and the determinants of enterprise conduct and performance. · Making the authority responsible for competition and regulatory policymaking into an independent agency - a champion of competition - answerable directly to the prime minister. · Strengthening incentives and institutions for corporate governance and bringing them in line with international practice. · Subjecting infrastructure monopolies to systemic competitive restructuring and unbundling, where appropriate. For other utilities, depoliticize tariff setting and implementation of regulations; ensure that price, output, and investment decisions by service suppliers are procompetitive (creating a level playing field among users); and increase transparency and accountability to the public. This paper - a product of the Poverty Reduction and Economic Management Sector Unit, Europe and Central Asia Regional Office - is part of a larger effort in the region to assess structural reform in Central Asia. The author may be contacted at hbroadmanworldbank.org
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    The Geography of International Investment (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: Venables, Anthony The Geography of International Investment
    Keywords: Debt Markets ; Development ; Economic Geography ; Economic Size ; Economic Theory and Research ; Emerging Markets ; Exports ; Externalities ; Finance and Financial Sector Development ; Financial Literacy ; Fixed Costs ; Foreign Direct Investment ; GDP ; Goods ; Income ; Industrial Economies ; Inputs ; International Economics & Trade ; Investment ; Investment and Investment Climate ; Labor Policies ; Macroeconomics and Economic Growth ; Markets ; Mergers ; Non Bank Financial Institutions ; Private Sector Development ; Production ; Social Protections and Labor ; Theory ; Trade ; Trade and Regional Integration ; Transition Economies ; Transport ; Transport Economics, Policy and Planning ; Value ; Variable Costs ; Debt Markets ; Development ; Economic Geography ; Economic Size ; Economic Theory and Research ; Emerging Markets ; Exports ; Externalities ; Finance and Financial Sector Development ; Financial Literacy ; Fixed Costs ; Foreign Direct Investment ; GDP ; Goods ; Income ; Industrial Economies ; Inputs ; International Economics & Trade ; Investment ; Investment and Investment Climate ; Labor Policies ; Macroeconomics and Economic Growth ; Markets ; Mergers ; Non Bank Financial Institutions ; Private Sector Development ; Production ; Social Protections and Labor ; Theory ; Trade ; Trade and Regional Integration ; Transition Economies ; Transport ; Transport Economics, Policy and Planning ; Value ; Variable Costs
    Abstract: May 2000 - Multinationals have become increasingly important to the world economy. Overseas production by U.S. affiliates is three times U.S. exports, for example. Who is investing where, for sales where? Much foreign direct investment is between high-income countries, but investment in some developing and transition regions, while still modest, grew rapidly in the 1990s. Adjusting for market size, much investment stays close to home; adjusting for distance, much heads toward the countries with the biggest markets. Foreign direct investment is more geographically concentrated than either exports or production. Thus U.S. affiliate production in Europe is 7 times U.S. exports to Europe; that ratio drops to 4 for all industrial countries and to 1.6 for developing countries. Multinational activity in high-income countries is overwhelmingly horizontal, involving production for sale to the host country market. In developing countries, a greater proportion of multinational activity is vertical, involving manufacturing at intermediate stages of production. Thus only 4 percent of U.S. affiliate production in the European Union is sold back to the United States, whereas for developing countries the figure is 18 percent, rising to 40 percent for Mexico. Similarly, less than 10 percent of Japan's affiliate production in the EU is sold back to Japan, compared with more than 20 percent in developing countries. In models of horizontal activity, the decision to go multinational is a tradeoff between the additional fixed costs involved in setting up a new plant and the savings in variable costs (transport costs and tariffs) on exports. In models of vertical activity, direct investment is motivated by differences in factor costs. Tariffs and transport costs both encourage vertical multinational activity (by magnifying differences in factor prices) and discourage it (by making trade between headquarters and an affiliate more expensive). The major outward investors carry out much horizontal investment in large markets. For U.S. investors, this means Europe, especially the United Kingdom; for Japan and Europe, it means the United States. Most EU investments, however, stay within the EU. The major outward investors carry out much of their vertical investment closer to home: the United States, in Mexico; the EU, in Central and Eastern Europe; Japan, in Asia. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to study the location of economic activity. Anthony J. Venables may be contacted at a.j.venableslse.ac.uk
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    Can Africa Export Manufactures? : The Role of Endowment, Exchange Rates, and Transaction Costs (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (23 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Elbadawi, A. Ibrahim Can Africa Export Manufactures?
    Keywords: Capital Markets ; Comparative Advantage ; Comparative Advantages ; Competitiveness ; Costs ; Currencies and Exchange Rates ; Debt Markets ; Development ; Economic Stabilization ; Economic Theory and Research ; Elasticity ; Emerging Markets ; Exchange ; Exports ; Failures ; Finance and Financial Sector Development ; Financial Literacy ; Free Trade ; Goods ; Human Capital ; Income Elasticity Of Demand ; Inequality ; International Economics & Trade ; Investment ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Natural Resources ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Taxation ; Taxes ; Theory ; Trade ; Variables ; Capital Markets ; Comparative Advantage ; Comparative Advantages ; Competitiveness ; Costs ; Currencies and Exchange Rates ; Debt Markets ; Development ; Economic Stabilization ; Economic Theory and Research ; Elasticity ; Emerging Markets ; Exchange ; Exports ; Failures ; Finance and Financial Sector Development ; Financial Literacy ; Free Trade ; Goods ; Human Capital ; Income Elasticity Of Demand ; Inequality ; International Economics & Trade ; Investment ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Natural Resources ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Taxation ; Taxes ; Theory ; Trade ; Variables
    Abstract: May 1999 - Africa's poor performance in manufactured exports in the 1990s (relative to East Asia) appears to be largely the result of bad policies-especially policies that affect transaction costs. Elbadawi analyzes the determinants of manufactured exports in Africa and other developing countries, guided by three pivotal views on Sub-Saharan Africa's (Africa's) prospects in manufactured exports: ° Adrian Woods holds that Africa cannot have comparative advantage in exports of labor-intensive manufactures (even if broadly defined to include raw material processing) because its natural resources endowment is greater than its human resources endowment (endowment thesis). ° Paul Collier argues that, for most of Africa, unusually high (policy-induced) transaction costs are the main source of Africa's comparative disadvantage in manufactured exports (transaction thesis). ° A third approach (Elbadawi and Helleiner) emphasizes the importance of stable, competitive real exchange rates for profitability of exports in low-income countries (exchange rate-led strategy). Elbadawi tests the implications of these three views with an empirical model of manufactured export performance (manufactured exports' share of GDP), using a panel of 41 countries for 1980-95. His findings: ° Corroborate the predictions of the transaction thesis, in that transaction costs are major determinants of manufactures exports. Investing in reducing these costs generates the highest payoff for export capacity. ° Lend support for the exchange rate-led strategy. After controlling for other factors, ratios of natural resources per worker were not robustly associated with export performance across countries, but this cannot be taken as formal rejection of the endowment thesis - unless one is prepared to assume that manufactured exports' share of GDP was highly correlated with ratios of manufactured to aggregate (or primary) exports. But this is not unlikely. This paper-a product of Public Economics, Development Research Group-is part of a larger effort in the group to research manufactures exports' competitiveness. The author may be contacted at ielbadawiworldbank.org
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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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    Wage and Productivity Gaps : Evidence from Ghana (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: Verner, Dorte Wage and Productivity Gaps
    Keywords: Access and Equity in Basic Education ; Demand ; Earnings ; Economic Theory and Research ; Education ; Education ; Education for All ; Finance and Financial Sector Development ; Financial Literacy ; Information ; Investing ; Investment ; Labor Force ; Labor Market ; Labor Markets ; Labor Markets ; Labor Policies ; Large Enterprises ; Macroeconomics and Economic Growth ; Population ; Primary Education ; Productivity ; Questionnaire ; Regression Analyses ; Research Assistance ; Sales ; Social Protections and Labor ; Supply ; Tertiary Education ; Training ; Wage ; Wages ; Access and Equity in Basic Education ; Demand ; Earnings ; Economic Theory and Research ; Education ; Education ; Education for All ; Finance and Financial Sector Development ; Financial Literacy ; Information ; Investing ; Investment ; Labor Force ; Labor Market ; Labor Markets ; Labor Markets ; Labor Policies ; Large Enterprises ; Macroeconomics and Economic Growth ; Population ; Primary Education ; Productivity ; Questionnaire ; Regression Analyses ; Research Assistance ; Sales ; Social Protections and Labor ; Supply ; Tertiary Education ; Training ; Wage ; Wages
    Abstract: August 1999 - This paper studies labor market outcomes in Ghana. The analysis focuses on the formal manufacturing wage sector and, more specifically, on the determinants of wages and productivity for various groups of workers. It tests hypotheses that relate to the impacts of individual and enterprise characteristics on wages. Furthermore, it compares the marginal impact of each of these characteristics on wages with their respective impact on labor productivity. The results may indicate whether, for example, there exists a spot labor market, discrimination, and/or structural differences among sectors and groups of workers. The paper analyzes whether experience, training, and education impact wages and productivity. In recent years, analysts have paid a lot of attention to the impacts of education and labor force training. The rationale for investing in human capital is that a more skilled and educated labor force is more productive than a less educated one. Therefore, policymakers emphasize investment in human capital because they believe that, in general, it increases labor productivity. However, there is not have much evidence of this relationship in the Africa region.11 Glewwe (1996) finds that there is no return to human capital in Ghana. This paper aims partially at filling this void by presenting evidence on the direct impact of education, training, and experience on productivity for different groups of workers using econometric regression analyses. It looks at whether Ghanaian labor markets are characterized by gender discrimination. It analyzes whether the labor markets are competitive. And it looks at whether union membership, manufacturing sector, and firm location affect labor market outcomes. This paper-a product of Human Development 3, Africa Technical Families-is part of a larger effort in the region to understand how labor markets work in Africa. The author may be contacted at dvernerworldbank.org
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  • 30
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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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  • 31
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    Liquidity Constraints and Investment in Transition Economies : The Case of Bulgaria (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: Budina, Nina Liquidity Constraints and Investment in Transition Economies
    Keywords: Banks and Banking Reform ; Budget ; Budget Constraints ; Capital Markets ; Cash Flow ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Crisis ; Financial Institutions ; Financial Intermediation ; Financial Literacy ; Financial Market ; Financial Structure ; Financial System ; Financial Weakness ; Investment ; Investment Function ; Investment Projects ; Liquidity ; Liquidity Constraints ; Macroeconomics and Economic Growth ; Market ; Market Economies ; Market Economy ; Private Sector Development ; Transition Economies ; Banks and Banking Reform ; Budget ; Budget Constraints ; Capital Markets ; Cash Flow ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Crisis ; Financial Institutions ; Financial Intermediation ; Financial Literacy ; Financial Market ; Financial Structure ; Financial System ; Financial Weakness ; Investment ; Investment Function ; Investment Projects ; Liquidity ; Liquidity Constraints ; Macroeconomics and Economic Growth ; Market ; Market Economies ; Market Economy ; Private Sector Development ; Transition Economies
    Abstract: January 2000 - In Bulgaria and other transition economies, liquidity constraints and hence access to external funds must be seen in the context of soft budget constraints and the financial system's failure to enforce the efficient allocation of funds. Liquidity constraints in Bulgaria may be seen as a sign of financial weakness. Budina, Garretsen, and de Jong use firm level data on Bulgaria to investigate the impact of liquidity constraints on firms' investment performance. Internal funds are an important determinant of investment in most industrial economies. The authors use a simple accelerator model of investment to test whether liquidity constraints are relevant in Bulgaria's case. Their estimates are based on data for 1993-95, before Bulgaria's financial crisis of 1996-97. It turns out that Bulgarian firms are liquidity-constrained and that firms' size and financial structure help to distinguish between firms that are more and less liquidity-constrained. In the authors' view, liquidity constraints in transition economies should be interpreted in different ways than those in industrial economies. In Bulgaria, liquidity constraints and hence access to external funds should be seen in the context of soft budget constraints and the financial system's failure to enforce the efficient allocation of funds. The relationship between liquidity constraints and firm characteristics may actually be the opposite of what is normally the case in industrial countries. In Bulgaria, lack of liquidity constraints may be a sign of financial weakness. This paper - a product of Macroeconomics and Growth, Development Research Group - is part of a larger effort in the group to study transition economies. The authors may be contacted at nbudinaworldbank.org, h.garretsen@bw.kun.nl or e.dejong@bw.kun.nl
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  • 32
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    How Politics and Institutions Affect Pension Reform in Three Postcommunist Countries (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (80 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Orenstein, A. Mitchell How Politics and Institutions Affect Pension Reform in Three Postcommunist Countries
    Keywords: Bank ; Bank Involvement ; Children and Youth ; Contributions ; Debt Markets ; Emerging Markets ; Expense ; Finance and Financial Sector Development ; Financial Literacy ; Interest ; Investment ; Investment Returns ; Pension ; Pension Accounts ; Pension Reform ; Pension Reforms ; Pension System ; Pensioners ; Pensions and Retirement Systems ; Private Pension ; Private Pension Funds ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Purchase ; Retirement ; Social Protections and Labor ; State Pension ; Trade Unions ; Working Life ; Bank ; Bank Involvement ; Children and Youth ; Contributions ; Debt Markets ; Emerging Markets ; Expense ; Finance and Financial Sector Development ; Financial Literacy ; Interest ; Investment ; Investment Returns ; Pension ; Pension Accounts ; Pension Reform ; Pension Reforms ; Pension System ; Pensioners ; Pensions and Retirement Systems ; Private Pension ; Private Pension Funds ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Purchase ; Retirement ; Social Protections and Labor ; State Pension ; Trade Unions ; Working Life
    Abstract: March 2000 - During reform's three phases - commitment-building, coalition-building, and implementation - there are tradeoffs among inclusiveness (of process), radicalism (of reform), and participation in, and compliance with, the new system. Including more, and more various, veto and proposal actors early in the deliberative process may increase buy-in and compliance when pension reform is implemented, but at the expense of faster and greater change. Orenstein examines the political and institutional processes that produced fundamental pension reform in three postcommunist countries: Hungary, Kazakhstan, and Poland. He tests various hypotheses about the relationship between deliberative process and outcomes through detailed case studies of pension reform. The outcomes of reform were similar: each country implemented a mandatory funded pension system as part of reform, but the extent and configuration of changes differed greatly. Countries with more veto actors - social and institutional actors with an effective veto over reform - engaged in less radical reform, as theory predicted. Poland and Hungary generated less radical change than Kazakhstan, partly because they have more representative political systems, to which more associations, interest groups, and proposal actors have access. Proposal actors shape the reform agenda and influence the positions of key veto actors. Pension reform takes longer in countries with more veto and proposal actors, such as Poland and Hungary. Legacies of policy, the development of civil society, and international organizations also profoundly affect the shape and progress of reform. Orenstein sees pension reform as happening in three phases: commitment-building, coalition-building, and implementation. He presents hypotheses about tradeoffs among inclusiveness (of process), radicalism (of reform), and participation in, and compliance with, the new system. One hypothesis: Including more, and more various, veto and proposal actors early in the deliberative process increases buy-in and compliance when reform is implemented, but at the expense of faster and greater change. Early challenges in implementation in all three countries, but especially in Kazakhstan, suggest the importance of improving buy-in through inclusive deliberative processes, where possible. This paper - a product of Poverty and Human Resources, Development Research Group - is part of a larger effort in the group to study the political economy of pension reform. This study was funded by the Bank's Research Support Budget under the research project The Political Economy of Pension Reform (RPO 682-17). The author may be contacted at morenstmaxwell.syr.edu
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  • 33
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    Averting the Old-Age Crisis : Technical Annex (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (156 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Palacios, J. Robert Averting the Old-Age Crisis
    Keywords: Administrative Costs ; Bank ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Income ; Information ; Investment ; Investment Returns ; Labor Force ; Pension ; Pension Fund ; Pension Fund Investment ; Pension Schemes ; Pension Spending ; Pensions and Retirement Systems ; Private Sector Development ; Public Pension ; Public Pension Schemes ; Rates Of Return ; Retirement ; Revenues ; Security ; Social Protections and Labor ; Wage ; Wage Growth ; Administrative Costs ; Bank ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Income ; Information ; Investment ; Investment Returns ; Labor Force ; Pension ; Pension Fund ; Pension Fund Investment ; Pension Schemes ; Pension Spending ; Pensions and Retirement Systems ; Private Sector Development ; Public Pension ; Public Pension Schemes ; Rates Of Return ; Retirement ; Revenues ; Security ; Social Protections and Labor ; Wage ; Wage Growth
    Abstract: February 1996 - Supporting documentation for the World Bank publication Averting the Old Age Crisis: Policies to Protect the Old and Promote Growth (1994). Averting the Old Age Crisis: Policies to Protect the Old and Promote Growth, the publication for which this technical annex provides supporting documentation, is the third in a series of major World Bank Policy Research Reports. Unlike its predecessors, The East Asian Miracle and Adjustment in Africa, it does not concentrate on a specific region but focuses rather on the general topic of income security for old age. More than two years of research were required to gather data, review the theoretical literature, examine empirical evidence, and write the book that represents the Bank's most important study of the issue to date. This annex explains in detail the data sources, concepts, and definitions used in the book and provides additional information. It describes the demographic data used in the report and discusses data about public and privately managed pension schemes around the world (giving specific sources for individual countries). An attempt has been made to cross-reference the data available on ]STARS] diskettes, which can be downloaded and analyzed in most database or statistical software packages. This paper - a product of the Poverty and Human Resources Division, Policy Research Department - provides supporting documentation for the World Bank publication Averting the Old-Age Crisis: Policies to Protect the Old and Promote Growth (1994), available from the World Bank bookstore
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