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  • Iimi, Atsushi  (6)
  • Deininger, Klaus
  • Washington, D.C : The World Bank  (10)
  • Finance and Financial Sector Development  (10)
  • 1
    Online Resource
    Online Resource
    Land and Mortgage Markets in Ukraine : Pre-War Performance, War Effects, and Implications for Recovery (2023)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (41 pages)
    Parallel Title: Erscheint auch als Deininger, Klaus Land and Mortgage Markets in Ukraine: Pre-War Performance, War Effects, and Implications for Recovery
    Keywords: Agricultural Land Sales ; Agricultural Production ; Communities and Human Settlements ; Conflict and Development ; Credit Market ; Determinates of Land Price ; Finance and Financial Sector Development ; Impact of War on Markets ; Land Governance Reform ; Land Market ; Post War Reconstruction
    Abstract: Almost throughout Ukraine's independent history, agricultural land sales were prohibited. Measures to allow them and make land governance more transparent in 2020/21 were expected to improve equity, investment, credit access, and decentralization. This paper draws on administrative data and satellite imagery to describe land market performance before and after the Russian invasion, assess changes in land use for transacted parcels, and analyze determinants of land prices. Agricultural land market volume soon exceeded that of residential land and continued at a reduced level and with prices some 15-20 percent lower even after the invasion, with little sign of speculative land acquisition. Mortgage market activity and credit access remained below expectations. The paper discusses reasons and options for addressing them in a way that also factors in the needs of post-war reconstruction
    DOI: 10.1596/1813-9450-10385
    URL: lizenzpflichtig
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    MPI Ethno. Forsch.
  • 2
    Online Resource
    Online Resource
    Joint Bidding In Infrastructure Procurement (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (30 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Estache, Antonio Joint Bidding In Infrastructure Procurement
    Keywords: Access to Markets ; Affiliated ; Affiliated organizations ; Auction ; Bidding ; Competition ; Competition policy ; Decentralization ; Finance and Financial Sector Development ; Foreign companies ; Foreign firms ; ICT Policy and Strategies ; Information and Communication Technologies ; International Economics & Trade ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Markets and Market Access ; Microfinance ; Public Sector Corruption and Anticorruption Measures ; Public disclosure ; Access to Markets ; Affiliated ; Affiliated organizations ; Auction ; Bidding ; Competition ; Competition policy ; Decentralization ; Finance and Financial Sector Development ; Foreign companies ; Foreign firms ; ICT Policy and Strategies ; Information and Communication Technologies ; International Economics & Trade ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Markets and Market Access ; Microfinance ; Public Sector Corruption and Anticorruption Measures ; Public disclosure ; Access to Markets ; Affiliated ; Affiliated organizations ; Auction ; Bidding ; Competition ; Competition policy ; Decentralization ; Finance and Financial Sector Development ; Foreign companies ; Foreign firms ; ICT Policy and Strategies ; Information and Communication Technologies ; International Economics & Trade ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Markets and Market Access ; Microfinance ; Public Sector Corruption and Anticorruption Measures ; Public disclosure
    Abstract: To utilize public resources efficiently, it is required to take full advantage of competition in public procurement auctions. Joint bidding practices are one of the possible ways of facilitating auction competition. In theory, there are pros and cons. It may enable firms to pool their financial and experiential resources and remove barriers to entry. On the other hand, it may reduce the degree of competition and can be used as a cover for collusive behavior. The paper empirically addresses whether joint bidding is pro- or anti-competitive in Official Development Assistance procurement auctions for infrastructure projects. It reveals the possible risk of relying too much on a foreign bidding coalition and may suggest the necessity of overseeing it. The data reveal no strong evidence that joint bidding practices are compatible with competition policy, except for a few cases. In road procurements, coalitional bidding involving both local and foreign firms has been found pro-competitive. In the water and sewage sector, local joint bidding may be useful to draw out better offers from potential contractors. Joint bidding composed of only foreign companies is mostly considered anti-competitive
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 3
    Online Resource
    Online Resource
    Multidimensionality And Renegotiation : Evidence From Transport-Sector Public-Private-Partnership Transactions In Latin America (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (30 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Estache, Antonio Multidimensionality And Renegotiation
    Keywords: Costs ; Debt Markets ; Diesel ; Finance and Financial Sector Development ; Infrastructure ; Infrastructure Economics ; Infrastructure Economics and Finance ; Infrastructure development ; Policies ; Railway ; Railway industry ; Road ; Transparency ; Transport ; Transport ; Transport Economics, Policy and Planning ; Costs ; Debt Markets ; Diesel ; Finance and Financial Sector Development ; Infrastructure ; Infrastructure Economics ; Infrastructure Economics and Finance ; Infrastructure development ; Policies ; Railway ; Railway industry ; Road ; Transparency ; Transport ; Transport ; Transport Economics, Policy and Planning ; Costs ; Debt Markets ; Diesel ; Finance and Financial Sector Development ; Infrastructure ; Infrastructure Economics ; Infrastructure Economics and Finance ; Infrastructure development ; Policies ; Railway ; Railway industry ; Road ; Transparency ; Transport ; Transport ; Transport Economics, Policy and Planning
    Abstract: Multidimensional auctions are a natural and practical solution when auctioneers pursue more than one objective in their public-private-partnership transactions. However, it is difficult to achieve auction efficiency with multiple award criteria. Using auction data from road and railway concessions in Latin America, the probability of renegotiation this paper estimates by a two-stage least squares technique with a binary selection in the first-stage regression. The findings show that auctioneers tend to adopt the multidimensional format when the need for social considerations, such as alleviation of unemployment, is high. This implies that such political considerations could hinder efficiency and transparency in auctions. The analysis also shows that the renegotiation risk in infrastructure concessions increases when multidimensional auctions are used. Rather, good governance, particularly anti-corruption policies, can mitigate the renegotiation problem
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 4
    Online Resource
    Online Resource
    Bidder Asymmetry In Infrastructure Procurement : Are There Any Fringe Bidders? (2008)
    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: Estache, Antonio Bidder Asymmetry In Infrastructure Procurement
    Keywords: Affiliated ; Affiliated organizations ; Auction ; Auctions ; Bid ; Bidders ; Bidding ; Competition ; Debt Markets ; E-Business ; Finance and Financial Sector Development ; Government Procurement ; Infrastructure Economics ; Infrastructure Economics and Finance ; International development ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Public disclosure ; Affiliated ; Affiliated organizations ; Auction ; Auctions ; Bid ; Bidders ; Bidding ; Competition ; Debt Markets ; E-Business ; Finance and Financial Sector Development ; Government Procurement ; Infrastructure Economics ; Infrastructure Economics and Finance ; International development ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Public disclosure ; Affiliated ; Affiliated organizations ; Auction ; Auctions ; Bid ; Bidders ; Bidding ; Competition ; Debt Markets ; E-Business ; Finance and Financial Sector Development ; Government Procurement ; Infrastructure Economics ; Infrastructure Economics and Finance ; International development ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Public disclosure
    Abstract: Asymmetric auctions are among the most rapidly growing areas in the auction literature. The potential benefits from improved auction efficiency are expected to be enormous in public procurement auctions related to official development projects. Entrant bidders are considered a key to enhance competition in an auction and break potential collusive arrangements among incumbent bidders. Asymmetric auction theory predicts that weak (fringe) bidders would bid more aggressively when they are faced with a strong (incumbent) opponent. Using official development assistance procurement data, this paper finds that in the major infrastructure sectors, entrants submitted systematically aggressive bids in the presence of an incumbent bidder. The findings also show that a high concentration of incumbents in an auction would harm auction efficiency, raising procurement costs. The results suggest that auctioneers should encourage fringe bidders to actively participate in the bidding process while maintaining the quality of the projects. This is conducive to enhancing competitive circumstances in public procurements and improving allocative efficiency
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 5
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    Online Resource
    Securing Property Rights In Transition : Lessons From Implementation of China's Rural Land Contracting Law (2008)
    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: Deininger, Klaus Securing Property Rights In Transition
    Keywords: Access to Finance ; Common Property Resource Development ; Communities & Human Settlements ; Conceptual Framework ; Economic Development ; Economic Growth ; Economic Policies ; Effective Use ; Environment ; Environmental Economics and Policies ; Environments ; Finance and Financial Sector Development ; Land Use ; Municipal Housing and Land ; Private Property ; Property Rights ; Real Estate Development ; Retained Earnings ; Rural Development ; Access to Finance ; Common Property Resource Development ; Communities & Human Settlements ; Conceptual Framework ; Economic Development ; Economic Growth ; Economic Policies ; Effective Use ; Environment ; Environmental Economics and Policies ; Environments ; Finance and Financial Sector Development ; Land Use ; Municipal Housing and Land ; Private Property ; Property Rights ; Real Estate Development ; Retained Earnings ; Rural Development ; Access to Finance ; Common Property Resource Development ; Communities & Human Settlements ; Conceptual Framework ; Economic Development ; Economic Growth ; Economic Policies ; Effective Use ; Environment ; Environmental Economics and Policies ; Environments ; Finance and Financial Sector Development ; Land Use ; Municipal Housing and Land ; Private Property ; Property Rights ; Real Estate Development ; Retained Earnings ; Rural Development
    Abstract: This paper is motivated by the emphasis on secure property rights as a determinant of economic development in recent literature. The authors use village and household level information from about 800 villages throughout China to explore whether legal reform increased protection of land rights against unauthorized reallocation or expropriation with below-average compensation by the state. The analysis provides nation-wide evidence on a sensitive topic. The authors find positive impacts, equivalent to increasing land values by 30 percent, of reform even in the short term. Reform originated in villages where democratic election of leaders ensured a minimum level of accountability, pointing toward complementarity between good governance and legal reform. The paper explores the implications for situations where individuals and groups hold overlapping rights to land
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  • 6
    Online Resource
    Online Resource
    Procurement Efficiency For Infrastructure Development And Financial Needs Reassessed (2008)
    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: Estache, Antonio Procurement Efficiency For Infrastructure Development And Financial Needs Reassessed
    Keywords: Costs ; Debt Markets ; E-Business ; Economic Theory and Research ; Em ; Finance and Financial Sector Development ; Infrastructure ; Infrastructure Economics ; Infrastructure Economics and Finance ; Infrastructure development ; Infrastructure investment ; Infrastructure projects ; Investment and Investment Climate ; Investments ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Economics and Finance ; Road ; Roads ; Sanitation ; Transport ; Transport ; Transport Economics, Policy and Planning ; Costs ; Debt Markets ; E-Business ; Economic Theory and Research ; Em ; Finance and Financial Sector Development ; Infrastructure ; Infrastructure Economics ; Infrastructure Economics and Finance ; Infrastructure development ; Infrastructure investment ; Infrastructure projects ; Investment and Investment Climate ; Investments ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Economics and Finance ; Road ; Roads ; Sanitation ; Transport ; Transport ; Transport Economics, Policy and Planning ; Costs ; Debt Markets ; E-Business ; Economic Theory and Research ; Em ; Finance and Financial Sector Development ; Infrastructure ; Infrastructure Economics ; Infrastructure Economics and Finance ; Infrastructure development ; Infrastructure investment ; Infrastructure projects ; Investment and Investment Climate ; Investments ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Economics and Finance ; Road ; Roads ; Sanitation ; Transport ; Transport ; Transport Economics, Policy and Planning
    Abstract: Infrastructure is the engine for economic growth. The international donor community has spent about 70-100 billion U.S. dollars on infrastructure development in developing countries every year. However, it is arguable whether these financial resources are used efficiently, particularly whether the current infrastructure procurement prices are appropriate. Without doubt a key is competition to curb public procurement costs. This paper analyzes procurement data from multi and bilateral official development projects in three infrastructure sectors: roads, electricity, and water and sanitation. The findings show that the competition effect is underutilized. To take full advantage of competition, at least seven bidders are needed in the road and water sectors, while three may be enough in the power sector. The paper also shows that not only competition, but also auction design, especially lot division, is crucial for reducing unit costs of infrastructure. Based on the estimated efficient unit costs, the annual financial needs are estimated at approximately 360 billion U.S. dollars. By promoting competition, the developing world might be able to save at most 8.2 percent of total infrastructure development costs
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 7
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    Online Resource
    Price Structure And Network Externalities In The Telecommunications Industry : Evidence From Sub-Saharan Africa (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (43 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Iimi, Atsushi Price Structure And Network Externalities In The Telecommunications Industry
    Keywords: Access to Markets ; Data ; Debt Markets ; E-Business ; Economic Theory and Research ; Electricity ; Emerging Markets ; Fax ; Finance and Financial Sector Development ; Infrastructure Development ; International Economics & Trade ; International Telecommunication ; Macroeconomics and Economic Growth ; Markets and Market Access ; Mobile Phone ; Mobile Phone Subscribers ; Mobile Telephone ; Network ; Penetration Rate ; Private Sector Development ; Telecommunications Infrastructure ; Access to Markets ; Data ; Debt Markets ; E-Business ; Economic Theory and Research ; Electricity ; Emerging Markets ; Fax ; Finance and Financial Sector Development ; Infrastructure Development ; International Economics & Trade ; International Telecommunication ; Macroeconomics and Economic Growth ; Markets and Market Access ; Mobile Phone ; Mobile Phone Subscribers ; Mobile Telephone ; Network ; Penetration Rate ; Private Sector Development ; Telecommunications Infrastructure ; Access to Markets ; Data ; Debt Markets ; E-Business ; Economic Theory and Research ; Electricity ; Emerging Markets ; Fax ; Finance and Financial Sector Development ; Infrastructure Development ; International Economics & Trade ; International Telecommunication ; Macroeconomics and Economic Growth ; Markets and Market Access ; Mobile Phone ; Mobile Phone Subscribers ; Mobile Telephone ; Network ; Penetration Rate ; Private Sector Development ; Telecommunications Infrastructure
    Abstract: Many developing countries have experienced significant developments in their telecommunications network. Countries in Africa are no exception to this. The paper examines what factor facilitates most network expansion using micro data from 45 fixed-line and mobile telephone operators in 18 African countries. In theory the telecommunications sector has two sector-specific characteristics: network externalities and discriminatory pricing. It finds that many telephone operators in the region use peak and off-peak prices and termination-based price discrimination, but are less likely to rely on strategic fee schedules such as tie-in arrangements. The estimated demand function based on a discreet consumer choice model indicates that termination-based discriminatory pricing can facilitate network expansion. It also shows that the implied price-cost margins are significantly high. Thus, price liberalization could be conducive to development of the telecommunications network led by the private sector. Some countries in Africa are still imposing certain price restrictions. But more important, it remains a policy issue how the authorities should ensure reciprocal access between operators at reasonable cost
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  • 8
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    Online Resource
    Infrastructure And Trade Preferences For The Livestock Sector : Empirical Evidence From The Beef Industry In Africa (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: Iimi, Atsushi Infrastructure And Trade Preferences For The Livestock Sector
    Keywords: Agriculture ; Agriculture ; Competitiveness ; Cred Demand ; Culture ; Debt Markets ; Development ; Economic Theory and Research ; Economics ; Emerging Markets ; Equations ; Exchange ; Finance and Financial Sector Development ; Free Trade ; GDP ; Income ; International Economics & Trade ; International Trade ; Livestock and Animal Husbandry ; Macroeconomics and Economic Growth ; Markets ; Markets and Market Access ; Middle Income Countries ; Prices ; Private Sector Development ; Public Sector Development ; Trade Policy ; Transport ; Transport Economics, Policy and Planning ; Agriculture ; Agriculture ; Competitiveness ; Cred Demand ; Culture ; Debt Markets ; Development ; Economic Theory and Research ; Economics ; Emerging Markets ; Equations ; Exchange ; Finance and Financial Sector Development ; Free Trade ; GDP ; Income ; International Economics & Trade ; International Trade ; Livestock and Animal Husbandry ; Macroeconomics and Economic Growth ; Markets ; Markets and Market Access ; Middle Income Countries ; Prices ; Private Sector Development ; Public Sector Development ; Trade Policy ; Transport ; Transport Economics, Policy and Planning ; Agriculture ; Agriculture ; Competitiveness ; Cred Demand ; Culture ; Debt Markets ; Development ; Economic Theory and Research ; Economics ; Emerging Markets ; Equations ; Exchange ; Finance and Financial Sector Development ; Free Trade ; GDP ; Income ; International Economics & Trade ; International Trade ; Livestock and Animal Husbandry ; Macroeconomics and Economic Growth ; Markets ; Markets and Market Access ; Middle Income Countries ; Prices ; Private Sector Development ; Public Sector Development ; Trade Policy ; Transport ; Transport Economics, Policy and Planning
    Abstract: Trade preferences are expected to facilitate global market integration and offer the potential for rapid economic growth and poverty reduction for developing countries. But those preferences do not always guarantee sustainable external competitiveness to beneficiary countries and may risk discouraging their efforts to improve underlying productivity. This paper examines the EU beef import market where several African countries have been granted preferential treatment. The estimation results suggest that profitability improvement achieved by countries under the Cotonou protocol compares unfavorably with the returns to nonbeneficiary countries in recent years. Rather, it shows that public infrastructure, such as paved roads, has an important role in lowering production costs and thus increasing external competitiveness and market shares
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  • 9
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    Online Resource
    Why Liberalization Alone Has Not Improved Agricultural Productivity in Zambia : The Role of Asset Ownership and Working Capital Constraints (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: Deininger, Klaus Why Liberalization Alone Has Not Improved Agricultural Productivity in Zambia
    Keywords: Cred Demand ; Economic Theory and Research ; Exports ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Policies ; GDP ; Goods ; Inputs ; Labor Policies ; Macro-Economic Policies ; Macroeconomics and Economic Growth ; Markets ; Markets and Market Access ; Overvalued Exchange Rates ; Ownership ; Prices ; Production ; Production Function ; Productive Assets ; Productivity ; Risk Aversion ; Social Protections and Labor ; Subsidies ; Total Factor Productivity ; Welfare ; Cred Demand ; Economic Theory and Research ; Exports ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Policies ; GDP ; Goods ; Inputs ; Labor Policies ; Macro-Economic Policies ; Macroeconomics and Economic Growth ; Markets ; Markets and Market Access ; Overvalued Exchange Rates ; Ownership ; Prices ; Production ; Production Function ; Productive Assets ; Productivity ; Risk Aversion ; Social Protections and Labor ; Subsidies ; Total Factor Productivity ; Welfare ; Cred Demand ; Economic Theory and Research ; Exports ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Policies ; GDP ; Goods ; Inputs ; Labor Policies ; Macro-Economic Policies ; Macroeconomics and Economic Growth ; Markets ; Markets and Market Access ; Overvalued Exchange Rates ; Ownership ; Prices ; Production ; Production Function ; Productive Assets ; Productivity ; Risk Aversion ; Social Protections and Labor ; Subsidies ; Total Factor Productivity ; Welfare
    Abstract: March 2000 - Policies to foster accumulation of the assets needed for agricultural production (including draft animals and implements) and to provide complementary public goods (education, credit, and good agricultural extension services) could greatly help reduce poverty and improve productivity in Zambia. Deininger and Olinto use a large panel data set from Zambia to examine factors that could explain the relatively lackluster performance of the country's agricultural sector after liberalization. Zambia's liberalization significantly opened the economy but failed to alter the structure of production or help realize efficiency gains. They reach two main conclusions. First, not owning productive assets (in Zambia, draft animals and implements) limits improvements in agricultural productivity and household welfare. Owning oxen increases income directly, allows farmers to till their fields efficiently when rain is delayed, increases the area cultivated, and improves access to credit and fertilizer markets. Second, the authors reject the hypothesis that the application of fertilizer is unprofitable because of high input prices. Rather, fertilizer use appears to have declined because of constraints on supplies, which government intervention exacerbated instead of alleviating. (Extending the use of fertilizer to the many producers not currently using it would be profitable, but increasing the amount applied by the few producers who now have access to it would not be.) Policies to foster accumulation of the assets needed for agricultural production (including draft animals and implements) and to provide complementary public goods (education, credit, and good agricultural extension services) could greatly help reduce poverty and improve productivity. This paper - a product of Rural Development, Development Research Group - is part of a larger effort in the group to analyze determinants of rural growth and market participation. The authors may be contacted at kdeiningerworldbank.org or polinto@worldbank.org
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 10
    Online Resource
    Online Resource
    Asset Distribution, Inequality, and Growth (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (34 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Deininger, Klaus Asset Distribution, Inequality, and Growth
    Keywords: Asset Distribution ; Asset Inequality ; Consumption ; Economic Growth ; Economic Policy ; Economic Theory and Research ; Empirical Evidence ; Equity and Development ; Exogenous Shocks ; Factor Endowments ; Finance and Financial Sector Development ; Financial Literacy ; Growth Literature ; Growth Regressions ; Human Capital ; Income ; Income Inequality ; Inequality ; Inequality ; Inequality-Growth Relationship ; Investment and Investment Climate ; Labor Policies ; Long-Term Growth ; Macroeconomics and Economic Growth ; Negative Impact ; Negative Relationship ; Policy Level ; Political Economy ; Poverty Impact Evaluation ; Poverty Reduction ; Pro-Poor Growth ; Property Rights ; Rural Development ; Rural Poverty Reduction ; Social Protections and Labor ; Asset Distribution ; Asset Inequality ; Consumption ; Economic Growth ; Economic Policy ; Economic Theory and Research ; Empirical Evidence ; Equity and Development ; Exogenous Shocks ; Factor Endowments ; Finance and Financial Sector Development ; Financial Literacy ; Growth Literature ; Growth Regressions ; Human Capital ; Income ; Income Inequality ; Inequality ; Inequality ; Inequality-Growth Relationship ; Investment and Investment Climate ; Labor Policies ; Long-Term Growth ; Macroeconomics and Economic Growth ; Negative Impact ; Negative Relationship ; Policy Level ; Political Economy ; Poverty Impact Evaluation ; Poverty Reduction ; Pro-Poor Growth ; Property Rights ; Rural Development ; Rural Poverty Reduction ; Social Protections and Labor
    Abstract: June 2000 - Policymakers addressing the impact of inequality on growth should be more concerned about households' access to assets - and to the opportunities associated with them - than about the distribution of income. Asset inequality - but not income inequality - has a relatively great negative impact on growth and also reduces the effectiveness of educational interventions. With the recent resurgence of interest in equity, inequality, and growth, the possibility of a negative relationship between inequality and economic growth has received renewed interest in the literature. Faced with the prospect that high levels of inequality may persist and give rise to poverty traps, policymakers are paying more attention to the distributional implications of macroeconomic policies. Because high levels of inequality may hurt overall growth, policymakers are exploring measures to promote growth and equity at the same time. How the consequences of inequality are analyzed, along with the possible cures, depends partly on how inequality is measured. Deininger and Olinto use assets (land) rather than income - and a GMM estimator - to examine the robustness of the relationship between inequality and growth that has been observed in the cross-sectional literature but has been drawn into question by recent studies using panel techniques. They find evidence that asset inequality - but not income inequality - has a relatively large negative impact on growth. They also find that a highly unequal distribution of assets reduces the effectiveness of educational interventions. This means that policymakers should be more concerned about households' access to assets, and to the opportunities associated with them, than about the distribution of income. Long-term growth might be improved by measures to prevent large jumps in asset inequality - possibly irreversible asset loss because of exogenous shocks - and by policies to facilitate asset accumulation by the poor. This paper - a product of Rural Development, Development Research Group - is part of a larger effort in the group to examine the determinants and impact of inequality. The authors may be contacted at kdeiningerworldbank.org or polinto@worldbank.org
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