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  • Herrera, Santiago  (5)
  • Washington, D.C : The World Bank  (5)
  • Cambridge [u.a.] :Cambridge Univ. Press,
  • Debt Markets  (4)
  • Income  (2)
  • 1
    Online Resource
    Online Resource
    The Impact of Food Inflation On Urban Poverty And Its Monetary Cost : Some Back-Of-The-Envelope Calculations (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (23 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Dessus, Sebastien The Impact of Food Inflation On Urban Poverty And Its Monetary Cost
    Keywords: Debt Markets ; Finance and Financial Sector Development ; Food and Beverage Industry ; Food prices ; Income ; Industry ; New poor ; Poor ; Poor households ; Poverty ; Poverty Reduction ; Poverty gap ; Poverty line ; Poverty threshold ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction ; Targeting ; Debt Markets ; Finance and Financial Sector Development ; Food and Beverage Industry ; Food prices ; Income ; Industry ; New poor ; Poor ; Poor households ; Poverty ; Poverty Reduction ; Poverty gap ; Poverty line ; Poverty threshold ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction ; Targeting ; Debt Markets ; Finance and Financial Sector Development ; Food and Beverage Industry ; Food prices ; Income ; Industry ; New poor ; Poor ; Poor households ; Poverty ; Poverty Reduction ; Poverty gap ; Poverty line ; Poverty threshold ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction ; Targeting
    Abstract: This paper uses a sample of 73 developing countries to estimate the change in the cost of alleviating urban poverty brought about by the recent increase in food prices. This cost is approximated by the change in the poverty deficit, that is, the variation in financial resources required to eliminate poverty under perfect targeting. The results show that, for most countries, the cost represents less than 0.1 percent of gross domestic product. However, in the most severely affected, it may exceed 3 percent. In all countries, the change in the poverty deficit is mostly due to the negative real income effect of those households that were poor before the price shock, while the cost attributable to new households falling into poverty is negligible. Thus, in countries where transfer mechanisms with effective targeting already exist, the most cost-effective strategy would be to scale up such programs rather than designing tools to identify the new poor
    URL: Volltext  (Deutschlandweit zugänglich)
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    MPI Ethno. Forsch.
  • 2
    Online Resource
    Online Resource
    Public Expenditure And Consumption Volatility (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (25 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Herrera, Santiago Public Expenditure And Consumption Volatility
    Keywords: Currencies and Exchange Rates ; Developing countries ; Domestic financial markets ; Economic Conditions and Volatility ; Economic Stabilization ; Economic Theory & Research ; Emerging Markets ; Finance and Financial Sector Development ; Fiscal policy ; Government spending ; Growth rates ; Income ; Instrumental variables ; Macroeconomics and Economic Growth ; Output volatility ; Private Sector Development ; Standard deviation ; Volatility ; Currencies and Exchange Rates ; Developing countries ; Domestic financial markets ; Economic Conditions and Volatility ; Economic Stabilization ; Economic Theory & Research ; Emerging Markets ; Finance and Financial Sector Development ; Fiscal policy ; Government spending ; Growth rates ; Income ; Instrumental variables ; Macroeconomics and Economic Growth ; Output volatility ; Private Sector Development ; Standard deviation ; Volatility ; Currencies and Exchange Rates ; Developing countries ; Domestic financial markets ; Economic Conditions and Volatility ; Economic Stabilization ; Economic Theory & Research ; Emerging Markets ; Finance and Financial Sector Development ; Fiscal policy ; Government spending ; Growth rates ; Income ; Instrumental variables ; Macroeconomics and Economic Growth ; Output volatility ; Private Sector Development ; Standard deviation ; Volatility
    Abstract: Recent estimates of the welfare cost of consumption volatility find that it is significant in developing nations, where it may reach an equivalent of reducing consumption by 10 percent per year. Hence, examining the determinants of consumption volatility is of utmost relevance. Based on cross-country data for the period 1960-2005, the paper explains consumption volatility using three sets of variables: one refers to the volatility of income and the persistence of income shocks; the second set of variables refers to policy volatility, considering the volatility of public spending and the size of government; while the third set captures the ability of agents to smooth shocks, and includes the depth of the domestic financial markets as well as the degree of integration to international capital markets. To allow for potential endogenous regressors, in particular the volatility of fiscal policy and the size of government, the system is estimated using the instrumental variables method. The results indicate that, besides income volatility, the variables with the largest and most robust impact on consumption volatility are government size and the volatility of public spending. Results also show that deeper and more stable domestic financial markets reduce the volatility of consumption, and that more integrated financial markets to the international capital markets are associated with lower volatility of consumption
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    MPI Ethno. Forsch.
  • 3
    Online Resource
    Online Resource
    Public Expenditure And Growth (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (68 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Herrera, Santiago Public Expenditure And Growth
    Keywords: Access to Finance ; Debt Markets ; Economic Theory and Research ; Economic efficiency ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Public ; Public Expenditure ; Public Sector Economics and Finance ; Public Sector Expenditure Analysis and Management ; Public debt ; Public debt management ; Public expenditure management ; Public funds ; Public spending ; Tax ; Taxation ; Access to Finance ; Debt Markets ; Economic Theory and Research ; Economic efficiency ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Public ; Public Expenditure ; Public Sector Economics and Finance ; Public Sector Expenditure Analysis and Management ; Public debt ; Public debt management ; Public expenditure management ; Public funds ; Public spending ; Tax ; Taxation ; Access to Finance ; Debt Markets ; Economic Theory and Research ; Economic efficiency ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Public ; Public Expenditure ; Public Sector Economics and Finance ; Public Sector Expenditure Analysis and Management ; Public debt ; Public debt management ; Public expenditure management ; Public funds ; Public spending ; Tax ; Taxation
    Abstract: Given that public spending will have a positive impact on GDP if the benefits exceed the marginal cost of public funds, the present paper deals with measuring costs and benefits of public spending. The paper discusses one cost seldom considered in the literature and in policy debates, namely, the volatility derived from additional public spending. The paper identifies a relationship between public spending volatility and consumption volatility, which implies a direct welfare loss to society. This loss is substantial in developing countries, estimated at 8 percent of consumption. If welfare losses due to volatility are this sizeable, then measuring the benefits of public spending is critical. Gauging benefits based on macro aggregate data requires three caveats: a) considering of the impact of the funding (taxation) required for the additional public spending; b) differentiating between investment and capital formation; c) allowing for heterogeneous response of output to different types of capital and differences in network development. It is essential to go beyond country-specificity to project-level evaluation of the benefits and costs of public projects. From the micro viewpoint, the rate of return of a project must exceed the marginal cost of public funds, determined by tax levels and structure. Credible evaluations require microeconomic evidence and careful specification of counterfactuals. On this, the impact evaluation literature and methods play a critical role. From individual project evaluation, the analyst must contemplate the general equilibrium impacts. In general, the paper advocates for project evaluation as a central piece of any development platform. By increasing the efficiency of public spending, the government can permanently increase the rate of productivity growth and, hence, affect the growth rate of GDP
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  • 4
    Online Resource
    Online Resource
    User's Guide to an Early Warning System for Macroeconomic Vulnerability in Latin American Countries (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (22 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Herrera, Santiago User's Guide to an Early Warning System for Macroeconomic Vulnerability in Latin American Countries
    Keywords: Arts and Music ; Banking Crises ; Credit Growth ; Culture & Development ; Currency ; Currency Crises ; Debt Markets ; Domestic Cred Exchange ; Economic Conditions and Volatility ; Economic Theory and Research ; Educational Technology and Distance Learning ; Exchange Rate ; Federal Reserve ; Federal Reserve System ; Finance and Financial Sector Development ; Financial Crises ; Financial Literacy ; Geographical Information Systems ; Good ; Inflation ; Inflation Rate ; Information Security and Privacy ; Instrument ; Interest ; Interest Rates ; Macroeconomics and Economic Growth ; Market ; Markets and Market Access ; Options ; Real Exchange Rate ; Reserves ; Science and Technology Development ; Statistical and Mathematical Sciences ; Arts and Music ; Banking Crises ; Credit Growth ; Culture & Development ; Currency ; Currency Crises ; Debt Markets ; Domestic Cred Exchange ; Economic Conditions and Volatility ; Economic Theory and Research ; Educational Technology and Distance Learning ; Exchange Rate ; Federal Reserve ; Federal Reserve System ; Finance and Financial Sector Development ; Financial Crises ; Financial Literacy ; Geographical Information Systems ; Good ; Inflation ; Inflation Rate ; Information Security and Privacy ; Instrument ; Interest ; Interest Rates ; Macroeconomics and Economic Growth ; Market ; Markets and Market Access ; Options ; Real Exchange Rate ; Reserves ; Science and Technology Development ; Statistical and Mathematical Sciences
    Abstract: Models for an early warning system do a good job predicting vulnerability to macroeconomic crises in several Latin American countries. - Herrera and Garcia develop an early warning system for macroeconomic vulnerability for several Latin American countries, drawing on the work of Kaminsky, Lizondo, and Reinhart (1997) and Kaminsky (1988). They build a composite leading indicator that signals macroeconomic vulnerability, showing that, historically, crises tend to happen in certain vulnerable situations. Interested mainly in providing an operational tool, Herrera and Garcia use a different approach to the problem than Kaminsky did. First, they use fewer variables to generate the signals. Then, after the variables are aggregated, a signal is issued, depending on the behavior of the composite index. (Kaminsky's procedure was to generate signals with each variable and then aggregate them.) Their results are satisfactory both statistically and operationally. Statistically, Type I and Type II errors are smaller than those reported in previous papers. Operationally, this system of leading indicators is less costly to maintain, given fewer variables - which are widely available and reported with timeliness. Herrera and Garcia tested the models' out-of-sample predictive ability on crises that occurred after the first stage of their project was finished: Colombia (September 1998), Brazil (January 1999), and Ecuador (February 1999). In all cases the models correctly anticipated the speculative attacks. Moreover, Mexico's models, estimated with information available two years before the 1994 crisis, show that these signaling devices would have been useful for signaling the macroeconomic vulnerability before December 1994. This paper - a product of the Economic Policy Sector Unit, Latin America and the Caribbean Region - is part of a larger effort in the region to build tools that policymakers can use to prevent crises. The authors may be contacted at cgarciacoradoworldbank.org or sherrera@worldbank.org
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  • 5
    Online Resource
    Online Resource
    Output Fluctuations in Latin America : What Explains the Recent Slowdown? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (68 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Herrera, Santiago Output Fluctuations in Latin America
    Keywords: Accounting ; Bond ; Bonds ; Business Cycles ; Business Cycles and Stabilization Policies ; Capital Flows ; Capital Markets ; Currencies and Exchange Rates ; Debt Markets ; Domestic Interest Rates ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; External Debt ; Finance and Financial Sector Development ; Financial Literacy ; Gross Domestic Product ; Interest Rates ; International Development ; International Interest ; Investment and Investment Climate ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Real Exchange Rate ; Real Exchange Rates ; Real Interest ; Real Interest Rate ; Real Interest Rates ; Share ; Sovereign Debt ; Accounting ; Bond ; Bonds ; Business Cycles ; Business Cycles and Stabilization Policies ; Capital Flows ; Capital Markets ; Currencies and Exchange Rates ; Debt Markets ; Domestic Interest Rates ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; External Debt ; Finance and Financial Sector Development ; Financial Literacy ; Gross Domestic Product ; Interest Rates ; International Development ; International Interest ; Investment and Investment Climate ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Real Exchange Rate ; Real Exchange Rates ; Real Interest ; Real Interest Rate ; Real Interest Rates ; Share ; Sovereign Debt
    Abstract: May 2000 - For the period 1992-98, domestic factors explain most output variability in Latin America. However, external factors account for about 60 percent of the 1998-99 slowdown - perhaps in part because external variables were more volatile during this period, but mainly because domestic variables - real interest rates and real exchange rates - were more stable in these two years. Herrera, Perry, and Quintero explain Latin America's growth slowdown in 1998-99. To do so, they use two complementary methodologies. The first aims at determining how much of the slowdown can be explained by specific external factors: the terms of trade, international interest rates, spreads on external debt, capital flows, and climatological factors (El Niño). Using quarterly GDP data for the eight largest countries in the region, the authors estimate a dynamic panel showing that 50 - 60 percent of the slowdown was due to these external factors. The second approach allows for effects on output by some endogenous variables, such as domestic real interest rates and real exchange rates. Using monthly industrial production data, the authors estimate country-specific generalized vector autoregressions (GVAR) for the largest countries. They find that during the sample period (1992-98) output volatility is mostly associated with shocks to domestic factors, but the slowdown in the subperiod 1998-99 is explained more than 60 percent by shocks to the external factors. This paper - a product of the Economic Policy Sector Unit and the Poverty Reduction and Economic Management Sector Unit, Latin America and Caribbean Regional Office - is part of a larger effort to understand output fluctuations and growth in the region. The authors may be contacted at gperryworldbank.org or nquintero@worldbank.org
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