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  • 1
    Online Resource
    Online Resource
    Services Trade And Growth (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Hoekman, Bernard Services Trade And Growth
    Keywords: Banks and Banking Reform ; Comparative Advantage ; Competitiveness ; Economic Growth ; Economic Theory and Research ; Emerging Markets ; GDP ; ICT Policy and Strategies ; Information and Communication Technologies ; Macroeconomics and Economic Growth ; National Income ; Open Economies ; Per Capita Income ; Private Sector Development ; Productivity ; Structural Change ; Telecommunications ; Transport ; Transport Economics, Policy and Planning ; Banks and Banking Reform ; Comparative Advantage ; Competitiveness ; Economic Growth ; Economic Theory and Research ; Emerging Markets ; GDP ; ICT Policy and Strategies ; Information and Communication Technologies ; Macroeconomics and Economic Growth ; National Income ; Open Economies ; Per Capita Income ; Private Sector Development ; Productivity ; Structural Change ; Telecommunications ; Transport ; Transport Economics, Policy and Planning ; Banks and Banking Reform ; Comparative Advantage ; Competitiveness ; Economic Growth ; Economic Theory and Research ; Emerging Markets ; GDP ; ICT Policy and Strategies ; Information and Communication Technologies ; Macroeconomics and Economic Growth ; National Income ; Open Economies ; Per Capita Income ; Private Sector Development ; Productivity ; Structural Change ; Telecommunications ; Transport ; Transport Economics, Policy and Planning
    Abstract: The competitiveness of firms in open economies is increasingly determined by access to low-cost and high-quality producer services - telecommunications, transport and distribution services, financial intermediation, etc. This paper discusses the role of services in economic growth, focusing in particular on channels through which openness to trade in services may increase productivity at the level of the economy as a whole, industries and the firm. The authors explore what recent empirical work suggests could be done to enhance comparative advantage in the production and export of services and how to design policy reforms to open services markets to greater foreign participation in a way that ensures not just greater efficiency but also greater equity in terms of access to services
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  • 2
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    Online Resource
    Regulatory Cooperation, Aid For Trade And The General Agreement On Trade In Services (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (28 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Hoekman, Bernard Regulatory Cooperation, Aid For Trade And The General Agreement On Trade In Services
    Keywords: Banks and Banking Reform ; Best Market ; Business Practice ; Developing Countries ; Economic Theory and Research ; Emerging Markets ; Free Trade ; Growth Rate ; International Cooperation ; International Economics & Trade ; Liberalization ; Macroeconomics and Economic Growth ; Market Access ; Private Sector Development ; Regulators ; Technological Change ; Trade and Services ; World Trade ; Banks and Banking Reform ; Best Market ; Business Practice ; Developing Countries ; Economic Theory and Research ; Emerging Markets ; Free Trade ; Growth Rate ; International Cooperation ; International Economics & Trade ; Liberalization ; Macroeconomics and Economic Growth ; Market Access ; Private Sector Development ; Regulators ; Technological Change ; Trade and Services ; World Trade ; Banks and Banking Reform ; Best Market ; Business Practice ; Developing Countries ; Economic Theory and Research ; Emerging Markets ; Free Trade ; Growth Rate ; International Cooperation ; International Economics & Trade ; Liberalization ; Macroeconomics and Economic Growth ; Market Access ; Private Sector Development ; Regulators ; Technological Change ; Trade and Services ; World Trade
    Abstract: This paper discusses what could be done to expand services trade and investment through a multilateral agreement in the World Trade Organization. A distinction is made between market access liberalization and the regulatory preconditions for benefiting from market opening. The authors argue that prospects for multilateral services liberalization would be enhanced by making national treatment the objective of World Trade Organization services negotiations, thereby clarifying the scope of World Trade Organization commitments for regulators. Moreover, liberalization by smaller and poorer members of the World Trade Organization would be facilitated by complementary actions to strengthen regulatory capacity. If pursued as part of the operationalization of the World Trade Organization's 2006 Aid for Trade taskforce report, the World Trade Organization could become more relevant in promoting not just services liberalization but, more importantly, domestic reforms of services policies
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  • 3
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    Online Resource
    Currency Undervaluation And Sovereign Wealth Funds : A New Role For The World Trade Organization (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (31 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Mattoo, Aaditya Currency Undervaluation And Sovereign Wealth Funds
    Keywords: Access to Finance ; Bankruptcy and Resolution of Financial Distress ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Enforcement ; Exchange ; Exchange rate ; Exchange rates ; Finance and Financial Sector Development ; Free Trade ; Government action ; Interest ; International Economics & Trade ; Investments ; Law and Development ; Macroeconomics and Economic Growth ; Private Sector Development ; Subsidies ; Trade Law ; World trade ; Access to Finance ; Bankruptcy and Resolution of Financial Distress ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Enforcement ; Exchange ; Exchange rate ; Exchange rates ; Finance and Financial Sector Development ; Free Trade ; Government action ; Interest ; International Economics & Trade ; Investments ; Law and Development ; Macroeconomics and Economic Growth ; Private Sector Development ; Subsidies ; Trade Law ; World trade ; Access to Finance ; Bankruptcy and Resolution of Financial Distress ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Enforcement ; Exchange ; Exchange rate ; Exchange rates ; Finance and Financial Sector Development ; Free Trade ; Government action ; Interest ; International Economics & Trade ; Investments ; Law and Development ; Macroeconomics and Economic Growth ; Private Sector Development ; Subsidies ; Trade Law ; World trade
    Abstract: Two aspects of global imbalances - undervalued exchange rates and sovereign wealth funds - require a multilateral response. For reasons of inadequate leverage and eroding legitimacy, the International Monetary Fund has not been effective in dealing with undervalued exchange rates. This paper proposes new rules in the World Trade Organization to discipline cases of significant undervaluation that are clearly attributable to government action. The rationale for WTO involvement is that there are large trade consequences of undervalued exchange rates, which act as both import tariffs and export subsidies, and that the WTO's enforcement mechanism is credible and effective. The World Trade Organization would not be involved in exchange rate management, and would not displace the International Monetary Fund. Rather, the authors suggest ways to harness the comparative advantage of the two institutions, with the International Monetary Fund providing the essential technical expertise in the World Trade Organization's enforcement process. There is a bargain to be struck between countries with sovereign wealth funds, which want secure and liberal access for their capital, and capital-importing countries, which have concerns about the objectives and operations of sovereign wealth funds. The World Trade Organization is the natural place to strike this bargain. Its General Agreement on Trade in Services, already covers investments by sovereign wealth funds, and other agreements offer a precedent for designing disciplines for these funds. Placing exchange rates and sovereign wealth funds on the trade negotiating agenda may help revive the Doha Round by rekindling the interest of a wide variety of groups
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  • 4
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    Online Resource
    The "How To" of Fiscal Sustainability : A Technical Manual For Using The Fiscal Sustainability Tool (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (71 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Bandiera, Luca The "How To" of Fiscal Sustainability
    Keywords: Bank Policy ; Contingent Liabilities ; Currencies and Exchange Rates ; Debt ; Debt Data ; Debt Management ; Debt Markets ; Defic Developing Countries ; Economic Theory and Research ; Emerging Markets ; Exchange ; Exchange Rate ; External Debt ; External Debt ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Policy ; Inflation ; International Economics & Trade ; Macroeconomics and Economic Growth ; Marke ; Private Sector Development ; Bank Policy ; Contingent Liabilities ; Currencies and Exchange Rates ; Debt ; Debt Data ; Debt Management ; Debt Markets ; Defic Developing Countries ; Economic Theory and Research ; Emerging Markets ; Exchange ; Exchange Rate ; External Debt ; External Debt ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Policy ; Inflation ; International Economics & Trade ; Macroeconomics and Economic Growth ; Marke ; Private Sector Development ; Bank Policy ; Contingent Liabilities ; Currencies and Exchange Rates ; Debt ; Debt Data ; Debt Management ; Debt Markets ; Defic Developing Countries ; Economic Theory and Research ; Emerging Markets ; Exchange ; Exchange Rate ; External Debt ; External Debt ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Policy ; Inflation ; International Economics & Trade ; Macroeconomics and Economic Growth ; Marke ; Private Sector Development
    Abstract: Fiscal sustainability analysis (FSA) is an important component of macroeconomic analysis for many developing countries. To further enhance understanding of fiscal policy and the constraints faced by policymakers, the authors develop a toolkit for FSA in middle-income countries which builds on previous work in this area and on new developments in dealing with uncertainty. The FSA toolkit includes an Excel-based FSA tool and a technical manual accompanying it. The FSA tool is standardized and simple, but at the same time flexible enough to allow for user-defined country-specifics. This manual provides step-by-step technical instructions for running the FSA tool and includes mathematical appendices and a glossary
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  • 5
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    Quantitative Approaches To Fiscal Sustainability Analysis : A New World Bank Tool Applied To Turkey (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (41 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Budina, Nina Quantitative Approaches To Fiscal Sustainability Analysis
    Keywords: Balance of Payments ; Balance of Payments Crises ; Bank Policy ; Budget ; Business Cycle ; Central Bank ; Currencies and Exchange Rates ; Debt ; Debt Management ; Debt Management Policies ; Debt Markets ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; External Debt ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Deficits ; International Economics & Trade ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Expenditure Analysis and Management ; Balance of Payments ; Balance of Payments Crises ; Bank Policy ; Budget ; Business Cycle ; Central Bank ; Currencies and Exchange Rates ; Debt ; Debt Management ; Debt Management Policies ; Debt Markets ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; External Debt ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Deficits ; International Economics & Trade ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Expenditure Analysis and Management ; Balance of Payments ; Balance of Payments Crises ; Bank Policy ; Budget ; Business Cycle ; Central Bank ; Currencies and Exchange Rates ; Debt ; Debt Management ; Debt Management Policies ; Debt Markets ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; External Debt ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Deficits ; International Economics & Trade ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Expenditure Analysis and Management
    Abstract: Fiscal sustainability analysis (FSA) is an important component of macroeconomic analysis. The authors review various quantitative approaches to FSA with a major objective to bring these approaches together and to present a user-friendly tool for FSA that reflects modern developments. They combine a dynamic simulations approach with a simplified version of the steady-state consistency approach. They also incorporate two different methods to deal with uncertainty: user-defined stress tests and stochastic simulations. The tool goes further by evaluating the required fiscal adjustment as a consequence of the stochastic realizations of the exogenous variables. Furthermore, the fiscal sustainability tool incorporates an endogenous debt feedback rule for the primary surplus, a fiscal policy reaction function. Besides outlining the theoretical framework, the authors also present a case study for Turkey
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  • 6
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    Online Resource
    Nigeria's Growth Record : Dutch Disease Or Debt Overhang ? (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: van Wijnbergen, Sweder Nigeria's Growth Record
    Keywords: Access to Finance ; Bank Policy ; Commodity prices ; Debt ; Debt Markets ; Debt Overhang ; Economic Theory and Research ; Emerging Markets ; Expenditure ; Exporters ; Finance and Financial Sector Development ; Fiscal policies ; Government expenditure ; Macroeconomic policies ; Macroeconomics and Economic Growth ; Oil boom ; Private Sector Development ; Public Sector Expenditure Analysis and Management ; Access to Finance ; Bank Policy ; Commodity prices ; Debt ; Debt Markets ; Debt Overhang ; Economic Theory and Research ; Emerging Markets ; Expenditure ; Exporters ; Finance and Financial Sector Development ; Fiscal policies ; Government expenditure ; Macroeconomic policies ; Macroeconomics and Economic Growth ; Oil boom ; Private Sector Development ; Public Sector Expenditure Analysis and Management ; Access to Finance ; Bank Policy ; Commodity prices ; Debt ; Debt Markets ; Debt Overhang ; Economic Theory and Research ; Emerging Markets ; Expenditure ; Exporters ; Finance and Financial Sector Development ; Fiscal policies ; Government expenditure ; Macroeconomic policies ; Macroeconomics and Economic Growth ; Oil boom ; Private Sector Development ; Public Sector Expenditure Analysis and Management
    Abstract: Nigeria's oil boom has not brought an end to perennial stagnation in the non-oil economy. Is this the unavoidable consequence of the resource boom or have misguided policies contributed? This paper indicates that the extreme volatility of expenditure rather than Dutch Disease effects are behind the disappointing non-oil growth record. Fiscal policies failed to smooth highly volatile oil income; on the contrary government expenditure was more volatile than oil income. The authors provide econometric evidence showing that volatility of expenditure was increased by debt overhang problems. Moreover, they also find evidence of voracity effects that exacerbated expenditure volatility prior to 1984
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  • 7
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    Online Resource
    Does Services Liberalization Benefit Manufacturing Firms ? : Evidence From The Czech Republic (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Arnold, Jens Does Services Liberalization Benefit Manufacturing Firms ?
    Keywords: Bank ; Banking ; Banks ; Banks and Banking Reform ; Credit Enterprises ; Debt Markets ; E-Business ; Economic Theory and Research ; Education ; Education for the Knowledge ; Emerging Markets ; Equilibrium Models ; Finance ; Finance and Financial Sector Development ; Foreign Entry ; Governments ; Industry ; Infrastructure ; Insurance ; Knowledge Economy ; Labor ; Macroeconomics and Economic Growth ; Markets ; Operations ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Social Protections and Labor ; Bank ; Banking ; Banks ; Banks and Banking Reform ; Credit Enterprises ; Debt Markets ; E-Business ; Economic Theory and Research ; Education ; Education for the Knowledge ; Emerging Markets ; Equilibrium Models ; Finance ; Finance and Financial Sector Development ; Foreign Entry ; Governments ; Industry ; Infrastructure ; Insurance ; Knowledge Economy ; Labor ; Macroeconomics and Economic Growth ; Markets ; Operations ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Social Protections and Labor ; Bank ; Banking ; Banks ; Banks and Banking Reform ; Credit Enterprises ; Debt Markets ; E-Business ; Economic Theory and Research ; Education ; Education for the Knowledge ; Emerging Markets ; Equilibrium Models ; Finance ; Finance and Financial Sector Development ; Foreign Entry ; Governments ; Industry ; Infrastructure ; Insurance ; Knowledge Economy ; Labor ; Macroeconomics and Economic Growth ; Markets ; Operations ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Social Protections and Labor
    Abstract: While there is considerable empirical evidence on the impact of liberalizing trade in goods, the effects of services liberalization have not been empirically established. Using firm-level data from the Czech Republic for the period 1998-2003, this study examines the link between services sector reforms and the productivity of domestic firms in downstream manufacturing. Several aspects of services reform are considered and measured, namely, the increased presence of foreign providers, privatization, and enhanced competition. The manufacturing-services linkage is measured using information on the degree to which manufacturing firms in a particular industry rely on intermediate inputs from specific services sectors. The econometric results lead to two conclusions. First, the study finds that services policy matters for the productivity of manufacturing firms relying on services inputs. This finding is robust to several econometric specifications, including controlling for unobservable firm heterogeneity and for other aspects of openness. Second, it finds evidence that opening services sectors to foreign providers is a key channel through which services liberalization contributes to improved performance of downstream manufacturing sectors. This finding is robust to instrumenting for the extent of foreign presence in services industries. As most barriers to foreign investment today are not in goods but in services sectors, the findings may strengthen the argument for reform in this area
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  • 8
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    Online Resource
    Regional Agreements and Trade in Services (2002)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Mattoo, Aaditya Regional Agreements and Trade in Services
    Keywords: Benefits ; Choice ; Competition ; Competitive Advantage ; Competitive Markets ; Consumer Choice ; Consumers ; Costs ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Free Trade ; Free Trade ; Goods ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Markets ; Markets and Market Access ; National Income ; Private Sector Development ; Production ; Public Sector Corruption ; Public Sector Development ; Trade Law ; Trade and Regional Integration ; Trade and Services ; Benefits ; Choice ; Competition ; Competitive Advantage ; Competitive Markets ; Consumer Choice ; Consumers ; Costs ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Free Trade ; Free Trade ; Goods ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Markets ; Markets and Market Access ; National Income ; Private Sector Development ; Production ; Public Sector Corruption ; Public Sector Development ; Trade Law ; Trade and Regional Integration ; Trade and Services ; Benefits ; Choice ; Competition ; Competitive Advantage ; Competitive Markets ; Consumer Choice ; Consumers ; Costs ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Free Trade ; Free Trade ; Goods ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Markets ; Markets and Market Access ; National Income ; Private Sector Development ; Production ; Public Sector Corruption ; Public Sector Development ; Trade Law ; Trade and Regional Integration ; Trade and Services
    Abstract: Every major regional trade agreement now has a services dimension. Is trade in services so different that there is need to modify the conclusions on preferential agreements pertaining to goods reached so far? Mattoo and Fink first examine the implications of unilateral policy choices in a particular services market. They then explore the economics of international cooperation and identify the circumstances in which a country is more likely to benefit from cooperation in a regional rather than multilateral forum. This paper--a product of Trade, Development Research Group--is part of a larger effort in the group to assess the implications of liberalizing trade in services. The authors may be contacted at amattooworldbank.org or cfink@worldbank.org
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  • 9
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    Online Resource
    China's Accession to the World Trade Organization : The Services Dimension (2002)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (36 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Mattoo, Aaditya China's Accession to the World Trade Organization
    Keywords: World Trade Organization ; General Agreement on Trade in Services ; Service industries Government policy ; Air ; Air Transport ; Airports ; Aviation Sector ; Costs ; Debt Markets ; E-Business ; Economic Theory and Research ; Economies of Scale ; Education ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Fixed Costs ; Freight ; ICT Policy and Strategies ; Information and Communication Technologies ; International Economics & Trade ; Investments ; Knowledge ; Macroeconomics and Economic Growth ; Maritime Transport ; Multimodal Transport ; Policies ; Private Sector Development ; Rates ; Trade and Services ; Transport ; Transport Economics, Policy and Planning ; Air ; Air Transport ; Airports ; Aviation Sector ; Costs ; Debt Markets ; E-Business ; Economic Theory and Research ; Economies of Scale ; Education ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Fixed Costs ; Freight ; ICT Policy and Strategies ; Information and Communication Technologies ; International Economics & Trade ; Investments ; Knowledge ; Macroeconomics and Economic Growth ; Maritime Transport ; Multimodal Transport ; Policies ; Private Sector Development ; Rates ; Trade and Services ; Transport ; Transport Economics, Policy and Planning ; China Commercial policy
    Abstract: China's General Agreement on Trade in Services (GATS) commitments represent the most radical services reform program negotiated in the World Trade Organization. China has promised to eliminate over the next few years most restrictions on foreign entry and ownership, as well as most forms of discrimination against foreign firms. These changes are in themselves desirable. However, realizing the gains from, and perhaps even the sustainability of, liberalization will require the implementation of complementary regulatory reform and the appropriate sequencing of reforms. Three issues, in particular, merit attention: • Initial restrictions on the geographical scope of services liberalization could encourage the further agglomeration of economic activity in certain regions—to an extent that is unlikely to be reversed completely by subsequent countrywide liberalization. • Restrictions on foreign ownership (temporary in most sectors but more durable in telecommunications and life insurance) may dampen the incentives of foreign investors to improve firm performance. • Improved prudential regulation and measures to deal with the large burden of nonperforming loans on state banks are necessary to deliver the benefits of liberalization in financial services. And in basic telecommunications and other network-based services, meaningful liberalization will be difficult to achieve without strengthened pro-competitive regulation. This paper—a product of Trade, Development Research Group—is part of a larger effort in the group to assess the implications of services trade reform. This research is supported in part by the U.K. Department for International Development
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  • 10
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    Determinants of Bulgarian Brady Bond Prices : An Empirical Assessment (2000)
    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: Budina, Nina Determinants of Bulgarian Brady Bond Prices
    Keywords: Bond ; Bond Issues ; Bond Price ; Bond Prices ; Bonds ; Debt Management ; Debt Markets ; Debt Prices ; Debt Service ; Economic Theory and Research ; Emerging Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Financial Support ; Foreign Debt ; Macroeconomic Stabilization ; Macroeconomic Variables ; Macroeconomics and Economic Growth ; Market ; Markets and Market Access ; Option ; Price Movement ; Private Sector Development ; Savings Bank ; Secondary Market ; Secondary Market Debt ; Secondary Market Price ; Bond ; Bond Issues ; Bond Price ; Bond Prices ; Bonds ; Debt Management ; Debt Markets ; Debt Prices ; Debt Service ; Economic Theory and Research ; Emerging Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Financial Support ; Foreign Debt ; Macroeconomic Stabilization ; Macroeconomic Variables ; Macroeconomics and Economic Growth ; Market ; Markets and Market Access ; Option ; Price Movement ; Private Sector Development ; Savings Bank ; Secondary Market ; Secondary Market Debt ; Secondary Market Price ; Bond ; Bond Issues ; Bond Price ; Bond Prices ; Bonds ; Debt Management ; Debt Markets ; Debt Prices ; Debt Service ; Economic Theory and Research ; Emerging Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Financial Support ; Foreign Debt ; Macroeconomic Stabilization ; Macroeconomic Variables ; Macroeconomics and Economic Growth ; Market ; Markets and Market Access ; Option ; Price Movement ; Private Sector Development ; Savings Bank ; Secondary Market ; Secondary Market Debt ; Secondary Market Price
    Abstract: Macroeconomic variables and changes in foreign reserves affect the secondary market price of Brady bonds in Bulgaria. So do changes in the external environment, including crises in other parts of the world. - To analyze the main determinants of secondary market prices of Bulgarian Brady bonds, Budina and Mantchev investigate to what extent fluctuations in domestic fundamentals affect the bonds' secondary market price. They also assess the extent to which external shocks affect the bonds' prices. They estimate the long-term relationship between domestic fundamentals and market prices of the bonds, using cointegration techniques. In the long run, they find that gross foreign reserves and exports had a positive effect on bond prices and the real exchange rate and Mexico's nominal exchange rate depreciation had a negative effect. In the short run, the Asian crisis had a negative impact, and Bulgaria's change in political regime and introduction of a currency board had a positive impact. Mexico's economic crisis in 1995 had contagion effects. The authors' empirical results confirm the view that the so-called fundamentals approach should be used to supplement the analysis of spillover effects for Bulgarian Brady bonds. This paper - a product of Macroeconomics and Growth, Development Research Group - is part of a larger effort in the group to study transition economies. The authors may be contacted at nbudinaworldbank.org or tmantchev@hotmail.com
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  • 11
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    Fiscal Deficits, Monetary Reform, and Inflation Stabilization in Romania (2000)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Budina, Nina Fiscal Deficits, Monetary Reform, and Inflation Stabilization in Romania
    Keywords: Banks and Banking Reform ; Budget ; Budget Deficits ; Central Bank ; Currencies and Exchange Rates ; Debt ; Debt Markets ; Defic Exchange ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange Rate ; Expenditure ; Finance and Financial Sector Development ; Fiscal Deficits ; Fiscal Policy ; Government Expenditures ; Inflation ; Macroeconomics and Economic Growth ; Monetary Policy ; Private Sector Development ; Public Debt ; Public Investment ; Public Sector Defic Revenues ; Tax ; Transition Economies ; Transition Economy ; Banks and Banking Reform ; Budget ; Budget Deficits ; Central Bank ; Currencies and Exchange Rates ; Debt ; Debt Markets ; Defic Exchange ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange Rate ; Expenditure ; Finance and Financial Sector Development ; Fiscal Deficits ; Fiscal Policy ; Government Expenditures ; Inflation ; Macroeconomics and Economic Growth ; Monetary Policy ; Private Sector Development ; Public Debt ; Public Investment ; Public Sector Defic Revenues ; Tax ; Transition Economies ; Transition Economy ; Banks and Banking Reform ; Budget ; Budget Deficits ; Central Bank ; Currencies and Exchange Rates ; Debt ; Debt Markets ; Defic Exchange ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange Rate ; Expenditure ; Finance and Financial Sector Development ; Fiscal Deficits ; Fiscal Policy ; Government Expenditures ; Inflation ; Macroeconomics and Economic Growth ; Monetary Policy ; Private Sector Development ; Public Debt ; Public Investment ; Public Sector Defic Revenues ; Tax ; Transition Economies ; Transition Economy
    Abstract: March 2000 - Fiscal problems are a key factor behind the inflation that has persisted in Eastern Europe since 1989. Deficits need to be cut back, but by how much for a given inflation target? A simple framework links debt, the deficit, and inflation to assess the fiscal stance of the Romanian economy. Unsustainable fiscal deficits were the chief reason for the inflation that has persisted in Eastern Europe since 1989. Deficits need to be cut back, but by how much for a given inflation target? Budina and van Wijnbergen develop a simple framework for debt, the deficit, and inflation to study the interactions between fiscal and monetary policy in Romania's economy. This framework can be used to 1) determine the financeable deficit and the required deficit reduction for a given rate of output growth, inflation rate, and target for debt-output ratios, and 2) to find the inflation rate for which no fiscal adjustment is needed. They use this framework to assess consistency between inflation, monetary reform, and fiscal policy in Romania. Many of the issues in Romania are similar to those in other countries. But Romania is an interesting case because of its history of unsuccessful stabilization attempts. The authors' results suggest that fiscal problems during 1992-94 were masked by shifting government expenses to the books of the National Bank of Romania so that the government deficit did not fully reflect public spending. In addition, the effects of delayed fiscal adjustment were mitigated by exchange rate overvaluation and favorable debt dynamics. In the late 1990s, however, debt dynamics worsened and the economy experienced significant real depreciation. That exacerbated the fiscal problems and increased the fiscal adjustment needed to restore consistency. This paper - a product of Macroeconomics and Growth, Development Research Group - is part of a larger effort in the group to study transition economies. The authors may be contacted at nbudinaworldbank.org or svw.heas@wxs.nl
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  • 12
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    Liquidity Constraints and Investment in Transition Economies : The Case of Bulgaria (1999)
    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: Budina, Nina Liquidity Constraints and Investment in Transition Economies
    Keywords: Banks and Banking Reform ; Budget ; Budget Constraints ; Capital Markets ; Cash Flow ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Crisis ; Financial Institutions ; Financial Intermediation ; Financial Literacy ; Financial Market ; Financial Structure ; Financial System ; Financial Weakness ; Investment ; Investment Function ; Investment Projects ; Liquidity ; Liquidity Constraints ; Macroeconomics and Economic Growth ; Market ; Market Economies ; Market Economy ; Private Sector Development ; Transition Economies ; Banks and Banking Reform ; Budget ; Budget Constraints ; Capital Markets ; Cash Flow ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Crisis ; Financial Institutions ; Financial Intermediation ; Financial Literacy ; Financial Market ; Financial Structure ; Financial System ; Financial Weakness ; Investment ; Investment Function ; Investment Projects ; Liquidity ; Liquidity Constraints ; Macroeconomics and Economic Growth ; Market ; Market Economies ; Market Economy ; Private Sector Development ; Transition Economies
    Abstract: January 2000 - In Bulgaria and other transition economies, liquidity constraints and hence access to external funds must be seen in the context of soft budget constraints and the financial system's failure to enforce the efficient allocation of funds. Liquidity constraints in Bulgaria may be seen as a sign of financial weakness. Budina, Garretsen, and de Jong use firm level data on Bulgaria to investigate the impact of liquidity constraints on firms' investment performance. Internal funds are an important determinant of investment in most industrial economies. The authors use a simple accelerator model of investment to test whether liquidity constraints are relevant in Bulgaria's case. Their estimates are based on data for 1993-95, before Bulgaria's financial crisis of 1996-97. It turns out that Bulgarian firms are liquidity-constrained and that firms' size and financial structure help to distinguish between firms that are more and less liquidity-constrained. In the authors' view, liquidity constraints in transition economies should be interpreted in different ways than those in industrial economies. In Bulgaria, liquidity constraints and hence access to external funds should be seen in the context of soft budget constraints and the financial system's failure to enforce the efficient allocation of funds. The relationship between liquidity constraints and firm characteristics may actually be the opposite of what is normally the case in industrial countries. In Bulgaria, lack of liquidity constraints may be a sign of financial weakness. This paper - a product of Macroeconomics and Growth, Development Research Group - is part of a larger effort in the group to study transition economies. The authors may be contacted at nbudinaworldbank.org, h.garretsen@bw.kun.nl or e.dejong@bw.kun.nl
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 13
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    Reciprocity across Modes of Supply in the World Trade Organization : A Negotiating Formula (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (24 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Mattoo, Aaditya Reciprocity across Modes of Supply in the World Trade Organization
    Keywords: Agreement On Trade ; Border Trade ; Comparative Advantage ; Concessions ; Economic Theory and Research ; Emerging Markets ; Foreign Labor ; Foreign Markets ; Free Trade ; International Economics & Trade ; International Trade and Trade Rules ; Macroeconomics and Economic Growth ; Market Access ; Private Sector Development ; Public Sector Development ; Reciprocal Reduction ; Reciprocity ; Tariff ; Tariff Reduction ; Terms Of Trade ; Terms Of Trade Effects ; Trade Effect ; Trade Negotiations ; Trade Policy ; Trade Policy ; Trade and Services ; Volume Of Trade ; Welfare Gains ; World Trade ; World Trade Organization ; Agreement On Trade ; Border Trade ; Comparative Advantage ; Concessions ; Economic Theory and Research ; Emerging Markets ; Foreign Labor ; Foreign Markets ; Free Trade ; International Economics & Trade ; International Trade and Trade Rules ; Macroeconomics and Economic Growth ; Market Access ; Private Sector Development ; Public Sector Development ; Reciprocal Reduction ; Reciprocity ; Tariff ; Tariff Reduction ; Terms Of Trade ; Terms Of Trade Effects ; Trade Effect ; Trade Negotiations ; Trade Policy ; Trade Policy ; Trade and Services ; Volume Of Trade ; Welfare Gains ; World Trade ; World Trade Organization
    Abstract: June 2000 - If negotiations on trade in services at the World Trade Organization are to advance liberalization beyond levels undertaken unilaterally and lead to more balanced outcomes, reciprocity must play a greater role in negotiations. This may be facilitated by the use of negotiating rules that establish credible links across sectors and modes of delivery. Negotiations on trade in services at the World Trade Organization (WTO) have so far produced little liberalization beyond levels countries have undertaken unilaterally. One reason: limited application of the traditional negotiating principle of reciprocity. In particular, participants have failed to exploit the scope of the services agreement (GATS) for the exchange of market-access concessions across different modes of supply - cross-border delivery and the movement of capital and workers. Using the Heckscher-Ohlin-Vanek framework, Mattoo and Olarreaga propose a negotiating formula that generalizes the fundamental WTO principle of reciprocity to include alternative modes of delivery. Adoption of this formula as a basis for negotiations could bring greater commitments to liberalization on all modes of delivery, producing substantial gains in global welfare and more balanced outcomes. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to improve trade policy in goods and services. The authors may be contacted at amattooworldbank.org or molarreaga@worldbank.org
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 14
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    Online Resource
    Trade Policies for Electronic Commerce (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Mattoo, Aaditya Trade Policies for Electronic Commerce
    Keywords: Commodities ; Cross-Border Trade ; Customs ; Customs Duties ; Debt Markets ; E-Business ; Economic Theory and Research ; Electronic Commerce ; Emerging Markets ; European Union ; Finance and Financial Sector Development ; Financial Services ; Free Trade ; Free Trade ; Importing Country ; International Economics & Trade ; International Trade ; Law and Development ; Macroeconomics and Economic Growth ; Market Access ; National Treatment ; Preferential Trading Arrangements ; Preferential Treatment ; Private Sector Development ; Public Sector Development ; Recourse ; Tariff Reductions ; Trade ; Trade Diversion ; Trade Law ; Trade Policies ; Trade Policy ; Trade Regime ; Trade and Services ; Transport ; Transport and Trade Logistics ; World Trade Organization ; Commodities ; Cross-Border Trade ; Customs ; Customs Duties ; Debt Markets ; E-Business ; Economic Theory and Research ; Electronic Commerce ; Emerging Markets ; European Union ; Finance and Financial Sector Development ; Financial Services ; Free Trade ; Free Trade ; Importing Country ; International Economics & Trade ; International Trade ; Law and Development ; Macroeconomics and Economic Growth ; Market Access ; National Treatment ; Preferential Trading Arrangements ; Preferential Treatment ; Private Sector Development ; Public Sector Development ; Recourse ; Tariff Reductions ; Trade ; Trade Diversion ; Trade Law ; Trade Policies ; Trade Policy ; Trade Regime ; Trade and Services ; Transport ; Transport and Trade Logistics ; World Trade Organization
    Abstract: June 2000 - Members of the World Trade Organization have decided provisionally to exempt electronic delivery of products from customs duties. There is growing support for the decision to be made permanent. Is this desirable? Some countries in the World Trade Organization initially opposed WTO's decision to exempt electronic delivery of products from customs duties, out of concern for the revenue consequences. Others supported the decision as a means of securing open trading conditions. Mattoo and Schuknecht argue that neither the inhibitions nor the enthusiasm are fully justified. First, even if all delivery of digitizable media products moved online - an unlikely prospect - the revenue loss for most countries would be small. More important, however, the prohibition of customs duties does not ensure continued open access for electronically delivered products and may even prompt recourse to inferior instruments of protection. Barrier-free electronic commerce would be more effectively secured by deepening and widening the limited cross-border trade commitments under the General Agreement on Trade in Services (GATS) and by clarifying and strengthening certain GATS disciplines. This paper-a product of Trade, Development Research Group-is part of a larger effort in the group to improve trade policy for goods and services. It is part of a larger project on trade in services supported in part by the United Kingdom's Department for International Development. Aaditya Mattoo may be contacted at amattooworldbank.org
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 15
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    Online Resource
    Should Credit Be Given for Autonomous Liberalization in Multilateral Trade Negotiations? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Mattoo, Aaditya Should Credit Be Given for Autonomous Liberalization in Multilateral Trade Negotiations?
    Keywords: Currencies and Exchange Rates ; Currency ; Debt Markets ; Dispute Settlement ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Free Trade ; Insurance and Risk Mitigation ; International Economics & Trade ; International Trade and Trade Rules ; Macroeconomics and Economic Growth ; Multilateral Liberalization ; Multilateral Negotiations ; Private Sector Development ; Public Sector Development ; Reciprocal Concessions ; Tariff ; Tariff Reductions ; Tariff Schedule ; Tariffs ; Terms Of Trade ; Terms Of Trade Loss ; Trade ; Trade Liberalization ; Trade Negotiations ; Trade Policy ; Trade Policy ; Unilateral Liberalization ; Unilateral Reduction ; Unilateral Tariff Reduction ; World Trade ; World Trade Organization ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Dispute Settlement ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Free Trade ; Insurance and Risk Mitigation ; International Economics & Trade ; International Trade and Trade Rules ; Macroeconomics and Economic Growth ; Multilateral Liberalization ; Multilateral Negotiations ; Private Sector Development ; Public Sector Development ; Reciprocal Concessions ; Tariff ; Tariff Reductions ; Tariff Schedule ; Tariffs ; Terms Of Trade ; Terms Of Trade Loss ; Trade ; Trade Liberalization ; Trade Negotiations ; Trade Policy ; Trade Policy ; Unilateral Liberalization ; Unilateral Reduction ; Unilateral Tariff Reduction ; World Trade ; World Trade Organization
    Abstract: June 2000 - As each new round of multilateral trade negotiations approaches, there is a demand for a negotiating rule that would give credit for previous unilateral liberalization. The feasibility and desirability of such a rule depend on when it is instituted. As each new round of multilateral trade negotiations approaches, there is a demand for a negotiating rule that would give credit for autonomous (unilateral) liberalization. Mattoo and Olarreaga show that the feasibility and desirability of such a rule depend on when it is instituted. A credit rule established at the beginning of a round of negotiations has a primarily distributional effect, favoring those who have already undertaken liberalization. Implementing such a rule would depend on the generosity of those who have not liberalized. The authors propose instead establishing a credit rule at the end of a round of negotiations, which creates an ex ante assurance that any unilateral liberalization will receive credit in the next round. Such a rule would help induce or enhance liberalization in some countries between negotiating rounds by reducing the gains from retaining protection as negotiating currency. More strikingly, it could also lead to deeper levels of multilateral liberalization and induce other countries to go further than they would in the absence of a rule. Most important, such an ex ante rule would not rely on altruism to be generally acceptable. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to improve trade policy in goods and services. The authors may be contacted at amattooworldbank.org or molarreaga@worldbank.org
    URL: Volltext  (Deutschlandweit zugänglich)
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    MPI Ethno. Forsch.
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