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  • 1
    Online Resource
    Online Resource
    Services Trade And Growth (2008)
    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: Hoekman, Bernard Services Trade And Growth
    Keywords: Banks and Banking Reform ; Comparative Advantage ; Competitiveness ; Economic Growth ; Economic Theory and Research ; Emerging Markets ; GDP ; ICT Policy and Strategies ; Information and Communication Technologies ; Macroeconomics and Economic Growth ; National Income ; Open Economies ; Per Capita Income ; Private Sector Development ; Productivity ; Structural Change ; Telecommunications ; Transport ; Transport Economics, Policy and Planning ; Banks and Banking Reform ; Comparative Advantage ; Competitiveness ; Economic Growth ; Economic Theory and Research ; Emerging Markets ; GDP ; ICT Policy and Strategies ; Information and Communication Technologies ; Macroeconomics and Economic Growth ; National Income ; Open Economies ; Per Capita Income ; Private Sector Development ; Productivity ; Structural Change ; Telecommunications ; Transport ; Transport Economics, Policy and Planning ; Banks and Banking Reform ; Comparative Advantage ; Competitiveness ; Economic Growth ; Economic Theory and Research ; Emerging Markets ; GDP ; ICT Policy and Strategies ; Information and Communication Technologies ; Macroeconomics and Economic Growth ; National Income ; Open Economies ; Per Capita Income ; Private Sector Development ; Productivity ; Structural Change ; Telecommunications ; Transport ; Transport Economics, Policy and Planning
    Abstract: The competitiveness of firms in open economies is increasingly determined by access to low-cost and high-quality producer services - telecommunications, transport and distribution services, financial intermediation, etc. This paper discusses the role of services in economic growth, focusing in particular on channels through which openness to trade in services may increase productivity at the level of the economy as a whole, industries and the firm. The authors explore what recent empirical work suggests could be done to enhance comparative advantage in the production and export of services and how to design policy reforms to open services markets to greater foreign participation in a way that ensures not just greater efficiency but also greater equity in terms of access to services
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  • 2
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    Online Resource
    Benchmarking Financial Development (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (47 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Beck, Thorsten Benchmarking Financial Development
    Keywords: Access to Finance ; Bond ; Bond market ; Debt Markets ; Economic Theory & Research ; Economic development ; Emerging Markets ; Finance and Financial Sector Development ; Financial development ; Financial institutions ; Financial markets ; Financial system ; Financial systems ; International bank ; Private Sector Development ; Returns ; Access to Finance ; Bond ; Bond market ; Debt Markets ; Economic Theory & Research ; Economic development ; Emerging Markets ; Finance and Financial Sector Development ; Financial development ; Financial institutions ; Financial markets ; Financial system ; Financial systems ; International bank ; Private Sector Development ; Returns ; Access to Finance ; Bond ; Bond market ; Debt Markets ; Economic Theory & Research ; Economic development ; Emerging Markets ; Finance and Financial Sector Development ; Financial development ; Financial institutions ; Financial markets ; Financial system ; Financial systems ; International bank ; Private Sector Development ; Returns
    Abstract: Capitalizing on recent improvements in the availability of cross-country financial sector data, this paper proposes a standard methodology for benchmarking the policy component of financial development. Systematic controls are introduced to isolate main structural country characteristics and a principal components analysis is used to help identify a parsimonious set of ten "core" outcome indicators from a broader set of twenty seven potential indicators covering different dimensions of development in both financial institutions and financial markets. Such a broad-based approach helps reveal important determinants and regularities of the process of financial development. The paper also identifies some of the main data gaps that will need to be filled to allow further progress in financial benchmarking looking forward
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  • 3
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    Online Resource
    Regulatory Cooperation, Aid For Trade And The General Agreement On Trade In Services (2008)
    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: Hoekman, Bernard Regulatory Cooperation, Aid For Trade And The General Agreement On Trade In Services
    Keywords: Banks and Banking Reform ; Best Market ; Business Practice ; Developing Countries ; Economic Theory and Research ; Emerging Markets ; Free Trade ; Growth Rate ; International Cooperation ; International Economics & Trade ; Liberalization ; Macroeconomics and Economic Growth ; Market Access ; Private Sector Development ; Regulators ; Technological Change ; Trade and Services ; World Trade ; Banks and Banking Reform ; Best Market ; Business Practice ; Developing Countries ; Economic Theory and Research ; Emerging Markets ; Free Trade ; Growth Rate ; International Cooperation ; International Economics & Trade ; Liberalization ; Macroeconomics and Economic Growth ; Market Access ; Private Sector Development ; Regulators ; Technological Change ; Trade and Services ; World Trade ; Banks and Banking Reform ; Best Market ; Business Practice ; Developing Countries ; Economic Theory and Research ; Emerging Markets ; Free Trade ; Growth Rate ; International Cooperation ; International Economics & Trade ; Liberalization ; Macroeconomics and Economic Growth ; Market Access ; Private Sector Development ; Regulators ; Technological Change ; Trade and Services ; World Trade
    Abstract: This paper discusses what could be done to expand services trade and investment through a multilateral agreement in the World Trade Organization. A distinction is made between market access liberalization and the regulatory preconditions for benefiting from market opening. The authors argue that prospects for multilateral services liberalization would be enhanced by making national treatment the objective of World Trade Organization services negotiations, thereby clarifying the scope of World Trade Organization commitments for regulators. Moreover, liberalization by smaller and poorer members of the World Trade Organization would be facilitated by complementary actions to strengthen regulatory capacity. If pursued as part of the operationalization of the World Trade Organization's 2006 Aid for Trade taskforce report, the World Trade Organization could become more relevant in promoting not just services liberalization but, more importantly, domestic reforms of services policies
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  • 4
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    Online Resource
    Bank Competition And Financial Stability : Friends Or Foes? (2008)
    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: Beck, Thorsten Bank Competition And Financial Stability
    Keywords: Access to Finance ; Bank ; Banking ; Banking crises ; Banking sector ; Banking system ; Banks and Banking Reform ; Debt Markets ; Deposit Insurance ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Intermediation ; Financial institutions ; Financial stability ; Governments ; Labor Policies ; Markets ; Private Sector Development ; Social Protections and Labor ; Access to Finance ; Bank ; Banking ; Banking crises ; Banking sector ; Banking system ; Banks and Banking Reform ; Debt Markets ; Deposit Insurance ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Intermediation ; Financial institutions ; Financial stability ; Governments ; Labor Policies ; Markets ; Private Sector Development ; Social Protections and Labor ; Access to Finance ; Bank ; Banking ; Banking crises ; Banking sector ; Banking system ; Banks and Banking Reform ; Debt Markets ; Deposit Insurance ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Intermediation ; Financial institutions ; Financial stability ; Governments ; Labor Policies ; Markets ; Private Sector Development ; Social Protections and Labor
    Abstract: Theory makes ambiguous predictions about the relationship between market structure and competitiveness of the banking system and banking sector stability. Empirical studies focusing on individual countries provide similarly ambiguous results, while cross-country studies point mostly to a positive relationship between competition and stability in the banking system. Where liberalization and unfettered competition have resulted in fragility, this has been mostly the consequence of regulatory and supervisory failures. The advantages of competition for an efficient and inclusive financial system are strong, and regulatory and supervisory policies should focus on an incentive-compatible environment for banking rather than try to fine-tune market structure or the degree of competition
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  • 5
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    Online Resource
    Currency Undervaluation And Sovereign Wealth Funds : A New Role For The World Trade Organization (2008)
    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: Mattoo, Aaditya Currency Undervaluation And Sovereign Wealth Funds
    Keywords: Access to Finance ; Bankruptcy and Resolution of Financial Distress ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Enforcement ; Exchange ; Exchange rate ; Exchange rates ; Finance and Financial Sector Development ; Free Trade ; Government action ; Interest ; International Economics & Trade ; Investments ; Law and Development ; Macroeconomics and Economic Growth ; Private Sector Development ; Subsidies ; Trade Law ; World trade ; Access to Finance ; Bankruptcy and Resolution of Financial Distress ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Enforcement ; Exchange ; Exchange rate ; Exchange rates ; Finance and Financial Sector Development ; Free Trade ; Government action ; Interest ; International Economics & Trade ; Investments ; Law and Development ; Macroeconomics and Economic Growth ; Private Sector Development ; Subsidies ; Trade Law ; World trade ; Access to Finance ; Bankruptcy and Resolution of Financial Distress ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Enforcement ; Exchange ; Exchange rate ; Exchange rates ; Finance and Financial Sector Development ; Free Trade ; Government action ; Interest ; International Economics & Trade ; Investments ; Law and Development ; Macroeconomics and Economic Growth ; Private Sector Development ; Subsidies ; Trade Law ; World trade
    Abstract: Two aspects of global imbalances - undervalued exchange rates and sovereign wealth funds - require a multilateral response. For reasons of inadequate leverage and eroding legitimacy, the International Monetary Fund has not been effective in dealing with undervalued exchange rates. This paper proposes new rules in the World Trade Organization to discipline cases of significant undervaluation that are clearly attributable to government action. The rationale for WTO involvement is that there are large trade consequences of undervalued exchange rates, which act as both import tariffs and export subsidies, and that the WTO's enforcement mechanism is credible and effective. The World Trade Organization would not be involved in exchange rate management, and would not displace the International Monetary Fund. Rather, the authors suggest ways to harness the comparative advantage of the two institutions, with the International Monetary Fund providing the essential technical expertise in the World Trade Organization's enforcement process. There is a bargain to be struck between countries with sovereign wealth funds, which want secure and liberal access for their capital, and capital-importing countries, which have concerns about the objectives and operations of sovereign wealth funds. The World Trade Organization is the natural place to strike this bargain. Its General Agreement on Trade in Services, already covers investments by sovereign wealth funds, and other agreements offer a precedent for designing disciplines for these funds. Placing exchange rates and sovereign wealth funds on the trade negotiating agenda may help revive the Doha Round by rekindling the interest of a wide variety of groups
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  • 6
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    Online Resource
    Does Services Liberalization Benefit Manufacturing Firms ? : Evidence From The Czech Republic (2007)
    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: Arnold, Jens Does Services Liberalization Benefit Manufacturing Firms ?
    Keywords: Bank ; Banking ; Banks ; Banks and Banking Reform ; Credit Enterprises ; Debt Markets ; E-Business ; Economic Theory and Research ; Education ; Education for the Knowledge ; Emerging Markets ; Equilibrium Models ; Finance ; Finance and Financial Sector Development ; Foreign Entry ; Governments ; Industry ; Infrastructure ; Insurance ; Knowledge Economy ; Labor ; Macroeconomics and Economic Growth ; Markets ; Operations ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Social Protections and Labor ; Bank ; Banking ; Banks ; Banks and Banking Reform ; Credit Enterprises ; Debt Markets ; E-Business ; Economic Theory and Research ; Education ; Education for the Knowledge ; Emerging Markets ; Equilibrium Models ; Finance ; Finance and Financial Sector Development ; Foreign Entry ; Governments ; Industry ; Infrastructure ; Insurance ; Knowledge Economy ; Labor ; Macroeconomics and Economic Growth ; Markets ; Operations ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Social Protections and Labor ; Bank ; Banking ; Banks ; Banks and Banking Reform ; Credit Enterprises ; Debt Markets ; E-Business ; Economic Theory and Research ; Education ; Education for the Knowledge ; Emerging Markets ; Equilibrium Models ; Finance ; Finance and Financial Sector Development ; Foreign Entry ; Governments ; Industry ; Infrastructure ; Insurance ; Knowledge Economy ; Labor ; Macroeconomics and Economic Growth ; Markets ; Operations ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Social Protections and Labor
    Abstract: While there is considerable empirical evidence on the impact of liberalizing trade in goods, the effects of services liberalization have not been empirically established. Using firm-level data from the Czech Republic for the period 1998-2003, this study examines the link between services sector reforms and the productivity of domestic firms in downstream manufacturing. Several aspects of services reform are considered and measured, namely, the increased presence of foreign providers, privatization, and enhanced competition. The manufacturing-services linkage is measured using information on the degree to which manufacturing firms in a particular industry rely on intermediate inputs from specific services sectors. The econometric results lead to two conclusions. First, the study finds that services policy matters for the productivity of manufacturing firms relying on services inputs. This finding is robust to several econometric specifications, including controlling for unobservable firm heterogeneity and for other aspects of openness. Second, it finds evidence that opening services sectors to foreign providers is a key channel through which services liberalization contributes to improved performance of downstream manufacturing sectors. This finding is robust to instrumenting for the extent of foreign presence in services industries. As most barriers to foreign investment today are not in goods but in services sectors, the findings may strengthen the argument for reform in this area
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  • 7
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    Online Resource
    The Basic Analytics of Access To Financial Services (2006)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (58 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Beck, Thorsten The Basic Analytics of Access To Financial Services
    Keywords: Bank ; Banks ; Banks and Banking Reform ; Credit Risk ; Debt Markets ; Demand ; Deposit Economic Development ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Financial Sector ; Financial Services ; Financial System ; Income ; Interest ; Interest Rate ; Macroeconomics and Economic Growth ; Private Sector Development ; Bank ; Banks ; Banks and Banking Reform ; Credit Risk ; Debt Markets ; Demand ; Deposit Economic Development ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Financial Sector ; Financial Services ; Financial System ; Income ; Interest ; Interest Rate ; Macroeconomics and Economic Growth ; Private Sector Development ; Bank ; Banks ; Banks and Banking Reform ; Credit Risk ; Debt Markets ; Demand ; Deposit Economic Development ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Financial Sector ; Financial Services ; Financial System ; Income ; Interest ; Interest Rate ; Macroeconomics and Economic Growth ; Private Sector Development
    Abstract: Access to financial services, or rather the lack thereof, is often indiscriminately decried as a problem in many developing countries. The authors argue that the "problem of access" should rather be analyzed by identifying different demand and supply constraints. They use the concept of an access possibilities frontier, drawn for a given set of state variables, to distinguish between cases where a financial system settles below the constrained optimum, cases where this constrained optimum is too low, and-in credit services-cases where the observed outcome is excessively high. They distinguish between payment and savings services and fixed intermediation costs, on the one hand, and lending services and different sources of credit risk, on the other hand. The authors include both supply and demand side frictions that can lead to lower access. The analysis helps identify bankable and banked population, the binding constraint to close the gap between the two, and policies to prudently expand the bankable population. This new conceptual framework can inform the debate on adequate policies to expand access to financial services and can serve as the basis for an informed measurement of access
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  • 8
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    Online Resource
    Bank Efficiency, Ownership, And Market Structure : Why Are Interest Spreads So High In Uganda ? (2006)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (39 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Beck, Thorsten Bank Efficiency, Ownership, And Market Structure
    Keywords: Bank Policy ; Bank Spreads ; Banking System ; Banks and Banking Reform ; Bond ; Debt Markets ; Developing Countries ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Literacy ; Foreign Bank ; Foreign Bank Entry ; Foreign Banks ; Interest ; Interest Rate ; Interest Rate System ; Private Sector Development ; Bank Policy ; Bank Spreads ; Banking System ; Banks and Banking Reform ; Bond ; Debt Markets ; Developing Countries ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Literacy ; Foreign Bank ; Foreign Bank Entry ; Foreign Banks ; Interest ; Interest Rate ; Interest Rate System ; Private Sector Development ; Bank Policy ; Bank Spreads ; Banking System ; Banks and Banking Reform ; Bond ; Debt Markets ; Developing Countries ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Literacy ; Foreign Bank ; Foreign Bank Entry ; Foreign Banks ; Interest ; Interest Rate ; Interest Rate System ; Private Sector Development
    Abstract: Using a unique bank-level data set on the Ugandan banking system during 1999-2005, the authors explore the factors behind consistently high interest rate spreads and margins. While foreign banks charge lower interest rate spreads, they do not find a robust and economically significant relationship between privatization, foreign bank entry, market structure, and banking efficiency. Similarly, macroeconomic variables can explain little of the over-time variation in bank spreads. Bank-level characteristics, on the other hand, such as bank size, operating costs, and composition of loan portfolio explain a large proportion of cross-bank, cross-time variation in spreads and margins. However, time-invariant bank-level fixed effects explain the largest part of bank variation in spreads and margins. Further, the authors find tentative evidence that banks targeting the low end of the market incur higher costs and therefore higher margins
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  • 9
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    Online Resource
    Banking Services For Everyone ? : Barriers To Bank Access And Use Around The World (2006)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (60 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Beck, Thorsten Banking Services For Everyone ?
    Keywords: Bank ; Bank Accounts ; Banking Services ; Banks ; Banks and Banking Reform ; Checking Account ; Customers ; Debt Markets ; Demand ; Depos Deposits ; Emerging Markets ; Finance and Financial Sector Development ; Financial Institutions ; Financial Literacy ; Financial Services ; Financial Transaction ; Housing ; Private Sector Development ; Bank ; Bank Accounts ; Banking Services ; Banks ; Banks and Banking Reform ; Checking Account ; Customers ; Debt Markets ; Demand ; Depos Deposits ; Emerging Markets ; Finance and Financial Sector Development ; Financial Institutions ; Financial Literacy ; Financial Services ; Financial Transaction ; Housing ; Private Sector Development ; Bank ; Bank Accounts ; Banking Services ; Banks ; Banks and Banking Reform ; Checking Account ; Customers ; Debt Markets ; Demand ; Depos Deposits ; Emerging Markets ; Finance and Financial Sector Development ; Financial Institutions ; Financial Literacy ; Financial Services ; Financial Transaction ; Housing ; Private Sector Development
    Abstract: Using information from 193 banks in 58 countries, the authors develop and analyze indicators of physical access, affordability, and eligibility barriers to deposit, loan, and payment services. They find substantial cross-country variation in barriers to banking and show that in many countries these barriers can potentially exclude a significant share of the population from using banking services. Correlations with bank- and country-level variables show that bank size and the availability of physical infrastructure are the most robust predictors of barriers. Further, the authors find evidence that in more competitive, open, and transparent economies, and in countries with better contractual and informational frameworks, banks impose lower barriers. Finally, though foreign banks seem to charge higher fees than other banks, in foreign dominated banking systems fees are lower and it is easier to open bank accounts and to apply for loans. On the other hand, in systems that are predominantly government-owned, customers pay lower fees but also face greater restrictions in terms of where to apply for loans and how long it takes to have applications processed. These findings have important implications for policy reforms to broaden access
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  • 10
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    Online Resource
    China's Accession to the World Trade Organization : The Services Dimension (2002)
    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: Mattoo, Aaditya China's Accession to the World Trade Organization
    Keywords: World Trade Organization ; General Agreement on Trade in Services ; Service industries Government policy ; Air ; Air Transport ; Airports ; Aviation Sector ; Costs ; Debt Markets ; E-Business ; Economic Theory and Research ; Economies of Scale ; Education ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Fixed Costs ; Freight ; ICT Policy and Strategies ; Information and Communication Technologies ; International Economics & Trade ; Investments ; Knowledge ; Macroeconomics and Economic Growth ; Maritime Transport ; Multimodal Transport ; Policies ; Private Sector Development ; Rates ; Trade and Services ; Transport ; Transport Economics, Policy and Planning ; Air ; Air Transport ; Airports ; Aviation Sector ; Costs ; Debt Markets ; E-Business ; Economic Theory and Research ; Economies of Scale ; Education ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Fixed Costs ; Freight ; ICT Policy and Strategies ; Information and Communication Technologies ; International Economics & Trade ; Investments ; Knowledge ; Macroeconomics and Economic Growth ; Maritime Transport ; Multimodal Transport ; Policies ; Private Sector Development ; Rates ; Trade and Services ; Transport ; Transport Economics, Policy and Planning ; China Commercial policy
    Abstract: China's General Agreement on Trade in Services (GATS) commitments represent the most radical services reform program negotiated in the World Trade Organization. China has promised to eliminate over the next few years most restrictions on foreign entry and ownership, as well as most forms of discrimination against foreign firms. These changes are in themselves desirable. However, realizing the gains from, and perhaps even the sustainability of, liberalization will require the implementation of complementary regulatory reform and the appropriate sequencing of reforms. Three issues, in particular, merit attention: • Initial restrictions on the geographical scope of services liberalization could encourage the further agglomeration of economic activity in certain regions—to an extent that is unlikely to be reversed completely by subsequent countrywide liberalization. • Restrictions on foreign ownership (temporary in most sectors but more durable in telecommunications and life insurance) may dampen the incentives of foreign investors to improve firm performance. • Improved prudential regulation and measures to deal with the large burden of nonperforming loans on state banks are necessary to deliver the benefits of liberalization in financial services. And in basic telecommunications and other network-based services, meaningful liberalization will be difficult to achieve without strengthened pro-competitive regulation. This paper—a product of Trade, Development Research Group—is part of a larger effort in the group to assess the implications of services trade reform. This research is supported in part by the U.K. Department for International Development
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  • 11
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    Online Resource
    Regional Agreements and Trade in Services (2002)
    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: Mattoo, Aaditya Regional Agreements and Trade in Services
    Keywords: Benefits ; Choice ; Competition ; Competitive Advantage ; Competitive Markets ; Consumer Choice ; Consumers ; Costs ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Free Trade ; Free Trade ; Goods ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Markets ; Markets and Market Access ; National Income ; Private Sector Development ; Production ; Public Sector Corruption ; Public Sector Development ; Trade Law ; Trade and Regional Integration ; Trade and Services ; Benefits ; Choice ; Competition ; Competitive Advantage ; Competitive Markets ; Consumer Choice ; Consumers ; Costs ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Free Trade ; Free Trade ; Goods ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Markets ; Markets and Market Access ; National Income ; Private Sector Development ; Production ; Public Sector Corruption ; Public Sector Development ; Trade Law ; Trade and Regional Integration ; Trade and Services ; Benefits ; Choice ; Competition ; Competitive Advantage ; Competitive Markets ; Consumer Choice ; Consumers ; Costs ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Free Trade ; Free Trade ; Goods ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Markets ; Markets and Market Access ; National Income ; Private Sector Development ; Production ; Public Sector Corruption ; Public Sector Development ; Trade Law ; Trade and Regional Integration ; Trade and Services
    Abstract: Every major regional trade agreement now has a services dimension. Is trade in services so different that there is need to modify the conclusions on preferential agreements pertaining to goods reached so far? Mattoo and Fink first examine the implications of unilateral policy choices in a particular services market. They then explore the economics of international cooperation and identify the circumstances in which a country is more likely to benefit from cooperation in a regional rather than multilateral forum. This paper--a product of Trade, Development Research Group--is part of a larger effort in the group to assess the implications of liberalizing trade in services. The authors may be contacted at amattooworldbank.org or cfink@worldbank.org
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  • 12
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    Online Resource
    Trade Policies for Electronic Commerce (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Mattoo, Aaditya Trade Policies for Electronic Commerce
    Keywords: Commodities ; Cross-Border Trade ; Customs ; Customs Duties ; Debt Markets ; E-Business ; Economic Theory and Research ; Electronic Commerce ; Emerging Markets ; European Union ; Finance and Financial Sector Development ; Financial Services ; Free Trade ; Free Trade ; Importing Country ; International Economics & Trade ; International Trade ; Law and Development ; Macroeconomics and Economic Growth ; Market Access ; National Treatment ; Preferential Trading Arrangements ; Preferential Treatment ; Private Sector Development ; Public Sector Development ; Recourse ; Tariff Reductions ; Trade ; Trade Diversion ; Trade Law ; Trade Policies ; Trade Policy ; Trade Regime ; Trade and Services ; Transport ; Transport and Trade Logistics ; World Trade Organization ; Commodities ; Cross-Border Trade ; Customs ; Customs Duties ; Debt Markets ; E-Business ; Economic Theory and Research ; Electronic Commerce ; Emerging Markets ; European Union ; Finance and Financial Sector Development ; Financial Services ; Free Trade ; Free Trade ; Importing Country ; International Economics & Trade ; International Trade ; Law and Development ; Macroeconomics and Economic Growth ; Market Access ; National Treatment ; Preferential Trading Arrangements ; Preferential Treatment ; Private Sector Development ; Public Sector Development ; Recourse ; Tariff Reductions ; Trade ; Trade Diversion ; Trade Law ; Trade Policies ; Trade Policy ; Trade Regime ; Trade and Services ; Transport ; Transport and Trade Logistics ; World Trade Organization
    Abstract: June 2000 - Members of the World Trade Organization have decided provisionally to exempt electronic delivery of products from customs duties. There is growing support for the decision to be made permanent. Is this desirable? Some countries in the World Trade Organization initially opposed WTO's decision to exempt electronic delivery of products from customs duties, out of concern for the revenue consequences. Others supported the decision as a means of securing open trading conditions. Mattoo and Schuknecht argue that neither the inhibitions nor the enthusiasm are fully justified. First, even if all delivery of digitizable media products moved online - an unlikely prospect - the revenue loss for most countries would be small. More important, however, the prohibition of customs duties does not ensure continued open access for electronically delivered products and may even prompt recourse to inferior instruments of protection. Barrier-free electronic commerce would be more effectively secured by deepening and widening the limited cross-border trade commitments under the General Agreement on Trade in Services (GATS) and by clarifying and strengthening certain GATS disciplines. This paper-a product of Trade, Development Research Group-is part of a larger effort in the group to improve trade policy for goods and services. It is part of a larger project on trade in services supported in part by the United Kingdom's Department for International Development. Aaditya Mattoo may be contacted at amattooworldbank.org
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  • 13
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    Reciprocity across Modes of Supply in the World Trade Organization : A Negotiating Formula (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (24 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Mattoo, Aaditya Reciprocity across Modes of Supply in the World Trade Organization
    Keywords: Agreement On Trade ; Border Trade ; Comparative Advantage ; Concessions ; Economic Theory and Research ; Emerging Markets ; Foreign Labor ; Foreign Markets ; Free Trade ; International Economics & Trade ; International Trade and Trade Rules ; Macroeconomics and Economic Growth ; Market Access ; Private Sector Development ; Public Sector Development ; Reciprocal Reduction ; Reciprocity ; Tariff ; Tariff Reduction ; Terms Of Trade ; Terms Of Trade Effects ; Trade Effect ; Trade Negotiations ; Trade Policy ; Trade Policy ; Trade and Services ; Volume Of Trade ; Welfare Gains ; World Trade ; World Trade Organization ; Agreement On Trade ; Border Trade ; Comparative Advantage ; Concessions ; Economic Theory and Research ; Emerging Markets ; Foreign Labor ; Foreign Markets ; Free Trade ; International Economics & Trade ; International Trade and Trade Rules ; Macroeconomics and Economic Growth ; Market Access ; Private Sector Development ; Public Sector Development ; Reciprocal Reduction ; Reciprocity ; Tariff ; Tariff Reduction ; Terms Of Trade ; Terms Of Trade Effects ; Trade Effect ; Trade Negotiations ; Trade Policy ; Trade Policy ; Trade and Services ; Volume Of Trade ; Welfare Gains ; World Trade ; World Trade Organization
    Abstract: June 2000 - If negotiations on trade in services at the World Trade Organization are to advance liberalization beyond levels undertaken unilaterally and lead to more balanced outcomes, reciprocity must play a greater role in negotiations. This may be facilitated by the use of negotiating rules that establish credible links across sectors and modes of delivery. Negotiations on trade in services at the World Trade Organization (WTO) have so far produced little liberalization beyond levels countries have undertaken unilaterally. One reason: limited application of the traditional negotiating principle of reciprocity. In particular, participants have failed to exploit the scope of the services agreement (GATS) for the exchange of market-access concessions across different modes of supply - cross-border delivery and the movement of capital and workers. Using the Heckscher-Ohlin-Vanek framework, Mattoo and Olarreaga propose a negotiating formula that generalizes the fundamental WTO principle of reciprocity to include alternative modes of delivery. Adoption of this formula as a basis for negotiations could bring greater commitments to liberalization on all modes of delivery, producing substantial gains in global welfare and more balanced outcomes. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to improve trade policy in goods and services. The authors may be contacted at amattooworldbank.org or molarreaga@worldbank.org
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  • 14
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    Online Resource
    New Firm Formation and Industry Growth : Does Having a Market- or Bank-Based System Matter? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (50 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Levine, Ross New Firm Formation and Industry Growth
    Keywords: Banks and Banking Reform ; Debt Markets ; Economic Development ; Emerging Markets ; External Finance ; Finance and Financial Sector Development ; Financial Development ; Financial Literacy ; Financial Structure ; Financial System ; Financial Systems ; Individual Investors ; Legal Protection ; Liquid Market ; Market ; Market Development ; Market Liquidity ; Markets ; Outside Investors ; Private Sector Development ; Public Markets ; Shareholders ; Shares ; Stock ; Transaction ; Transaction Costs ; Banks and Banking Reform ; Debt Markets ; Economic Development ; Emerging Markets ; External Finance ; Finance and Financial Sector Development ; Financial Development ; Financial Literacy ; Financial Structure ; Financial System ; Financial Systems ; Individual Investors ; Legal Protection ; Liquid Market ; Market ; Market Development ; Market Liquidity ; Markets ; Outside Investors ; Private Sector Development ; Public Markets ; Shareholders ; Shares ; Stock ; Transaction ; Transaction Costs
    Abstract: June 2000 - Do industries that depend heavily on external finance grow faster in market-based or bank-based financial systems? Are new firms more likely to form in a bank-based or a market-based financial system? Beck and Levine find no evidence for the superiority of either market-based or bank-based financial systems for industries dependent on external financing. But they find overwhelming evidence that industries heavily dependent on external finance grow faster in economies with higher levels of financial development and with better legal protection for outside investors - including strong creditor and shareholder rights and strong contract enforcement mechanisms. Financial development also stimulates the establishment of new firms, which is consistent with the Schumpeterian view of creative destruction. Financial development matters. That the financial system is bank-based or market-based offers little additional information. This paper - a product of the Financial Sector Strategy and Policy Department - is part of a larger effort in the department to understand the link between financial development and economic growth. The authors may be contacted at tbeckworldbank.org or rlevine@csom.umn.edu
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  • 15
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    Online Resource
    Impediments to the Development and Efficiency of Financial Intermediation in Brazil (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (20 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Beck, Thorsten Impediments to the Development and Efficiency of Financial Intermediation in Brazil
    Keywords: Accounting ; Accounting Standards ; Banks and Banking Reform ; Bond Markets ; Borrowers ; Contract ; Contract Enforcement ; Credit Information ; Credit Information Systems ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Enforceability ; Enforceability Of Contracts ; Enforcement Of Contracts ; Finance and Financial Sector Development ; Financial Development ; Financial Institutions ; Financial Literacy ; Interest ; Liabilities ; Macroeconomics and Economic Growth ; Private Bond ; Private Sector Development ; Regulatory Framework ; Stock ; Stock Markets ; Unsecured Creditors ; Accounting ; Accounting Standards ; Banks and Banking Reform ; Bond Markets ; Borrowers ; Contract ; Contract Enforcement ; Credit Information ; Credit Information Systems ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Enforceability ; Enforceability Of Contracts ; Enforcement Of Contracts ; Finance and Financial Sector Development ; Financial Development ; Financial Institutions ; Financial Literacy ; Interest ; Liabilities ; Macroeconomics and Economic Growth ; Private Bond ; Private Sector Development ; Regulatory Framework ; Stock ; Stock Markets ; Unsecured Creditors
    Abstract: June 2000 - To improve on the low level and low efficiency of Brazil's financial intermediation (and hence economic growth), Brazil needs reforms leading to a more efficient judicial sector, better enforcement of contracts, stronger rights for creditors, stronger accounting standards and practices, and a legal and regulatory framework that facilitates the exchange of information about borrowers. Reforms to improve both the level and the efficiency of financial intermediation in Brazil should be high on Brazilian policymakers' agendas, because of the financial sector's importance to economic growth. This means that Brazil must also improve the legal and regulatory environment in which its financial institutions operate. Brazil is weak in important components of such an environment: the rights of secured and unsecured creditors, the enforcement of contracts, and the sharing of credit information among intermediaries. Recent reforms, such as the extension of alienação fiduciaria to housing, the introduction of cédula de crédito bancario, the legal separation of principal and interest, and improvements in credit information systems, are useful steps in strengthening the framework. But more is needed. Reforms that will significantly increase the level and efficiency of financial intermediation and have a positive impact on economic growth include: · A more efficient judicial sector and better enforcement of contracts. · Stronger rights for secured and unsecured creditors. · Stronger accounting standards and practices, to improve the quality of information available about borrowers. · The development of a legal and regulatory framework that facilitates the exchange among financial institutions of both negative and positive information about borrowers. This paper - a product of the Financial Sector Strategy and Policy Department - is part of a larger effort in the department to better understand the link between financial development and economic growth, with application to Brazil. The author may be contacted at tbeckworldbank.org
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  • 16
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    Online Resource
    Should Credit Be Given for Autonomous Liberalization in Multilateral Trade Negotiations? (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: Mattoo, Aaditya Should Credit Be Given for Autonomous Liberalization in Multilateral Trade Negotiations?
    Keywords: Currencies and Exchange Rates ; Currency ; Debt Markets ; Dispute Settlement ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Free Trade ; Insurance and Risk Mitigation ; International Economics & Trade ; International Trade and Trade Rules ; Macroeconomics and Economic Growth ; Multilateral Liberalization ; Multilateral Negotiations ; Private Sector Development ; Public Sector Development ; Reciprocal Concessions ; Tariff ; Tariff Reductions ; Tariff Schedule ; Tariffs ; Terms Of Trade ; Terms Of Trade Loss ; Trade ; Trade Liberalization ; Trade Negotiations ; Trade Policy ; Trade Policy ; Unilateral Liberalization ; Unilateral Reduction ; Unilateral Tariff Reduction ; World Trade ; World Trade Organization ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Dispute Settlement ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Free Trade ; Insurance and Risk Mitigation ; International Economics & Trade ; International Trade and Trade Rules ; Macroeconomics and Economic Growth ; Multilateral Liberalization ; Multilateral Negotiations ; Private Sector Development ; Public Sector Development ; Reciprocal Concessions ; Tariff ; Tariff Reductions ; Tariff Schedule ; Tariffs ; Terms Of Trade ; Terms Of Trade Loss ; Trade ; Trade Liberalization ; Trade Negotiations ; Trade Policy ; Trade Policy ; Unilateral Liberalization ; Unilateral Reduction ; Unilateral Tariff Reduction ; World Trade ; World Trade Organization
    Abstract: June 2000 - As each new round of multilateral trade negotiations approaches, there is a demand for a negotiating rule that would give credit for previous unilateral liberalization. The feasibility and desirability of such a rule depend on when it is instituted. As each new round of multilateral trade negotiations approaches, there is a demand for a negotiating rule that would give credit for autonomous (unilateral) liberalization. Mattoo and Olarreaga show that the feasibility and desirability of such a rule depend on when it is instituted. A credit rule established at the beginning of a round of negotiations has a primarily distributional effect, favoring those who have already undertaken liberalization. Implementing such a rule would depend on the generosity of those who have not liberalized. The authors propose instead establishing a credit rule at the end of a round of negotiations, which creates an ex ante assurance that any unilateral liberalization will receive credit in the next round. Such a rule would help induce or enhance liberalization in some countries between negotiating rounds by reducing the gains from retaining protection as negotiating currency. More strikingly, it could also lead to deeper levels of multilateral liberalization and induce other countries to go further than they would in the absence of a rule. Most important, such an ex ante rule would not rely on altruism to be generally acceptable. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to improve trade policy in goods and services. The authors may be contacted at amattooworldbank.org or molarreaga@worldbank.org
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 17
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    Online Resource
    A New Database on Financial Development and Structure (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (67 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Levine, Ross A New Database on Financial Development and Structure
    Keywords: Bank ; Banks and Banking Reform ; Bond ; Bond Markets ; Commercial Banks ; Corporate Law ; Debt Markets ; Emerging Markets ; Equity ; Equity Markets ; Finance ; Finance and Financial Sector Development ; Financial Crises ; Financial Institutions ; Financial Intermediaries ; Financial Literacy ; Financial Sector ; Financial Systems ; Insurance ; Insurance Companies ; Law and Development ; Money ; Non Bank Financial Institutions ; Ownership ; Pension ; Pension Funds ; Private Sector Development ; Stock ; Stock Market ; Bank ; Banks and Banking Reform ; Bond ; Bond Markets ; Commercial Banks ; Corporate Law ; Debt Markets ; Emerging Markets ; Equity ; Equity Markets ; Finance ; Finance and Financial Sector Development ; Financial Crises ; Financial Institutions ; Financial Intermediaries ; Financial Literacy ; Financial Sector ; Financial Systems ; Insurance ; Insurance Companies ; Law and Development ; Money ; Non Bank Financial Institutions ; Ownership ; Pension ; Pension Funds ; Private Sector Development ; Stock ; Stock Market
    Abstract: July 1999 - This new database of indicators of financial development and structure across countries and over time unites a range of indicators that measure the size, activity, and efficiency of financial intermediaries and markets. Beck, Demirgüç-Kunt, and Levine introduce a new database of indicators of financial development and structure across countries and over time. This database is unique in that it unites a variety of indicators that measure the size, activity, and efficiency of financial intermediaries and markets. It improves on previous efforts by presenting data on the public share of commercial banks, by introducing indicators of the size and activity of nonbank financial institutions, and by presenting measures of the size of bond and primary equity markets. The compiled data permit the construction of financial structure indicators to measure whether, for example, a country's banks are larger, more active, and more efficient than its stock markets. These indicators can then be used to investigate the empirical link between the legal, regulatory, and policy environment and indicators of financial structure. They can also be used to analyze the implications of financial structure for economic growth. Beck, Demirgüç-Kunt, and Levine describe the sources and construction of, and the intuition behind, different indicators and present descriptive statistics. This paper - a product of Finance, Development Research Group - is part of a broader effort in the group to understand the determinants of financial structure and its importance to economic development. The authors may be contacted at tbeckworldbank.org, ademirguckunt@worldbank.org, or rlevine@csom.umn.edu
    URL: Volltext  (Deutschlandweit zugänglich)
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