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  • Claessens, Stijn  (10)
  • Ianchovichina, Elena  (7)
  • Washington, D.C : The World Bank  (17)
  • Debt Markets  (14)
  • Social Protections and Labor  (8)
  • 1
    Online Resource
    Online Resource
    Heterogeneous Agglomeration Economies in the Developing Countries : The Roles of Firm Characteristics, Sector Tradability, and Urban Mobility (2022)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (39 pages)
    Parallel Title: Erscheint auch als Burger, Martijn Heterogeneous Agglomeration Economies in the Developing Countries: The Roles of Firm Characteristics, Sector Tradability, and Urban Mobility
    Keywords: Agglomeration Economy ; Business Cycles and Stabilization Policies ; Crime and Society ; Economic Potential Of City ; Effect Of Congestion ; Fixed Effect Model ; General Manufacturing ; Labor Markets ; Labor Productivity ; Macroeconomics and Economic Growth ; Random Effects Model ; Social Development ; Social Protections and Labor
    Abstract: Using geo-coded, firm-level data on more than 51,000 establishments in 649 metropolitan areas in 98 developing economies, from the World Bank's Enterprise Surveys and a new global database on city-level mobility and congestion, this paper estimates the "pure" firm productivity gains of urban density, net of negative externalities associated with limited mobility, crime, and pollution. The results suggest that the average size of agglomeration economies in the developing world is comparable to the one observed in advanced countries, but the magnitude of the benefits of density on firm productivity substantially varies across firms. Returns to urban density are higher for firms operating in the tradables sector, exporters, foreign-owned firms, larger firms, and more experienced firms. Agglomeration economies are lost through both limited uncongested mobility and congestion, but the latter has a stronger negative effect on agglomeration economies and reduces relatively more the agglomeration benefits of firms in the non-tradables sector than those producing tradables
    DOI: 10.1596/1813-9450-9954
    URL: Deutschlandweit zugänglich
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  • 2
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    Online Resource
    Spatial Development and Mobility Frictions in Latin America : Theory-based Empirical Evidence (2022)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (33 pages)
    Parallel Title: Erscheint auch als Conte, Bruno Spatial Development and Mobility Frictions in Latin America: Theory-based Empirical Evidence
    Keywords: Economic Geography ; Employment and Unemployment ; International Economics and Trade ; Labor Markets ; Labor Rates ; Latin America ; Migration Frictions ; Mobility Frictions ; Productivity Differences ; Quantitative Trade Models ; Social Protections and Labor ; Spacial Development ; Trade Costs ; Wages ; Wages, Compensation and Benefits
    Abstract: Using fine-grained spatial data and a dynamic spatial general equilibrium model, this paper assesses the magnitude of mobility frictions in Latin America as well as the effects of their reduction on spatial development in the region. The results suggest that in most Latin American countries, migration frictions calibrated based on spatially differentiated initial utility are on average smaller and less dispersed than those obtained assuming uniform within-country initial utility. A reduction in trade costs due to optimal investments in road infrastructure in most Latin American countries increases the present discounted value of real per capita income on average in the region by 15.1 percent. This effect is larger than the effects obtained with static quantitative trade models because of substantial dynamic gains. By contrast, a reduction in migration entry costs in the most productive and more populous locations in the Latin American countries has a negligible effect on the present discounted value of the region's real per capita income, reflecting the relatively small dispersion in domestic migration frictions and their relatively low levels in top locations. In both counterfactuals, the welfare increases are significantly larger than the increases in real per capita output because the reductions in mobility frictions allow people to relocate to areas with better amenities and therefore derive higher utility. These results suggest that trade costs, not migration barriers, represent a major constraint to the efficient spatial distribution of economic activity and growth in Latin America
    DOI: 10.1596/1813-9450-10071
    URL: lizenzpflichtig
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  • 3
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    Online Resource
    Current Challenges In Financial Regulation (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (48 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Claessens, Stijn Current Challenges In Financial Regulation
    Keywords: Bank ; Banking ; Banking Supervision ; Banks ; Banks and Banking Reform ; Basle Core Principles ; Capital ; Capital Markets ; Consolidation ; Debt Markets ; E-Finance and E-Security ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial ; Financial Integration ; Financial Intermediation ; Financial Literacy ; Financial Regulation ; Labor Policies ; Macroeconomics and Economic Growth ; Non Bank Finance ; Private Sector Development ; Social Protections and Labor ; Bank ; Banking ; Banking Supervision ; Banks ; Banks and Banking Reform ; Basle Core Principles ; Capital ; Capital Markets ; Consolidation ; Debt Markets ; E-Finance and E-Security ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial ; Financial Integration ; Financial Intermediation ; Financial Literacy ; Financial Regulation ; Labor Policies ; Macroeconomics and Economic Growth ; Non Bank Finance ; Private Sector Development ; Social Protections and Labor ; Bank ; Banking ; Banking Supervision ; Banks ; Banks and Banking Reform ; Basle Core Principles ; Capital ; Capital Markets ; Consolidation ; Debt Markets ; E-Finance and E-Security ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial ; Financial Integration ; Financial Intermediation ; Financial Literacy ; Financial Regulation ; Labor Policies ; Macroeconomics and Economic Growth ; Non Bank Finance ; Private Sector Development ; Social Protections and Labor
    Abstract: Financial intermediation and financial services industries have undergone many changes in the past two decades due to deregulation, globalization, and technological advances. The framework for regulating finance has seen many changes as well, with approaches adapting to new issues arising in specific groups of countries or globally. The objectives of this paper are twofold: to review current international thinking on what regulatory framework is needed to develop a financial sector that is stable, yet efficient, and provides proper access to households and firms; and to review the key experiences regarding international financial architecture initiatives, with a special focus on issues arising for developing countries. The paper outlines a number of areas of current debate: the special role of banks, competition policy, consumer protection, harmonization of rules-across products, within markets, and globally-and the adaptation and legitimacy of international standards to the circumstances facing developing countries. It concludes with some areas where more research would be useful
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  • 4
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    Location Decisions of Foreign Banks And Competitive Advantage (2007)
    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: Claessens, Stijn Location Decisions of Foreign Banks And Competitive Advantage
    Keywords: Affiliates ; Bank ; Banking ; Banking Sector ; Banks and Banking Reform ; Consolidation ; Country Strategy and Performance ; Debt Markets ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Integration ; Financial Literacy ; Financial Markets ; Financial Services ; Foreign Banks ; Foreign Direct Investment ; Foreign Entry ; Internation ; International Economics & Trade ; Macroeconomics and Economic Growth ; Private Sector Development ; Affiliates ; Bank ; Banking ; Banking Sector ; Banks and Banking Reform ; Consolidation ; Country Strategy and Performance ; Debt Markets ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Integration ; Financial Literacy ; Financial Markets ; Financial Services ; Foreign Banks ; Foreign Direct Investment ; Foreign Entry ; Internation ; International Economics & Trade ; Macroeconomics and Economic Growth ; Private Sector Development ; Affiliates ; Bank ; Banking ; Banking Sector ; Banks and Banking Reform ; Consolidation ; Country Strategy and Performance ; Debt Markets ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Integration ; Financial Literacy ; Financial Markets ; Financial Services ; Foreign Banks ; Foreign Direct Investment ; Foreign Entry ; Internation ; International Economics & Trade ; Macroeconomics and Economic Growth ; Private Sector Development
    Abstract: While institutional differences have been found to affect country growth patterns, much has remained unexplained, including how economic actors "overcome" institutional weaknesses and how internationalization helps or hinders development. Banking is an institutionally-intensive activity and the location decision of foreign banks provides a good test of how institutional differences are dealt with and how they may affect economic choices. Specifically, the authors examine whether banks seek out those markets where institutional familiarity provides them with a competitive advantage over other foreign competitor banks. Using bilateral data on banking sector foreign direct investment in all developing countries and controlling for other factors, they find that competitive advantage is an important factor in driving foreign banks' location decisions. The findings suggest that high institutional quality is not necessarily a prerequisite to attract foreign direct investment in banking and that there are specific benefits, as well as risks, to international financial integration between developing countries
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  • 5
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    Corporate Governance And Regulation : Can There Be Too Much of A Good Thing ? (2007)
    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: Bruno, Valentina G Corporate Governance And Regulation
    Keywords: Capital Markets ; Company Behavior ; Corporate Governance ; Corporate Governance Regime ; Corporate Law ; Debt Markets ; Economic Policy, Institutions and Governance ; Emerging Markets ; Exchange ; External Financing ; Finance and Financial Sector Development ; Financial Markets ; Governance ; Governance ; Governance Indicators ; Governance Measures ; Governance Practice ; Governance and Financial Sector ; Law and Development ; Macroeconomics and Economic Growth ; Microfinance ; National Governance ; Private Sector Development ; Public Sector Development ; Small Sector ; Capital Markets ; Company Behavior ; Corporate Governance ; Corporate Governance Regime ; Corporate Law ; Debt Markets ; Economic Policy, Institutions and Governance ; Emerging Markets ; Exchange ; External Financing ; Finance and Financial Sector Development ; Financial Markets ; Governance ; Governance ; Governance Indicators ; Governance Measures ; Governance Practice ; Governance and Financial Sector ; Law and Development ; Macroeconomics and Economic Growth ; Microfinance ; National Governance ; Private Sector Development ; Public Sector Development ; Small Sector ; Capital Markets ; Company Behavior ; Corporate Governance ; Corporate Governance Regime ; Corporate Law ; Debt Markets ; Economic Policy, Institutions and Governance ; Emerging Markets ; Exchange ; External Financing ; Finance and Financial Sector Development ; Financial Markets ; Governance ; Governance ; Governance Indicators ; Governance Measures ; Governance Practice ; Governance and Financial Sector ; Law and Development ; Macroeconomics and Economic Growth ; Microfinance ; National Governance ; Private Sector Development ; Public Sector Development ; Small Sector
    Abstract: For a large number of companies from different countries, the authors analyze how company corporate governance practices and country regulatory regimes interact in terms of company valuation. They confirm that corporate governance plays a crucial role in efficient company monitoring and shareholder protection, and consequently positively impacts valuation. They find substitution in valuation impact between corporate governance measures at the company and country level, with a possibility of over-regulation. Corporate governance appears more valuable for companies that rely heavily on external financing, consistent with the hypothesis that the main role of corporate governance is to protect external financiers
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  • 6
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    Growth Diagnostics For A Resource-Rich Transition Economy : The Case of Mongolia (2007)
    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: Ianchovichina, Elena Growth Diagnostics For A Resource-Rich Transition Economy
    Keywords: Access to Finance ; Bottlenecks ; Debt Markets ; Economic Theory and Research ; Elasticity ; Emerging Markets ; Externalities ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Population Growth ; Private Sector Development ; Property Rights ; Tax ; Transit ; Transport ; Transport Economics, Policy and Planning ; Transportation ; Transportation Services ; Wealth ; Access to Finance ; Bottlenecks ; Debt Markets ; Economic Theory and Research ; Elasticity ; Emerging Markets ; Externalities ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Population Growth ; Private Sector Development ; Property Rights ; Tax ; Transit ; Transport ; Transport Economics, Policy and Planning ; Transportation ; Transportation Services ; Wealth ; Access to Finance ; Bottlenecks ; Debt Markets ; Economic Theory and Research ; Elasticity ; Emerging Markets ; Externalities ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Population Growth ; Private Sector Development ; Property Rights ; Tax ; Transit ; Transport ; Transport Economics, Policy and Planning ; Transportation ; Transportation Services ; Wealth
    Abstract: This paper uses a growth diagnostics approach à la Hausmann, Rodrik, and Velasco (HRV) to identify the most 'binding' constraints to private sector growth in Mongolia - a small, low-income, mineral-rich, transition economy. The approach of applying the HRV methodology is useful in those cases where a lack of data prevents us from estimating shadow prices to identify the most 'binding' constraint to growth. We find that although Mongolia is not liquidity constrained and has grown rapidly in recent years, economic growth has been narrowly based. Investment has flowed mainly into a small number of firms operating in mining and construction. The low level of private investment in sectors outside mining and construction has been due to low returns - a result of costly and unreliable transportation services; lengthy and complex transit procedures, including customs and trade rules; distortionary taxes; coordination failures, at both domestic and international levels; and growing corruption. Poor financial intermediation is also a problem that has kept the cost of finance high, although lower than in previous years. Alleviating these binding constraints will ensure that Mongolia maintains the path towards sustained, broad-based growth
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  • 7
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    International Financial Integration Through Equity Markets : Which Firms From Which Countries Go Global ? (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (49 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Claessens, Stijn International Financial Integration Through Equity Markets
    Keywords: Access To Capital ; Bank Policy ; Budget ; Capital Markets ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equity ; Equity Markets ; Exchange ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Financial Support ; Globalization ; International Economy ; Macroeconomics and Economic Growth ; Markets and Market Access ; Microfinance ; Private Sector Development ; Small Scale Enterprises ; Access To Capital ; Bank Policy ; Budget ; Capital Markets ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equity ; Equity Markets ; Exchange ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Financial Support ; Globalization ; International Economy ; Macroeconomics and Economic Growth ; Markets and Market Access ; Microfinance ; Private Sector Development ; Small Scale Enterprises ; Access To Capital ; Bank Policy ; Budget ; Capital Markets ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equity ; Equity Markets ; Exchange ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Financial Support ; Globalization ; International Economy ; Macroeconomics and Economic Growth ; Markets and Market Access ; Microfinance ; Private Sector Development ; Small Scale Enterprises
    Abstract: The authors study international financial integration analyzing firms from various countries raising capital, trading equity, and cross-listing in major world stock markets. Using a large sample of 39,517 firms from 111 countries covering the period 1989-2000, they find that, although international financial integration increases substantially over this period, only relatively few countries and firms actively participate in international markets. Firms more likely to internationalize are from larger and more open economies, with higher income, better macroeconomic policies, and worse institutional environments. These firms tend to be larger, grow faster, and have higher returns and more foreign sales. While changes occur with internationalization, these firm attributes are present before internationalization takes place. The results suggest that international financial integration will likely remain constrained by country and firm characteristics
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  • 8
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    Finance And Hunger : Empirical Evidence of The Agricultural Productivity Channel (2006)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (48 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Claessens, Stijn Finance And Hunger
    Keywords: Banks and Banking Reform ; Consumption ; Consumption Levels ; Cred Development ; Debt Markets ; Economic Growth ; Economic Theory and Research ; Extreme Poverty ; Finance and Financial Sector Development ; Financial Literacy ; Financial Sector ; GDP ; GDP Per Capital ; Income ; Inflation ; Macroeconomics and Economic Growth ; Per Capita Income ; Poverty Reduction ; Prices ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction ; Banks and Banking Reform ; Consumption ; Consumption Levels ; Cred Development ; Debt Markets ; Economic Growth ; Economic Theory and Research ; Extreme Poverty ; Finance and Financial Sector Development ; Financial Literacy ; Financial Sector ; GDP ; GDP Per Capital ; Income ; Inflation ; Macroeconomics and Economic Growth ; Per Capita Income ; Poverty Reduction ; Prices ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction ; Banks and Banking Reform ; Consumption ; Consumption Levels ; Cred Development ; Debt Markets ; Economic Growth ; Economic Theory and Research ; Extreme Poverty ; Finance and Financial Sector Development ; Financial Literacy ; Financial Sector ; GDP ; GDP Per Capital ; Income ; Inflation ; Macroeconomics and Economic Growth ; Per Capita Income ; Poverty Reduction ; Prices ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction
    Abstract: Using cross-country and panel regressions, the authors show that financial sector development significantly reduces undernourishment (hunger), largely through gaining farmers and others access to productivity-enhancing equipment, translating into beneficial income and general effects. They show specifically that a deeper financial sector leads to higher agricultural productivity, including higher cereal yields, through increased fertilizer and tractor use. Higher productivity in turn leads to lower undernourishment. The results are robust to various specifications and econometric tests and imply that a 1 percentage point increase in private credit to GDP reduces undernourishment by 0.22-2.45 percentage points, or about one-quarter the impact of GDP per capita
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  • 9
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    Taking Stock of Risk Management Techniques for Sovereigns (2005)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (35 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Claessens, Stijn Taking Stock of Risk Management Techniques for Sovereigns
    Keywords: Bank Policy ; Banks and Banking Reform ; Commodity Prices ; Creditworthiness ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Literacy ; Financial Risk ; Global Capital ; Global Capital Markets ; Instruments ; Insurance and Risk Mitigation ; International Financial Institution ; Labor Policies ; Non Bank Financial Institutions ; Private Sector Development ; Social Protections and Labor ; Bank Policy ; Banks and Banking Reform ; Commodity Prices ; Creditworthiness ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Literacy ; Financial Risk ; Global Capital ; Global Capital Markets ; Instruments ; Insurance and Risk Mitigation ; International Financial Institution ; Labor Policies ; Non Bank Financial Institutions ; Private Sector Development ; Social Protections and Labor ; Bank Policy ; Banks and Banking Reform ; Commodity Prices ; Creditworthiness ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Literacy ; Financial Risk ; Global Capital ; Global Capital Markets ; Instruments ; Insurance and Risk Mitigation ; International Financial Institution ; Labor Policies ; Non Bank Financial Institutions ; Private Sector Development ; Social Protections and Labor
    Abstract: This paper reviews the current state of affairs and thinking on external risk management for developing countries. It tries to identify the reasons behind the limited risk management by sovereigns. Perverse incentives arising from a too generous international safety net, limited access to international financial markets by developing countries arising from low creditworthiness, a limited supply of financial risk management tools suited to developing countries, and a poor supply of skills have inhibited risk management. Another constraint has been the limited attention given to the strategic objectives for risk management. Going forward, the paper identifies actions by international financial markets, countries and international financial institutions that can help improve risk management
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  • 10
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    Economic Impacts of China's Accession to the World Trade Organization (2003)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (44 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Martin, Will Economic Impacts of China's Accession to the World Trade Organization
    Keywords: Base Year ; Consumption ; Currencies and Exchange Rates ; Debt Markets ; Economic Theory and Research ; Economy ; Emerging Markets ; Exports ; Finance and Financial Sector Development ; Financial Literacy ; Free Trade ; Goods ; Growth Rate ; Influence ; Inputs ; International Economics & Trade ; Labor ; Labor Policies ; Macroeconomics and Economic Growth ; Markets ; Prices ; Private Sector Development ; Production ; Public Sector Development ; Quotas ; Social Protections and Labor ; Trade ; Trade Policy ; Trade Policy ; Trade Reform ; World Trade Organization ; Base Year ; Consumption ; Currencies and Exchange Rates ; Debt Markets ; Economic Theory and Research ; Economy ; Emerging Markets ; Exports ; Finance and Financial Sector Development ; Financial Literacy ; Free Trade ; Goods ; Growth Rate ; Influence ; Inputs ; International Economics & Trade ; Labor ; Labor Policies ; Macroeconomics and Economic Growth ; Markets ; Prices ; Private Sector Development ; Production ; Public Sector Development ; Quotas ; Social Protections and Labor ; Trade ; Trade Policy ; Trade Policy ; Trade Reform ; World Trade Organization ; Base Year ; Consumption ; Currencies and Exchange Rates ; Debt Markets ; Economic Theory and Research ; Economy ; Emerging Markets ; Exports ; Finance and Financial Sector Development ; Financial Literacy ; Free Trade ; Goods ; Growth Rate ; Influence ; Inputs ; International Economics & Trade ; Labor ; Labor Policies ; Macroeconomics and Economic Growth ; Markets ; Prices ; Private Sector Development ; Production ; Public Sector Development ; Quotas ; Social Protections and Labor ; Trade ; Trade Policy ; Trade Policy ; Trade Reform ; World Trade Organization
    Abstract: Ianchovichina and Martin present estimates of the impact of accession by China and Chinese Taipei to the World Trade Organization. China is estimated to be the biggest beneficiary, followed by Chinese Taipei and their major trading partners. Accession will boost the labor-intensive manufacturing sectors in China, especially the textiles and apparel sector that will benefit directly from the removal of quotas on textiles and apparel exports to North America and Western Europe. Consequently, developing economies competing with China in third markets may suffer relatively small losses. China has already benefited from the reforms undertaken between 1995 and 2001 (US
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  • 11
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    Long-Run Impacts of China's WTO Accession on Farm-Nonfarm Income Inequality and Rural Poverty (2003)
    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: Ianchovichina, Elena Long-Run Impacts of China's WTO Accession on Farm-Nonfarm Income Inequality and Rural Poverty
    Keywords: Agricultural Policy ; Agriculture ; Crops and Crop Management Systems ; Economic Growth ; Economic Theory and Research ; Farm Households ; Farm Incomes ; Farm Products ; Farm Sector ; Farm Work ; Farmers ; Food Insecurity ; Food and Beverage Industry ; Income ; Income Inequality ; Industry ; International Economics & Trade ; Livestock and Animal Husbandry ; Macroeconomics and Economic Growth ; Poor ; Poverty Reduction ; Private Sector Development ; Rural Development ; Rural Development Knowledge ; Rural Poverty Reduction ; Social Protections and Labor ; World Trade Organization ; Agricultural Policy ; Agriculture ; Crops and Crop Management Systems ; Economic Growth ; Economic Theory and Research ; Farm Households ; Farm Incomes ; Farm Products ; Farm Sector ; Farm Work ; Farmers ; Food Insecurity ; Food and Beverage Industry ; Income ; Income Inequality ; Industry ; International Economics & Trade ; Livestock and Animal Husbandry ; Macroeconomics and Economic Growth ; Poor ; Poverty Reduction ; Private Sector Development ; Rural Development ; Rural Development Knowledge ; Rural Poverty Reduction ; Social Protections and Labor ; World Trade Organization ; Agricultural Policy ; Agriculture ; Crops and Crop Management Systems ; Economic Growth ; Economic Theory and Research ; Farm Households ; Farm Incomes ; Farm Products ; Farm Sector ; Farm Work ; Farmers ; Food Insecurity ; Food and Beverage Industry ; Income ; Income Inequality ; Industry ; International Economics & Trade ; Livestock and Animal Husbandry ; Macroeconomics and Economic Growth ; Poor ; Poverty Reduction ; Private Sector Development ; Rural Development ; Rural Development Knowledge ; Rural Poverty Reduction ; Social Protections and Labor ; World Trade Organization
    Abstract: Many fear China's accession to the World Trade Organization (WTO) will impoverish its rural people by way of greater import competition in its agricultural markets. Anderson, Huang, and Ianchovichina explore that possibility bearing in mind that, even if producer prices of some (land-intensive) farm products fall, prices of other (labor-intensive) farm products could rise. Also, the removal of restrictions on exports of textiles and clothing could boost town and village enterprises, so demand for unskilled labor for nonfarm work in rural areas may grow even if demand for farm labor in aggregate falls. New estimates, from the global economywide numerical simulation model known as GTAP, of the likely changes in agricultural and other product prices as a result of WTO accession are drawn on to examine empirically the factor reward implications of China's WTO accession. The results suggest farm-nonfarm and Western-Eastern income inequality may well rise in China but rural-urban income inequality need not. The authors conclude with some policy suggestions for alleviating any pockets of farm household poverty that may emerge as a result of WTO accession. This paper—a product of the Economic Policy Division, Poverty Reduction and Economic Management Network—is part of a larger effort in the network to assess the impact of China's WTO accession
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  • 12
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    The Impact of China's WTO Accession on East Asia (2003)
    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: Ianchovichina, Elena The Impact of China's WTO Accession on East Asia
    Keywords: Capital ; Capital Markets ; Comparative Advantage ; Competition ; Competitiveness ; Currencies and Exchange Rates ; Debt Markets ; Demand ; Development Economics ; Economic Theory and Research ; Economy ; Emerging Markets ; Equilibrium ; Exchange Rates ; Exports ; Finance and Financial Sector Development ; Financial Literacy ; Free Trade ; International Economics & Trade ; Investment ; Macroeconomics and Economic Growth ; Private Sector Development ; World Trade Organization ; Capital ; Capital Markets ; Comparative Advantage ; Competition ; Competitiveness ; Currencies and Exchange Rates ; Debt Markets ; Demand ; Development Economics ; Economic Theory and Research ; Economy ; Emerging Markets ; Equilibrium ; Exchange Rates ; Exports ; Finance and Financial Sector Development ; Financial Literacy ; Free Trade ; International Economics & Trade ; Investment ; Macroeconomics and Economic Growth ; Private Sector Development ; World Trade Organization ; Capital ; Capital Markets ; Comparative Advantage ; Competition ; Competitiveness ; Currencies and Exchange Rates ; Debt Markets ; Demand ; Development Economics ; Economic Theory and Research ; Economy ; Emerging Markets ; Equilibrium ; Exchange Rates ; Exports ; Finance and Financial Sector Development ; Financial Literacy ; Free Trade ; International Economics & Trade ; Investment ; Macroeconomics and Economic Growth ; Private Sector Development ; World Trade Organization
    Abstract: China's World Trade Organization (WTO) accession will have major implications for China and present both opportunities and challenges for East Asia. Ianchovichina and Walmsley assess the possible channels through which China's accession to the WTO could affect East Asia and quantify these effects using a dynamic computable general equilibrium model. China will be the biggest beneficiary of accession, followed by the industrial and newly industrializing economies (NIEs) in East Asia. But their benefits are small relative to the size of their economies and to the vigorous growth projected to occur in the region over the next 10 years. By contrast, developing countries in East Asia are expected to incur small declines in real GDP and welfare as a result of China's accession, mainly because with the elimination of quotas on Chinese textile and apparel exports to industrial countries China will become a formidable competitor in areas in which these countries have comparative advantage. With WTO accession China will increase its demand for petrochemicals, electronics, machinery, and equipment from Japan and the NIEs, and farm, timber, energy products, and other manufactures from the developing countries in East Asia. New foreign investment is likely to flow into these expanding sectors. The overall impact on foreign investment is likely to be positive in the NIEs, but negative for the less developed East Asian countries as a result of the contraction of these economies' textile and apparel sector. As China becomes a more efficient supplier of services or a more efficient producer of high-end manufactures, its comparative advantage will shift into higher-end products. This is good news for the poor developing economies in East Asia, but it implies that the impact of China's WTO accession on the NIEs may change to include heightened competition in global markets. This paper—a product of the Economic Policy Division, Poverty Reduction and Economic Management Network—is part of a larger effort in the network to assess the impact of China's WTO accession
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  • 13
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    Trade Liberalization in China's Accession to the World Trade Organization (2001)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (44 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Ianchovichina, Elena Trade Liberalization in China's Accession to the World Trade Organization
    Keywords: Comparative Advantage ; Currencies and Exchange Rates ; Debt Markets ; Economic Theory and Research ; Economy ; Emerging Markets ; Exports ; Finance and Financial Sector Development ; Free Trade ; Goods ; Influence ; Inputs ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Markets ; Monopoly ; Private Sector Development ; Production ; Public Sector Development ; Quotas ; Trade ; Trade Law ; Trade Liberalization ; Trade Policy ; Trade Policy ; World Trade Organization ; Comparative Advantage ; Currencies and Exchange Rates ; Debt Markets ; Economic Theory and Research ; Economy ; Emerging Markets ; Exports ; Finance and Financial Sector Development ; Free Trade ; Goods ; Influence ; Inputs ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Markets ; Monopoly ; Private Sector Development ; Production ; Public Sector Development ; Quotas ; Trade ; Trade Law ; Trade Liberalization ; Trade Policy ; Trade Policy ; World Trade Organization ; Comparative Advantage ; Currencies and Exchange Rates ; Debt Markets ; Economic Theory and Research ; Economy ; Emerging Markets ; Exports ; Finance and Financial Sector Development ; Free Trade ; Goods ; Influence ; Inputs ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Markets ; Monopoly ; Private Sector Development ; Production ; Public Sector Development ; Quotas ; Trade ; Trade Law ; Trade Liberalization ; Trade Policy ; Trade Policy ; World Trade Organization
    Abstract: (June 2001) - China's forthcoming access to the World Trade Organization involves reform in many sectors, both domestic and trade-related. The starting point for reform is a partially reformed economy with relatively high import duties, in which export sectors benefit from liberal duty exemptions on inputs. Both China and its major trading partners will gain from access—with China gaining most (perhaps half of the estimated
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  • 14
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    Corporate Risk around the World (2000)
    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: Nenova, Tatiana Corporate Risk around the World
    Keywords: Accounting ; Asymmetric Information ; Bankruptcy ; Banks and Banking Reform ; Common Law ; Debt ; Debt Markets ; Debt Maturity ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Instability ; Financial Literacy ; Financial Markets ; Financial Risk ; Financial Risks ; Financial Sector Development ; Financial Structure ; Financial Systems ; Firm Performance ; Labor Policies ; Macroeconomics and Economic Growth ; Private Sector Development ; Property ; Property Rights ; Social Protections and Labor ; Tax ; Taxes ; Valuation ; Accounting ; Asymmetric Information ; Bankruptcy ; Banks and Banking Reform ; Common Law ; Debt ; Debt Markets ; Debt Maturity ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Instability ; Financial Literacy ; Financial Markets ; Financial Risk ; Financial Risks ; Financial Sector Development ; Financial Structure ; Financial Systems ; Firm Performance ; Labor Policies ; Macroeconomics and Economic Growth ; Private Sector Development ; Property ; Property Rights ; Social Protections and Labor ; Tax ; Taxes ; Valuation ; Accounting ; Asymmetric Information ; Bankruptcy ; Banks and Banking Reform ; Common Law ; Debt ; Debt Markets ; Debt Maturity ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Instability ; Financial Literacy ; Financial Markets ; Financial Risk ; Financial Risks ; Financial Sector Development ; Financial Structure ; Financial Systems ; Firm Performance ; Labor Policies ; Macroeconomics and Economic Growth ; Private Sector Development ; Property ; Property Rights ; Social Protections and Labor ; Tax ; Taxes ; Valuation
    Abstract: January 2000 - Corporate financing patterns around the world reflect countries' institutional environments. Weaknesses in the corporate sector have increasingly been cited as important factors in financial crises in both emerging markets and industrial countries. Analysts have pointed to weak corporate performance and risky financing patterns as major causes of the East Asian financial crisis. And some have argued that company balance sheet problems may also have played a role, independent of macroeconomic or other weaknesses, including poor corporate sector performance. But little is known about the empirical importance of firm financing choices in predicting and explaining financial instability. Firm financing patterns have long been studied by the corporate finance literature. Financing patterns have traditionally been analyzed in the Modigliani-Miller framework, expanded to incorporate taxes and bankruptcy costs. More recently, asymmetric information issues have drawn attention to agency costs and their impact on firm financing choices. There is also an important literature relating financing patterns to firm performance and governance. Several recent studies have focused on identifying systematic cross-country differences in firm financing patterns - and the effects of these differences on financial sector development and economic growth. They have also examined the causes of different financing patterns, particularly countries' legal and institutional environments. The literature has devoted little attention to corporate sector risk characteristics, however, aside from leverage and debt maturity considerations. Even these measures have been the subject of few empirical investigations, mainly because of a paucity of data on corporate sectors around the world. Building on data that have recently become available, Claessens, Djankov, and Nenova try to fill this gap in the literature and shed light on the risk characteristics of corporate sectors around the world. They investigate how corporate sectors' financial and operating structures relate to the institutional environment in which they operate, using data for more than 11,000 firms in 46 countries. They show that: · The origins of a country's laws, the strength of its equity and creditor rights, and the nature of its financial system can account for the degree of corporate risk-taking. · In particular, corporations in common law countries and market-based financial systems have less risky financing patterns. · Stronger protection of equity and creditor rights is also associated with less financial risk. This paper - a product of the Financial Sector Strategy and Policy Group, Financial Sector Vice Presidency - is part of a larger effort in the Bank to study the determinants of the riskiness of countries' corporate and financial systems
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  • 15
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    The Political Economy of Distress in East Asian Financial Institutions (2000)
    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: Ferri, Giovanni The Political Economy of Distress in East Asian Financial Institutions
    Keywords: Balance Sheet ; Banking System ; Banks and Banking Reform ; Currencies and Exchange Rates ; Debt Markets ; E-Business ; Economic Policy, Institutions and Governance ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Crisis ; Financial Distress ; Financial Institutions ; Financial Intermediation ; Financial Literacy ; Financial Risks ; Good ; Interest ; Interest Income ; Investors ; Loan ; Loans ; Loss Of Confidence ; Macroeconomics and Economic Growth ; Non Bank Financial Institutions ; Political Economy ; Portfolio ; Private Sector Development ; Prudential Regulations ; Public Institution Analysis and Assessment ; Public Sector Development ; Reserves ; Return ; Return On Assets ; Balance Sheet ; Banking System ; Banks and Banking Reform ; Currencies and Exchange Rates ; Debt Markets ; E-Business ; Economic Policy, Institutions and Governance ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Crisis ; Financial Distress ; Financial Institutions ; Financial Intermediation ; Financial Literacy ; Financial Risks ; Good ; Interest ; Interest Income ; Investors ; Loan ; Loans ; Loss Of Confidence ; Macroeconomics and Economic Growth ; Non Bank Financial Institutions ; Political Economy ; Portfolio ; Private Sector Development ; Prudential Regulations ; Public Institution Analysis and Assessment ; Public Sector Development ; Reserves ; Return ; Return On Assets ; Balance Sheet ; Banking System ; Banks and Banking Reform ; Currencies and Exchange Rates ; Debt Markets ; E-Business ; Economic Policy, Institutions and Governance ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Crisis ; Financial Distress ; Financial Institutions ; Financial Intermediation ; Financial Literacy ; Financial Risks ; Good ; Interest ; Interest Income ; Investors ; Loan ; Loans ; Loss Of Confidence ; Macroeconomics and Economic Growth ; Non Bank Financial Institutions ; Political Economy ; Portfolio ; Private Sector Development ; Prudential Regulations ; Public Institution Analysis and Assessment ; Public Sector Development ; Reserves ; Return ; Return On Assets
    Abstract: In the East Asian crisis, connections - with industrial groups or influential families - increased the probability of distress for financial institutions. Connections also made closure more, not less, likely, suggesting that the closure processes themselves were transparent. But larger institutions, although more likely to be distressed, were less likely to be closed, suggesting a too big to fail policy. - Politics and regulatory capture can play an important role in financial institutions' distress. East Asia's financial crisis featured many distressed and closed financial intermediaries in an environment with many links between government, politicians, supervisors, and financial institutions. This makes the East Asian financial crisis a good event for studying how such connections affect the resolution of financial institutions' distress. Bongini, Claessens, and Ferri investigate distress and closure decisions for 186 banks and 97 nonbank financial institutions in Indonesia, the Republic of Korea, Malaysia, the Philippines, and Thailand. They find that after July 1997, 42 percent of the institutions experienced distress (were closed, merged, or recapitalized, or had their operations temporarily suspended). By July 1999, 13 percent of all institutions in existence in July 1997 had been closed. Using financial data for 1996, the authors find that: · Traditional CAMEL-type variables - returns on assets, loan growth, and the ratio of loan loss reserves to capital, of net interest income to total income, and of loans to borrowings - help predict subsequent distress and closure. · None of the foreign-controlled institutions was closed, and foreign portfolio ownership lowered an institution's probability of distress. · Connections - with industrial groups or influential families - increased the probability of distress, suggesting that supervisors had granted forbearance from regulations. Connections also made closure more, not less, likely - suggesting that the closure processes themselves were transparent. · But larger institutions, although more likely to be distressed, were less likely to be closed, while (smaller) nonbank financial institutions were more likely to be closed. This suggests a too big to fail policy. · These policies, together with the fact that resolution processes were late and not necessarily comprehensive, may have added to the overall uncertainty and loss of confidence in the East Asian countries, aggravating the financial crisis. This paper - a product of the Financial Sector Strategy and Policy Group, Financial Sector Vice Presidency - is part of a larger effort in the group to study the causes and resolution of financial distress. The authors may be contacted at pbonginimi.unicatt.it, cclaessens@worldbank.org, or gferri@worldbank.org
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  • 16
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    Resolution of Corporate Distress : Evidence from East Asia's Financial Crisis (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (33 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Klapper, Leora Resolution of Corporate Distress
    Keywords: Bank ; Bankruptcy ; Bankruptcy Filing ; Bankruptcy Filings ; Banks and Banking Reform ; Cred Creditor ; Creditors ; Debt ; Debt Markets ; Earnings ; Economic Theory and Research ; Emerging Markets ; Expenses ; Finance and Financial Sector Development ; Financial Crisis ; Financial Distress ; Financial Institutions ; Financial Literacy ; Interest ; Loan ; Macroeconomics and Economic Growth ; Ownership ; Private Sector Development ; Probability ; Regression Analysis ; Stakeholders ; State University ; Bank ; Bankruptcy ; Bankruptcy Filing ; Bankruptcy Filings ; Banks and Banking Reform ; Cred Creditor ; Creditors ; Debt ; Debt Markets ; Earnings ; Economic Theory and Research ; Emerging Markets ; Expenses ; Finance and Financial Sector Development ; Financial Crisis ; Financial Distress ; Financial Institutions ; Financial Literacy ; Interest ; Loan ; Macroeconomics and Economic Growth ; Ownership ; Private Sector Development ; Probability ; Regression Analysis ; Stakeholders ; State University
    Abstract: June 1999 - Evidence from East Asia suggests that a firm's ownership relationship with a family or bank provides insurance against the likelihood of bankruptcy during bad times, possibly at the expense of minority shareholders. Bankruptcy is more likely in countries with strong creditor rights and a good judicial system - perhaps because creditors are more likely to force a firm to file for bankruptcy. The widespread financial crisis in East Asia caused large economic shocks, which varied by degree across the region. That crisis provides a unique opportunity for investigating the factors that determine the use of bankruptcy processes in a number of economies. Claessens, Djankov, and Klapper study the use of bankruptcy in Hong Kong, Indonesia, Japan, the Republic of Korea, Malaysia, the Philippines, Singapore, Taiwan (China), and Thailand. These economies differ in their institutional frameworks for resolving financial distress, partly because of the different origins of their judicial systems. One difference is the strength of creditor rights, which Claessens, Djankov, and Klapper document. They expect that differences in legal enforcement and judicial efficiency should affect the resolution of financial distress. Using a sample of 4,569 publicly traded East Asian firms, they observe a total of 106 bankruptcies in 1997 and 1998. They find that: · The likelihood of filing for bankruptcy is lower for firms with ownership links to banks and families, controlling for firm and country characteristics. · Filings are more likely in countries with better judicial systems. · Filings are more likely where there are both strong creditor rights and a good judicial system. These results alone do not allow Claessens, Djankov, and Klapper to address whether increased use of bankruptcy is an efficient resolution mechanism. This paper - a product of the Financial Economics Unit, Financial Sector Practice Department - is part of a larger effort in the department to study corporate financing and governance mechanisms in emerging markets
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  • 17
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    Diversification and Efficiency of Investment by East Asian Corporations (1998)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (35 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Fan, H.P.Joseph Diversification and Efficiency of Investment by East Asian Corporations
    Keywords: Business Segment ; Business Segments ; Capital Market ; Capital Markets ; Companies ; Company ; Corporate Control ; Corporate Growth ; Corporation ; Corporations ; Debt Markets ; Diversification ; Economic Theory and Research ; Enterprises ; Expansion ; Finance and Financial Sector Development ; Financial Literacy ; Firm ; Firm Size ; Firms ; Investment and Investment Climate ; Labor Policies ; Macroeconomics and Economic Growth ; Manufacturer ; Microfinance ; Poverty Reduction ; Pro-Poor Growth ; See ; Shop ; Small Firms ; Small Scale Enterprises ; Social Protections and Labor ; Business Segment ; Business Segments ; Capital Market ; Capital Markets ; Companies ; Company ; Corporate Control ; Corporate Growth ; Corporation ; Corporations ; Debt Markets ; Diversification ; Economic Theory and Research ; Enterprises ; Expansion ; Finance and Financial Sector Development ; Financial Literacy ; Firm ; Firm Size ; Firms ; Investment and Investment Climate ; Labor Policies ; Macroeconomics and Economic Growth ; Manufacturer ; Microfinance ; Poverty Reduction ; Pro-Poor Growth ; See ; Shop ; Small Firms ; Small Scale Enterprises ; Social Protections and Labor
    Abstract: Firms in industrial countries are more likely to benefit from vertical integration and corporate diversification-learning faster and hence improving performance. Corporate diversification in less developed countries is more likely to lead to misallocation of capital. - The East Asian financial crisis has been attributed in part to the corporate diversification associated with the misallocation of capital investment toward less profitable and more risky business segments. Much anecdotal evidence to support this view has surfaced since the crisis but there was little discussion of it before the crisis. Quite the contrary: The rapid expansion of East Asian firms by entering new business segments was viewed as contributing to the East Asian miracle. Claessens, Djankov, Fan, and Lang examine the efficiency of investment by diversified corporations in nine East Asian countries, using unique panel data from more than 10,000 corporations for the pre-crisis period, 1991-96. They: ° Document the degree of diversification in the corporate sector in Hong Kong, Indonesia, Japan, the Republic of Korea, Malaysia, the Philippines, Singapore, Taiwan (China), and Thailand, countries that have achieved enviable rates of economic growth over the past three decades. ° Distinguish between vertical and complementary diversification and study the differences across nine countries. ° Investigate whether diversification in East Asia has hurt economic efficiency. Their study tests the learning-by-doing and misallocation-of-capital hypotheses related to the types and degrees of diversification in East Asian countries. Firms in Indonesia, Korea, Taiwan, and Thailand appear to have suffered significant negative effects of vertical integration on short-term performance; the same countries gained significant short-term benefits from complementary expansion. The results suggest that the misallocation-of-capital hypothesis is appropriate for Korea and Malaysia; the learning-by-doinghypothesis for Indonesia, Taiwan, and Thailand. Firms in more developed countries succeed in vertically integrating and improve both short-term profitability and market valuation. Firms in more developed countries are ultimately more likely to benefit from such diversification (learn faster, to improve their performance). And diversification by firms in less developed countries is subject to more misallocation of capital. This paperis a product of the Economic Policy Unit, Finance, Private Sector, and Infrastructure Network
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