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  • 2015-2019
  • 2000-2004  (3)
  • 2000  (3)
  • Servén, Luis  (2)
  • Clarke, George  (1)
  • Washington, D.C : The World Bank  (3)
  • Financial Literacy  (3)
  • Social Protections and Labor
  • 1
    Online Resource
    Online Resource
    Reforming the Water Supply in Abidjan, Côte d'Ivoire : Mild Reform in a Turbulent Environment (2000)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (52 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Clarke, George Reforming the Water Supply in Abidjan, Côte d'Ivoire
    Keywords: Central Government ; Concession Contract ; Debt Markets ; Economic Theory and Research ; Finance and Financial Sector Development ; Financial Literacy ; Industry ; Investment and Investment Climate ; Local Authorities ; Macroeconomics and Economic Growth ; Municipal Governments ; Municipalities ; Performance Indicators ; Population Growth ; Potable Water ; Private Operator ; Private Participation ; Service Quality ; Town Water Supply and Sanitation ; Urban Areas ; Urban Water ; Urban Water Supply ; Urban Water Supply and Sanitation ; Water ; Water Conservation ; Water Resources ; Water Sector ; Water Supply ; Water Supply System ; Water Supply and Sanitation ; Water Supply and Sanitation Governance and Institutions ; Water System ; Water Systems ; Water and Industry ; Central Government ; Concession Contract ; Debt Markets ; Economic Theory and Research ; Finance and Financial Sector Development ; Financial Literacy ; Industry ; Investment and Investment Climate ; Local Authorities ; Macroeconomics and Economic Growth ; Municipal Governments ; Municipalities ; Performance Indicators ; Population Growth ; Potable Water ; Private Operator ; Private Participation ; Service Quality ; Town Water Supply and Sanitation ; Urban Areas ; Urban Water ; Urban Water Supply ; Urban Water Supply and Sanitation ; Water ; Water Conservation ; Water Resources ; Water Sector ; Water Supply ; Water Supply System ; Water Supply and Sanitation ; Water Supply and Sanitation Governance and Institutions ; Water System ; Water Systems ; Water and Industry ; Central Government ; Concession Contract ; Debt Markets ; Economic Theory and Research ; Finance and Financial Sector Development ; Financial Literacy ; Industry ; Investment and Investment Climate ; Local Authorities ; Macroeconomics and Economic Growth ; Municipal Governments ; Municipalities ; Performance Indicators ; Population Growth ; Potable Water ; Private Operator ; Private Participation ; Service Quality ; Town Water Supply and Sanitation ; Urban Areas ; Urban Water ; Urban Water Supply ; Urban Water Supply and Sanitation ; Water ; Water Conservation ; Water Resources ; Water Sector ; Water Supply ; Water Supply System ; Water Supply and Sanitation ; Water Supply and Sanitation Governance and Institutions ; Water System ; Water Systems ; Water and Industry
    Abstract: June 2000 - The success of Abidjan's water sector is attributable to the government's consistent support for private sector participation in the sector and to the institutions that have guaranteed the private operator's property rights. Strong institutions with adequate human capital allow the government to supervise the private operator and monitor the contractual arrangement well, at least by regional standards. Compared with other urban water systems in West Africa, the water supply system in Abidjan performs very well. Documenting the recent history of that system, Ménard and Clarke try to answer three questions: What motivated reform in a system that was already performing well? How and why did the reform affect sector performance, and what additional changes might improve performance further? And what explains the relatively strong performance of Abidjan's water system? Is the success attributable primarily to an efficient contractual arrangement or more generally to Côte d'Ivoire's institutional environment? In a region plagued by political instability, Ivoirian political institutions were remarkably stable for close to 40 years. In part, the success of the Ivoirian model is the result of these institutions' stability and credibility. The single-party system in place at the time of reform might suggest that there were few restraints in place to prevent the government from behaving opportunistically. But several features of the institutional environment protected against such opportunism. Because of this, and because reform was based on a system already performing well, the contractual arrangement with a private operator proved exceptionally capable of adjusting even in the face of dramatic changes in the external environment. Institutional environments are not as favorable in other countries in the region, so similar contractual arrangements might be less successful elsewhere. Reform in Côte d'Ivoire was motivated primarily by a macroeconomic crisis, which reduced the resources available for public investment. Without either a sector crisis or a realignment of political forces, the will for reform was weak. Consequently, opportunities for improvement were missed and some problems remain. Among other ways in which the system could be improved: Splitting the water system into autonomous subsystems for different cities, and allowing bidding for investment contracts, would increase the chances of competition for investment, which does not currently exist. This paper - a product of Public Economics, Development Research Group - is part of a larger effort in the group to promote competition and private sector development. The study was funded by the Bank's Research Support Budget under the research project Institutions, Politics, and Contracts: Private Sector Participation in Urban Water Supply (RPO 681-87). The authors may be contacted at menarduniv-paris1.fr or gclarke@worldbank.org
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 2
    Online Resource
    Online Resource
    Global Transmission of Interest Rates : Monetary Independence and the Currency Regime (2000)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (40 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Schmukler, Sergio Global Transmission of Interest Rates
    Keywords: Currencies and Exchange Rates ; Currency ; Currency Regime ; Currency Regimes ; Currency Risks ; Debt Markets ; Domestic Interest Rates ; Economic Stabilization ; Economies ; Economy ; Emerging Markets ; Exchange Rate ; Exchange Rate Regime ; Exchange Rate Risk ; Finance and Financial Sector Development ; Financial Literacy ; Fixed Exchange Rate ; Flexible Exchange Rate ; Flexible Exchange Rates ; Independent Monetary Policy ; Interest Rate ; Interest Rates ; International Monetary Economics ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Monetary Independence ; Monetary Policy ; Nominal Anchor ; Private Sector Development ; Currencies and Exchange Rates ; Currency ; Currency Regime ; Currency Regimes ; Currency Risks ; Debt Markets ; Domestic Interest Rates ; Economic Stabilization ; Economies ; Economy ; Emerging Markets ; Exchange Rate ; Exchange Rate Regime ; Exchange Rate Risk ; Finance and Financial Sector Development ; Financial Literacy ; Fixed Exchange Rate ; Flexible Exchange Rate ; Flexible Exchange Rates ; Independent Monetary Policy ; Interest Rate ; Interest Rates ; International Monetary Economics ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Monetary Independence ; Monetary Policy ; Nominal Anchor ; Private Sector Development ; Currencies and Exchange Rates ; Currency ; Currency Regime ; Currency Regimes ; Currency Risks ; Debt Markets ; Domestic Interest Rates ; Economic Stabilization ; Economies ; Economy ; Emerging Markets ; Exchange Rate ; Exchange Rate Regime ; Exchange Rate Risk ; Finance and Financial Sector Development ; Financial Literacy ; Fixed Exchange Rate ; Flexible Exchange Rate ; Flexible Exchange Rates ; Independent Monetary Policy ; Interest Rate ; Interest Rates ; International Monetary Economics ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Monetary Independence ; Monetary Policy ; Nominal Anchor ; Private Sector Development
    Abstract: August 2000 - Hikes in U.S. interest rates in 1999-2000 have started to spill over to other economies' interest rates, which in many countries have risen to reflect the higher U.S. rates. Are countries with flexible exchange rates better able to isolate their domestic interest rates from this type of negative international shock? Less and less so, as economies become more integrated. Frankel, Schmukler, and Servén empirically study the sensitivity of local interest rates to international interest rates and how that sensitivity is affected by a country's choice of exchange rate regime. To establish the empirical regularities, they use a reduced-form empirical approach to compute both panel and single-country estimates of interest rate sensitivity for a large sample of developing and industrial economies between 1970 and 1999. When using the full sample, they find that: · Interest rates are typically lower in economies with fixed exchange rates than in those with flexible exchange rates. · More rigid currency regimes tend to exhibit higher transmission than more flexible regimes. In many cases in the 1990s, however, the authors cannot reject full transmission (a slope coefficient equal to 1), even for several countries with floating regimes. The data suggest an upward time trend in the degree to which domestic interest rates are sensitive to international capital movements and developing economies' increased financial integration with the rest of the world. As a result, country-specific estimates for the 1990s reveal few cases of less-than-full transmission of international interest rates to domestic rates, regardless of the currency regime. Country-specific results suggest that only large industrial countries can (or choose to) benefit from independent monetary policy. During the 1990s, interest rates in European countries were fully sensitive to German interest rates but insensitive to U.S. interest rates. This paper-a joint product of Macroeconomics and Growth, Development Research Group, and the Chief Economist Unit, Latin America and the Caribbean Region-is part of a larger effort in the Bank to understand the functioning of alternative currency arrangements. The authors may be contacted at jeffrey_frankelharvard.edu, sschmukler@worldbank.org, or lserven@worldbank.org
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 3
    Online Resource
    Online Resource
    External Sustainability : A Stock Equilibrium Perspective (2000)
    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: Loayza, Norman External Sustainability
    Keywords: Assets ; Capital Controls ; Central Bank ; Currencies and Exchange Rates ; Current Account ; Current Account Deficits ; Current Account Imbalances ; Current Account Surplus ; Debt Markets ; Domestic Investors ; Economic Theory and Research ; Emerging Markets ; Equilibrium ; Equilibrium Condition ; External Deficits ; External Position ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Foreign Asset ; Foreign Asset Positions ; Imbalances ; Investment Opportunities ; Investment and Investment Climate ; Long-Run Equilibrium ; Macroeconomics and Economic Growth ; Private Sector Development ; Risk ; Risks ; Assets ; Capital Controls ; Central Bank ; Currencies and Exchange Rates ; Current Account ; Current Account Deficits ; Current Account Imbalances ; Current Account Surplus ; Debt Markets ; Domestic Investors ; Economic Theory and Research ; Emerging Markets ; Equilibrium ; Equilibrium Condition ; External Deficits ; External Position ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Foreign Asset ; Foreign Asset Positions ; Imbalances ; Investment Opportunities ; Investment and Investment Climate ; Long-Run Equilibrium ; Macroeconomics and Economic Growth ; Private Sector Development ; Risk ; Risks ; Assets ; Capital Controls ; Central Bank ; Currencies and Exchange Rates ; Current Account ; Current Account Deficits ; Current Account Imbalances ; Current Account Surplus ; Debt Markets ; Domestic Investors ; Economic Theory and Research ; Emerging Markets ; Equilibrium ; Equilibrium Condition ; External Deficits ; External Position ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Foreign Asset ; Foreign Asset Positions ; Imbalances ; Investment Opportunities ; Investment and Investment Climate ; Long-Run Equilibrium ; Macroeconomics and Economic Growth ; Private Sector Development ; Risk ; Risks
    Abstract: The 1994 crisis in Mexico, developments in East Asia, and persistent turmoil in world financial markets have dramatized the role of external imbalances in macroeconomic crises. Some believe that the current account should be kept from rising beyond a sustainable level, some that a current account surplus is the only solid external position. Can those rules of thumb be justified analytically? - Calderón, Loayza, and Servén consider external sustainability from the perspective of equilibrium in net foreign asset positions. Under their approach, an external situation is sustainable if it is consistent with international and domestic investors' achieving their desired portfolio allocation across countries. They develop a reduced-form model of net foreign asset positions whose long-run equilibrium condition expresses the ratio of net foreign assets to the total wealth of domestic residents as a negative function of investment returns in the country relative to the rest of the world, a positive function of investment risk, and an inverse function of the ratio of foreign-owned to domestically owned wealth. To estimate this equilibrium condition, the authors use a newly constructed data set of foreign asset and liability stocks for a large group of industrial and developing countries, from the 1960s to the present. They also develop summary measures of country returns and risks. Their econometric methodology is an application of the Pooled Mean Group estimator recently developed by Pesaran, Shin, and Smith (1999), which allows for unrestricted cross-country heterogeneity in short-term dynamics while imposing a common long-run specification. The estimation results lend considerable support to the model, especially when applied to countries with low capital controls or high or upper-middle income. The results for countries with high capital controls and, especially, lower-income countries are less supportive of the stock equilibrium model. As a byproduct of the model's estimation, the authors obtain estimates of the long-run equilibrium ratios of net foreign assets to wealth, conditional on the observed values of the country's relative returns, risks, and wealth. Then, for a selected group of industrial and developing countries, they evaluate the extent to which actual ratios diverge from their long-run counterparts - and hence the sustainability of current net foreign asset positions. This paper - a product of the Poverty Reduction and Economic Management Unit, Latin America and the Caribbean Region - is part of a larger effort to assess the sustainability of the external accounts of the major countries in the region. The authors may be contacted at nloayzacondor.bcentral.cl or lserven@worldbank.org
    URL: Volltext  (Deutschlandweit zugänglich)
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