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  • 2005-2009  (255)
  • Washington, D.C : The World Bank  (255)
  • Cham : Springer International Publishing AG
  • Economic Theory and Research  (255)
  • 101
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    The Pricing Dynamics of Utilities With Underdeveloped Networks (2007)
    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: Kessides, Ioannis N The Pricing Dynamics of Utilities With Underdeveloped Networks
    Keywords: Choice ; Consumers ; Costs ; Debt Markets ; Demand ; Discount Rate ; Diseconomies of Scale ; E-Business ; Economic Efficiency ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Incentives ; Investment ; Low Tariffs ; Macroeconomics and Economic Growth ; Marginal Costs ; Markets and Market Access ; Monopoly ; Optimization ; Private Sector Development ; Urban Water Supply and Sanitation ; Water Supply and Sanitation ; Choice ; Consumers ; Costs ; Debt Markets ; Demand ; Discount Rate ; Diseconomies of Scale ; E-Business ; Economic Efficiency ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Incentives ; Investment ; Low Tariffs ; Macroeconomics and Economic Growth ; Marginal Costs ; Markets and Market Access ; Monopoly ; Optimization ; Private Sector Development ; Urban Water Supply and Sanitation ; Water Supply and Sanitation ; Choice ; Consumers ; Costs ; Debt Markets ; Demand ; Discount Rate ; Diseconomies of Scale ; E-Business ; Economic Efficiency ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Incentives ; Investment ; Low Tariffs ; Macroeconomics and Economic Growth ; Marginal Costs ; Markets and Market Access ; Monopoly ; Optimization ; Private Sector Development ; Urban Water Supply and Sanitation ; Water Supply and Sanitation
    Abstract: This paper uses an analytically tractable intertemporal framework for analyzing the dynamic pricing of a utility with an underdeveloped network (a typical case in most developing countries) facing a competitive fringe, short-run network adjustment costs, theft of service, and the threat of a retaliatory regulatory review that is increasing with the price it charges. This simple dynamic optimization model yields a number of powerful policy insights and conclusions. Under a variety of plausible assumptions (in the context of developing countries) the utility will find its long-run profits enhanced if it exercises restraint in the early stages of network development by holding price below the limit defined by the unit costs of the fringe. The utility's optimal price gradually converges toward the limit price as its network expands. Moreover, when the utility is threatened with retaliatory regulatory intervention, it will generally have incentives to restrain its pricing behavior. These findings have important implications for the design of post-privatization regulatory governance in developing countries
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    MPI Ethno. Forsch.
  • 102
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    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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    MPI Ethno. Forsch.
  • 103
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    Does "Good Government" Draw Foreign Capital ? : Explaining China's Exceptional Foreign Direct Investment Inflow (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (40 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Yeung, Bernard Does "Good Government" Draw Foreign Capital ?
    Keywords: Bank Policy ; Bureaucratic Quality ; Contracts ; Country Risk ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Exchange ; Finance ; Finance and Financial Sector Development ; Fixed Investment ; Foreign Capital ; Foreign Direct Investment ; Foreign Direct Investment ; Foreign Investors ; Future ; International Economics & Trade ; Investment and Investment Climate ; Law and Development ; Macroeconomics and Economic Growth ; Political Economy ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Social Protections and Labor ; Bank Policy ; Bureaucratic Quality ; Contracts ; Country Risk ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Exchange ; Finance ; Finance and Financial Sector Development ; Fixed Investment ; Foreign Capital ; Foreign Direct Investment ; Foreign Direct Investment ; Foreign Investors ; Future ; International Economics & Trade ; Investment and Investment Climate ; Law and Development ; Macroeconomics and Economic Growth ; Political Economy ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Social Protections and Labor ; Bank Policy ; Bureaucratic Quality ; Contracts ; Country Risk ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Exchange ; Finance ; Finance and Financial Sector Development ; Fixed Investment ; Foreign Capital ; Foreign Direct Investment ; Foreign Direct Investment ; Foreign Investors ; Future ; International Economics & Trade ; Investment and Investment Climate ; Law and Development ; Macroeconomics and Economic Growth ; Political Economy ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Social Protections and Labor
    Abstract: China is now the world's largest destination of foreign direct investment (FDI), despite assessments highlighting its institutional deficiencies. But this FDI inflow corresponds closely to predicted FDI flows into China from a model that predicts FDI inflow based on government quality indicators and controls and is estimated across a sample of other weak-institution countries. The only real discrepancy is that, if government quality is measured by constraints on executive power, China receives somewhat more FDI than the model predicts. This might reflect an underestimation of the strength of these constraints in China, a unique institutional setting for FDI operations, FDI based on expected future institutional improvements, or a unique Chinese model of development. The authors conclude that Ockham's razor disfavors the last. They also note that FDI may be elevated because Chinese institutions protect foreign firms better than domestic ones
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  • 104
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    Remittances And The Real Exchange Rate (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (33 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Bussolo, Maurizio Remittances And The Real Exchange Rate
    Keywords: Capital Inflow ; Consumption ; Currencies and Exchange Rates ; Debt Markets ; Demand ; Domestic Economy ; Dutch Disease ; Economic Stabilization ; Economic Theory and Research ; Economies ; Economy ; Emerging Markets ; External Financing ; Finance and Financial Sector Development ; Growth Rates ; International Markets ; Loss of Competitiveness ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development ; Capital Inflow ; Consumption ; Currencies and Exchange Rates ; Debt Markets ; Demand ; Domestic Economy ; Dutch Disease ; Economic Stabilization ; Economic Theory and Research ; Economies ; Economy ; Emerging Markets ; External Financing ; Finance and Financial Sector Development ; Growth Rates ; International Markets ; Loss of Competitiveness ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development ; Capital Inflow ; Consumption ; Currencies and Exchange Rates ; Debt Markets ; Demand ; Domestic Economy ; Dutch Disease ; Economic Stabilization ; Economic Theory and Research ; Economies ; Economy ; Emerging Markets ; External Financing ; Finance and Financial Sector Development ; Growth Rates ; International Markets ; Loss of Competitiveness ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development
    Abstract: Existing empirical evidence indicates that remittances have a positive impact on a good number of development indicators of recipient countries. Yet when flows are too large relative to the size of the recipient economies, as those observed in a number of Latin American countries, they may also bring a number of undesired problems. Among those probably the most feared in this context is the Dutch Disease. This paper explores the empirical evidence regarding the impact of remittances on the real exchange rate. The findings suggest that remittances indeed appear to lead to a significant real exchange rate appreciation. The paper also explores policy options that may somewhat offset the observed effect
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  • 105
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    Measuring Microenterprise Profits : Don't Ask How The Sausage Is Made (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (29 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Woodruff, Christopher Measuring Microenterprise Profits
    Keywords: Bank Policy ; Business Environment ; Business in Development ; Competitiveness and Competition Policy ; Debt Markets ; Developing countries ; Economic Theory and Research ; Finance and Financial Sector Development ; Financial support ; Fungible ; Living Standards ; Macroeconomics and Economic Growth ; Microenterprises ; Microfinance ; Private Sector Development ; Public Sector Development ; Returns ; Tax ; Trust Fund ; Bank Policy ; Business Environment ; Business in Development ; Competitiveness and Competition Policy ; Debt Markets ; Developing countries ; Economic Theory and Research ; Finance and Financial Sector Development ; Financial support ; Fungible ; Living Standards ; Macroeconomics and Economic Growth ; Microenterprises ; Microfinance ; Private Sector Development ; Public Sector Development ; Returns ; Tax ; Trust Fund ; Bank Policy ; Business Environment ; Business in Development ; Competitiveness and Competition Policy ; Debt Markets ; Developing countries ; Economic Theory and Research ; Finance and Financial Sector Development ; Financial support ; Fungible ; Living Standards ; Macroeconomics and Economic Growth ; Microenterprises ; Microfinance ; Private Sector Development ; Public Sector Development ; Returns ; Tax ; Trust Fund
    Abstract: A large share of the world's poor is self-employed. Accurate measurement of profits from microenterprises is therefore critical for studying poverty and inequality, measuring the returns to education, and evaluating the success of microfinance programs. But a myriad of problems plague the measurement of profits. The authors report on a variety of different experiments conducted to better understand the importance of some of these problems and to draw recommendations for collecting profit data. In particular, they (1) examine how far we can reconcile self-reported profits and reports of revenue minus expenses through more detailed questions; (2) examine recall errors in sales and report on the results of experiments which randomly allocated account books to firms; and (3) ask firms how much firms like theirs underreport sales in surveys like this, and have research assistants observe the firms at random times 15-16 times during a month to provide measures for comparison. The authors conclude that firms underreport revenues by about 30 percent, that account diaries have significant effects on both revenues and expenses but not on profits, and that simply asking profits provides a more accurate measure of firm profits than detailed questions on revenues and expenses
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  • 106
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    Export Structure And Growth : A Detailed Analysis For Argentina (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: Torrado, Monica Parra Export Structure And Growth
    Keywords: Agribusiness and Markets ; Competitiveness ; Devaluation ; Economic Theory and Research ; Economic growth ; Export growth ; Exports ; Externalities ; GDP ; Income ; Industry ; Labor Policies ; Law and Development ; Macroeconomics and Economic Growth ; Productivity ; Rural Development ; Social Protections and Labor ; Tax Law ; Value added ; Water Resources ; Water and Industry ; Agribusiness and Markets ; Competitiveness ; Devaluation ; Economic Theory and Research ; Economic growth ; Export growth ; Exports ; Externalities ; GDP ; Income ; Industry ; Labor Policies ; Law and Development ; Macroeconomics and Economic Growth ; Productivity ; Rural Development ; Social Protections and Labor ; Tax Law ; Value added ; Water Resources ; Water and Industry ; Agribusiness and Markets ; Competitiveness ; Devaluation ; Economic Theory and Research ; Economic growth ; Export growth ; Exports ; Externalities ; GDP ; Income ; Industry ; Labor Policies ; Law and Development ; Macroeconomics and Economic Growth ; Productivity ; Rural Development ; Social Protections and Labor ; Tax Law ; Value added ; Water Resources ; Water and Industry
    Abstract: This paper examines recent changes in the structure of Argentine exports and the implications for future growth. The authors find that the current export structure of Argentina is not conducive to future growth because it is dominated by low-productivity goods that tend to be exported by low-income countries. The productivity content of Argentine exports has increased recently although, as of 2004, these changes have been relatively minor. The authors identify products with characteristics similar to those currently exported by Argentina and which are more likely to foster growth because they would shift the structure of exports more the efficiency frontier. Those products include chemicals and primary products with some degree of value added, including partly processed meat, fish and grains. If economic growth is to be fostered by developing new export products and by increasing the value added of existing exports, there will be a need for sector-specific analysis to address possible market failures. The analysis should focus on issues such as the provision of public goods needed for production (including infrastructure, but also complex intangibles such as sector-specific legislation), possible impediments to effective coordination, sector-specific and economy wide externalities, or barriers to information. This last source of potential market failure is critical to a successful policy framework for exports and growth
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  • 107
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    A Poverty : Focused Evaluation of Commodity Tax Options (2007)
    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: Essama-Nssah, B A Poverty
    Keywords: Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Food expenditure ; Human capital ; Income ; Macroeconomics and Economic Growth ; Poor ; Poor policy ; Poverty Reduction ; Poverty eradication ; Poverty measures ; Poverty reduction ; Poverty reduction strategy ; Private Sector Development ; Public spending ; Rural Development ; Rural Poverty Reduction ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Food expenditure ; Human capital ; Income ; Macroeconomics and Economic Growth ; Poor ; Poor policy ; Poverty Reduction ; Poverty eradication ; Poverty measures ; Poverty reduction ; Poverty reduction strategy ; Private Sector Development ; Public spending ; Rural Development ; Rural Poverty Reduction ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Food expenditure ; Human capital ; Income ; Macroeconomics and Economic Growth ; Poor ; Poor policy ; Poverty Reduction ; Poverty eradication ; Poverty measures ; Poverty reduction ; Poverty reduction strategy ; Private Sector Development ; Public spending ; Rural Development ; Rural Poverty Reduction
    Abstract: The difficulties faced by many developing countries in raising revenue from direct taxes have forced them to rely heavily on indirect taxes to finance development interventions. The purpose of this paper is to show how to identify socially desirable options for commodity taxation in the context of a poverty reduction strategy. Within the logic of social evaluation the author assesses tax options on the basis of value judgments underlying members of the additively separable class of poverty measures. The criterion hinges on both the pattern of consumption of each commodity and the price elasticity of the poverty measure used. An application of this methodology to data for Guinea shows that many components of food expenditure (particularly cereals, grains, and roots) would be good candidates for exemption from value-added tax. Even though expenditure on health and education is distributed in favor of the non-poor, their importance for human capital development argues for a program of targeted subsidies in a broader context of cost recovery
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  • 108
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    Monetary Policy, Structural Break, And The Monetary Transmission Mechanism In Thailand (2007)
    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: Hesse, Heiko Monetary Policy, Structural Break, And The Monetary Transmission Mechanism In Thailand
    Keywords: Central bank ; Currencies and Exchange Rates ; Debt Markets ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange rate ; Finance and Financial Sector Development ; Foreign interest rate ; Interest rates ; Macroeconomics and Economic Growth ; Monetary expansion ; Monetary policy ; Monetary shocks ; Money supply ; Private Sector Development ; Transmission mechanism ; Transmission mechanisms ; Central bank ; Currencies and Exchange Rates ; Debt Markets ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange rate ; Finance and Financial Sector Development ; Foreign interest rate ; Interest rates ; Macroeconomics and Economic Growth ; Monetary expansion ; Monetary policy ; Monetary shocks ; Money supply ; Private Sector Development ; Transmission mechanism ; Transmission mechanisms ; Central bank ; Currencies and Exchange Rates ; Debt Markets ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange rate ; Finance and Financial Sector Development ; Foreign interest rate ; Interest rates ; Macroeconomics and Economic Growth ; Monetary expansion ; Monetary policy ; Monetary shocks ; Money supply ; Private Sector Development ; Transmission mechanism ; Transmission mechanisms
    Abstract: The paper studies monetary policy and the monetary transmission mechanism in Thailand in light of the Asian crisis in 1997. Existing studies that adopt structural vector auto-regression (VAR) approaches do not give a clear and agreed-upon view how monetary shocks are transmitted to the Thai economy that is subject to structural breaks. This study explicitly models a pre-crisis and post-crisis cointegrated VAR model. This analysis supports arguments that the trinity of open capital markets, pegged exchange rate regime, and monetary policy autonomy is inconsistent in the pre-crisis period. In contrast, the model points to an effective monetary policy in the post-crisis period. Further, the author analyzes the common driving trends of the model
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  • 109
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    Consumption Risk, Technology Adoption, And Poverty Traps : Evidence From Ethiopia (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: Christiaensen, Luc Consumption Risk, Technology Adoption, And Poverty Traps
    Keywords: Agriculture ; Assets ; Consumption ; Currencies and Exchange Rates ; Decision making ; Economic Theory and Research ; Finance and Financial Sector Development ; Financial Intermediation ; Income ; Inefficiency ; Labor Policies ; Macroeconomics and Economic Growth ; Product markets ; Profitability ; Social Protections and Labor ; Sunk costs ; Transactions costs ; Wealth ; Agriculture ; Assets ; Consumption ; Currencies and Exchange Rates ; Decision making ; Economic Theory and Research ; Finance and Financial Sector Development ; Financial Intermediation ; Income ; Inefficiency ; Labor Policies ; Macroeconomics and Economic Growth ; Product markets ; Profitability ; Social Protections and Labor ; Sunk costs ; Transactions costs ; Wealth ; Agriculture ; Assets ; Consumption ; Currencies and Exchange Rates ; Decision making ; Economic Theory and Research ; Finance and Financial Sector Development ; Financial Intermediation ; Income ; Inefficiency ; Labor Policies ; Macroeconomics and Economic Growth ; Product markets ; Profitability ; Social Protections and Labor ; Sunk costs ; Transactions costs ; Wealth
    Abstract: Much has been written on the determinants of input and technology adoption in agriculture, with issues such as input availability, knowledge and education, risk preferences, profitability, and credit constraints receiving much attention. This paper focuses on a factor that has been less well documented-the differential ability of households to take on risky production technologies for fear of the welfare consequences if shocks result in poor harvests. Building on an explicit model, this is explored in panel data for Ethiopia. Historical rainfall distributions are used to identify the counterfactual consumption risk. Controlling for unobserved household and time-varying village characteristics, it emerges that not just ex-ante credit constraints, but also the possibly low consumption outcomes when harvests fail, discourage the application of fertilizer. The lack of insurance causes inefficiency in production choices
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  • 110
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    Shadow Sovereign Ratings For Unrated Developing Countries (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (37 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Mohapatra, Sanket Shadow Sovereign Ratings For Unrated Developing Countries
    Keywords: Access to Finance ; Bankruptcy and Resolution of Financial Distress ; Capital flows ; Debt Markets ; Developing Countries ; Economic Theory and Research ; Emerging Markets ; Emerging market ; Emerging market economies ; Equity markets ; Finance and Financial Sector Development ; Foreign currency ; International bond ; Loan ; Macroeconomics and Economic Growth ; Private Sector Development ; Sovereign Ratings ; Sovereign rating ; Access to Finance ; Bankruptcy and Resolution of Financial Distress ; Capital flows ; Debt Markets ; Developing Countries ; Economic Theory and Research ; Emerging Markets ; Emerging market ; Emerging market economies ; Equity markets ; Finance and Financial Sector Development ; Foreign currency ; International bond ; Loan ; Macroeconomics and Economic Growth ; Private Sector Development ; Sovereign Ratings ; Sovereign rating ; Access to Finance ; Bankruptcy and Resolution of Financial Distress ; Capital flows ; Debt Markets ; Developing Countries ; Economic Theory and Research ; Emerging Markets ; Emerging market ; Emerging market economies ; Equity markets ; Finance and Financial Sector Development ; Foreign currency ; International bond ; Loan ; Macroeconomics and Economic Growth ; Private Sector Development ; Sovereign Ratings ; Sovereign rating
    Abstract: The authors attempt to predict sovereign ratings for developing countries that do not have risk ratings from agencies such as Fitch, Moody's, and Standard and Poor's. Ratings affect capital flows to developing countries through international bond, loan, and equity markets. Sovereign rating also acts as a ceiling for the foreign currency rating of sub-sovereign borrowers. As of the end of 2006, however, only 86 developing countries have been rated by the rating agencies. Of these, 15 countries have not been rated since 2004. Nearly 70 developing countries have never been rated. The results indicate that the unrated countries are not always at the bottom of the rating spectrum. Several unrated poor countries appear to have a "B" or higher rating, in a similar range as the emerging market economies with capital market access. Drawing on the literature, the analysis presents a stylized relationship between borrowing costs and the credit rating of sovereign bonds. The launch spread rises as the credit rating deteriorates, registering a sharp rise at the investment grade threshold. Based on these findings, a case can be made in favor of helping poor countries obtain credit ratings not only for sovereign borrowing, but for sub-sovereign entities' access to international debt and equity capital. The rating model, along with the stylized relationship between spreads and ratings can be useful for securitization and other financial structures, and for leveraging official aid for improving borrowing terms in poor countries
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  • 111
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    Human capital, trade liberalization, and income risk (2007)
    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: Maloney, William Human capital, trade liberalization, and income risk
    Keywords: Economic Theory and Research ; Elasticity ; Emerging Markets ; Foreign competition ; Free Trade ; Human Capital ; Income ; Incomplete Markets ; Inequality ; International Economics & Trade ; International trade ; Labor Policies ; Lowering trade barriers ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Social Protections and Labor ; Trade Liberalization ; Trade policy ; Wages ; Economic Theory and Research ; Elasticity ; Emerging Markets ; Foreign competition ; Free Trade ; Human Capital ; Income ; Incomplete Markets ; Inequality ; International Economics & Trade ; International trade ; Labor Policies ; Lowering trade barriers ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Social Protections and Labor ; Trade Liberalization ; Trade policy ; Wages ; Economic Theory and Research ; Elasticity ; Emerging Markets ; Foreign competition ; Free Trade ; Human Capital ; Income ; Incomplete Markets ; Inequality ; International Economics & Trade ; International trade ; Labor Policies ; Lowering trade barriers ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Social Protections and Labor ; Trade Liberalization ; Trade policy ; Wages
    Abstract: Using data from Mexico, the authors study empirically the link between trade policy and individual income risk and the extent to which this varies across workers of different human capital (education) levels. They use longitudinal income data on workers to estimate time-varying individual income risk parameters in different manufacturing sectors in Mexico between 1987 and 1998, a period in which the Mexican economy experienced substantial changes in trade policy. In a second step, they use the variations in trade policy across different sectors and over time to estimate the link between trade policy and income risk for workers of varying education levels. The authors' findings are as follows. The level of openness of an economy is not found to be related to income risk for workers of any type. Furthermore, changes in trade policy (that is, trade policy reforms) are not found to have any effect on the risk to income faced by workers with either low or high levels of human capital. But workers with intermediate levels of human capital are found to experience a statistically and economically significant increase in income risk immediately following liberalization of trade. The findings thus point to an interesting non-monotonicity in the interaction between human capital, income risk and trade policy changes
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  • 112
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    Customer market power and the provision of trade credit : evidence from Eastern Europe and Central Asia (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (27 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Van Horen, Neeltje Customer market power and the provision of trade credit
    Keywords: Access to Finance ; Competitiveness ; Debt Markets ; Economic Theory and Research ; Environment ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Market Power ; Markets and Market Access ; Monopoly ; Product quality ; Purchasing ; Sale ; Sales ; Supplier ; Suppliers ; Surplus ; Access to Finance ; Competitiveness ; Debt Markets ; Economic Theory and Research ; Environment ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Market Power ; Markets and Market Access ; Monopoly ; Product quality ; Purchasing ; Sale ; Sales ; Supplier ; Suppliers ; Surplus ; Access to Finance ; Competitiveness ; Debt Markets ; Economic Theory and Research ; Environment ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Market Power ; Markets and Market Access ; Monopoly ; Product quality ; Purchasing ; Sale ; Sales ; Supplier ; Suppliers ; Surplus
    Abstract: Statistics show that the sale of goods on credit is widespread among firms even when they are capital constrained and thus face relatively high costs in providing trade credit. This study provides an explanation for this by arguing that customers who possess strong market power are able to increase their customer surplus by demanding to purchase the goods on credit. This gain in customer surplus increases with the degree of asymmetric information between buyer and seller with respect to product quality. Therefore, firms that are perceived as risky are especially subject to the market power of the customer and have to sell their goods on credit. Using detailed firm-level data from a large number of firms in Eastern Europe and Central Asia, this study finds evidence consistent with this hypothesis. It finds a strong positive correlation between customer market power and trade credit provision. Furthermore, this relationship is especially strong when the supplier is more risky and in countries with limited financial sector development or a weak legal system
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  • 113
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    Big dragon, little dragons : China's challenge to the machinery exports of southeast Asia (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (42 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Rahardja, Sjamsu Big dragon, little dragons
    Keywords: Maschine ; Export ; China ; Südostasien ; Competitiveness ; Debt Markets ; Economic Theory and Research ; Export market ; Finance and Financial Sector Development ; Finished products ; Free Trade ; General Manufacturing ; Home market ; Home markets ; Industry ; International Economics & Trade ; Macroeconomics and Economic Growth ; Market share ; Markets and Market Access ; Supplier ; Suppliers ; Third markets ; World market ; Competitiveness ; Debt Markets ; Economic Theory and Research ; Export market ; Finance and Financial Sector Development ; Finished products ; Free Trade ; General Manufacturing ; Home market ; Home markets ; Industry ; International Economics & Trade ; Macroeconomics and Economic Growth ; Market share ; Markets and Market Access ; Supplier ; Suppliers ; Third markets ; World market ; Competitiveness ; Debt Markets ; Economic Theory and Research ; Export market ; Finance and Financial Sector Development ; Finished products ; Free Trade ; General Manufacturing ; Home market ; Home markets ; Industry ; International Economics & Trade ; Macroeconomics and Economic Growth ; Market share ; Markets and Market Access ; Supplier ; Suppliers ; Third markets ; World market
    Abstract: This paper investigates the extent of China's export boom in machinery and analyzes trade in components and finished machinery between China and Southeast Asia. China has increased its world market share in machinery exports. The median relative unit value of its finished machinery exports has also risen. Yet the author finds no evidence that China's expansion in the world machinery market has squeezed the market shares of Southeast Asian machinery exports. Instead, components made by Southeast Asian countries are increasing in unit value and gaining market share in China
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  • 114
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    Watching More Than The Discovery Channel : Export Cycles And Diversification In Development (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: Brenton, Paul Watching More Than The Discovery Channel
    Keywords: Barriers to entry ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Export market ; Export markets ; Finance and Financial Sector Development ; Free Trade ; International Economics & Trade ; International Trade ; Macroeconomics and Economic Growth ; Market failure ; Market failures ; Market penetration ; Market share ; Markets and Market Access ; Potential demand ; Private Sector Development ; Volatility ; Barriers to entry ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Export market ; Export markets ; Finance and Financial Sector Development ; Free Trade ; International Economics & Trade ; International Trade ; Macroeconomics and Economic Growth ; Market failure ; Market failures ; Market penetration ; Market share ; Markets and Market Access ; Potential demand ; Private Sector Development ; Volatility ; Barriers to entry ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Export market ; Export markets ; Finance and Financial Sector Development ; Free Trade ; International Economics & Trade ; International Trade ; Macroeconomics and Economic Growth ; Market failure ; Market failures ; Market penetration ; Market share ; Markets and Market Access ; Potential demand ; Private Sector Development ; Volatility
    Abstract: This paper examines the export performance of 99 countries over 1995-2004 to understand the relative roles of export growth through "discovery" of new products and growth during post-discovery phases of the export product cycle -- acceleration and maturation -- in existing markets and expansion into new geographic markets. The authors find that expanding existing products in existing markets (growth at the intensive margin) has greater weight in export growth than diversification into new products and new geographic markets (growth at the extensive margin). Moreover, growth into new geographic markets appears to be more important than discovery of new export products in explaining export growth. Of particular importance is whether an exporting country succeeds in reaching more national markets that are already importing the product it makes. This geographic index of market penetration is a powerful explanatory variable of export performance. This suggests that governments should not focus solely or even primarily on the discovery channel, but also seek to identify and address market failures that are constraining exporters in subsequent phases of the export cycle
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  • 115
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    Corruption, Business Environment, And Small Business Fixed Investment In India (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (35 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Honorati, Maddalena Corruption, Business Environment, And Small Business Fixed Investment In India
    Keywords: Access to Finance ; Credit rationing ; Debt ; Economic Theory and Research ; Economic growth ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Labor Policies ; Labor markets ; Macroeconomics and Economic Growth ; Marginal cost ; Price elasticity of demand ; Private Sector Development ; Productivity growth ; Property rights ; Social Protections and Labor ; Tax rates ; Wage rates ; Access to Finance ; Credit rationing ; Debt ; Economic Theory and Research ; Economic growth ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Labor Policies ; Labor markets ; Macroeconomics and Economic Growth ; Marginal cost ; Price elasticity of demand ; Private Sector Development ; Productivity growth ; Property rights ; Social Protections and Labor ; Tax rates ; Wage rates ; Access to Finance ; Credit rationing ; Debt ; Economic Theory and Research ; Economic growth ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Labor Policies ; Labor markets ; Macroeconomics and Economic Growth ; Marginal cost ; Price elasticity of demand ; Private Sector Development ; Productivity growth ; Property rights ; Social Protections and Labor ; Tax rates ; Wage rates
    Abstract: This paper estimates a structural dynamic business investment equation and an error correction model of fixed assets growth on a sample of predominantly small and mid-size manufacturers in India. The results suggest that excessive labor regulation, power shortages, and problems of access to finance are all significant factors in industrial growth in the country. The estimated effects of labor regulation, power shortages and access to finance on the rate of business investment all vary by states' levels of industrial development and. Perhaps more importantly, they also depend on a fourth institutional factor, namely, corruption. The rate of fixed investment is significantly lower where power shortages are more severe and labor regulation is stronger over the full sample, but each of these impacts is also greater for businesses self-reportedly affected by corruption. Although access to finance does not seem to influence the rate of investment for most firms, there is evidence that investment decisions are constrained by cash flow in enterprises that are unaffected by corruption or power shortages. There are nuances to this story as we take into account regional specificity, but the key result always holds that labor regulation, power shortages and access to finance influence the rate of fixed investment in ways that depend on the incidence of corruption. In interpreting this finding, we would like to think of corruption as a proxy for the quality of property rights institutions in the sense of Acemoglu and Johnson (2005). On the other hand, we regard labor regulation and the financial environment of small businesses in India as instances of what Acemoglu and Johnson (2005) call 'contracting institutions'. The analysis finds that the interaction between corruption and other aspects of the institutional environment of fixed investment decisions could be seen consistent with the Acemoglu-Johnson view that the quality of property rights institutions exerts more abiding influence on economic outcomes than the quality of contracting institutions
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  • 116
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    The Economic Impact of Climate Change On Agriculture In Cameroon, Volume 1of 1 (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (33 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Molua, Ernest L The Economic Impact of Climate Change On Agriculture In Cameroon, Volume 1of 1
    Keywords: Climate ; Climate Change ; Climate Change ; Climate change research ; Climate changes ; Common Property Resource Development ; Economic Theory and Research ; Environment ; Environmental Economics and Policies ; GDP ; Global Environment ; Global climate change ; Macroeconomics and Economic Growth ; Precipitation ; Rainfall ; Rural Development ; Soil ; Temperature ; Climate ; Climate Change ; Climate Change ; Climate change research ; Climate changes ; Common Property Resource Development ; Economic Theory and Research ; Environment ; Environmental Economics and Policies ; GDP ; Global Environment ; Global climate change ; Macroeconomics and Economic Growth ; Precipitation ; Rainfall ; Rural Development ; Soil ; Temperature ; Climate ; Climate Change ; Climate Change ; Climate change research ; Climate changes ; Common Property Resource Development ; Economic Theory and Research ; Environment ; Environmental Economics and Policies ; GDP ; Global Environment ; Global climate change ; Macroeconomics and Economic Growth ; Precipitation ; Rainfall ; Rural Development ; Soil ; Temperature
    Abstract: This study examines the impact of climate change on crop farming in Cameroon. The country's economy is predominantly agrarian and agriculture and the exploitation of natural resources remain the driving force for the country's economic development. Fluctuations in national income are due not merely to the decline in world demand for Cameroon's traditional agricultural exports or to mistakes in economic policy making, but also to the vagaries of the weather. Based on a farm-level survey of more than 800 farms, the study employs a Ricardian cross-sectional approach to measure the relationship between climate and the net revenue from crops. Net revenue is regressed on climate, water flow, soil, and economic variables. Further, uniform scenarios assume that only one aspect of climate changes and the change is uniform across the whole country. The analysis finds that net revenues fall as precipitation decreases or temperatures increase across all the surveyed farms. The study reaffirms that agriculture in Cameroon is often limited by seasonality and the availability of moisture. Although other physical factors, such as soil and relief, have an important influence on agriculture, climate remains the dominant influence on the variety of crops cultivated and the types of agriculture practiced
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  • 117
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    The Vanishing Farms ? : The Impact of International Migration On Albanian Family Farming (2007)
    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: Miluka, Juna The Vanishing Farms ?
    Keywords: Agricultural Knowledge and Information Systems ; Agricultural production ; Agriculture ; Demographic changes ; Development policies ; Economic Theory and Research ; Health, Nutrition and Population ; Impact of migration ; International Migration ; Labor Policies ; Macroeconomics and Economic Growth ; Policy ReseaRch ; Policy ReseaRch WoRking PaPeR ; Population Policies ; Resource allocation ; Rural Development ; Rural Development Knowledge and Information Systems ; Rural areas ; Rural development ; Social Protections and Labor ; Agricultural Knowledge and Information Systems ; Agricultural production ; Agriculture ; Demographic changes ; Development policies ; Economic Theory and Research ; Health, Nutrition and Population ; Impact of migration ; International Migration ; Labor Policies ; Macroeconomics and Economic Growth ; Policy ReseaRch ; Policy ReseaRch WoRking PaPeR ; Population Policies ; Resource allocation ; Rural Development ; Rural Development Knowledge and Information Systems ; Rural areas ; Rural development ; Social Protections and Labor ; Agricultural Knowledge and Information Systems ; Agricultural production ; Agriculture ; Demographic changes ; Development policies ; Economic Theory and Research ; Health, Nutrition and Population ; Impact of migration ; International Migration ; Labor Policies ; Macroeconomics and Economic Growth ; Policy ReseaRch ; Policy ReseaRch WoRking PaPeR ; Population Policies ; Resource allocation ; Rural Development ; Rural Development Knowledge and Information Systems ; Rural areas ; Rural development ; Social Protections and Labor
    Abstract: This paper investigates the impact of international migration on technical efficiency, resource allocation and income from agricultural production of family farming in Albania. The results suggest that migration is used by rural households as a pathway out of agriculture: migration is negatively associated with the allocation of both labor and non-labor inputs in agriculture, while no significant differences can be detected in terms of farm technical efficiency or agricultural income. Whether the rapid demographic changes in rural areas triggered by massive migration, possibly combined with propitious land and rural development policies, will ultimately produce the conditions for more viable, high-return agriculture attracting larger investments remains to be seen
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  • 118
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    Challenges To MDG Achievement In Low Income Countries : Lessons From Ghana And Honduras (2007)
    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: Bussolo, Maurizio Challenges To MDG Achievement In Low Income Countries
    Keywords: Development Strategies ; Economic Theory and Research ; Health, Nutrition and Population ; Human Development ; Income Inequality ; International Community ; Macroeconomics and Economic Growth ; Millennium Declaration ; Millennium Development Goals ; Policy Research ; Policy Research Working Paper ; Population Policies ; Poverty Reduction ; Pro-Poor Growth ; Progress ; Public Sector Economics and Finance ; Public Sector Expenditure Analysis and Management ; Social Services ; Development Strategies ; Economic Theory and Research ; Health, Nutrition and Population ; Human Development ; Income Inequality ; International Community ; Macroeconomics and Economic Growth ; Millennium Declaration ; Millennium Development Goals ; Policy Research ; Policy Research Working Paper ; Population Policies ; Poverty Reduction ; Pro-Poor Growth ; Progress ; Public Sector Economics and Finance ; Public Sector Expenditure Analysis and Management ; Social Services ; Development Strategies ; Economic Theory and Research ; Health, Nutrition and Population ; Human Development ; Income Inequality ; International Community ; Macroeconomics and Economic Growth ; Millennium Declaration ; Millennium Development Goals ; Policy Research ; Policy Research Working Paper ; Population Policies ; Poverty Reduction ; Pro-Poor Growth ; Progress ; Public Sector Economics and Finance ; Public Sector Expenditure Analysis and Management ; Social Services
    Abstract: This paper summarizes the policy lessons from applications of the Maquette for MDG Simulations (MAMS) model to two low income countries: Ghana and Honduras. Results show that costs of MDGs achievement could reach 10-13 percent of GDP by 2015, although, given the observed low productivity in the provision of social services, significant savings may be realized by improving efficiency. Sources of financing also matter: foreign aid inflows can reduce international competitiveness through real exchange appreciation, while domestic financing can crowd out the private sector and slow poverty reduction. Spending a large share of a fixed budget on growth-enhancing infrastructure may mean sacrificing some human development, even if higher growth is usually associated with lower costs of social services. The pursuit of MDGs increases demand for skills: while this encourages higher educational attainments, in the short term this could lead to increased income inequality and a lower poverty elasticity of growth
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  • 119
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    Ideas And Innovation In East Asia (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (50 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Brahmbhatt, Milan Ideas And Innovation In East Asia
    Keywords: Innovation ; Technologietransfer ; Spillover-Effekt ; Forschung ; Technologiepolitik ; Ostasien ; Agricultural Knowledge and Information Systems ; Agriculture ; Business Environment ; E-Business ; Economic Theory and Research ; Environment For Innovation ; Foreign Direct Investment ; Industry ; Innovation ; Innovations ; Intellectual Property ; Intellectual Property Rights ; International Trade ; Knowledge Economy ; Macroeconomics and Economic Growth ; New Technology ; Private Sector Development ; R & D ; Rural Development ; Technology Industry ; Agricultural Knowledge and Information Systems ; Agriculture ; Business Environment ; E-Business ; Economic Theory and Research ; Environment For Innovation ; Foreign Direct Investment ; Industry ; Innovation ; Innovations ; Intellectual Property ; Intellectual Property Rights ; International Trade ; Knowledge Economy ; Macroeconomics and Economic Growth ; New Technology ; Private Sector Development ; R & D ; Rural Development ; Technology Industry ; Agricultural Knowledge and Information Systems ; Agriculture ; Business Environment ; E-Business ; Economic Theory and Research ; Environment For Innovation ; Foreign Direct Investment ; Industry ; Innovation ; Innovations ; Intellectual Property ; Intellectual Property Rights ; International Trade ; Knowledge Economy ; Macroeconomics and Economic Growth ; New Technology ; Private Sector Development ; R & D ; Rural Development ; Technology Industry
    Abstract: The generation, diffusion, absorption and application of new technology, knowledge or ideas are crucial drivers of development. This paper surveys the diverse approaches to innovation adopted by East Asian economies, the problems faced and outcomes achieved, as well as possible policy lessons. Knowledge flows from advanced countries remain the primary source of new ideas in developing economies. The authors evaluate the role of three main channels for knowledge flows to East Asia - international trade, acquisition of disembodied knowledge and foreign direct investment. The paper then looks at the exceptionally fast growth in domestic innovation efforts in Korea, Taiwan (China), Singapore and China, drawing on information about R&D as well as original analysis of patent and patent citation data. Citation analysis shows that while East Asian innovations continue to draw heavily on knowledge flows from the US and Japan, citations to the same or to other East Asian economies are quickly rising, indicating the emergence of national and regional knowledge stocks as a foundation for innovation. A last section pulls together findings about policies and institutions to foster innovation, under three heads: the overall business environment for innovation (macroeconomic stability, financial development, openness, competition, intellectual property rights and the quality of communications infrastructure), human capital development, and government fiscal support for innovation
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  • 120
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    Cote D'ivoire Volatility, Shocks And Growth (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (37 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Bogetic, Zeljko Cote D'ivoire Volatility, Shocks And Growth
    Keywords: Access to Markets ; Agriculture ; Cocoa Price ; Cocoa Prices ; Coffee Prices ; Commodity Prices ; Cotton Prices ; Crops and Crop Management Systems ; Economic Theory and Research ; Emerging Markets ; Inflation ; International Economics & Trade ; Macroeconomics and Economic Growth ; Market Power ; Markets and Market Access ; Price Indices ; Private Sector Development ; Volatility ; World Markets ; Access to Markets ; Agriculture ; Cocoa Price ; Cocoa Prices ; Coffee Prices ; Commodity Prices ; Cotton Prices ; Crops and Crop Management Systems ; Economic Theory and Research ; Emerging Markets ; Inflation ; International Economics & Trade ; Macroeconomics and Economic Growth ; Market Power ; Markets and Market Access ; Price Indices ; Private Sector Development ; Volatility ; World Markets ; Access to Markets ; Agriculture ; Cocoa Price ; Cocoa Prices ; Coffee Prices ; Commodity Prices ; Cotton Prices ; Crops and Crop Management Systems ; Economic Theory and Research ; Emerging Markets ; Inflation ; International Economics & Trade ; Macroeconomics and Economic Growth ; Market Power ; Markets and Market Access ; Price Indices ; Private Sector Development ; Volatility ; World Markets
    Abstract: Key economic variables in Cote d'Ivoire vary widely from their long-run trends, moving in multi-year cyclical patterns. Cocoa prices move with cycles in growth rates, capital stock, real exchange rates, terms of trade, cocoa production, and coffee production and output. These patterns have become more pronounced since the 1970s as volatility increased. This paper characterize these cycles, estimates the cocoa price-quantity relationship, and analyzes co-movements due to shocks generate a forecast. Three key conclusions follow. First, the economy of Cote d'Ivoire has experienced two fundamental transitions, one in 1976 related to cocoa, and another in 1994 related to exchange rates. From 1960 to 1976, world cocoa prices grew steadily, and then fell in real terms. The country's growth showed a similar pattern. An econometric model indicates that the relationship between cocoa price and quantity experienced a break in 1976 and provides evidence of Cote d'Ivoire's significant influence on world cocoa prices. Second, cocoa price shocks affect growth rates and trade indicators, and are important sources of volatility in the Cote d'Ivoire. The terms of trade and real exchange rate are also sources of volatility for growth and productivity. Third, a forecast of per-worker output based on these variables predicts continued declines in GDP per worker in Cote d'Ivoire for the near future. This dismal forecast implies the need for a radical and rapid improvement on political, security, and economic management to reverse the two and a half decades of economic decline
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  • 121
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    Distributional Effects of Educational Improvements : Are we using the Wrong Model? (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (21 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Bourguignon, Francois Distributional Effects of Educational Improvements
    Keywords: Access to Finance ; Capital Markets ; Credit Markets ; Debt Markets ; Developing Countries ; Economic Development ; Economic Theory and Research ; Education for All ; Expenditure ; Expenditures ; Finance and Financial Sector Development ; Human Capital ; Human Development ; International Bank ; Macroeconomics and Economic Growth ; Public Sector Expenditure Analysis and Management ; Public Spending ; Access to Finance ; Capital Markets ; Credit Markets ; Debt Markets ; Developing Countries ; Economic Development ; Economic Theory and Research ; Education for All ; Expenditure ; Expenditures ; Finance and Financial Sector Development ; Human Capital ; Human Development ; International Bank ; Macroeconomics and Economic Growth ; Public Sector Expenditure Analysis and Management ; Public Spending ; Access to Finance ; Capital Markets ; Credit Markets ; Debt Markets ; Developing Countries ; Economic Development ; Economic Theory and Research ; Education for All ; Expenditure ; Expenditures ; Finance and Financial Sector Development ; Human Capital ; Human Development ; International Bank ; Macroeconomics and Economic Growth ; Public Sector Expenditure Analysis and Management ; Public Spending
    Abstract: Measuring the incidence of public spending in education requires an intergenerational framework distinguishing between what current and future generations - that is, parents and children - give and receive. In standard distributional incidence analysis, households are assumed to receive a benefit equal to what is spent on their children enrolled in the public schooling system and, implicitly, to pay a fee proportional to their income. This paper shows that, in an intergenerational framework, this is equivalent to assuming perfectly altruistic individuals, in the sense of the dynastic model, and perfect capital markets. But in practice, credit markets are imperfect and poor households cannot borrow against the future income of their children. The authors show that under such circumstances, standard distributional incidence analysis may greatly over-estimate the progressivity of public spending in education: educational improvements that are progressive in the long-run steady state may actually be regressive for the current generation of poor adults. This is especially true where service delivery in education is highly inefficient - as it is in poor districts of many developing countries - so that the educational benefits received are relatively low in comparison with the cost of public spending. The results have implications for both policy measures and analytical approaches
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  • 122
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    Do Remittances Have A Flip Side ? : A General Equilibrium Analysis of Remittances, Labor Supply Responses, And Policy Options For Jamaica (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (29 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Bussolo, Maurizio Do Remittances Have A Flip Side ?
    Keywords: Currencies and Exchange Rates ; Debt Markets ; Economic Growth ; Economic Theory and Research ; Effects ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; General Equilibrium ; High Unemployment ; Information ; Investment ; Labor ; Labor ; Labor Costs ; Labor Demand ; Labor Force ; Labor Force Participation ; Labor Markets ; Labor Policies ; Macroeconomics and Economic Growth ; Private Sector Development ; Social Protections and Labor ; Currencies and Exchange Rates ; Debt Markets ; Economic Growth ; Economic Theory and Research ; Effects ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; General Equilibrium ; High Unemployment ; Information ; Investment ; Labor ; Labor ; Labor Costs ; Labor Demand ; Labor Force ; Labor Force Participation ; Labor Markets ; Labor Policies ; Macroeconomics and Economic Growth ; Private Sector Development ; Social Protections and Labor ; Currencies and Exchange Rates ; Debt Markets ; Economic Growth ; Economic Theory and Research ; Effects ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; General Equilibrium ; High Unemployment ; Information ; Investment ; Labor ; Labor ; Labor Costs ; Labor Demand ; Labor Force ; Labor Force Participation ; Labor Markets ; Labor Policies ; Macroeconomics and Economic Growth ; Private Sector Development ; Social Protections and Labor
    Abstract: Econometric analysis has established a negative relationship between labor supply and remittances in Jamaica. The authors incorporate this ex-post evidence in a general equilibrium model to investigate economywide effects of increased remittance inflows. In this model, remittances reduce labor force participation by increasing the reservation wages of recipients. This exacerbates the real exchange rate appreciation, hurting Jamaica's export base and small manufacturing import-competing sector. Within the narrow margins of maneuver of a highly indebted government, the authors show that a revenue-neutral policy response of a simultaneous reduction in payroll taxes and increase in sales taxes can effectively counteract these potentially negative effects of remittances
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    Market Structure And Market Access (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (27 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Francois, Joseph Market Structure And Market Access
    Keywords: Access to Markets ; Competition ; Currencies and Exchange Rates ; Debt Markets ; Distribution ; Domestic Market ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Free Trade ; International Economics & Trade ; International Trade ; International Trade ; Law and Development ; Macroeconomics and Economic Growth ; Market ; Market Access ; Market Power ; Market Structure ; Markets ; Markets and Market Access ; Monopoly ; Price ; Prices ; Private Sector Development ; Public Sector Development ; Retail ; Trade Law ; Trade Policy ; Access to Markets ; Competition ; Currencies and Exchange Rates ; Debt Markets ; Distribution ; Domestic Market ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Free Trade ; International Economics & Trade ; International Trade ; International Trade ; Law and Development ; Macroeconomics and Economic Growth ; Market ; Market Access ; Market Power ; Market Structure ; Markets ; Markets and Market Access ; Monopoly ; Price ; Prices ; Private Sector Development ; Public Sector Development ; Retail ; Trade Law ; Trade Policy ; Access to Markets ; Competition ; Currencies and Exchange Rates ; Debt Markets ; Distribution ; Domestic Market ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Free Trade ; International Economics & Trade ; International Trade ; International Trade ; Law and Development ; Macroeconomics and Economic Growth ; Market ; Market Access ; Market Power ; Market Structure ; Markets ; Markets and Market Access ; Monopoly ; Price ; Prices ; Private Sector Development ; Public Sector Development ; Retail ; Trade Law ; Trade Policy
    Abstract: The authors examine an issue at the nexus of domestic competition policy and international trade, the interaction between goods trade and market power in domestic trade and distribution sectors. Theory suggests a set of linkages between service-sector competition and goods trade supported by econometrics involving imports of 22 OECD countries compared with 69 exporters. Competition in services affects the volume of goods trade. Additionally, because of interaction between tariffs and competition, the market structure of the domestic service sector becomes increasingly important as tariffs are reduced. Empirically service competition apparently matters most for exporters in smaller, poorer countries. The results also suggest that while negotiated agreements leading to cross-border services liberalization may boost goods trade as well, they may also lead to a fall in goods trade when such liberalization involves foreign direct investment leading to increased service sector concentration
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    Capital Market Development : Whither Latin America ? (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (27 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Schmukler, Sergio L Capital Market Development
    Keywords: Bank Policy ; Bond ; Bond Market ; Bond Market Development ; Capital Market ; Capital Market Development ; Capital Market Reforms ; Capital Markets ; Debt Markets ; Domestic Capital ; Domestic Capital Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Bank Policy ; Bond ; Bond Market ; Bond Market Development ; Capital Market ; Capital Market Development ; Capital Market Reforms ; Capital Markets ; Debt Markets ; Domestic Capital ; Domestic Capital Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Bank Policy ; Bond ; Bond Market ; Bond Market Development ; Capital Market ; Capital Market Development ; Capital Market Reforms ; Capital Markets ; Debt Markets ; Domestic Capital ; Domestic Capital Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development
    Abstract: Over the past decades, many countries have implemented significant reforms to foster capital market development. Latin American countries were at the forefront of this process. The authors analyze where Latin American capital markets stand after these reforms. They find that despite the intense reform effort, capital markets in Latin America remain underdeveloped relative to markets in other regions. Furthermore, stock markets are below what can be expected, given Latin America's economic and institutional fundamentals. The authors discuss alternative ways of interpreting this evidence. They argue that it is difficult to pinpoint which policies Latin American countries should pursue to overcome their poor capital market development. Moreover, they argue that expectations about the outcome of the reform process may need to be revisited to take into account intrinsic characteristics of emerging economies. The latter may limit the scope for developing deep domestic capital markets in a context of international financial integration
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  • 125
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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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    Specification of Investment Functions In Sub-Saharan 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: Bayraktar, Nihal Specification of Investment Functions In Sub-Saharan Africa
    Keywords: Accumulation ; Capital ; Currencies and Exchange Rates ; Debt Markets ; Depreciation ; Distribution of Income ; Economic Theory and Research ; Emerging Markets ; Extensive ; External ; Finance and Financial Sector Development ; Financial Literacy ; Fixed Capital ; Income ; Investment ; Investment ; Investment Behavior ; Investment Functions ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Private Sector Development ; Accumulation ; Capital ; Currencies and Exchange Rates ; Debt Markets ; Depreciation ; Distribution of Income ; Economic Theory and Research ; Emerging Markets ; Extensive ; External ; Finance and Financial Sector Development ; Financial Literacy ; Fixed Capital ; Income ; Investment ; Investment ; Investment Behavior ; Investment Functions ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Private Sector Development ; Accumulation ; Capital ; Currencies and Exchange Rates ; Debt Markets ; Depreciation ; Distribution of Income ; Economic Theory and Research ; Emerging Markets ; Extensive ; External ; Finance and Financial Sector Development ; Financial Literacy ; Fixed Capital ; Income ; Investment ; Investment ; Investment Behavior ; Investment Functions ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Private Sector Development
    Abstract: It is a well-known fact that one of the most important determinants of growth is private investment. But in the developing country context of widespread poverty, the effects of initial conditions on the process of capital accumulation have seldom been investigated. This paper highlights heterogeneity in the process of capital accumulation across different countries in Sub-Saharan Africa, and derives a formal specification of investment functions in the primary, industry, and service sectors in the region using a variation of the combined Tobin's Q Theory and the neoclassical models of investment. The results highlight a more rapid accumulation of capital in the relatively high income subpanel and a widening public-private capital accumulation gap. A functional specification points to the significance of aggregate profitability shocks, the financing cost of investment, and public capital stock in estimating the growth rate of private capital accumulation. These results are supported empirically, as highlighted by the relatively small absolute deviation between actual and predicted value distributions
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  • 127
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    Controls On Capital Inflows And External Shocks (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (26 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: David, Antonio C Controls On Capital Inflows And External Shocks
    Keywords: Bank Policy ; Capital Account ; Capital Flows ; Capital Inflows ; Credit Expansion ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Domestic Interest Rates ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Literacy ; Financial Shocks ; Interest ; International Rates ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development ; Bank Policy ; Capital Account ; Capital Flows ; Capital Inflows ; Credit Expansion ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Domestic Interest Rates ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Literacy ; Financial Shocks ; Interest ; International Rates ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development ; Bank Policy ; Capital Account ; Capital Flows ; Capital Inflows ; Credit Expansion ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Domestic Interest Rates ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Literacy ; Financial Shocks ; Interest ; International Rates ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development
    Abstract: The author attempts to analyze whether price-based controls on capital inflows are successful in insulating economies against external shocks. He presents results from vector auto regressive (VAR) models that indicate that Chile and Colombia, countries that adopted controls on capital inflows, seem to have been relatively well insulated against external disturbances. Subsequently, he uses the auto regressive distributed lag (ARDL) approach to co-integration to isolate the effects of the capital controls on the pass-through of external disturbances to domestic interest rates in those economies. The author concludes that there is evidence that the capital controls allowed for greater policy autonomy
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  • 128
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    Post-Conflict Aid, Real Exchange Rate Adjustment, And Catch-Up Growth (2007)
    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: Schmidt-Hebbel, Klaus Post-Conflict Aid, Real Exchange Rate Adjustment, And Catch-Up Growth
    Keywords: Absorptive Capacities ; Assets ; Conflict and Development ; Currencies and Exchange Rates ; Current Account ; Debt Markets ; Depreciation ; Development Economics and Aims ; Domestic-Currency ; Dutch Disease ; Economic Growth ; Economic Theory and Research ; Economies ; Economy ; Emerging Markets ; Equilibrium ; Equilibrium Level ; Export ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Post Conflict Reconstruction ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Social Conflict and Violence ; Social Development ; Absorptive Capacities ; Assets ; Conflict and Development ; Currencies and Exchange Rates ; Current Account ; Debt Markets ; Depreciation ; Development Economics and Aims ; Domestic-Currency ; Dutch Disease ; Economic Growth ; Economic Theory and Research ; Economies ; Economy ; Emerging Markets ; Equilibrium ; Equilibrium Level ; Export ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Post Conflict Reconstruction ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Social Conflict and Violence ; Social Development ; Absorptive Capacities ; Assets ; Conflict and Development ; Currencies and Exchange Rates ; Current Account ; Debt Markets ; Depreciation ; Development Economics and Aims ; Domestic-Currency ; Dutch Disease ; Economic Growth ; Economic Theory and Research ; Economies ; Economy ; Emerging Markets ; Equilibrium ; Equilibrium Level ; Export ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Post Conflict Reconstruction ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Social Conflict and Violence ; Social Development
    Abstract: Post-conflict countries receive substantial aid flows after the start of peace. While post-conflict countries' capacity to absorb aid (that is, the quality of their policies and institutions) is built up only gradually after the onset of peace, the evidence suggests that aid tends to peak immediately after peace is attained and decline thereafter. Aid composition broadly reflects post-conflict priorities, with large parts of aid financing social expenditure and infrastructure investment. Aid has significant short-term effects on the real exchange rate (RER), as inferred from the behavior of RER in the world. While moderate RER overvaluation is observed in post-conflicts, it cannot be traced down to the aid flows. The empirical evidence on world growth reveals new findings about the pattern of catch-up growth during post-conflicts and the role of key growth determinants on post-conflict growth. Aid is an important determinant of growth, both generally and more strongly during post-conflict periods. Because RER misalignment reduces growth, RER overvaluation during post-conflicts reduces catch-up growth. Aid and RER overvaluation combined also lower growth. But the negative growth effect of RER overvaluation declines with financial development
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  • 129
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    Oil And The Propensity To Armed Struggle In The Niger Delta Region of Nigeria (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (40 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Oyefusi, Aderoju Oil And The Propensity To Armed Struggle In The Niger Delta Region of Nigeria
    Keywords: Civil Conflict ; Civil War ; Conflict and Development ; Disability ; Economic Theory and Research ; Education ; Education and Society ; Educational Attainment ; Environmental Damage ; Ethnic Group ; Ethnic Groups ; Finance and Financial Sector Development ; Financial Literacy ; Health, Nutrition and Population ; Immigration ; Macroeconomics and Economic Growth ; Minority ; Natural Resource ; Natural Resources ; Policy ; Political Economy ; Population Policies ; Post Conflict Reconstruction ; Social Conflict and Violence ; Social Development ; Social Protections and Labor ; Civil Conflict ; Civil War ; Conflict and Development ; Disability ; Economic Theory and Research ; Education ; Education and Society ; Educational Attainment ; Environmental Damage ; Ethnic Group ; Ethnic Groups ; Finance and Financial Sector Development ; Financial Literacy ; Health, Nutrition and Population ; Immigration ; Macroeconomics and Economic Growth ; Minority ; Natural Resource ; Natural Resources ; Policy ; Political Economy ; Population Policies ; Post Conflict Reconstruction ; Social Conflict and Violence ; Social Development ; Social Protections and Labor ; Civil Conflict ; Civil War ; Conflict and Development ; Disability ; Economic Theory and Research ; Education ; Education and Society ; Educational Attainment ; Environmental Damage ; Ethnic Group ; Ethnic Groups ; Finance and Financial Sector Development ; Financial Literacy ; Health, Nutrition and Population ; Immigration ; Macroeconomics and Economic Growth ; Minority ; Natural Resource ; Natural Resources ; Policy ; Political Economy ; Population Policies ; Post Conflict Reconstruction ; Social Conflict and Violence ; Social Development ; Social Protections and Labor
    Abstract: This paper attempts to explain the determinants of the propensity to armed struggle and the probability of participation by individuals in the Niger Delta region of Nigeria using primary (micro) data. While grievance appears to be pervasive among individuals and communities in the region and can be systematically explained, neither the grievance level nor its commonly cited causal factors appear to be strong enough to create a disposition toward armed rebellion. Rather, factors that reduce the opportunity cost and risk of participation or increase the perceived benefits appear to be more important. The study identifies three of these factors that are amenable to the policymaker's (government's) control as income level, educational attainment, and government presence
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  • 130
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    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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  • 131
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    Local Elections And Consumption Insurance : Evidence From Chinese Villages (2007)
    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: Yao, Yang Local Elections And Consumption Insurance
    Keywords: Administrative Costs ; Consumption ; Consumption Insurance ; Consumption Smoothing ; Currencies and Exchange ; E-Government ; Economic Theory and Research ; Farmers ; Finance and Financial Sector Development ; Financial Intermediation ; Governance ; Household Consumption ; Household Head ; Household Income ; Household Size ; Idiosyncratic Shocks ; Income ; Inequality ; Labor Policies ; Macroeconomics and Economic Growth ; Poverty Reduction ; Rural Development ; Rural Poverty Reduction ; Services and Transfers to Poor ; Social Protections and Labor ; Administrative Costs ; Consumption ; Consumption Insurance ; Consumption Smoothing ; Currencies and Exchange ; E-Government ; Economic Theory and Research ; Farmers ; Finance and Financial Sector Development ; Financial Intermediation ; Governance ; Household Consumption ; Household Head ; Household Income ; Household Size ; Idiosyncratic Shocks ; Income ; Inequality ; Labor Policies ; Macroeconomics and Economic Growth ; Poverty Reduction ; Rural Development ; Rural Poverty Reduction ; Services and Transfers to Poor ; Social Protections and Labor ; Administrative Costs ; Consumption ; Consumption Insurance ; Consumption Smoothing ; Currencies and Exchange ; E-Government ; Economic Theory and Research ; Farmers ; Finance and Financial Sector Development ; Financial Intermediation ; Governance ; Household Consumption ; Household Head ; Household Income ; Household Size ; Idiosyncratic Shocks ; Income ; Inequality ; Labor Policies ; Macroeconomics and Economic Growth ; Poverty Reduction ; Rural Development ; Rural Poverty Reduction ; Services and Transfers to Poor ; Social Protections and Labor
    Abstract: While the literature on consumption insurance is growing fast, little research has been conducted on how rural consumption insurance is affected by democracy. In this paper the authors examine how consumption insurance of Chinese rural residents is affected if the local leader is democratically elected. Exploring a unique panel data set of 1,400 households from 1987 to 2002, they find that consumption insurance is more complete when the households are in villages with elected village leaders. Furthermore, democracy improves consumption insurance only for the poor and middle-income farmers, but not for the rich. These findings underline the importance of democratic governance for ensuring better rural consumption insurance and poverty reduction
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  • 132
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    Measuring Welfare Gains From Better Quality Infrastructure (2007)
    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: Lokshin, Michael Measuring Welfare Gains From Better Quality Infrastructure
    Keywords: Air Pollution ; Communities & Human Settlements ; Compensating Variation ; Consumption ; Consumption Patterns ; Demand ; Drinking Water ; Economic Theory and Research ; Economics ; Energy ; Energy Production and Transportation ; Environment ; Environmental Economics and Policies ; Equivalent Variation ; Finance and Financial Sector Development ; Financial Literacy ; Income ; Industry ; Information ; Invest ; Investment ; Macroeconomics and Economic Growth ; Markets and Market Access ; Town Water Supply and Sanitation ; Water Resources ; Water Supply and Sanitation ; Water and Industry ; Air Pollution ; Communities & Human Settlements ; Compensating Variation ; Consumption ; Consumption Patterns ; Demand ; Drinking Water ; Economic Theory and Research ; Economics ; Energy ; Energy Production and Transportation ; Environment ; Environmental Economics and Policies ; Equivalent Variation ; Finance and Financial Sector Development ; Financial Literacy ; Income ; Industry ; Information ; Invest ; Investment ; Macroeconomics and Economic Growth ; Markets and Market Access ; Town Water Supply and Sanitation ; Water Resources ; Water Supply and Sanitation ; Water and Industry ; Air Pollution ; Communities & Human Settlements ; Compensating Variation ; Consumption ; Consumption Patterns ; Demand ; Drinking Water ; Economic Theory and Research ; Economics ; Energy ; Energy Production and Transportation ; Environment ; Environmental Economics and Policies ; Equivalent Variation ; Finance and Financial Sector Development ; Financial Literacy ; Income ; Industry ; Information ; Invest ; Investment ; Macroeconomics and Economic Growth ; Markets and Market Access ; Town Water Supply and Sanitation ; Water Resources ; Water Supply and Sanitation ; Water and Industry
    Abstract: Projects and reforms targeting infrastructure services can affect consumer welfare through changes in the price, coverage, or quality of the services provided. The benefits of improved service quality-while significant-are often overlooked because they are difficult to quantify. This paper reviews methods of evaluating the welfare implications of changes in the quality of infrastructure services within the broader theoretical perspective of welfare measurement. The study outlines the theoretical assumptions and data requirements involved, illustrating each method with examples that highlight common methodological features and differences. The paper also presents the theoretical underpinnings and potential applications of a new approach to analyzing the effects of interruptions in the supply of infrastructure services on household welfare
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  • 133
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    Evaluating The Trade Effect of Developing Regional Trade Agreements : A Semi-Parametric Approach (2007)
    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: Coulibaly, Souleymane Evaluating The Trade Effect of Developing Regional Trade Agreements
    Keywords: Currencies and Exchange Rates ; Economic Theory and Research ; Exports ; Finance and Financial Sector Development ; Free Trade ; Gravity model ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Public Sector Development ; Regional Trade ; Regional Trade Agreements ; Rules of origin ; Trade Effect ; Trade Law ; Trade Policy ; Trade agreement ; Trade creation ; Trade effects ; Trade flows ; Currencies and Exchange Rates ; Economic Theory and Research ; Exports ; Finance and Financial Sector Development ; Free Trade ; Gravity model ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Public Sector Development ; Regional Trade ; Regional Trade Agreements ; Rules of origin ; Trade Effect ; Trade Law ; Trade Policy ; Trade agreement ; Trade creation ; Trade effects ; Trade flows ; Currencies and Exchange Rates ; Economic Theory and Research ; Exports ; Finance and Financial Sector Development ; Free Trade ; Gravity model ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Public Sector Development ; Regional Trade ; Regional Trade Agreements ; Rules of origin ; Trade Effect ; Trade Law ; Trade Policy ; Trade agreement ; Trade creation ; Trade effects ; Trade flows
    Abstract: Many recent papers have pointed to ambiguous trade effects of developing regional trade agreements (RTAs), calling for a reassessment of their economic merits. The author focuses on seven such agreements currently in force in Sub-Saharan Africa (ECOWAS and SADC), Asia (AFTA and SAPTA) and Latin America (CACM, CAN, and MERCOSUR), estimating their impacts on their members' trade flows. Instead of the usual dummy variables for RTAs, he proposes a variable taking into account the number of years of membership. He then combines a gravity model with kernel estimation techniques to capture the non-monotonic trade effects while imposing minimal structure on the model. The results indicate that except for SAPTA, these RTAs have had a positive impact on their members' intra-trade over the estimation period (1960-99). AFTA seems to be the most successful among them, with an estimated positive impact on its members' imports from the rest of the world (hence no trade diversion), but its impact on their exports to the rest of the world is rather limited. During its first 10 years of existence, ECOWAS appears to have had a positive impact on its members' imports from the rest of the world (hence no trade diversion), but this positive impact vanished over time. SAPTA's negative impact on its members' intra-trade is probably an implicit effect of the India-Pakistan tensions over the estimation period
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  • 134
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    Returns To Capital In Microenterprises : Evidence From A Field Experiment (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (37 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Woodruff, Christopher Returns To Capital In Microenterprises
    Keywords: Access to Finance ; Capital stock ; Debt Markets ; Developing countries ; Economic Theory and Research ; Equipment ; Finance and Financial Sector Development ; Investment and Investment Climate ; Investment opportunities ; Macroeconomics and Economic Growth ; Market Interest Rate ; Micorenterprises ; Microfinance ; Microfinance ; Productive Investment ; Return ; Returns ; Access to Finance ; Capital stock ; Debt Markets ; Developing countries ; Economic Theory and Research ; Equipment ; Finance and Financial Sector Development ; Investment and Investment Climate ; Investment opportunities ; Macroeconomics and Economic Growth ; Market Interest Rate ; Micorenterprises ; Microfinance ; Microfinance ; Productive Investment ; Return ; Returns ; Access to Finance ; Capital stock ; Debt Markets ; Developing countries ; Economic Theory and Research ; Equipment ; Finance and Financial Sector Development ; Investment and Investment Climate ; Investment opportunities ; Macroeconomics and Economic Growth ; Market Interest Rate ; Micorenterprises ; Microfinance ; Microfinance ; Productive Investment ; Return ; Returns
    Abstract: Small and informal firms account for a large share of employment in developing countries. The rapid expansion of microfinance services is based on the belief that these firms have productive investment opportunities and can enjoy high returns to capital if given the opportunity. However, measuring the return to capital is complicated by unobserved factors such as entrepreneurial ability and demand shocks, which are likely to be correlated with capital stock. The authors use a randomized experiment to overcome this problem and to measure the return to capital for the average microenterprise in their sample, regardless of whether they apply for credit. They accomplish this by providing cash and equipment grants to small firms in Sri Lanka, and measuring the increase in profits arising from this exogenous (positive) shock to capital stock. After controlling for possible spillover effects, the authors find the average real return to capital to be 5.7 percent a month, substantially higher than the market interest rate. They then examine the heterogeneity of treatment effects to explore whether missing credit markets or missing insurance markets are the most likely cause of the high returns. Returns are found to vary with entrepreneurial ability and with measures of other sources of cash within the household, but not to vary with risk aversion or uncertainty
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  • 135
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    Indian Manufacturing : A Slow Sector In A Rapidly Growing Economy (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (47 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Ural, Beyza P Indian Manufacturing
    RVK:
    QG 830
    RVK:
    QR 520
    Keywords: Debt Markets ; Economic Theory and Research ; Economic growth ; Economics ; Employment ; Finance and Financial Sector Development ; Flexible labor markets ; Labor Markets ; Labor Policies ; Labor market ; Labor market flexibility ; Labor mobility ; Labor productivity ; Macroeconomics and Economic Growth ; Markets and Market Access ; Productivity ; Social Protections and Labor ; Trade liberalization ; Debt Markets ; Economic Theory and Research ; Economic growth ; Economics ; Employment ; Finance and Financial Sector Development ; Flexible labor markets ; Labor Markets ; Labor Policies ; Labor market ; Labor market flexibility ; Labor mobility ; Labor productivity ; Macroeconomics and Economic Growth ; Markets and Market Access ; Productivity ; Social Protections and Labor ; Trade liberalization ; Debt Markets ; Economic Theory and Research ; Economic growth ; Economics ; Employment ; Finance and Financial Sector Development ; Flexible labor markets ; Labor Markets ; Labor Policies ; Labor market ; Labor market flexibility ; Labor mobility ; Labor productivity ; Macroeconomics and Economic Growth ; Markets and Market Access ; Productivity ; Social Protections and Labor ; Trade liberalization
    Abstract: This paper investigates the determinants of productivity in Indian manufacturing industries during the period 1988-2000. Using two-digit industry level data for the Indian states, we find evidence of imperfect interindustry and interstate labor mobility as well as misallocation of resources across industries and states. Trade liberalization increases productivity in all industries across all states, and productivity is higher in the less protected industries. These effects of protection and trade liberalization are more pronounced in states that have relatively more flexible labor markets. Similar effects are also found in the case of employment, capital stock and investment. Furthermore, labor market flexibility, independent of other policies, has a positive effect on productivity. Importantly, per capita state development expenditure seems to be the strongest and the most robust predictor of productivity, employment, capital stock and investment. Industrial delicensing increases both labor productivity and employment but only in the states with flexible labor market institutions. Even after controlling for delicensing, the analysis shows that trade liberalization has a productivity-enhancing effect. Finally, trade liberalization benefits most the export-oriented industries located in states with flexible labor-market institutions
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  • 136
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    The Mexican Pension Annuity Market (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (47 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Impavido, Gregorio The Mexican Pension Annuity Market
    Keywords: Asset liability management ; Bank Policy ; Debt Markets ; Derivatives ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Sector Development ; Insurance and Risk Mitigation ; Liability ; Life insurance ; Life insurance companies ; Macroeconomics and Economic Growth ; Pension ; Pension Reforms ; Pension reform ; Private Sector Development ; Asset liability management ; Bank Policy ; Debt Markets ; Derivatives ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Sector Development ; Insurance and Risk Mitigation ; Liability ; Life insurance ; Life insurance companies ; Macroeconomics and Economic Growth ; Pension ; Pension Reforms ; Pension reform ; Private Sector Development ; Asset liability management ; Bank Policy ; Debt Markets ; Derivatives ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Sector Development ; Insurance and Risk Mitigation ; Liability ; Life insurance ; Life insurance companies ; Macroeconomics and Economic Growth ; Pension ; Pension Reforms ; Pension reform ; Private Sector Development
    Abstract: This paper analyzes the performance and development of the Mexican pension annuity market established as a consequence of the 1997 pension reform. The Mexican experience displays interesting characteristics providing lessons for other countries that still need to design the decumulation phase of their newly established second pillars. At the same, time it raises some technical and policy concerns that need addressing as they could hamper, in the future, the healthy development of the market. The paper concludes that: 1) general life insurance companies may better hedge longevity risk than specialized annuity companies; 2) competition should be based on prices rather than additional products; 3) better disclosure of options under the 1973 and 1997 social security laws should be given to disability and life annuitants; and 4) various measures should be taken to improve asset liability management including allowing companies to trade over the counter derivatives and substituting over time the regulatory asset liability management framework with an economic asset liability management framework
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    India Rising : Faster Growth, Lower Indebtedness (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (33 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Wes, Marina India Rising
    Keywords: Access to Finance ; Banks and Banking Reform ; Budget constraints ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Entry barriers ; Expenditure ; Expenditures ; Finance and Financial Sector Development ; Government debt ; Government indebtedness ; Indebtedness ; Macroeconomics and Economic Growth ; Private Sector Development ; Private investment ; Public finances ; Tax ; Access to Finance ; Banks and Banking Reform ; Budget constraints ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Entry barriers ; Expenditure ; Expenditures ; Finance and Financial Sector Development ; Government debt ; Government indebtedness ; Indebtedness ; Macroeconomics and Economic Growth ; Private Sector Development ; Private investment ; Public finances ; Tax ; Access to Finance ; Banks and Banking Reform ; Budget constraints ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Entry barriers ; Expenditure ; Expenditures ; Finance and Financial Sector Development ; Government debt ; Government indebtedness ; Indebtedness ; Macroeconomics and Economic Growth ; Private Sector Development ; Private investment ; Public finances ; Tax
    Abstract: Over the past 25 years, India's economy grew at an average real rate of close to 6 percent, with growth rates in recent years accelerating to 9 percent. Yet by 2005-06, the general government debt-to-GDP ratio was 34 percentage points higher than in the 1980s. The authors examine the links between public finances and growth in the post-1991 period. They argue that the main factor in the deterioration of government debt dynamics after the mid-1990s was a reform-induced loss in trade, customs, and financial repression taxes. Over time, these very factors plus lower entry barriers have contributed to stronger microfoundations for growth by increasing competition and hardening budget constraints for firms and financial sector institutions. The authors suggest that the impressive growth acceleration of the past few years, which is now lowering government indebtedness, can be attributed to the lagged effects of these factors, which have taken time to attain a critical mass in view of India's gradual reforms. Similarly, the worsening of public finances during the late 1990s can be attributed to the cumulative effects of tax losses, the negative growth effects of cuts in capital expenditure that were made to offset the tax losses, and a pullback in private investment (hence, growth and taxes), a situation which is now turning around. Insufficient capital expenditures have contributed to the infrastructure gap, which is seen as a constraint especially for rapid growth in manufacturing. The authors discuss ongoing reforms in revenue mobilization and fiscal adjustment at the state level, which if successfully implemented, will result in a better alignment of public finances with growth by generating further fiscal space for infrastructure and other development spending
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  • 138
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    The Size And Effectiveness of Automatic Fiscal Stabilizers In Latin America (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (54 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Suescun, Rodrigo The Size And Effectiveness of Automatic Fiscal Stabilizers In Latin America
    Keywords: Bank Policy ; Business cycle ; Capital market ; Currencies and Exchange Rates ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Fiscal policy ; Government spending ; Macroeconomic volatility ; Macroeconomics and Economic Growth ; Open economy ; Private Sector Development ; Tax ; Tax code ; Tax system ; Taxation and Subsidies ; Bank Policy ; Business cycle ; Capital market ; Currencies and Exchange Rates ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Fiscal policy ; Government spending ; Macroeconomic volatility ; Macroeconomics and Economic Growth ; Open economy ; Private Sector Development ; Tax ; Tax code ; Tax system ; Taxation and Subsidies ; Bank Policy ; Business cycle ; Capital market ; Currencies and Exchange Rates ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Fiscal policy ; Government spending ; Macroeconomic volatility ; Macroeconomics and Economic Growth ; Open economy ; Private Sector Development ; Tax ; Tax code ; Tax system ; Taxation and Subsidies
    Abstract: This paper measures the size of automatic fiscal revenue stabilizers and evaluates their role in Latin America. It introduces a relatively rich tax structure into a dynamic, stochastic, multi-sector small open economy inhabited by rule-of-thumb consumers (who consume their wages and do not save or borrow) and Ricardian households to study the stabilizing properties of different parameters of the tax code. The economy faces multiple sources of business cycle fluctuations: (1) world capital market shocks; (2) world business cycle shocks; (3) terms of trade shocks; (4) government spending shocks; and (5) nontradable and (6) tradable sector technology innovations. Calibrating the model economy to a typical Latin American economy allows the evaluation of its ability to mimic the region's observed business cycle frequency properties and the assessment of the quantitative relationship between tax code parameters, business cycle forcing variables, and business cycle behavior. The model captures many of the salient features of Latin America's business cycle facts and finds that the degree of smoothing provided by the automatic revenue stabilizers-described by various properties of the tax system-is negligible. Simulation results seem to suggest an invariance property for middle-income countries: the amplitude of the business cycle is independent of the tax structure. And government size-measured by the GDP ratio of government spending-plays the role of an automatic stabilizer, but its smoothing effect is very weak
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  • 139
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    Choosing The Currency Structure For Sovereign Debt : A Review of Current Approaches (2007)
    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: Melecky, Martin Choosing The Currency Structure For Sovereign Debt
    Keywords: Bank Policy ; Currencies and Exchange Rates ; Currency ; Debt Management ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Exchange rate ; External Debt ; Finance and Financial Sector Development ; Foreign Exchange ; Foreign Exchange Risk ; Foreign currencies ; International Economics & Trade ; Macroeconomics and Economic Growth ; Monetary policy ; Private Sector Development ; Risk Management ; Sovereign Debt ; Bank Policy ; Currencies and Exchange Rates ; Currency ; Debt Management ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Exchange rate ; External Debt ; Finance and Financial Sector Development ; Foreign Exchange ; Foreign Exchange Risk ; Foreign currencies ; International Economics & Trade ; Macroeconomics and Economic Growth ; Monetary policy ; Private Sector Development ; Risk Management ; Sovereign Debt ; Bank Policy ; Currencies and Exchange Rates ; Currency ; Debt Management ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Exchange rate ; External Debt ; Finance and Financial Sector Development ; Foreign Exchange ; Foreign Exchange Risk ; Foreign currencies ; International Economics & Trade ; Macroeconomics and Economic Growth ; Monetary policy ; Private Sector Development ; Risk Management ; Sovereign Debt
    Abstract: This paper acknowledges the fact that some countries have to borrow in foreign currencies due to the various constraints they face. Starting from this point, the author reviews approaches for trying to determine the currency structure for sovereign debt, and discusses some issues inherent in these approaches. The analysis mainly focuses on the correlations of domestic fundamentals with the actual versus equilibrium exchange rate in light of the long-term perspective of a debt manager and changing exchange rate regimes. In addition, the author makes some observations on the characterization of exchange rate volatilities in the existing approaches
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  • 140
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    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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  • 141
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    Financial Intermediation In The Pre-Consolidated Banking Sector In Nigeria (2007)
    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: Hesse, Heiko Financial Intermediation In The Pre-Consolidated Banking Sector In Nigeria
    Keywords: Access to Finance ; Bank Policy ; Bank Spreads ; Bank balance sheet ; Banking Sector ; Banks and Banking Reform ; Central Bank ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Holdings ; Liquidity ; Macroeconomic environment ; Macroeconomics and Economic Growth ; Overhead costs ; Private Sector Development ; Productive investments ; Access to Finance ; Bank Policy ; Bank Spreads ; Bank balance sheet ; Banking Sector ; Banks and Banking Reform ; Central Bank ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Holdings ; Liquidity ; Macroeconomic environment ; Macroeconomics and Economic Growth ; Overhead costs ; Private Sector Development ; Productive investments ; Access to Finance ; Bank Policy ; Bank Spreads ; Bank balance sheet ; Banking Sector ; Banks and Banking Reform ; Central Bank ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Holdings ; Liquidity ; Macroeconomic environment ; Macroeconomics and Economic Growth ; Overhead costs ; Private Sector Development ; Productive investments
    Abstract: This paper uses unique bank-by-bank balance sheet and income statement information to investigate the intermediation efficiency in the Nigerian pre-consolidated banking sector during 2000-05. The author analyzes whether the Central Bank of Nigeria's policy of recent banking consolidation can be justified and rationalized by looking at the determinants of spreads. A spread decomposition and panel estimations show that the reform of the banking sector could be the first step to raise the intermediation efficiency of the Nigerian banking sector. The author finds that larger banks have enjoyed lower overhead costs, increased concentration in the banking sector has not been detrimental to the spreads, both increased holdings of liquidity and capital might have led to lower spreads in 2005, and a stable macroeconomic environment is conducive to a more efficient channeling of savings to productive investments
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  • 142
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    Can foreign lobbying enhance development ? : The case of tourism in the Caribbean (2007)
    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: Rojas, Gabriel V. Montes Can foreign lobbying enhance development ?
    Keywords: Accommodation and Tourism Industry ; Developed countries ; Developing countries ; Economic Theory and Research ; Environment ; Export earnings ; Hotels ; Industry ; International Economics & Trade ; Lobbying ; Macroeconomics and Economic Growth ; Protectionism ; Public Sector Corruption and Anticorruption Measures ; Public Sector Development ; Real income ; Tariff preferences ; Tourism ; Tourism and Ecotourism ; Trade Policy ; Trade promotion ; Accommodation and Tourism Industry ; Developed countries ; Developing countries ; Economic Theory and Research ; Environment ; Export earnings ; Hotels ; Industry ; International Economics & Trade ; Lobbying ; Macroeconomics and Economic Growth ; Protectionism ; Public Sector Corruption and Anticorruption Measures ; Public Sector Development ; Real income ; Tariff preferences ; Tourism ; Tourism and Ecotourism ; Trade Policy ; Trade promotion ; Accommodation and Tourism Industry ; Developed countries ; Developing countries ; Economic Theory and Research ; Environment ; Export earnings ; Hotels ; Industry ; International Economics & Trade ; Lobbying ; Macroeconomics and Economic Growth ; Protectionism ; Public Sector Corruption and Anticorruption Measures ; Public Sector Development ; Real income ; Tariff preferences ; Tourism ; Tourism and Ecotourism ; Trade Policy ; Trade promotion
    Abstract: There exist legal channels for informational lobbying of U.S. policymakers by foreign principals. Foreign governments and private sector principals frequently and intensively use this institutional channel to lobby on trade and tourism issues. The authors empirically study whether such lobbying effectively achieves its goal of trade promotion in the context of Caribbean tourism and it is the first paper to examine the potential for using foreign lobbying as a vehicle for development. They use panel data to explore and quantify the association between foreign lobbying by Caribbean principals and U.S. tourist arrivals to Caribbean destinations. A variety of sensitivity analyses support the finding of a strong association. The policy implications are obvious and potentially important for developing countries
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  • 143
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    Poverty analysis using an international cross-country demand system (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (56 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Hertel, Thomas W Poverty analysis using an international cross-country demand system
    Keywords: Debt Markets ; Economic Theory and Research ; Expenditure ; Expenditures ; Finance and Financial Sector Development ; Financial crisis ; Financial support ; Food and Beverage Industry ; Income levels ; Industry ; International Bank ; International trade ; Macroeconomics and Economic Growth ; Micro-data ; Price change ; Price changes ; Debt Markets ; Economic Theory and Research ; Expenditure ; Expenditures ; Finance and Financial Sector Development ; Financial crisis ; Financial support ; Food and Beverage Industry ; Income levels ; Industry ; International Bank ; International trade ; Macroeconomics and Economic Growth ; Micro-data ; Price change ; Price changes ; Debt Markets ; Economic Theory and Research ; Expenditure ; Expenditures ; Finance and Financial Sector Development ; Financial crisis ; Financial support ; Food and Beverage Industry ; Income levels ; Industry ; International Bank ; International trade ; Macroeconomics and Economic Growth ; Micro-data ; Price change ; Price changes
    Abstract: This paper proposes a new method for ex ante analysis of the poverty impacts arising from policy reforms. Three innovations underlie this approach. The first is the estimation of a global demand system using a combination of micro-data from household surveys and macro-data from the International Comparisons Project (ICP). Estimation is undertaken in a manner that reconciles these two sources of information, explicitly recognizing that per capita national demands are an aggregation of the disaggregated, individual household demands. The second innovation relates to a methodology for post-estimation calibration of the global demand system, giving rise to country-specific demand systems and an associated expenditure function which, when aggregated across the expenditure distribution, reproduce observed per capita budget shares exactly. This leads to the third innovation, which is the establishment of a unique poverty level of utility and an appropriately modified set of Foster-Greer-Thorbecke poverty measures. With these tools in hand, the authors are able to calculate the change in the head-count of poverty, poverty gap, and squared poverty gap arising from policy reforms, where the poverty measures are derived using a unique poverty level of utility, rather than an income or expenditure-based measure. They use these techniques with a demand system for food, other nondurables and services estimated using a combination of 1996 ICP data set and national expenditure distribution data. Calibration is demonstrated for three countries for which household survey expenditure data are used during estimation-Indonesia, the Philippines and Thailand. To show the usefulness of these calibrated models for policy analysis, the authors assess the effects of an assumed 5 percent food price rise as might be realized in the wake of a multilateral trade agreement. Results illustrate the important role of subsistence expenditures at lowest income levels, but of discretionary expenditure at higher income levels. The welfare analysis underscores the relatively large impact of the price hike on poorer households, while a modified Foster-Greer-Thorbecke poverty measure shows that the 5 percent price rise increases the incidence and intensity of poverty in all three cases, although the specific effects vary considerably by country
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  • 144
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    A cross-country analysis of public debt management strategies (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (42 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Melecky, Martin A cross-country analysis of public debt management strategies
    Keywords: Debt Management Department ; Debt Management Strategies ; Debt Markets ; Debt management strategy ; Debt managers ; Debt obligations ; Debt portfolio ; Debt servicing ; Economic Theory and Research ; External Debt ; Finance and Financial Sector Development ; Government debt ; International Economics & Trade ; Macroeconomics and Economic Growth ; Public Debt ; Public Debt Management ; Public Sector Economics and Finance ; Strategic Debt Management ; Debt Management Department ; Debt Management Strategies ; Debt Markets ; Debt management strategy ; Debt managers ; Debt obligations ; Debt portfolio ; Debt servicing ; Economic Theory and Research ; External Debt ; Finance and Financial Sector Development ; Government debt ; International Economics & Trade ; Macroeconomics and Economic Growth ; Public Debt ; Public Debt Management ; Public Sector Economics and Finance ; Strategic Debt Management ; Debt Management Department ; Debt Management Strategies ; Debt Markets ; Debt management strategy ; Debt managers ; Debt obligations ; Debt portfolio ; Debt servicing ; Economic Theory and Research ; External Debt ; Finance and Financial Sector Development ; Government debt ; International Economics & Trade ; Macroeconomics and Economic Growth ; Public Debt ; Public Debt Management ; Public Sector Economics and Finance ; Strategic Debt Management
    Abstract: This paper analyzes results of a survey on debt management strategies conducted by the Banking and Debt Management Department of the World Bank. The analysis focuses on (1) whether a public debt management strategy exists in a given country, (2) whether it is made public, and (3) in which form it is imparted. The paper analyzes the distribution of the latter characteristics over different regions, income groups, and levels of indebtedness using graphical analysis. Using regression analysis, it investigates the extent to which basic economic factors can explain the characteristics of public debt management strategies across countries
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  • 145
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    Geographic Inequity In A Decentralized Anti-Poverty Program : A Case Study of China (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (33 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Ravallion, Martin Geographic Inequity In A Decentralized Anti-Poverty Program
    Keywords: Absolute poverty ; Anti-poverty programs ; Data set ; Developing countries ; Economic Theory and Research ; Income ; Inequality ; Macroeconomics and Economic Growth ; Mean incomes ; Policy ReseaRch ; Poor areas ; Poverty Monitoring and Analysis ; Poverty Reduction ; Poverty lines ; Public Sector Management and Reform ; Redistributive policies ; Services and Transfers to Poor ; Absolute poverty ; Anti-poverty programs ; Data set ; Developing countries ; Economic Theory and Research ; Income ; Inequality ; Macroeconomics and Economic Growth ; Mean incomes ; Policy ReseaRch ; Poor areas ; Poverty Monitoring and Analysis ; Poverty Reduction ; Poverty lines ; Public Sector Management and Reform ; Redistributive policies ; Services and Transfers to Poor ; Absolute poverty ; Anti-poverty programs ; Data set ; Developing countries ; Economic Theory and Research ; Income ; Inequality ; Macroeconomics and Economic Growth ; Mean incomes ; Policy ReseaRch ; Poor areas ; Poverty Monitoring and Analysis ; Poverty Reduction ; Poverty lines ; Public Sector Management and Reform ; Redistributive policies ; Services and Transfers to Poor
    Abstract: The central governments of many developing countries have chosen to decentralize their anti-poverty programs, in the expectation that local agents are better informed about local needs. The paper shows that this potential advantage of decentralized eligibility criteria can come at a large cost, to the extent that the induced geographic inequities undermine performance in reaching the income- poor nationally. These issues are studied empirically for (probably) the largest transfer-based poverty program in the world, namely China's Di Bao program, which aims to assure a minimum income through means-tested transfers. Poor municipalities are found to adopt systematically lower eligibility thresholds, reducing the program's ability to reach poor areas, and generating considerable horizontal inequity
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  • 146
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    An Emerging Agricultural Problem In High-Performing Asian Economies (2007)
    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: Hayami, Yujiro An Emerging Agricultural Problem In High-Performing Asian Economies
    Keywords: Agriculture ; Comparative advantage ; Consumers ; Disequilibrium ; Economic Theory and Research ; Economic growth ; Elasticity ; Emerging Markets ; Food and Beverage Industry ; Income ; Industrialization ; Industry ; Labor Policies ; Macroeconomics and Economic Growth ; Political economy ; Poverty Reduction ; Private Sector Development ; Rapid industrialization ; Rural Development ; Rural Poverty Reduction ; Social Protections and Labor ; Agriculture ; Comparative advantage ; Consumers ; Disequilibrium ; Economic Theory and Research ; Economic growth ; Elasticity ; Emerging Markets ; Food and Beverage Industry ; Income ; Industrialization ; Industry ; Labor Policies ; Macroeconomics and Economic Growth ; Political economy ; Poverty Reduction ; Private Sector Development ; Rapid industrialization ; Rural Development ; Rural Poverty Reduction ; Social Protections and Labor ; Agriculture ; Comparative advantage ; Consumers ; Disequilibrium ; Economic Theory and Research ; Economic growth ; Elasticity ; Emerging Markets ; Food and Beverage Industry ; Income ; Industrialization ; Industry ; Labor Policies ; Macroeconomics and Economic Growth ; Political economy ; Poverty Reduction ; Private Sector Development ; Rapid industrialization ; Rural Development ; Rural Poverty Reduction ; Social Protections and Labor
    Abstract: Policies to tax farmers in low-income countries and policies to subsidize them in high-income countries have been identified as a major source of the disequilibrium of world agriculture. Recently, as many high-performing economies in Asia advanced from the low-income to the middle-income stage through successful industrialization, they have been confronted with the problem of a widening income gap between farm and non-farm workers corresponding to rapid shifts in comparative advantage from agriculture to manufacturing. In order to prevent this disparity from culminating in serious social and political instability, policies have been reoriented toward supporting the income of farmers. At the same time, governments in middle-income countries must continue to secure low-cost food for the urban poor who are still large in number. The need to achieve the two conflicting goals under the still weak fiscal capacity of governments tends to make agricultural policies in the middle-income stage tinkering and ineffective. Greater research inputs in this area are called for in order to prevent the growth momentum of high-performing economies in Asia from being disrupted by political crises
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  • 147
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    Exploring Lebanon's Growth Prospects (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: Berthelemy, Jean-Claude Exploring Lebanon's Growth Prospects
    Keywords: Access to Finance ; Barriers to entry ; Competitiveness ; Currencies and Exchange Rates ; Damages ; Debt ; Debt Markets ; Economic Theory and Research ; Economic activity ; Emerging Markets ; Equilibrium ; Finance and Financial Sector Development ; GDP ; Growth potential ; Macroeconomics and Economic Growth ; Private Sector Development ; Private property ; Real GDP ; Access to Finance ; Barriers to entry ; Competitiveness ; Currencies and Exchange Rates ; Damages ; Debt ; Debt Markets ; Economic Theory and Research ; Economic activity ; Emerging Markets ; Equilibrium ; Finance and Financial Sector Development ; GDP ; Growth potential ; Macroeconomics and Economic Growth ; Private Sector Development ; Private property ; Real GDP ; Access to Finance ; Barriers to entry ; Competitiveness ; Currencies and Exchange Rates ; Damages ; Debt ; Debt Markets ; Economic Theory and Research ; Economic activity ; Emerging Markets ; Equilibrium ; Finance and Financial Sector Development ; GDP ; Growth potential ; Macroeconomics and Economic Growth ; Private Sector Development ; Private property ; Real GDP
    Abstract: This paper attempts to identify Lebanon's greatest constraints to economic growth, following a growth diagnosis approach. It concludes that fiscal imbalances and barriers to entry are most binding on long-term growth. Macroeconomic imbalances and related perceived risks affect the nature of investment decisions in Lebanon, in favor of liquid instruments rather than longer-term productive investments. Further, many barriers to entry discourage agents from investing in a number of markets: legal impediments to competition, corruption, and a set of fiscal incentives favoring the allocation of resources to non-tradable sectors, where potential demand and investment opportunities are scarcer. In turn, using a steady-state computable general equilibrium model, the paper assesses the long-term growth impact of a selected set of policy reforms envisaged to lift such constraints. Results suggest that 1 to 2 percentage points of additional GDP growth per year could be gained through public expenditure reform, greater domestic competition, and tax harmonization
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  • 148
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    Economy-Wide And Distributional Impacts of An Oil Price Shock On The South African Economy (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (57 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Essama-Nssah, B Economy-Wide And Distributional Impacts of An Oil Price Shock On The South African Economy
    Keywords: Adverse impact ; Declining wages ; Economic Theory and Research ; Economic research ; Energy ; Energy Production and Transportation ; Equilibrium ; GDP ; Income ; Labor Policies ; Macroeconomics ; Macroeconomics and Economic Growth ; Markets and Market Access ; Poverty Reduction ; Rural Development ; Rural Poverty Reduction ; Social Protections and Labor ; Technical assistance ; Unemployment ; Wages ; Adverse impact ; Declining wages ; Economic Theory and Research ; Economic research ; Energy ; Energy Production and Transportation ; Equilibrium ; GDP ; Income ; Labor Policies ; Macroeconomics ; Macroeconomics and Economic Growth ; Markets and Market Access ; Poverty Reduction ; Rural Development ; Rural Poverty Reduction ; Social Protections and Labor ; Technical assistance ; Unemployment ; Wages ; Adverse impact ; Declining wages ; Economic Theory and Research ; Economic research ; Energy ; Energy Production and Transportation ; Equilibrium ; GDP ; Income ; Labor Policies ; Macroeconomics ; Macroeconomics and Economic Growth ; Markets and Market Access ; Poverty Reduction ; Rural Development ; Rural Poverty Reduction ; Social Protections and Labor ; Technical assistance ; Unemployment ; Wages
    Abstract: As crude oil prices reach new highs, there is renewed concern about how external shocks will affect growth and poverty in developing countries. This paper describes a macro-micro framework for examining the structural and distributional consequences of a significant external shock-an increase in the world price of oil-on the South African economy. The authors merge results from a highly disaggregative computable general equilibrium model and a micro-simulation analysis of earnings and occupational choice based on socio-demographic characteristics of the household. The model provides changes in employment, wages, and prices that are used in the micro-simulation. The analysis finds that a 125 percent increase in the price of crude oil and refined petroleum reduces employment and GDP by approximately 2 percent, and reduces household consumption by approximately 7 percent. The oil price shock tends to increase the disparity between rich and poor. The adverse impact of the oil price shock is felt by the poorer segment of the formal labor market in the form of declining wages and increased unemployment. Unemployment hits mostly low and medium-skilled workers in the services sector. High-skilled households, on average, gain from the oil price shock. Their income rises and their spending basket is less skewed toward food and other goods that are most affected by changes in oil prices
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  • 149
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    Structure And Performance of The Services Sector In Transition Economies (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (53 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Fernandes, Ana M Structure And Performance of The Services Sector In Transition Economies
    Keywords: Accounting ; E-Business ; Economic Theory and Research ; Economic growth ; Employment ; Human capital ; Insurance ; Labor Markets ; Labor Policies ; Labor productivity ; Macroeconomics and Economic Growth ; Private Sector Development ; Productivity growth ; Skilled labor ; Skilled workers ; Social Protections and Labor ; Technological innovations ; Transport ; Transport Economics, Policy and Planning ; Accounting ; E-Business ; Economic Theory and Research ; Economic growth ; Employment ; Human capital ; Insurance ; Labor Markets ; Labor Policies ; Labor productivity ; Macroeconomics and Economic Growth ; Private Sector Development ; Productivity growth ; Skilled labor ; Skilled workers ; Social Protections and Labor ; Technological innovations ; Transport ; Transport Economics, Policy and Planning ; Accounting ; E-Business ; Economic Theory and Research ; Economic growth ; Employment ; Human capital ; Insurance ; Labor Markets ; Labor Policies ; Labor productivity ; Macroeconomics and Economic Growth ; Private Sector Development ; Productivity growth ; Skilled labor ; Skilled workers ; Social Protections and Labor ; Technological innovations ; Transport ; Transport Economics, Policy and Planning
    Abstract: This paper examines the structure and performance of the services sector in Eastern European and Central Asian countries during 1997-2004. Services represent an increasing share of total value added and employment with the major sub-sectors being wholesale trade, retail trade, inland transport, telecommunications, and real estate activities. A clear divide separates EU-5 countries from South Eastern European countries and Ukraine in terms of services labor productivity. Although a large gap in productivity also separates EU-8 countries from EU-15 countries, that gap was reduced from 1997 to 2004 as most services sub-sectors experienced fast productivity growth. High skill intensive sub-sectors and information and communications technology producers and users have exhibited higher productivity levels and growth rates relative to other sub-sectors since 2000. The author finds a positive effect of services liberalization on the productivity growth of services sub-sectors. The author also finds a positive and significant effect of services liberalization in both finance and infrastructure on the productivity of downstream manufacturing
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  • 150
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    Fiscal Policy In Developing Countries : A Framework And Some Questions (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (46 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Perotti, Roberto Fiscal Policy In Developing Countries
    Keywords: Debt Markets ; Economic Stabilization ; Economic Theory and Research ; Finance and Financial Sector Development ; Fiscal Adjustment ; Fiscal Policy ; Fiscal policies ; Fiscal rules ; Government budget ; Government consumption ; Government spending ; Macroeconomics and Economic Growth ; Monetary authorities ; Public Sector Expenditure Analysis and Management ; Public sector ; Social security ; Stabilization policies ; Debt Markets ; Economic Stabilization ; Economic Theory and Research ; Finance and Financial Sector Development ; Fiscal Adjustment ; Fiscal Policy ; Fiscal policies ; Fiscal rules ; Government budget ; Government consumption ; Government spending ; Macroeconomics and Economic Growth ; Monetary authorities ; Public Sector Expenditure Analysis and Management ; Public sector ; Social security ; Stabilization policies ; Debt Markets ; Economic Stabilization ; Economic Theory and Research ; Finance and Financial Sector Development ; Fiscal Adjustment ; Fiscal Policy ; Fiscal policies ; Fiscal rules ; Government budget ; Government consumption ; Government spending ; Macroeconomics and Economic Growth ; Monetary authorities ; Public Sector Expenditure Analysis and Management ; Public sector ; Social security ; Stabilization policies
    Abstract: This paper surveys fiscal policy in developing countries from the point of view of long-run growth. The first section reviews existing methodologies to estimate the effects of fiscal policy shocks and of systematic fiscal policy, with time series or with cross-sectional methods, and their applicability to developing countries. The second section surveys optimal fiscal policy in developing countries, by considering the role of the intertemporal government budget, and sustainability and solvency. It also reviews the fuzzy debate on "fiscal space" and "macroeconomic space" - and the usefulness (or lack thereof) of these terms for policy analysis. The third section asks what theory tells us about the optimal cyclical behavior of fiscal policy in developing countries. It shows that it very much depends on the assumptions about the interactions between credit market imperfections at the individual, firms, or government level, and on the supply of external funds to the country. Different sets of assumptions lead to different implications about optimal cyclical behavior. The available evidence on the cyclical behavior of fiscal policy, and possible reasons for the observed prevalence of a procyclical behavior in developing countries, is also reviewed. If one agrees that fiscal policy is indeed less countercyclical than we think is optimal, the issue is how to correct the problem. One obvious question is why government do not self-insure, i.e. why they do not accumulate assets in upturns and decumulate them in downturns. This leads to the analysis of fiscal rules and stabilization funds, in the fourth section. The last section concludes with what the author considers important research and policy questions in each part
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  • 151
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    Global Growth And Distribution : Are China And India Reshaping The World? (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (33 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Bussolo, Maurizio Global Growth And Distribution
    Keywords: Development Economics ; Economic Theory and Research ; Emerging Markets ; General Equilibrium Model ; Growth Rates ; High Growth ; Income ; Income Distribution ; Incomes ; Inequality ; Inequality ; Macroeconomics and Economic Growth ; Middle Class ; Policy Research ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction ; Development Economics ; Economic Theory and Research ; Emerging Markets ; General Equilibrium Model ; Growth Rates ; High Growth ; Income ; Income Distribution ; Incomes ; Inequality ; Inequality ; Macroeconomics and Economic Growth ; Middle Class ; Policy Research ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction ; Development Economics ; Economic Theory and Research ; Emerging Markets ; General Equilibrium Model ; Growth Rates ; High Growth ; Income ; Income Distribution ; Incomes ; Inequality ; Inequality ; Macroeconomics and Economic Growth ; Middle Class ; Policy Research ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction
    Abstract: Over the past 20 years, aggregate measures of global inequality have changed little even if significant structural changes have been observed. High growth rates of China and India lifted millions out of poverty, while the stagnation in many African countries caused them to fall behind. Using the World Bank's LINKAGE global general equilibrium model and the newly developed Global Income Distribution Dynamics (GIDD) tool, this paper assesses the distribution and poverty effects of a scenario where these trends continue in the future. Even by anticipating a deceleration, growth in China and India is a key force behind the expected convergence of per-capita incomes at the global level. Millions of Chinese and Indian consumers will enter into a rapidly emerging global middle class-a group of people who can afford, and demand access to, the standards of living previously reserved mainly for the residents of developed countries. Notwithstanding these positive developments, fast growth is often characterized by high urbanization and growing demand for skills, both of which result in widening of income distribution within countries. These opposing distributional effects highlight the importance of analyzing global disparities by taking into account - as the GIDD does - income dynamics between and within countries
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  • 152
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    Transparency, Trade Costs, And Regional Integration In The Asia Pacific (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: Helble, Matthias Transparency, Trade Costs, And Regional Integration In The Asia Pacific
    Keywords: Cost Analysis ; Economic Development ; Economic Theory and Research ; Empirical Evidence ; Empirical Research ; Environment ; Environmental Economics and Policies ; Intermediate Goods ; Macroeconomics and Economic Growth ; Policy Instruments ; Producers ; Property Rights ; Transaction Costs ; Welfare Gains ; Cost Analysis ; Economic Development ; Economic Theory and Research ; Empirical Evidence ; Empirical Research ; Environment ; Environmental Economics and Policies ; Intermediate Goods ; Macroeconomics and Economic Growth ; Policy Instruments ; Producers ; Property Rights ; Transaction Costs ; Welfare Gains ; Cost Analysis ; Economic Development ; Economic Theory and Research ; Empirical Evidence ; Empirical Research ; Environment ; Environmental Economics and Policies ; Intermediate Goods ; Macroeconomics and Economic Growth ; Policy Instruments ; Producers ; Property Rights ; Transaction Costs ; Welfare Gains
    Abstract: The authors show in this paper that increasing the transparency of the trading environment can be an important complement to traditional liberalization of tariff and non-tariff barriers. Our definition of transparency is grounded in a transaction cost analysis. The authors focus on two dimensions of transparency: predictability (reducing the cost of uncertainty) and simplification (reducing information costs). Using the Asia Pacific Economic Cooperation (APEC) member economies as a case study, the authors construct indices of importer and exporter transparency for the region from a wide range of sources. Our results from a gravity model suggest that improving trade-related transparency in APEC could hold significant benefits by raising intra-APEC trade by proximately USD 148 billion or 7.5 pecent of baseline trade in the region
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  • 153
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    Gauging The Welfare Effects of Shocks In Rural Tanzania (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (46 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Christiaensen, Luc Gauging The Welfare Effects of Shocks In Rural Tanzania
    Keywords: Agriculture ; Crime ; Crops and Crop Management Systems ; Economic Theory and Research ; Families ; Health Care ; Health Monitoring and Evaluation ; Health Services ; Health, Nutrition and Population ; Holistic Approach ; Hospitalization ; Macroeconomics and Economic Growth ; Mortality ; Poverty Reduction ; Quality Of Life ; Risk Factors ; Rural Development ; Rural Poverty Reduction ; Unemployment ; Agriculture ; Crime ; Crops and Crop Management Systems ; Economic Theory and Research ; Families ; Health Care ; Health Monitoring and Evaluation ; Health Services ; Health, Nutrition and Population ; Holistic Approach ; Hospitalization ; Macroeconomics and Economic Growth ; Mortality ; Poverty Reduction ; Quality Of Life ; Risk Factors ; Rural Development ; Rural Poverty Reduction ; Unemployment ; Agriculture ; Crime ; Crops and Crop Management Systems ; Economic Theory and Research ; Families ; Health Care ; Health Monitoring and Evaluation ; Health Services ; Health, Nutrition and Population ; Holistic Approach ; Hospitalization ; Macroeconomics and Economic Growth ; Mortality ; Poverty Reduction ; Quality Of Life ; Risk Factors ; Rural Development ; Rural Poverty Reduction ; Unemployment
    Abstract: Studies of risk and its consequences tend to focus on one risk factor, such as a drought or an economic crisis. Yet 2003 household surveys in rural Kilimanjaro and Ruvuma, two cash-crop-growing regions in Tanzania that experienced a precipitous coffee price decline around the turn of the millennium, identified health and drought shocks as well as commodity price declines as major risk factors, suggesting the need for a comprehensive approach to analyzing household vulnerability. In fact, most coffee growers, except the smaller ones in Kilimanjaro, weathered the coffee price declines rather well, at least to the point of not being worse off than non-coffee growers. Conversely, improving health conditions and reducing the effect of droughts emerge as critical to reduce vulnerability. One-third of the rural households in Kilimanjaro experienced a drought or health shocks, resulting in an estimated 8 percent welfare loss on average, after using savings and aid. Rainfall is more reliable in Ruvuma, and drought there did not affect welfare. Surprisingly, neither did health shocks, plausibly because of lower medical expenditures given limited health care provisions
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  • 154
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    What Is Missing Between Agricultural Growth And Infrastructure Development ? : Cases of Coffee And Dairy In Africa (2007)
    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: Iimi, Atsushi What Is Missing Between Agricultural Growth And Infrastructure Development ?
    Keywords: Agriculture ; Capital Investment ; Crops and Crop Management Systems ; Economic Theory and Research ; Food and Beverage Industry ; Industry ; Infrastructure Development ; Infrastructures ; Macroeconomics and Economic Growth ; Markets and Market Access ; Road ; Roads ; Rural Infrastructure ; Transport ; Transport ; Transport Economics, Policy and Planning ; Transport Infrastructure ; Transport Network ; Transportation ; Agriculture ; Capital Investment ; Crops and Crop Management Systems ; Economic Theory and Research ; Food and Beverage Industry ; Industry ; Infrastructure Development ; Infrastructures ; Macroeconomics and Economic Growth ; Markets and Market Access ; Road ; Roads ; Rural Infrastructure ; Transport ; Transport ; Transport Economics, Policy and Planning ; Transport Infrastructure ; Transport Network ; Transportation ; Agriculture ; Capital Investment ; Crops and Crop Management Systems ; Economic Theory and Research ; Food and Beverage Industry ; Industry ; Infrastructure Development ; Infrastructures ; Macroeconomics and Economic Growth ; Markets and Market Access ; Road ; Roads ; Rural Infrastructure ; Transport ; Transport ; Transport Economics, Policy and Planning ; Transport Infrastructure ; Transport Network ; Transportation
    Abstract: Although it is commonly believed that aggregate economic growth must be associated with public infrastructure stocks, the possible infrastructure needs and effects are different from industry to industry. The agriculture sector is typical. Various infrastructures would affect agriculture growth differently depending on the type of commodity. This paper finds that a general transport network is essential to promote coffee and cocoa production, perhaps along with irrigation facilities, depending on local rainfall. Conversely, along with the transport network, the dairy industry necessitates rural water supply services as well. In some African countries, a 1 percent improvement in these key aspects of infrastructure could raise GDP by about 0.1-0.4 percent, and by possibly by several percent in some cases
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  • 155
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    Russian WTO Accession : What Has Been Accomplished, What Can Be Expected (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (20 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Tarr, David Russian WTO Accession
    Keywords: Accession Negotiations ; Debt Markets ; Economic Development ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Foreign Investors ; Free Trade ; International Economics & Trade ; Macroeconomics and Economic Growth ; Member Countries ; Poverty Reduction ; Private Sector Development ; WTO ; WTO Accession ; WTO Members ; World Trade ; World Trade Organization ; World Trade Organization ; Accession Negotiations ; Debt Markets ; Economic Development ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Foreign Investors ; Free Trade ; International Economics & Trade ; Macroeconomics and Economic Growth ; Member Countries ; Poverty Reduction ; Private Sector Development ; WTO ; WTO Accession ; WTO Members ; World Trade ; World Trade Organization ; World Trade Organization ; Accession Negotiations ; Debt Markets ; Economic Development ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Foreign Investors ; Free Trade ; International Economics & Trade ; Macroeconomics and Economic Growth ; Member Countries ; Poverty Reduction ; Private Sector Development ; WTO ; WTO Accession ; WTO Members ; World Trade ; World Trade Organization ; World Trade Organization
    Abstract: This paper summarizes the principal reform commitments that Russia has undertaken as part of its World Trade Organization (WTO) accession negotiations, providing detailed assessments in banking, insurance, and agriculture. The paper assesses the gains to the Russian economy from these commitments, based on a summary of several modeling efforts undertaken by the author and his colleagues. The author compares Russian commitments with those of other countries that have recently acceded to the WTO to assess the claim that the demands on Russia are excessive due to political considerations. He explains why Russian WTO accession will result in the elimination of the Jackson-Vanik Amendment against Russia. Finally, he discusses the remaining issues in the negotiations and the time frame for Russian accession as of the fall of 2007
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  • 156
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    How "Natural" Are Natural Monopolies In The Water Supply And Sewerage Sector ? : Case Studies From Developing And Transition Economies (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: Nauges, Celine How "Natural" Are Natural Monopolies In The Water Supply And Sewerage Sector ?
    Keywords: Delivery of Water Supply ; Delivery of Water Supply Services ; Economic Theory and Research ; Industry ; Local Communities ; Macroeconomics and Economic Growth ; Municipal Water ; Municipal Water Supply ; Providing Water Supply ; Sanitation Services ; Service Delivery ; Sewerage ; Town Water Supply and Sanitation ; Urban Water Supply and Sanitation ; Water Resources ; Water Supply and Sanitation ; Water Supply and Sanitation Governance and Institutions ; Water and Industry ; Delivery of Water Supply ; Delivery of Water Supply Services ; Economic Theory and Research ; Industry ; Local Communities ; Macroeconomics and Economic Growth ; Municipal Water ; Municipal Water Supply ; Providing Water Supply ; Sanitation Services ; Service Delivery ; Sewerage ; Town Water Supply and Sanitation ; Urban Water Supply and Sanitation ; Water Resources ; Water Supply and Sanitation ; Water Supply and Sanitation Governance and Institutions ; Water and Industry ; Delivery of Water Supply ; Delivery of Water Supply Services ; Economic Theory and Research ; Industry ; Local Communities ; Macroeconomics and Economic Growth ; Municipal Water ; Municipal Water Supply ; Providing Water Supply ; Sanitation Services ; Service Delivery ; Sewerage ; Town Water Supply and Sanitation ; Urban Water Supply and Sanitation ; Water Resources ; Water Supply and Sanitation ; Water Supply and Sanitation Governance and Institutions ; Water and Industry
    Abstract: Using data from the International Benchmarking NETwork database, the authors estimate measures of density and scale economies in the water industry in four countries (Brazil, Colombia, Moldova, and Vietnam) that differ substantially in economic development, piped water and sewerage coverage, and characteristics of the utilities operating in the different countries. They find evidence of economies of scale in Colombia, Moldova, and Vietnam, implying the existence of a natural monopoly. In Brazil the authors cannot reject the null hypothesis of constant returns to scale. They also find evidence of economies of customer density in Moldova and Vietnam. The results of this study show that the cost structure of the water and wastewater sector varies significantly between countries and within countries, and over time, which has implications for how to regulate the sector
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  • 157
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    A Land of Milk And Honey With Streets Paved With Gold : Do Emigrants Have Over-Optimistic Expectations About Incomes Abroad ? (2007)
    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: McKenzie, David A Land of Milk And Honey With Streets Paved With Gold
    Keywords: Accurate Information ; Annual Income ; Bank ; Consumer ; Consumer Goods ; Demands ; Earnings ; Economic Theory and Research ; Education ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal and Monetary Policy ; Health Systems Development and Reform ; Health, Nutrition and Population ; Household Income ; Income ; Income ; Incomes ; Information ; Labor Markets ; Labor Policies ; Macroeconomics and Economic Growth ; Money ; Population Policies ; Public Sector Development ; Remittances ; Social Protections and Labor ; Accurate Information ; Annual Income ; Bank ; Consumer ; Consumer Goods ; Demands ; Earnings ; Economic Theory and Research ; Education ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal and Monetary Policy ; Health Systems Development and Reform ; Health, Nutrition and Population ; Household Income ; Income ; Income ; Incomes ; Information ; Labor Markets ; Labor Policies ; Macroeconomics and Economic Growth ; Money ; Population Policies ; Public Sector Development ; Remittances ; Social Protections and Labor ; Accurate Information ; Annual Income ; Bank ; Consumer ; Consumer Goods ; Demands ; Earnings ; Economic Theory and Research ; Education ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal and Monetary Policy ; Health Systems Development and Reform ; Health, Nutrition and Population ; Household Income ; Income ; Income ; Incomes ; Information ; Labor Markets ; Labor Policies ; Macroeconomics and Economic Growth ; Money ; Population Policies ; Public Sector Development ; Remittances ; Social Protections and Labor
    Abstract: Millions of people emigrate every year in search of better economic and social opportunities. Anecdotal evidence suggests that emigrants may have over-optimistic expectations about the incomes they can earn abroad, resulting in excessive migration pressure, and in disappointment among those who do migrate. Yet there is almost no statistical evidence on how accurately these emigrants predict the incomes that they will earn working abroad. In this paper the authors combine a natural emigration experiment with unique survey data on would-be emigrants' probabilistic expectations about employment and incomes in the migration destination. Their procedure enables them to obtain moments and quantiles of the subjective distribution of expected earnings in the destination country. The authors find a significant underestimation of both unconditional and conditional labor earnings at all points in the distribution. This underestimation appears driven in part by potential migrants placing too much weight on the negative employment experiences of some migrants, and by inaccurate information flows from extended family, who may be trying to moderate remittance demands by understating incomes
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  • 158
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    Trade And Human Capital Accumulation : Evidence From U.S. Immigrants (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (54 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Domeland, Dorte Trade And Human Capital Accumulation
    Keywords: Capital Accumulation ; Comparative Advantage ; Cost ; Country Strategy and Performance ; Debt Markets ; Demand ; Economic Growth ; Economic Theory and Research ; Economics ; Education ; Educational Sciences ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Free Trade ; GDP ; Gross Domestic Product ; Health, Nutrition and Population ; Home Country ; Human Capital ; International ; Labor Markets ; Macroeconomics and Economic Growth ; Political Economy ; Population Policies ; Poverty Reduction ; Private Sector Development ; Social Protections and Labor ; Capital Accumulation ; Comparative Advantage ; Cost ; Country Strategy and Performance ; Debt Markets ; Demand ; Economic Growth ; Economic Theory and Research ; Economics ; Education ; Educational Sciences ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Free Trade ; GDP ; Gross Domestic Product ; Health, Nutrition and Population ; Home Country ; Human Capital ; International ; Labor Markets ; Macroeconomics and Economic Growth ; Political Economy ; Population Policies ; Poverty Reduction ; Private Sector Development ; Social Protections and Labor ; Capital Accumulation ; Comparative Advantage ; Cost ; Country Strategy and Performance ; Debt Markets ; Demand ; Economic Growth ; Economic Theory and Research ; Economics ; Education ; Educational Sciences ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Free Trade ; GDP ; Gross Domestic Product ; Health, Nutrition and Population ; Home Country ; Human Capital ; International ; Labor Markets ; Macroeconomics and Economic Growth ; Political Economy ; Population Policies ; Poverty Reduction ; Private Sector Development ; Social Protections and Labor
    Abstract: This study provides empirical evidence that trade increases on-the-job human capital accumulation by estimating the effect of home country openness on estimated returns to home country experience of U.S. immigrants. The positive effect of trade on on-the-job human capital accumulation remains significant when controlling for GDP, educational attainment, and institutional quality. It is not the result of self-selection, heterogeneity in returns to experience, English-speaking origin, or cultural background. The effect persists when restricting the sample to non-OECD countries, thereby resolving the theoretical ambiguity of whether trade increases or decreases learning-by-doing. The role of trade in generating economic growth is therefore likely to be more important than generally considered
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  • 159
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    Institutions, Infrastructure, And Trade (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: Francois, Joseph Institutions, Infrastructure, And Trade
    Keywords: Air ; Air Transport ; Common Carriers Industry ; Driving ; Economic Theory and Research ; Emerging Markets ; Free Trade ; Freight ; Industry ; Infrastructure ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Policies ; Private Sector Development ; Property Rights ; Public Sector Development ; Roads ; Tax ; Taxes ; Trade Law ; Trade Policy ; Training ; Trains ; Transp ; Transparency ; Transport ; Transport ; Transport Economics, Policy and Planning ; Transport and Trade Logistics ; Air ; Air Transport ; Common Carriers Industry ; Driving ; Economic Theory and Research ; Emerging Markets ; Free Trade ; Freight ; Industry ; Infrastructure ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Policies ; Private Sector Development ; Property Rights ; Public Sector Development ; Roads ; Tax ; Taxes ; Trade Law ; Trade Policy ; Training ; Trains ; Transp ; Transparency ; Transport ; Transport ; Transport Economics, Policy and Planning ; Transport and Trade Logistics ; Air ; Air Transport ; Common Carriers Industry ; Driving ; Economic Theory and Research ; Emerging Markets ; Free Trade ; Freight ; Industry ; Infrastructure ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Policies ; Private Sector Development ; Property Rights ; Public Sector Development ; Roads ; Tax ; Taxes ; Trade Law ; Trade Policy ; Training ; Trains ; Transp ; Transparency ; Transport ; Transport ; Transport Economics, Policy and Planning ; Transport and Trade Logistics
    Abstract: The authors examine the influence of infrastructure, institutional quality, colonial and geographic context, and trade preferences on the pattern of bilateral trade. They are interested in threshold effects, and so emphasize those cases where bilateral country pairs do not actually trade. The authors depart from the institutions and infrastructure literature in this respect, using selection-based gravity modeling of trade flows. They also depart from this literature by mixing principal components (to condense the institutional and infrastructure measures) with a focus on deviations in the resulting indexes from expected values for given income cohorts to control for multicollinearity. The authors work with a panel of 284,049 bilateral trade flows from 1988 to 2002. Matching bilateral trade and tariff data and controlling for tariff preferences, level of development, and standard distance measures, they find that infrastructure and institutional quality are significant determinants not only of export levels, but also of the likelihood exports will take place at all. Their results support the notion that export performance, and the propensity to take part in the trading system at all, depends on institutional quality and access to well-developed transport and communications infrastructure. Indeed, this dependence is far more important, empirically, than variations in tariffs in explaining sample variations in North-South trade
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  • 160
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    Beyond Legal Origin And Checks And Balances : Political Credibility, Citizen Information, And Financial Sector Development (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: Keefer, Philip Beyond Legal Origin And Checks And Balances
    Keywords: Bank Accounts ; Bank Balance Sheets ; Bank Policy ; Checks ; Contract ; Contract Rights ; Credibility ; Debt Markets ; Depositors ; Economic Theory and Research ; Emerging Markets ; Exchange ; Expropriation ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Inequality ; Labor Policies ; Law and Development ; Legal Products ; Macroeconomics and Economic Growth ; Political Economy ; Poverty Reduction ; Private Sector Development ; Privatization ; Social Protections and Labor ; Bank Accounts ; Bank Balance Sheets ; Bank Policy ; Checks ; Contract ; Contract Rights ; Credibility ; Debt Markets ; Depositors ; Economic Theory and Research ; Emerging Markets ; Exchange ; Expropriation ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Inequality ; Labor Policies ; Law and Development ; Legal Products ; Macroeconomics and Economic Growth ; Political Economy ; Poverty Reduction ; Private Sector Development ; Privatization ; Social Protections and Labor ; Bank Accounts ; Bank Balance Sheets ; Bank Policy ; Checks ; Contract ; Contract Rights ; Credibility ; Debt Markets ; Depositors ; Economic Theory and Research ; Emerging Markets ; Exchange ; Expropriation ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Inequality ; Labor Policies ; Law and Development ; Legal Products ; Macroeconomics and Economic Growth ; Political Economy ; Poverty Reduction ; Private Sector Development ; Privatization ; Social Protections and Labor
    Abstract: The existing literature emphasizes and contrasts the role of political checks and balances and legal origin in determining the pace of financial sector development. This paper expands substantially on one aspect of this debate: the fact that government actions that promote financial sector development, whether prudent financial regulation or secure property and contract rights, are public goods and sensitive to political incentives to provide public goods. Tests of hypotheses emanating from this argument yield four new conclusions. First, two key determinants of those incentives-the credibility of pre-electoral political promises and citizen information about politician decisions-systematically promote financial sector development. Second, these political factors, along with political checks and balances, operate in part through their influence on the security of property rights, an argument asserted but not previously tested. Third, contrary to findings elsewhere in the literature, the political determinants of financial sector development are significant even in the presence of controls for legal origin. Finally, and again in contrast to the literature, the evidence here suggests that legal origin primarily proxies for political phenomena. Legal origin is a largely insignificant determinant of financial sector development when those phenomena are fully taken into account
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  • 161
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    Trade Integration In East Asia : The Role of China And Production Networks (2007)
    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: Haddad, Mona Trade Integration In East Asia
    Keywords: Capital ; Costs ; Development ; Economic Growth ; Economic Integration ; Economic Theory and Research ; Emerging Markets ; Exports ; Free Trade ; Goods ; Income ; Increasing Returns ; Increasing Returns To Scale ; Industrialization ; Industry ; Inputs ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Development ; Technology Industry ; Trade Law ; Trade Policy ; Capital ; Costs ; Development ; Economic Growth ; Economic Integration ; Economic Theory and Research ; Emerging Markets ; Exports ; Free Trade ; Goods ; Income ; Increasing Returns ; Increasing Returns To Scale ; Industrialization ; Industry ; Inputs ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Development ; Technology Industry ; Trade Law ; Trade Policy ; Capital ; Costs ; Development ; Economic Growth ; Economic Integration ; Economic Theory and Research ; Emerging Markets ; Exports ; Free Trade ; Goods ; Income ; Increasing Returns ; Increasing Returns To Scale ; Industrialization ; Industry ; Inputs ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Development ; Technology Industry ; Trade Law ; Trade Policy
    Abstract: Production networks have been at the heart of the recent growth in trade among East Asian countries. Fragmentation trade, reflected mainly in the trade in parts and components, is expanding more rapidly than the conventional trade in final goods. This is mainly due to the relatively more favorable policy setting for international production, agglomeration benefits arising from the early entry into this new form of specialization, considerable intercountry wage differentials in the region, lower trade and transport costs, and specialization in products exhibiting increasing returns to scale. The economic integration of China has deepened production fragmentation in East Asia, countering fears of crowding out other countries for international specialization. International production fragmentation in East Asia has intensified intraregional trade but has depended heavily on extraregional trade in final goods. While production networks centered on China have contributed significantly to growth in East Asia, they also breed vulnerabilities. They have not automatically led to technology spillovers and have led to an extreme interdependence across East Asian countries
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  • 162
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    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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  • 163
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    Are Price-Based Capital Account Regulations Effective In Developing Countries ? (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (27 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: David, Antonio C Are Price-Based Capital Account Regulations Effective In Developing Countries ?
    Keywords: Asset Price ; Balance Sheets ; Bank Policy ; Banks and Banking Reform ; Boom-Bust Cycle ; Capital Account ; Capital Flows ; Capital Flows ; Capital Inflows ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Economic Theory and Research ; Emerging Economies ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Liberal ; International Economics & Trade ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development ; Asset Price ; Balance Sheets ; Bank Policy ; Banks and Banking Reform ; Boom-Bust Cycle ; Capital Account ; Capital Flows ; Capital Flows ; Capital Inflows ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Economic Theory and Research ; Emerging Economies ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Liberal ; International Economics & Trade ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development ; Asset Price ; Balance Sheets ; Bank Policy ; Banks and Banking Reform ; Boom-Bust Cycle ; Capital Account ; Capital Flows ; Capital Flows ; Capital Inflows ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Economic Theory and Research ; Emerging Economies ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Liberal ; International Economics & Trade ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development
    Abstract: The author evaluates the effectiveness of policy measures adopted by Chile and Colombia, aiming to mitigate the deleterious effects of pro-cyclical capital flows. In the case of Chile, according to his Generalized Method of Moments (GMM) analysis, capital controls succeeded in reducing net short-term capital flows but did not affect long-term flows. As far as Colombia is concerned, the regulations were capable of affecting total flows and also long-term ones. In addition, the co-integration models indicate that the regulations did not have a direct effect on the real exchange rate in the Chilean case. Nonetheless, the model used for Colombia did detect a direct impact of the capital controls on the real exchange rate. Therefore, the results do not seem to support the idea that those regulations were easily evaded
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  • 164
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    Identifying Supply-Side Constraints To Export Performance In Ecuador : An Exercise With Investment Climate Survey Data (2007)
    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: Francisco, Manuela Identifying Supply-Side Constraints To Export Performance In Ecuador
    Keywords: Business Environment ; Competitors ; Currency ; Debt Markets ; Dominant Firms ; E-Business ; Economic Theory and Research ; Emerging Markets ; Employment ; Enterprises ; Entrepreneurs ; Expansion ; Finance and Financial Sector Development ; Firm ; Firm Size ; Firms ; Foreign Direct Investment ; Foreign Market ; Free Trade ; Infrastructure Economics and Finance ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Microfinance ; Private Participation in Infrastructure ; Private Sector Development ; Small Scale Enterprises ; Trade Law ; Business Environment ; Competitors ; Currency ; Debt Markets ; Dominant Firms ; E-Business ; Economic Theory and Research ; Emerging Markets ; Employment ; Enterprises ; Entrepreneurs ; Expansion ; Finance and Financial Sector Development ; Firm ; Firm Size ; Firms ; Foreign Direct Investment ; Foreign Market ; Free Trade ; Infrastructure Economics and Finance ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Microfinance ; Private Participation in Infrastructure ; Private Sector Development ; Small Scale Enterprises ; Trade Law ; Business Environment ; Competitors ; Currency ; Debt Markets ; Dominant Firms ; E-Business ; Economic Theory and Research ; Emerging Markets ; Employment ; Enterprises ; Entrepreneurs ; Expansion ; Finance and Financial Sector Development ; Firm ; Firm Size ; Firms ; Foreign Direct Investment ; Foreign Market ; Free Trade ; Infrastructure Economics and Finance ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Microfinance ; Private Participation in Infrastructure ; Private Sector Development ; Small Scale Enterprises ; Trade Law
    Abstract: The authors apply a Heckman selection model to the 2003 Investment Climate Survey (ICS) to investigate supply-side constraints to export performance at the firm level in Ecuador. To correct for the non-random truncation problems, they use the Heckman selection model to estimate the probability of exporting (export propensity) and the share of total sales that are exported (export intensity) by Ecuadorian firms. They develop a baseline model with 12 independent variables divided into three categories-idiosyncratic characteristics, technology, and business environment. The authors develop three other models with the addition of variables related to trade integration, business environment, and infrastructure. Results corroborate with the hypothesis implicit in the Heckman model, which considers both decisions made by a firm-whether to export, and how much of its sales to export-to be interdependent. In the Ecuadorian case, they find three important results for the firm's export performance: technology matters; infrastructure does not; and trade orientation is significant, with specialized firms tending to have smaller export intensity when their main trade partners are countries of the Andean Community, and the opposite happening if the United States is their main trade partner. The authors find a robust and stable relationship for export propensity and intensity with size, import of inputs, labor regulations, in-house research and development, quality certification, web-use, and foreign ownership. Also, capacity utilization and trade with the United States positively affect export intensity, while trade within the Andean Community has the opposite effect in the outcome variable. But they find no significant relationship for the infrastructure variables
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  • 165
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    Weaponomics : The Global Market For Assault Rifles (2007)
    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: Killicoat, Phillip Weaponomics
    Keywords: Access to Markets ; Black Market ; Commodity Prices ; Conflict and Development ; Demand ; Economic Theory and Research ; Emerging Markets ; Factor Prices ; International Economics & Trade ; International Trade ; Macroeconomics and Economic Growth ; Market ; Market Conditions ; Markets ; Markets and Market Access ; Peace and Peacekeeping ; Post Conflict Reconstruction ; Price ; Price Index ; Price Variation ; Prices ; Private Sector Development ; Production ; Access to Markets ; Black Market ; Commodity Prices ; Conflict and Development ; Demand ; Economic Theory and Research ; Emerging Markets ; Factor Prices ; International Economics & Trade ; International Trade ; Macroeconomics and Economic Growth ; Market ; Market Conditions ; Markets ; Markets and Market Access ; Peace and Peacekeeping ; Post Conflict Reconstruction ; Price ; Price Index ; Price Variation ; Prices ; Private Sector Development ; Production ; Access to Markets ; Black Market ; Commodity Prices ; Conflict and Development ; Demand ; Economic Theory and Research ; Emerging Markets ; Factor Prices ; International Economics & Trade ; International Trade ; Macroeconomics and Economic Growth ; Market ; Market Conditions ; Markets ; Markets and Market Access ; Peace and Peacekeeping ; Post Conflict Reconstruction ; Price ; Price Index ; Price Variation ; Prices ; Private Sector Development ; Production
    Abstract: This paper introduces the first effort to quantitatively document the small arms market by collating field reports and journalist accounts to produce a cross-country time-series price index of Kalashnikov assault rifles. A model of the small arms market is developed and empirically estimated to identify the key determinants of assault rifle prices. Variables which proxy the effective height of trade barriers for illicit trade are consistently significant in determining weapon price variation. When controlling for other factors, the collapse of the Soviet Union does not have as large an impact on weapon prices as is generally believed
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  • 166
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    Formal Finance And Trade Credit During China's Transition (2007)
    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: Zhu, Tian Formal Finance And Trade Credit During China's Transition
    Keywords: Access To Cred Bank ; Banks and Banking Reform ; Business School ; Buyers ; Cred Customers ; Debt Markets ; Economic Activity ; Economic Theory and Research ; Finance ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Financial Institutions ; Financial Intermediaries ; Financial Intermediation ; Financial Literacy ; Financial Support ; Information ; Investment and Investment Climate ; Loans ; Macroeconomics and Economic Growth ; Private Sector Development ; Access To Cred Bank ; Banks and Banking Reform ; Business School ; Buyers ; Cred Customers ; Debt Markets ; Economic Activity ; Economic Theory and Research ; Finance ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Financial Institutions ; Financial Intermediaries ; Financial Intermediation ; Financial Literacy ; Financial Support ; Information ; Investment and Investment Climate ; Loans ; Macroeconomics and Economic Growth ; Private Sector Development ; Access To Cred Bank ; Banks and Banking Reform ; Business School ; Buyers ; Cred Customers ; Debt Markets ; Economic Activity ; Economic Theory and Research ; Finance ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Financial Institutions ; Financial Intermediaries ; Financial Intermediation ; Financial Literacy ; Financial Support ; Information ; Investment and Investment Climate ; Loans ; Macroeconomics and Economic Growth ; Private Sector Development
    Abstract: Using a large panel dataset of Chinese industrial firms, the authors examine the determinants of access to loans from formal financial intermediaries and extension of trade credit. Poorly performing state-owned enterprises were more likely to redistribute credit to firms with less privileged access to loans through trade credit, a pattern consistent with some of the extension of trade credit being involuntary. By contrast, profitable private domestic firms were more likely to extend trade credit than unprofitable ones. Trade credit likely provided a substitute for loans for these private firms' customers that were shut out of formal credit markets. As biases in lending became less severe, the amount of trade credit extended by private firms declined
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  • 167
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    Indigenous Peoples In Latin America : Economic Opportunities And Social Networks (2007)
    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: Lunde, Trine Indigenous Peoples In Latin America
    Keywords: Anthropology ; Banks and Banking Reform ; Culture & Development ; Discrimination ; Economic Opportunities ; Economic Theory and Research ; Future generations ; Health, Nutrition and Population ; Human capital ; Human development ; Indigenous Peoples ; Macroeconomics and Economic Growth ; Policy Research ; Policy Research Working Paper ; Poor health ; Population Policies ; Poverty Reduction ; Progress ; Rural Development ; Rural Poverty Reduction ; Anthropology ; Banks and Banking Reform ; Culture & Development ; Discrimination ; Economic Opportunities ; Economic Theory and Research ; Future generations ; Health, Nutrition and Population ; Human capital ; Human development ; Indigenous Peoples ; Macroeconomics and Economic Growth ; Policy Research ; Policy Research Working Paper ; Poor health ; Population Policies ; Poverty Reduction ; Progress ; Rural Development ; Rural Poverty Reduction ; Anthropology ; Banks and Banking Reform ; Culture & Development ; Discrimination ; Economic Opportunities ; Economic Theory and Research ; Future generations ; Health, Nutrition and Population ; Human capital ; Human development ; Indigenous Peoples ; Macroeconomics and Economic Growth ; Policy Research ; Policy Research Working Paper ; Poor health ; Population Policies ; Poverty Reduction ; Progress ; Rural Development ; Rural Poverty Reduction
    Abstract: Despite significant changes in poverty overall in Latin America, the proportion of indigenous peoples living in poverty did not change much from the early 1990s to the present. While earlier work focused on human development, much less has been done on the distribution and returns to income-generating assets and the effect these have on income generation strategies. The authors show that low income and low assets are mutually reinforcing. For instance, low education levels translate into low income, resulting in poor health and reduced schooling for future generations. Social networks affect the economic opportunities of individuals through two important channels-information and norms. However, the analysis shows that the networks available to indigenous peoples do not facilitate employment in nontraditional sectors
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  • 168
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    HIV/AIDS And Social Capital In A Cross-Section of Countries (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (21 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: David, Antonio C HIV/AIDS And Social Capital In A Cross-Section of Countries
    Keywords: AIDS HIV ; Communities ; Economic Theory and Research ; Epidemic ; HIV ; Health, Nutrition and Population ; Human capital ; Inequality ; Macroeconomics and Economic Growth ; Population Policies ; Poverty Reduction ; Rule of law ; Social Capital ; Social Capital ; Social Development ; Social Development ; Social cohesion ; Social networks ; Social norms ; AIDS HIV ; Communities ; Economic Theory and Research ; Epidemic ; HIV ; Health, Nutrition and Population ; Human capital ; Inequality ; Macroeconomics and Economic Growth ; Population Policies ; Poverty Reduction ; Rule of law ; Social Capital ; Social Capital ; Social Development ; Social Development ; Social cohesion ; Social networks ; Social norms ; AIDS HIV ; Communities ; Economic Theory and Research ; Epidemic ; HIV ; Health, Nutrition and Population ; Human capital ; Inequality ; Macroeconomics and Economic Growth ; Population Policies ; Poverty Reduction ; Rule of law ; Social Capital ; Social Capital ; Social Development ; Social Development ; Social cohesion ; Social networks ; Social norms
    Abstract: This paper attempts to quantify the impact of the HIV/AIDS epidemic on social capital with cross-country data. It estimates reduced-form regressions of the main determinants of social capital controlling for HIV prevalence, institutional quality, social distance, and economic indicators using data from the World Values Survey. The results obtained indicate that HIV prevalence affects social capital negatively. The empirical estimates suggest that a one standard deviation increase in HIV prevalence will lead to a 1 percent decline in trust, controlling for other determinants of social capital. If one moves from a country with a relatively low level of HIV prevalence such as Estonia, to a country with a high level such as Zimbabwe, one would observe an approximate 8 percent decline in social capital. These results are robust in a number of dimensions and highlight the empirical importance of an additional mechanism through which HIV/AIDS hinders the development process
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  • 169
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    The Economic Community of West African States : Fiscal Revenue Implications of The Prospective Economic Partnership Agreement With The European Union (2007)
    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: Nielsen, Lynge The Economic Community of West African States
    Keywords: Applied Tariff ; Debt Markets ; Economic Theory and Research ; Exports ; Finance and Financial Sector Development ; Free Trade ; Gross Domestic Product ; Import Tariff ; International Economics & Trade ; International Trade and Trade Rules ; Macroeconomics and Economic Growth ; Public Sector Development ; Regional Trade ; Tariff Rates ; Tariff revenue ; Trade Agreement ; Trade Liberalization ; Trade Policy ; Trade Policy ; Applied Tariff ; Debt Markets ; Economic Theory and Research ; Exports ; Finance and Financial Sector Development ; Free Trade ; Gross Domestic Product ; Import Tariff ; International Economics & Trade ; International Trade and Trade Rules ; Macroeconomics and Economic Growth ; Public Sector Development ; Regional Trade ; Tariff Rates ; Tariff revenue ; Trade Agreement ; Trade Liberalization ; Trade Policy ; Trade Policy ; Applied Tariff ; Debt Markets ; Economic Theory and Research ; Exports ; Finance and Financial Sector Development ; Free Trade ; Gross Domestic Product ; Import Tariff ; International Economics & Trade ; International Trade and Trade Rules ; Macroeconomics and Economic Growth ; Public Sector Development ; Regional Trade ; Tariff Rates ; Tariff revenue ; Trade Agreement ; Trade Liberalization ; Trade Policy ; Trade Policy
    Abstract: This paper applies a partial equilibrium model to analyze the fiscal revenue implications of the prospective economic partnership agreement between the Economic Community of West African States (ECOWAS) and the European Union. The authors find that, under standard import price and substitution elasticity assumptions, eliminating tariffs on all imports from the European Union would increase ECOWAS' imports from the European Union by 10.5-11.5 percent for selected ECOWAS countries, namely Cape Verde, Ghana, Nigeria, and Senegal. This increase in imports would be accompanied by a 2.4-5.6 percent decrease in total government revenues, owing mainly to lower fiscal revenues. Tariff revenue losses should represent 1 percent of GDP in Nigeria, 1.7 percent in Ghana, 2 percent in Senegal, and 3.6 percent in Cape Verde. However, the revenue losses may be manageable because of several mitigating factors, in particular the likelihood of product exclusions, the length of the agreement's implementation period, and the scope for reform of exemption regimes. The large country-by-country differences in fiscal revenue loss suggest that domestic tax reforms and fiscal transfers within ECOWAS could be important complements to the agreement's implementation
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  • 170
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    Innovation shortfalls (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (45 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Rodriguez-Clare, Andres Innovation shortfalls
    Keywords: Allocation ; Debt Markets ; Discount rate ; E-Business ; Economic Theory and Research ; Economics ; Factors of production ; Finance and Financial Sector Development ; GDP ; Human capital ; International trade ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Political Economy ; Private Sector Development ; Productivity ; Specialization ; Stock of capital ; Allocation ; Debt Markets ; Discount rate ; E-Business ; Economic Theory and Research ; Economics ; Factors of production ; Finance and Financial Sector Development ; GDP ; Human capital ; International trade ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Political Economy ; Private Sector Development ; Productivity ; Specialization ; Stock of capital ; Allocation ; Debt Markets ; Discount rate ; E-Business ; Economic Theory and Research ; Economics ; Factors of production ; Finance and Financial Sector Development ; GDP ; Human capital ; International trade ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Political Economy ; Private Sector Development ; Productivity ; Specialization ; Stock of capital
    Abstract: There is a common perception that low productivity or low growth is due to what can be called an "innovation shortfall," usually identified as a low rate of investment in research and development (R&D) when compared with some high innovation countries. The usual reaction to this perceived problem is to call for increases in R&D investment rates, usually specifying a target that can be as high as 3 percent of GDP. The problem with this analysis is that it fails to see that a low R&D investment rate may be appropriate given the economy's pattern of specialization, or may be just one manifestation of more general problems that impede accumulation of all kinds of capital. How can we know when a country suffers from an innovation shortfall above and beyond the ones that should be expected given the country's specialization and accumulation patterns? This is the question the authors tackle in this paper. First, they show a simple way to estimate the R&D gap that can be explained by a country's specialization pattern, illustrating it for the case of Chile. For this country they find that although its specialization in natural-resource-intensive sectors explains part of its R&D gap, a significant shortfall remains. Second, the authors show how a calibrated model can be used to determine the R&D gap that should be expected given a country's investment in physical and human capital. If the actual R&D gap is above this expected gap, then one can say that the country suffers from a true innovation shortfall
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  • 171
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    Urbanization And Productivity : Evidence From Turkish Provinces Over The Period 1980-2000 (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: Coulibaly, Souleymane Urbanization And Productivity
    Keywords: Business environment ; E-Business ; Economic Theory and Research ; Education ; Finance and Financial Sector Development ; Financial support ; Health, Nutrition and Population ; Knowledge for Development ; Localization ; Macroeconomics and Economic Growth ; Manufacturing ; Market access ; Market potential ; Municipal Financial Management ; Population Policies ; Private Sector Development ; Productivity ; Result ; Results ; Urban Development ; Web ; Business environment ; E-Business ; Economic Theory and Research ; Education ; Finance and Financial Sector Development ; Financial support ; Health, Nutrition and Population ; Knowledge for Development ; Localization ; Macroeconomics and Economic Growth ; Manufacturing ; Market access ; Market potential ; Municipal Financial Management ; Population Policies ; Private Sector Development ; Productivity ; Result ; Results ; Urban Development ; Web ; Business environment ; E-Business ; Economic Theory and Research ; Education ; Finance and Financial Sector Development ; Financial support ; Health, Nutrition and Population ; Knowledge for Development ; Localization ; Macroeconomics and Economic Growth ; Manufacturing ; Market access ; Market potential ; Municipal Financial Management ; Population Policies ; Private Sector Development ; Productivity ; Result ; Results ; Urban Development ; Web
    Abstract: Since the early 1980s, Turkey has been going through a rapid urbanization process at a pace beyond the World average. This paper aims at assessing the impact of this rapid urbanization process on the country's sector productivity. The authors built a database combining two-digit manufacturing data and some geographical, infrastructural, and socio-economic data collected at the provincial level by the Turkish State Institute of Statistics. The paper develops a parsimonious econometric relation linking sector productivity to accessibility, localization, and urbanization economies, proxying variables in the tradition of the New Economic Geography literature. The estimation results suggest that both localization and urbanization economies, as well as market accessibility, are productivity-enhancing factors in Turkey, although the causation link between productivity and these agglomeration measures is not clearly established. The sector-by-sector estimation confirms this result, although the localization economies effect is negative for the non-oil mineral sector, and the urbanization economies effect is weak for natural-resource-based sectors such as the wood and metal industry. Although the data cover the period up to 2000 and thus ignore the financial crisis that hit Turkey in 2001, the current structural transformation of the country away from the agricultural sector gives room to use the insights of these results as a preliminary step to understand the new challenges faced by the Turkish manufacturing sector. The results provide a discussion base to revisit the policy agenda on the improvement of the accessibility to markets, the improvement of the business environment to ease the creation and development of new firms, and a well-managed urbanization process to tap in the economic potential of cities
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  • 172
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    Clothing And Export Diversification : Still A Route To Growth For Low-Income Countries ? (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (35 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Brenton, Paul Clothing And Export Diversification
    Keywords: Economic Theory and Research ; Emerging Markets ; Export growth ; Exports ; Free Trade ; Imperfect competition ; Income ; Industrialization ; International Economics & Trade ; International Trade ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Public Sector Development ; Quotas ; Tariff barriers ; Trade Policy ; Trade policy ; Value added ; Economic Theory and Research ; Emerging Markets ; Export growth ; Exports ; Free Trade ; Imperfect competition ; Income ; Industrialization ; International Economics & Trade ; International Trade ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Public Sector Development ; Quotas ; Tariff barriers ; Trade Policy ; Trade policy ; Value added ; Economic Theory and Research ; Emerging Markets ; Export growth ; Exports ; Free Trade ; Imperfect competition ; Income ; Industrialization ; International Economics & Trade ; International Trade ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Public Sector Development ; Quotas ; Tariff barriers ; Trade Policy ; Trade policy ; Value added
    Abstract: Can the clothing sector be a driver of export diversification and growth for today's low-income countries as it was in the past for countries that have graduated into middle income? This paper assesses this issue taking into account key changes to the market for clothing: the emergence of India and especially China as exporting countries; the rise of global production chains; the removal of quotas from the global trading regime but the continued presence of high tariffs and substantial trade preferences; the increasing importance of large buyers in developed countries and their concerns regarding risk and reputation; and the increasing importance of time in defining sourcing decisions. To assess the importance of the factors shaping the global clothing market, the authors estimate a gravity model to explain jointly the propensity to export clothing and the magnitude of exports from developing countries to the E U and US markets. This analysis identifies the quality of governance as an important determinant of sourcing decisions and that there appears to be a general bias against sourcing apparel from African countries, which is only partially overcome by trade preferences
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  • 173
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    Non-Traditional Crops, Traditional Constraints : The Adoption And Diffusion of Export Crops Among Guatemalan Smallholders (2007)
    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: Carletto, Calogero Non-Traditional Crops, Traditional Constraints
    Keywords: Agricultural production ; Agriculture ; Crops ; Debt Markets ; Economic Theory and Research ; Economics ; Farmers ; Finance and Financial Sector Development ; Food production ; Incomes ; Macroeconomics and Economic Growth ; Marketing ; Markets and Market Access ; Nutrition ; Poverty Reduction ; Poverty alleviation ; Rural Development ; Rural Development Knowledge and Information Systems ; Rural Poverty Reduction ; Agricultural production ; Agriculture ; Crops ; Debt Markets ; Economic Theory and Research ; Economics ; Farmers ; Finance and Financial Sector Development ; Food production ; Incomes ; Macroeconomics and Economic Growth ; Marketing ; Markets and Market Access ; Nutrition ; Poverty Reduction ; Poverty alleviation ; Rural Development ; Rural Development Knowledge and Information Systems ; Rural Poverty Reduction ; Agricultural production ; Agriculture ; Crops ; Debt Markets ; Economic Theory and Research ; Economics ; Farmers ; Finance and Financial Sector Development ; Food production ; Incomes ; Macroeconomics and Economic Growth ; Marketing ; Markets and Market Access ; Nutrition ; Poverty Reduction ; Poverty alleviation ; Rural Development ; Rural Development Knowledge and Information Systems ; Rural Poverty Reduction
    Abstract: This paper uses a duration analysis based on adoption data spanning more than 25 years from six communities in the Central Highlands of Guatemala. The analysis explores how household characteristics and external trends play into both the adoption and diffusion processes of non-traditional exports among smallholders. Adoption was initially widespread and rapid, which led nontraditional exports to be hailed as a pro-poor success, reaching all but the smallest landholders. However, over time more than two-thirds of adopters eventually dropped out of production of nontraditional exports. Based on the analysis, production of nontraditional exports appears to have delivered less prosperity to adopters than initially promised. Although smallholders may be enticed into entering into nontraditional exports markets when conditions are favorable, they may lack the capacity to overcome the difficulties that inevitably arise in complex types of cultivations and in highly variable global agricultural markets. Governmental and non-governmental organizations can attempt to mitigate these difficulties, but market forces may overwhelm their efforts, with some adopters still unable to compete in global markets
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  • 174
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    Substitution Between Foreign Capital In China, India, The Rest of The World, And Latin America : Much Ado About Nothing ? (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: Cravino, Javier Substitution Between Foreign Capital In China, India, The Rest of The World, And Latin America
    Keywords: Currencies and Exchange Rates ; Debt Markets ; E-Business ; Economic Theory and Research ; Finance and Financial Sector Development ; Financial support ; Foreign Direct Investment ; Foreign direct investment ; Foreign investment ; International Economics & Trade ; International investment ; Macroeconomics and Economic Growth ; Manufacturing ; Natural resources ; Private Sector Development ; Production processes ; Results ; Search ; Web ; Currencies and Exchange Rates ; Debt Markets ; E-Business ; Economic Theory and Research ; Finance and Financial Sector Development ; Financial support ; Foreign Direct Investment ; Foreign direct investment ; Foreign investment ; International Economics & Trade ; International investment ; Macroeconomics and Economic Growth ; Manufacturing ; Natural resources ; Private Sector Development ; Production processes ; Results ; Search ; Web ; Currencies and Exchange Rates ; Debt Markets ; E-Business ; Economic Theory and Research ; Finance and Financial Sector Development ; Financial support ; Foreign Direct Investment ; Foreign direct investment ; Foreign investment ; International Economics & Trade ; International investment ; Macroeconomics and Economic Growth ; Manufacturing ; Natural resources ; Private Sector Development ; Production processes ; Results ; Search ; Web
    Abstract: This paper explores the impact of the emergence of China and India on foreign capital stocks in other economies. Using bilateral data from 1990-2003 and drawing from the knowledge-capital model of the multinational enterprises to control for fundamental determinants of foreign capital stocks across countries, the evidence suggests that the impact of foreign capital in China and India on other countries' foreign capital stocks has been positive. This finding is robust to the use of ordinary least squares, Poisson, and negative binomial estimators; to the inclusion of time and country-pair fixed effects; to the inclusion of natural-resource endowments; and to the use of the sum of foreign capital stocks in Hong Kong (China) and mainland China instead of using only the latter's foreign capital stocks. There is surprisingly weak evidence of substitution in manufacturing foreign capital stocks away from Central America and Mexico in favor of China, and from the Southern Cone countries to India, but these findings are not robust to the use of alternative estimation techniques
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  • 175
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    Fear of Appreciation (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: Levy-Yeyati, Eduardo Fear of Appreciation
    Keywords: Capital Accumulation ; Central Bank ; Currencies and Exchange Rates ; Debt Markets ; Depreciations ; Domestic Savings ; Economic Theory and Research ; Emerging Markets ; Exchange Rate ; Exchange Rate Regimes ; Exchange Rates ; Finance and Financial Sector Development ; Growth Performance ; Import ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development ; Real Exchange Rate ; Capital Accumulation ; Central Bank ; Currencies and Exchange Rates ; Debt Markets ; Depreciations ; Domestic Savings ; Economic Theory and Research ; Emerging Markets ; Exchange Rate ; Exchange Rate Regimes ; Exchange Rates ; Finance and Financial Sector Development ; Growth Performance ; Import ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development ; Real Exchange Rate ; Capital Accumulation ; Central Bank ; Currencies and Exchange Rates ; Debt Markets ; Depreciations ; Domestic Savings ; Economic Theory and Research ; Emerging Markets ; Exchange Rate ; Exchange Rate Regimes ; Exchange Rates ; Finance and Financial Sector Development ; Growth Performance ; Import ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development ; Real Exchange Rate
    Abstract: In recent years the term "fear of floating" has been used to describe exchange rate regimes that, while officially flexible, in practice intervene heavily to avoid sudden or large depreciations. However, the data reveals that in most cases (and increasingly so in the 2000s) intervention has been aimed at limiting appreciations rather than depreciations, often motivated by the neo-mercantilist view of a depreciated real exchange rate as protection for domestic industries. As a first step to address the broader question of whether this view delivers on its promise, the authors examine whether this "fear of appreciation" has a positive impact on growth performance in developing economies. The authors show that depreciated exchange rates appear to induce higher growth, but that the effect, rather than through import substitution or export booms as argued by the mercantilist view, works largely through the deepening of domestic savings and capital accumulation
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  • 176
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    Growth Diagnostics For A Resource-Rich Transition Economy : The Case of Mongolia (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (39 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Ianchovichina, Elena Growth Diagnostics For A Resource-Rich Transition Economy
    Keywords: Access to Finance ; Bottlenecks ; Debt Markets ; Economic Theory and Research ; Elasticity ; Emerging Markets ; Externalities ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Population Growth ; Private Sector Development ; Property Rights ; Tax ; Transit ; Transport ; Transport Economics, Policy and Planning ; Transportation ; Transportation Services ; Wealth ; Access to Finance ; Bottlenecks ; Debt Markets ; Economic Theory and Research ; Elasticity ; Emerging Markets ; Externalities ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Population Growth ; Private Sector Development ; Property Rights ; Tax ; Transit ; Transport ; Transport Economics, Policy and Planning ; Transportation ; Transportation Services ; Wealth ; Access to Finance ; Bottlenecks ; Debt Markets ; Economic Theory and Research ; Elasticity ; Emerging Markets ; Externalities ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Population Growth ; Private Sector Development ; Property Rights ; Tax ; Transit ; Transport ; Transport Economics, Policy and Planning ; Transportation ; Transportation Services ; Wealth
    Abstract: This paper uses a growth diagnostics approach à la Hausmann, Rodrik, and Velasco (HRV) to identify the most 'binding' constraints to private sector growth in Mongolia - a small, low-income, mineral-rich, transition economy. The approach of applying the HRV methodology is useful in those cases where a lack of data prevents us from estimating shadow prices to identify the most 'binding' constraint to growth. We find that although Mongolia is not liquidity constrained and has grown rapidly in recent years, economic growth has been narrowly based. Investment has flowed mainly into a small number of firms operating in mining and construction. The low level of private investment in sectors outside mining and construction has been due to low returns - a result of costly and unreliable transportation services; lengthy and complex transit procedures, including customs and trade rules; distortionary taxes; coordination failures, at both domestic and international levels; and growing corruption. Poor financial intermediation is also a problem that has kept the cost of finance high, although lower than in previous years. Alleviating these binding constraints will ensure that Mongolia maintains the path towards sustained, broad-based growth
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  • 177
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    Reducing the Transaction Costs of Development Assistance Ghana's Multi-Donor Budget Support (MDBS) : Experience From 2003 To 2007 (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (27 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Cavalcanti, Carlos Reducing the Transaction Costs of Development Assistance Ghana's Multi-Donor Budget Support (MDBS)
    Keywords: Benchmark ; Benchmarks ; Debt ; Debt Markets ; Development Agencies ; Development Assistance ; Development Economics and Aid Effectiveness ; Development Policy ; Economic Theory and Research ; Finance and Financial Sector Development ; Fiscal Policy ; GDP ; Government Expenditures ; Macroeconomic Stability ; Macroeconomics and Economic Growth ; Public Sector Corruption and Anticorruption Measures ; Public Sector Expenditure Analysis and Management ; Benchmark ; Benchmarks ; Debt ; Debt Markets ; Development Agencies ; Development Assistance ; Development Economics and Aid Effectiveness ; Development Policy ; Economic Theory and Research ; Finance and Financial Sector Development ; Fiscal Policy ; GDP ; Government Expenditures ; Macroeconomic Stability ; Macroeconomics and Economic Growth ; Public Sector Corruption and Anticorruption Measures ; Public Sector Expenditure Analysis and Management ; Benchmark ; Benchmarks ; Debt ; Debt Markets ; Development Agencies ; Development Assistance ; Development Economics and Aid Effectiveness ; Development Policy ; Economic Theory and Research ; Finance and Financial Sector Development ; Fiscal Policy ; GDP ; Government Expenditures ; Macroeconomic Stability ; Macroeconomics and Economic Growth ; Public Sector Corruption and Anticorruption Measures ; Public Sector Expenditure Analysis and Management
    Abstract: This paper examines whether the structure of the Multi-Donor Budget Support (MDBS) in Ghana evolved over time to minimize transaction costs commonly found in accessing and delivering development assistance in multi-donor settings. While the MDBS was expected to reduce the transaction costs involved in dealing with multiple development agencies, it created three additional sources of transaction costs: coordination failures, the costs of collective action, and measurement costs. The answer that emerges from this paper is that the structure of the MDBS evolved to mitigate these transaction costs. The problems associated with coordination was addressed by delegating the policy dialogue to sector-specific groups aimed at reaching agreements over a narrower set of issues and amongst a smaller group of participants. Also, the MDBS reduced the cost of collective action by devising rules that allowed all the participating agencies to have a role in the decision-making process, and, in doing so, encouraged these agencies to increase the share of their contribution coming through the MDBS, rather than through large projects and off-budget disbursements. There was less success in reaching a settled view on how to reduce so-called measurement costs, however. While the group of development agencies made several attempts to overcome the difficulties in measuring progress in the program supported by the MDBS, it was not able to reach consensus on the extent to which the monitoring of the program should rely on outcome indicators. The Government did not favor the use of outcome indicators, and some development agencies placed greater emphasis on maintaining a dialogue around policy actions aimed at reaching the desired outcomes
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  • 178
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    Cote d'Ivoire : From Success To Failure A Story of Growth, Specialization, And The Terms of Trade (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (45 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Bogetic, Zeljko Cote d'Ivoire
    Keywords: Banks and Banking Reform ; Economic Growth ; Economic History ; Economic Theory and Research ; Emerging Markets ; Exports ; GDP ; GDP Per Capita ; Human Capital ; Macroeconomics and Economic Growth ; Overvaluation ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Productivity ; Real GDP ; Total Factor Productivity ; Total Factor Productivity Analysis ; Banks and Banking Reform ; Economic Growth ; Economic History ; Economic Theory and Research ; Emerging Markets ; Exports ; GDP ; GDP Per Capita ; Human Capital ; Macroeconomics and Economic Growth ; Overvaluation ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Productivity ; Real GDP ; Total Factor Productivity ; Total Factor Productivity Analysis ; Banks and Banking Reform ; Economic Growth ; Economic History ; Economic Theory and Research ; Emerging Markets ; Exports ; GDP ; GDP Per Capita ; Human Capital ; Macroeconomics and Economic Growth ; Overvaluation ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Productivity ; Real GDP ; Total Factor Productivity ; Total Factor Productivity Analysis
    Abstract: Real GDP per capita and capital stock in Cote d'Ivoire grew strongly from 1960 to 1979, but have declined ever since, for twenty-five years. As a result, the country has traveled a full circle from economic success to failure in little more than a generation. What are the long-term factors behind this dismal growth story? Are the Ivorian development problems mostly of recent origin? Or there are more fundamental, economic factors that explain its long term performance? Four principal conclusions are as follows: First, Cote d'Ivoire's long-term growth performance is not fully explained by temporary factors (e.g., CFA overvaluation or recent conflict). Longer term factors such as capital accumulation, productivity, and terms of trade are key to understanding the country's performance as is the policy of specialization in a single commodity--cocoa. Second, the long-term decline in per capita output started well before the currency overvaluation, and at a time of political stability, and is related to a major, secular deterioration in terms of trade that started after 1976. Third, total factor productivity estimates indicate that TFP per capita also grew until it hit a plateau in 1976-78, and then shrank thereafter, despite gains in human capital accumulation. Fourth, Cote d'Ivoire has pursued a policy of specialization in cocoa beans but this bet on a single commodity has ultimately failed. The strategy that brought prosperity during the 1970s resulted in a growth failure when cocoa prices began declining since 1976
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  • 179
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    Cote d'Ivoire : Competitiveness, Cocoa, And The Real Exchange Rate (2007)
    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: Bogetic, Zeljko Cote d'Ivoire
    Keywords: Competitiveness ; Consumer Price Indices ; Currencies and Exchange Rates ; Deflators ; Economic Theory and Research ; Emerging Markets ; Exports ; Finance and Financial Sector Development ; GDP ; GDP Deflator ; Gross Domestic Product ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Trade Competitiveness ; Value Added ; Wages ; Competitiveness ; Consumer Price Indices ; Currencies and Exchange Rates ; Deflators ; Economic Theory and Research ; Emerging Markets ; Exports ; Finance and Financial Sector Development ; GDP ; GDP Deflator ; Gross Domestic Product ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Trade Competitiveness ; Value Added ; Wages ; Competitiveness ; Consumer Price Indices ; Currencies and Exchange Rates ; Deflators ; Economic Theory and Research ; Emerging Markets ; Exports ; Finance and Financial Sector Development ; GDP ; GDP Deflator ; Gross Domestic Product ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Trade Competitiveness ; Value Added ; Wages
    Abstract: This paper explores competitiveness of Cote d'Ivoire's economy over a long period of 1960-2003 and its link with cocoa prices. The main conclusions are as follows. First, using four measures of real effective exchange rate (REER) for the 1960-2002 period, we track the evolution of REER and conclude, inter alia, that until 2003, REER remained well below its 1994 level. Second, we find that based on our measure of the multilateral REER with dynamic weights, which covers most recorded trade, France no longer dominates Cote d'Ivoire's trade. Instead, Cote d'Ivoire has diversified its set of trading partners. Unfortunately, it has also specialized in one export product, raw cocoa. This paper aims to contribute to the question to what extent do cocoa prices affect Cote d'Ivoire's competitiveness in world trade? Third, the answer to this question is that cocoa prices are an important determinant of Cote d'Ivoire's competitiveness. Similar to the case of a classic "Dutch Disease," increases in the real world price of a "natural resource" (i.e., cocoa) tend to result in the appreciation of the CFA franc and a loss in competitiveness. Econometric tests further confirm that 1994 was a "break-point" not only for growth and productivity (as documented in the two related papers) but also for trade competitiveness. Recent productivity per worker trends versus wages also seem to indicate slow growth in 1996-2000, without major improvement in competitiveness
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  • 180
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    International Financial Integration Through Equity Markets : Which Firms From Which Countries Go Global ? (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (49 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Claessens, Stijn International Financial Integration Through Equity Markets
    Keywords: Access To Capital ; Bank Policy ; Budget ; Capital Markets ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equity ; Equity Markets ; Exchange ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Financial Support ; Globalization ; International Economy ; Macroeconomics and Economic Growth ; Markets and Market Access ; Microfinance ; Private Sector Development ; Small Scale Enterprises ; Access To Capital ; Bank Policy ; Budget ; Capital Markets ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equity ; Equity Markets ; Exchange ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Financial Support ; Globalization ; International Economy ; Macroeconomics and Economic Growth ; Markets and Market Access ; Microfinance ; Private Sector Development ; Small Scale Enterprises ; Access To Capital ; Bank Policy ; Budget ; Capital Markets ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equity ; Equity Markets ; Exchange ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Financial Support ; Globalization ; International Economy ; Macroeconomics and Economic Growth ; Markets and Market Access ; Microfinance ; Private Sector Development ; Small Scale Enterprises
    Abstract: The authors study international financial integration analyzing firms from various countries raising capital, trading equity, and cross-listing in major world stock markets. Using a large sample of 39,517 firms from 111 countries covering the period 1989-2000, they find that, although international financial integration increases substantially over this period, only relatively few countries and firms actively participate in international markets. Firms more likely to internationalize are from larger and more open economies, with higher income, better macroeconomic policies, and worse institutional environments. These firms tend to be larger, grow faster, and have higher returns and more foreign sales. While changes occur with internationalization, these firm attributes are present before internationalization takes place. The results suggest that international financial integration will likely remain constrained by country and firm characteristics
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  • 181
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    The Impact of Trade With China And India On Argentina's Manufacturing Employment (2007)
    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: Castro, Lucio The Impact of Trade With China And India On Argentina's Manufacturing Employment
    Keywords: Capital Stock ; Currencies and Exchange Rates ; Demand ; Distortions ; Econometric Model ; Economic Policy ; Economic Theory and Research ; Economies ; Economy ; Emerging Markets ; Exchange Rate ; Exchange Rate Appreciation ; Exchange Rate Appreciations ; Finance and Financial Sector Development ; Free Trade ; Import ; International Economics & Trade ; Labor Markets ; Labor Policies ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Development ; Social Protections and Labor ; Trade Policy ; Transport Economics, Policy and Planning ; Water Res ; Water and Industry ; Capital Stock ; Currencies and Exchange Rates ; Demand ; Distortions ; Econometric Model ; Economic Policy ; Economic Theory and Research ; Economies ; Economy ; Emerging Markets ; Exchange Rate ; Exchange Rate Appreciation ; Exchange Rate Appreciations ; Finance and Financial Sector Development ; Free Trade ; Import ; International Economics & Trade ; Labor Markets ; Labor Policies ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Development ; Social Protections and Labor ; Trade Policy ; Transport Economics, Policy and Planning ; Water Res ; Water and Industry ; Capital Stock ; Currencies and Exchange Rates ; Demand ; Distortions ; Econometric Model ; Economic Policy ; Economic Theory and Research ; Economies ; Economy ; Emerging Markets ; Exchange Rate ; Exchange Rate Appreciation ; Exchange Rate Appreciations ; Finance and Financial Sector Development ; Free Trade ; Import ; International Economics & Trade ; Labor Markets ; Labor Policies ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Development ; Social Protections and Labor ; Trade Policy ; Transport Economics, Policy and Planning ; Water Res ; Water and Industry
    Abstract: For many in Latin America, the increasing participation of China and India in international markets is seen as a looming shadow of two "mighty giants" on the region's manufacturing sector. Are they really mighty giants when it comes to their impact on manufacturing employment? The authors attempt to answer this question by estimating the effects of trade with China and India on Argentina's industrial employment. They use a dynamic econometric model and industry level data to estimate the effects of trade with China and India on the level of employment in Argentina's manufacturing sector. Results suggest that trade with China and India only had a small negative effect on industrial employment, even during the swift trade liberalization of the 1990s
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  • 182
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    The Role of Services In Rural Income : The Case of Vietnam (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (35 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Isik-Dikmelik, Aylin The Role of Services In Rural Income
    Keywords: Alternative Transport ; Communities & Human Settlements ; Costs ; Economic Theory and Research ; Finance and Financial Sector Development ; Financial Literacy ; Good Transport ; Housing and Human Habitats ; Infrastructure ; Macroeconomics and Economic Growth ; Poverty Reduction ; Price Changes ; Public Transport ; Public Transportation ; Quality of Transport ; Road ; Road Network ; Road Quality ; Rural Development ; Rural Poverty Reduction ; Transport ; Transport Economics, Policy and Planning ; Alternative Transport ; Communities & Human Settlements ; Costs ; Economic Theory and Research ; Finance and Financial Sector Development ; Financial Literacy ; Good Transport ; Housing and Human Habitats ; Infrastructure ; Macroeconomics and Economic Growth ; Poverty Reduction ; Price Changes ; Public Transport ; Public Transportation ; Quality of Transport ; Road ; Road Network ; Road Quality ; Rural Development ; Rural Poverty Reduction ; Transport ; Transport Economics, Policy and Planning ; Alternative Transport ; Communities & Human Settlements ; Costs ; Economic Theory and Research ; Finance and Financial Sector Development ; Financial Literacy ; Good Transport ; Housing and Human Habitats ; Infrastructure ; Macroeconomics and Economic Growth ; Poverty Reduction ; Price Changes ; Public Transport ; Public Transportation ; Quality of Transport ; Road ; Road Network ; Road Quality ; Rural Development ; Rural Poverty Reduction ; Transport ; Transport Economics, Policy and Planning
    Abstract: This paper investigates the role of services in the household response to trade reforms in Vietnam. The relative response of the households and income growth after a major trade liberalization in rice are analyzed aiming to answer the following questions: What type of households, in which locations, having access to what type of services, benefited more from the reforms? It focuses on services that have an impact on transaction costs (roads or quality of roads, public transportation, access to credit, extension services, and availability of markets in communication services) because transaction costs are often cited as a barrier to rural households in responding to the price changes and increased incentives offered by trade and other policy reforms. The results suggest that availability of production related services contributes positively to the impact of trade reforms. Although most of the service variables have a positive and significant effect on growth in income, some that are expected to have an impact are not significant. This may be explained by the exceptional coverage of infrastructure services in Vietnam even before the reforms. When service availability is very similar across different localities, household characteristics become more important in determining the response
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  • 183
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    Substitutability And Protectionism : Latin America's Trade Policy And Imports From China And India (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (33 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Willmann, Gerald Substitutability And Protectionism
    Keywords: Consumption ; Currencies and Exchange Rates ; Debt Markets ; Demands ; Domestic Prices ; Economic Growth ; Economic Theory and Research ; Economies ; Emerging Markets ; Equilibrium ; Exogenous Shocks ; Export Growth ; Finance and Financial Sector Development ; Fixed Effects ; Free Trade ; Import ; Imports ; International Economics & Trade ; International Trade and Trade Rules ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Public Sector Development ; Quotas ; Rapid Grow ; Trade Policy ; Consumption ; Currencies and Exchange Rates ; Debt Markets ; Demands ; Domestic Prices ; Economic Growth ; Economic Theory and Research ; Economies ; Emerging Markets ; Equilibrium ; Exogenous Shocks ; Export Growth ; Finance and Financial Sector Development ; Fixed Effects ; Free Trade ; Import ; Imports ; International Economics & Trade ; International Trade and Trade Rules ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Public Sector Development ; Quotas ; Rapid Grow ; Trade Policy ; Consumption ; Currencies and Exchange Rates ; Debt Markets ; Demands ; Domestic Prices ; Economic Growth ; Economic Theory and Research ; Economies ; Emerging Markets ; Equilibrium ; Exogenous Shocks ; Export Growth ; Finance and Financial Sector Development ; Fixed Effects ; Free Trade ; Import ; Imports ; International Economics & Trade ; International Trade and Trade Rules ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Public Sector Development ; Quotas ; Rapid Grow ; Trade Policy
    Abstract: The authors examine the trade policy response of Latin American governments to the rapid growth of China and India in world markets. To explain higher protection in sectors where a large share is imported from these countries, they extend the "protection for sale" model to allow for different degrees of substitutability between domestically produced and imported varieties. The extension suggests that higher levels of protection toward Chinese goods can be explained by high substitutability between domestically produced goods and Chinese goods, whereas lower levels of protection toward goods imported from India can be explained by low substitutability with domestically produced goods. The data support the extension to the "protection for sale" model, which performs better than the original specification in terms of explaining Latin America's structure of protection
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  • 184
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    Rules of origin and the web of East Asian free trade agreements (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (29 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Pelkmans-Balaoing, Annette O Rules of origin and the web of East Asian free trade agreements
    Keywords: Bilateral free trade agreements ; Economic Theory and Research ; Free Trade ; Free Trade ; Free Trade Agreements ; Free Trade Area ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Preferential rules of origin ; Public Sector Development ; Regional Integration ; Regional trade ; Rules of Origin ; Rules of Origin ; Tariff data ; Trade Law ; Trade Policy ; Trade flows ; Bilateral free trade agreements ; Economic Theory and Research ; Free Trade ; Free Trade ; Free Trade Agreements ; Free Trade Area ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Preferential rules of origin ; Public Sector Development ; Regional Integration ; Regional trade ; Rules of Origin ; Rules of Origin ; Tariff data ; Trade Law ; Trade Policy ; Trade flows ; Bilateral free trade agreements ; Economic Theory and Research ; Free Trade ; Free Trade ; Free Trade Agreements ; Free Trade Area ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Preferential rules of origin ; Public Sector Development ; Regional Integration ; Regional trade ; Rules of Origin ; Rules of Origin ; Tariff data ; Trade Law ; Trade Policy ; Trade flows
    Abstract: The authors provide an overview of the preferential rules of origin in East Asia, highlighting the aspects that might possibly generate some trade-chilling effects. They review characteristics of existing preferential trade agreements with special emphasis on lessons from the European experience, and analyze some important features of the existing rules of origin in East and South-East Asian regional integration agreements. The empirical analysis of the effectiveness of preferentialism on intra-regional trade flows focuses on the ASEAN Free Trade Area (AFTA), with the aim of providing a rough estimate of the costs of requesting preferences. The results suggest that preferential tariffs favorably affect intra-regional imports only at very high margins (around 25 percentage points). This points to the likelihood of high administrative costs attached to the exploitation of preferences, particularly with regard to the compliance with AFTA's rules of origin
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  • 185
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    Balancing expenditures on mitigation of and adaptation to climate change : an exploration of Issues relevant to developing countries (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (48 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Shalizi, Zmarak Balancing expenditures on mitigation of and adaptation to climate change
    Keywords: Agriculture ; Budget constraints ; Damages ; Debt Markets ; Development policies ; Development strategies ; Development strategy ; Disability ; Economic Theory and Research ; Education ; Educational Sciences ; Equilibrium ; Finance and Financial Sector Development ; GDP ; Macroeconomics and Economic Growth ; Natural resources ; Optimization ; Social Development ; Social Inclusion and Institutions ; Social Protections and Labor ; Agriculture ; Budget constraints ; Damages ; Debt Markets ; Development policies ; Development strategies ; Development strategy ; Disability ; Economic Theory and Research ; Education ; Educational Sciences ; Equilibrium ; Finance and Financial Sector Development ; GDP ; Macroeconomics and Economic Growth ; Natural resources ; Optimization ; Social Development ; Social Inclusion and Institutions ; Social Protections and Labor ; Agriculture ; Budget constraints ; Damages ; Debt Markets ; Development policies ; Development strategies ; Development strategy ; Disability ; Economic Theory and Research ; Education ; Educational Sciences ; Equilibrium ; Finance and Financial Sector Development ; GDP ; Macroeconomics and Economic Growth ; Natural resources ; Optimization ; Social Development ; Social Inclusion and Institutions ; Social Protections and Labor
    Abstract: Although climate policies have been so far mostly focused on mitigation, adaptation to climate change is a growing concern in developed and developing countries. This paper discusses how adaptation fits into the global climate strategy, at the global and national levels. To do so, a partial equilibrium optimization model of climate policies-which includes mitigation, proactive adaptation (ex ante), and reactive adaptation (ex post)-is solved without and with uncertainty. Mitigation, proactive adaptation, and reactive adaptation are found to be generally jointly determined. Uncertainty on the location of damages reduces the benefits of "targeted" proactive adaptation with regard to mitigation and reactive adaptation. However, no single country controls global mitigation policies, and budget constraints might make it difficult for developing countries to finance reactive adaptation, especially if climate shocks affect the fiscal base. Rainy-day funds are identified as a supplemental instrument that can alleviate future budget constraints while avoiding the risk of misallocating resources when the location of damages is uncertain
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  • 186
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    China, India, And The Future of The World Economy : Fierce Competition Or Shared Growth? (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: Dimaranan, Betina China, India, And The Future of The World Economy
    Keywords: Comparative advantage ; Competitiveness ; Debt ; Economic Theory and Research ; Emerging Markets ; Export growth ; Exports ; Free Trade ; Human capital ; Income ; Income levels ; International Economics & Trade ; Macroeconomics and Economic Growth ; Partial equilibrium analyses ; Private Sector Development ; Public Sector Development ; Total factor productivity ; Trade Policy ; Comparative advantage ; Competitiveness ; Debt ; Economic Theory and Research ; Emerging Markets ; Export growth ; Exports ; Free Trade ; Human capital ; Income ; Income levels ; International Economics & Trade ; Macroeconomics and Economic Growth ; Partial equilibrium analyses ; Private Sector Development ; Public Sector Development ; Total factor productivity ; Trade Policy ; Comparative advantage ; Competitiveness ; Debt ; Economic Theory and Research ; Emerging Markets ; Export growth ; Exports ; Free Trade ; Human capital ; Income ; Income levels ; International Economics & Trade ; Macroeconomics and Economic Growth ; Partial equilibrium analyses ; Private Sector Development ; Public Sector Development ; Total factor productivity ; Trade Policy
    Abstract: Although both China and India are labor-abundant and dependant on manufactures, their export mixes are very different. Only one product-refined petroleum-appears in the top 25 products for both countries, and services exports are roughly twice as important for India as for China, which is much better integrated into global production networks. Even assuming India also begins to integrate into global production chains and expands exports of manufactures, there seems to be opportunity for rapid growth in both countries. Accelerated growth through efficiency improvements in China and India, especially in their high-tech industries, will intensify competition in global markets leading to contraction of the manufacturing sectors in many countries. Improvement in the range and quality of exports from China and India has the potential to create substantial welfare benefits for the world, and for China and India, and to act as a powerful offset to the terms-of-trade losses otherwise associated with rapid export growth. However, without efforts to keep up with China and India, some countries may see further erosion of their export shares and high-tech manufacturing sectors
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  • 187
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    How Might Climate Change Affect Economic Growth In Developing Countries ? : A Review of The Growth Literature With A Climate Lens (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (54 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Lecocq, Franck How Might Climate Change Affect Economic Growth In Developing Countries ?
    Keywords: Climate Change ; Climate Change ; Economic Growth ; Economic Growth ; Economic Theory and Research ; Economic development ; Economics ; Emissions ; Environment ; Environmental Economics and Policies ; Equilibrium ; Forestry ; Greenhouse gases ; Macroeconomics and Economic Growth ; Poverty Reduction ; Pro-Poor Growth ; Resource allocation ; Returns to scale ; Climate Change ; Climate Change ; Economic Growth ; Economic Growth ; Economic Theory and Research ; Economic development ; Economics ; Emissions ; Environment ; Environmental Economics and Policies ; Equilibrium ; Forestry ; Greenhouse gases ; Macroeconomics and Economic Growth ; Poverty Reduction ; Pro-Poor Growth ; Resource allocation ; Returns to scale ; Climate Change ; Climate Change ; Economic Growth ; Economic Growth ; Economic Theory and Research ; Economic development ; Economics ; Emissions ; Environment ; Environmental Economics and Policies ; Equilibrium ; Forestry ; Greenhouse gases ; Macroeconomics and Economic Growth ; Poverty Reduction ; Pro-Poor Growth ; Resource allocation ; Returns to scale
    Abstract: This paper reviews the empirical and theoretical literature on economic growth to examine how the four components of the climate change bill, namely mitigation, proactive (ex ante) adaptation, reactive (ex post) adaptation, and ultimate damages of climate change affect growth, especially in developing countries. The authors consider successively the Cass-Koopmans growth model and three major strands of the subsequent literature on growth: with multiple sectors, with rigidities, and with increasing returns. The paper finds that although the growth literature rarely addresses climate change per se, some issues discussed in the growth literature are directly relevant for climate change analysis. Notably, destruction of production factors, or decrease in factor productivity may strongly affect long-run equilibrium growth even in one-sector neoclassical growth models; climatic shocks have had large impacts on growth in developing countries because of rigidities; and the introducing increasing returns has a major impact on growth dynamics, in particular through induced technical change, poverty traps, or lock-ins. Among the most important gaps identified in the literature are lack of understanding of the channels by which shocks affect economic growth, lack of understanding of lock-ins, heavy reliance of numerical models assessing climate policies on neoclassical-type growth frameworks, and frequent use of an inappropriate "without climate change" counterfactual
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  • 188
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    Specialization And Adjustment During The Growth of China And India : The Latin American Experience (2007)
    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: Lederman, Daniel Specialization And Adjustment During The Growth of China And India
    Keywords: Comparative advantage ; Econometric estimates ; Economic Theory and Research ; Exports ; Free Trade ; Global integration ; Gross domestic product ; Industry ; International Economics & Trade ; Macroeconomics and Economic Growth ; Market share ; Markets and Market Access ; Patterns of trade ; Public Sector Development ; Specialization ; Terms of trade ; Trade Policy ; Water Resources ; Water and Industry ; World markets ; Comparative advantage ; Econometric estimates ; Economic Theory and Research ; Exports ; Free Trade ; Global integration ; Gross domestic product ; Industry ; International Economics & Trade ; Macroeconomics and Economic Growth ; Market share ; Markets and Market Access ; Patterns of trade ; Public Sector Development ; Specialization ; Terms of trade ; Trade Policy ; Water Resources ; Water and Industry ; World markets ; Comparative advantage ; Econometric estimates ; Economic Theory and Research ; Exports ; Free Trade ; Global integration ; Gross domestic product ; Industry ; International Economics & Trade ; Macroeconomics and Economic Growth ; Market share ; Markets and Market Access ; Patterns of trade ; Public Sector Development ; Specialization ; Terms of trade ; Trade Policy ; Water Resources ; Water and Industry ; World markets
    Abstract: This paper examines the extent to which the growth of China and India in world markets is affecting the patterns of trade specialization in Latin American economies. The authors construct Vollrath's measure of revealed comparative advantage by 3-digit ISIC sector, country, and year. This measure accounts for both imports and exports. The empirical analyses explore the correlation between the revealed comparative advantage of Latin America and the two Asian economies. Econometric estimates suggest that the specialization pattern of Latin A-with the exception of Mexico-has been moving in opposite direction of the trade specialization pattern of China and India. Labor-intensive sectors (both unskilled and skilled) probably have been negatively affected by the growing presence of China and India in world markets, while natural resource and scientific knowledge intensive sectors have probably benefited from China and India's growth since 1990
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  • 189
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    The Growth of China And India In World Trade : Opportunity Or Threat For Latin America And The Caribbean? (2007)
    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: Lederman, Daniel The Growth of China And India In World Trade
    Keywords: Bilateral trade ; Competitiveness ; Currencies and Exchange Rates ; Economic Theory and Research ; Economic size ; Export growth ; Exports ; Finance and Financial Sector Development ; Free Trade ; GDP ; Growth rate ; International Economics & Trade ; International trade ; Macroeconomics and Economic Growth ; Markets and Market Access ; Public Sector Development ; Substitution effect ; Telecommunications ; Trade Policy ; Bilateral trade ; Competitiveness ; Currencies and Exchange Rates ; Economic Theory and Research ; Economic size ; Export growth ; Exports ; Finance and Financial Sector Development ; Free Trade ; GDP ; Growth rate ; International Economics & Trade ; International trade ; Macroeconomics and Economic Growth ; Markets and Market Access ; Public Sector Development ; Substitution effect ; Telecommunications ; Trade Policy ; Bilateral trade ; Competitiveness ; Currencies and Exchange Rates ; Economic Theory and Research ; Economic size ; Export growth ; Exports ; Finance and Financial Sector Development ; Free Trade ; GDP ; Growth rate ; International Economics & Trade ; International trade ; Macroeconomics and Economic Growth ; Markets and Market Access ; Public Sector Development ; Substitution effect ; Telecommunications ; Trade Policy
    Abstract: This paper studies the relationship between the growth of China and India in world merchandise trade and Latin American and Caribbean commercial flows from two perspectives. First, the authors focus on the opportunity that China and India's markets have offered Latin American and Caribbean exporters during 2000-2004. Second, empirical analyses examine the partial correlation between Chinese and Indian bilateral trade flows and Latin American and Caribbean trade with third markets. Both analyses rely on the gravity model of international trade. Econometric estimations that control for the systematic correlation between expected bilateral trade volumes and the size of their regression errors, as well as importer and exporter fixed effects and year effects, provide consistent estimates of the relevant parameters for different groups of countries in Latin America and the Caribbean. Results suggest that the growth of the two Asian markets has produced large opportunities for Latin American and Caribbean exporters, which nevertheless have not been fully exploited. The evidence concerning the effects of Chinese and Indian trade with third markets is not robust, but there is little evidence of negative effects on Latin American and Caribbean exports of non-fuel merchandise. In general, China's and to a large extent India's growing presence in world trade has been good news for Latin America and the Caribbean, but some of the potential benefits remain unexploited
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  • 190
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    Does IDA Engage In Defensive Lending ? (2007)
    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: Geginat, Carolin Does IDA Engage In Defensive Lending ?
    Keywords: Access to Finance ; Bankruptcy and Resolution of Financial Distress ; Banks and Banking Reform ; Creditors ; Debt ; Debt Markets ; Debt issues ; Debts ; Disbursements ; Economic Theory and Research ; External debt ; Finance and Financial Sector Development ; International Bank ; International Development ; Macroeconomics and Economic Growth ; Non-performing loans ; Repayments ; Access to Finance ; Bankruptcy and Resolution of Financial Distress ; Banks and Banking Reform ; Creditors ; Debt ; Debt Markets ; Debt issues ; Debts ; Disbursements ; Economic Theory and Research ; External debt ; Finance and Financial Sector Development ; International Bank ; International Development ; Macroeconomics and Economic Growth ; Non-performing loans ; Repayments ; Access to Finance ; Bankruptcy and Resolution of Financial Distress ; Banks and Banking Reform ; Creditors ; Debt ; Debt Markets ; Debt issues ; Debts ; Disbursements ; Economic Theory and Research ; External debt ; Finance and Financial Sector Development ; International Bank ; International Development ; Macroeconomics and Economic Growth ; Non-performing loans ; Repayments
    Abstract: Multilateral development banks are frequently accused of "defensive lending," the practice of extending new loans purely in order to ensure that existing loans are repaid. This paper empirically examine this hypothesis using data on lending by and repayments to the International Development Association (IDA), which is the largest provider of concessional development loans to low-income countries. The authors argue that key institutional features of IDA both (i) potentially create incentives for defensive lending, and (ii) enable particularly sharp tests of the defensive lending hypothesis. The authors find that there is a surprisingly robust partial correlation between disbursements on new IDA loans and repayments on existing loans. However, a closer look at the evidence suggests that defensive lending is unlikely to be a major explanation for this partial correlation
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  • 191
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    European Community--Sugar : Cross-Subsidization And The World Trade Organization (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: Hoekman, Bernard European Community--Sugar
    Keywords: Agribusiness and Markets ; Agriculture ; Consumers ; Cost functions ; Cross subsidization ; Economic Theory and Research ; Exports ; Food and Beverage Industry ; Industry ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Net exports ; Rural Development ; Subsidization ; Tax Law ; Trade Law ; Uruguay Round ; WTO ; World Trade Organization ; Agribusiness and Markets ; Agriculture ; Consumers ; Cost functions ; Cross subsidization ; Economic Theory and Research ; Exports ; Food and Beverage Industry ; Industry ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Net exports ; Rural Development ; Subsidization ; Tax Law ; Trade Law ; Uruguay Round ; WTO ; World Trade Organization ; Agribusiness and Markets ; Agriculture ; Consumers ; Cost functions ; Cross subsidization ; Economic Theory and Research ; Exports ; Food and Beverage Industry ; Industry ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Net exports ; Rural Development ; Subsidization ; Tax Law ; Trade Law ; Uruguay Round ; WTO ; World Trade Organization
    Abstract: An important recent World Trade Organization dispute settlement case for many developing countries concerned European Union exports of sugar. Brazil, Thailand, and Australia alleged that the exports have substantially exceeded permitted levels as established by European Union commitments in the WTO. This case had major implications for both European Union sugar producers and developing countries that benefited from preferential access to the European Union market. It was also noteworthy in the use of economic arguments by the WTO dispute settlement panel, which held that the excess sugar exports were in part a reflection of illegal de facto cross-subsidization-rents from production that benefited from high support prices being used to cover losses associated with exports of sugar to the world market. Although in principle the economic arguments of the panel could apply to many other policy areas, in practice WTO provisions greatly limit the scope to bring similar arguments for trade in products that are not subject to explicit export subsidy reduction commitments of the type that were made for sugar and other agricultural commodities
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  • 192
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    Canada-Wheat : Discrimination, Non-Commercial Considerations, And State Trading Enterprises (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (29 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Hoekman, Bernard Canada-Wheat
    Keywords: Access to Markets ; Domestic market ; Dumping ; Economic Theory and Research ; Emerging Markets ; Export markets ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Market access ; Market price ; Marketing ; Marketing boards ; Markets and Market Access ; Price discrimination ; Private Sector Development ; Sale ; Sales ; Trade Law ; Access to Markets ; Domestic market ; Dumping ; Economic Theory and Research ; Emerging Markets ; Export markets ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Market access ; Market price ; Marketing ; Marketing boards ; Markets and Market Access ; Price discrimination ; Private Sector Development ; Sale ; Sales ; Trade Law ; Access to Markets ; Domestic market ; Dumping ; Economic Theory and Research ; Emerging Markets ; Export markets ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Market access ; Market price ; Marketing ; Marketing boards ; Markets and Market Access ; Price discrimination ; Private Sector Development ; Sale ; Sales ; Trade Law
    Abstract: Statutory marketing boards that have exclusive authority to purchase domestic production, sell for export, and set purchase and sales prices of commodities are a type of state trading enterprise that is subject to World Trade Organization disciplines. This paper assesses a recent dispute brought by the United States against Canada, alleging that WTO rules require state trading enterprises to operate solely in accordance with commercial considerations and that the Canadian government did not require the Canadian Wheat Board to do so. The panel and Appellate Body found that the primary discipline of the WTO regarding state trading enterprises was nondiscrimination, and that operating on the basis of "commercial considerations" was not an independent obligation. Instead, WTO disciplines regarding the pricing behavior of state trading enterprises use a "commercial considerations" test as a possible indicator of discrimination. Although a significant degree of price discrimination is observed in the case of Canadian wheat exports, there are economic arguments why this might also be pursued by a private, profit maximizing firm
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  • 193
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    Coordinating Public Debt Management With Fiscal And Monetary Policies : An Analytical Framework (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (37 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Togo, Eriko Coordinating Public Debt Management With Fiscal And Monetary Policies
    Keywords: Asset liability management ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; External Debt ; Finance and Financial Sector Development ; Fiscal policy ; International Bank ; International Economics & Trade ; Liability ; Liability management ; Macroeconomics and Economic Growth ; Monetary Policies ; Monetary policy ; Private Sector Development ; Public Debt ; Public Debt Management ; Public Sector Economics and Finance ; Treasury ; Asset liability management ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; External Debt ; Finance and Financial Sector Development ; Fiscal policy ; International Bank ; International Economics & Trade ; Liability ; Liability management ; Macroeconomics and Economic Growth ; Monetary Policies ; Monetary policy ; Private Sector Development ; Public Debt ; Public Debt Management ; Public Sector Economics and Finance ; Treasury ; Asset liability management ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; External Debt ; Finance and Financial Sector Development ; Fiscal policy ; International Bank ; International Economics & Trade ; Liability ; Liability management ; Macroeconomics and Economic Growth ; Monetary Policies ; Monetary policy ; Private Sector Development ; Public Debt ; Public Debt Management ; Public Sector Economics and Finance ; Treasury
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  • 194
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    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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  • 195
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    Patterns of Long Term Growth In Sub-Saharan Africa (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (52 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Arbache, Jorge Saba Patterns of Long Term Growth In Sub-Saharan Africa
    Keywords: Average Growth Rate ; Economic Conditions and Volatility ; Economic Growth ; Economic Performance ; Economic Theory and Research ; Gross Domestic Product ; Growth Performance ; Growth Volatility ; Income ; Income Distribution ; Inequality ; Long-Run Growth ; Macroeconomics and Economic Growth ; Poverty Reduction ; Pro-Poor Growth ; Purchasing Power ; Purchasing Power Parity ; Average Growth Rate ; Economic Conditions and Volatility ; Economic Growth ; Economic Performance ; Economic Theory and Research ; Gross Domestic Product ; Growth Performance ; Growth Volatility ; Income ; Income Distribution ; Inequality ; Long-Run Growth ; Macroeconomics and Economic Growth ; Poverty Reduction ; Pro-Poor Growth ; Purchasing Power ; Purchasing Power Parity ; Average Growth Rate ; Economic Conditions and Volatility ; Economic Growth ; Economic Performance ; Economic Theory and Research ; Gross Domestic Product ; Growth Performance ; Growth Volatility ; Income ; Income Distribution ; Inequality ; Long-Run Growth ; Macroeconomics and Economic Growth ; Poverty Reduction ; Pro-Poor Growth ; Purchasing Power ; Purchasing Power Parity
    Abstract: Using the most recent purchasing power parity data for 44 sub-Saharan African countries, this paper examines the characteristics of long run growth in Africa between 1975 and 2005. The authors investigate the following issues: cross-country income structure, income convergence, the country level distribution of income, growth and income persistence, and formation of convergence clubs
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  • 196
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    Fiscal Policy, Public Expenditure Composition, And Growth Theory And Empirics (2007)
    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: Semmler, Willi Fiscal Policy, Public Expenditure Composition, And Growth Theory And Empirics
    Keywords: Access to Finance ; Debt ; Debt Markets ; Development Policy ; Development Strategies ; Economic Growth ; Economic Theory and Research ; Finance and Financial Sector Development ; Fiscal Policy ; Growth Models ; Growth Theory ; Human Capital ; Macroeconomics and Economic Growth ; Per Capita Income ; Production Function ; Public Sector Economics and Finance ; Public Sector Expenditure Analysis and Management ; Access to Finance ; Debt ; Debt Markets ; Development Policy ; Development Strategies ; Economic Growth ; Economic Theory and Research ; Finance and Financial Sector Development ; Fiscal Policy ; Growth Models ; Growth Theory ; Human Capital ; Macroeconomics and Economic Growth ; Per Capita Income ; Production Function ; Public Sector Economics and Finance ; Public Sector Expenditure Analysis and Management ; Access to Finance ; Debt ; Debt Markets ; Development Policy ; Development Strategies ; Economic Growth ; Economic Theory and Research ; Finance and Financial Sector Development ; Fiscal Policy ; Growth Models ; Growth Theory ; Human Capital ; Macroeconomics and Economic Growth ; Per Capita Income ; Production Function ; Public Sector Economics and Finance ; Public Sector Expenditure Analysis and Management
    Abstract: This paper responds to the development policy debate involving the World Bank and the IMF on the use of fiscal policy not only for economic stabilization but also to promote economic growth and increase per capita income. A key issue in this debate relates to the effect of the composition of public expenditure on economic growth. Policy makers and some researchers have argued that expenditure on growth-enhancing functions could enhance future revenue and justify the provision of "fiscal space" in the budget. But there are no simple ways to identify the growth-maximizing composition of public expenditure. The current paper lays out a research strategy to explore the effects of fiscal policy, including the composition of public expenditure, on economic growth, using a time series approach. Based on the modeling strategy of Greiner, Semmler and Gong (2005) we develop a general model that features a government that undertakes public expenditure on (a) education and health facilities which enhance human capital, (b) public infrastructure such as roads and bridges necessary for market activity, (c) public administration to support government functions, (d) transfers and public consumption facilities, and (e) debt service. The proposed model is numerically solved, calibrated and the impact of the composition of public expenditure on the long-run per capita income explored for low-, lower-middle- and upper-middle-income countries. Policy implications and practical policy rules are spelled out, the extension to an estimable model indicated, a debt sustainability test proposed, and the out-of-steady-state dynamics studied
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  • 197
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    Exports and Productivity : Comparable Evidence For 14 Countries (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (82 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Available in another form Exports and Productivity
    Keywords: Buyers ; E-Business ; Economic Theory and Research ; Education ; Export Market ; Export Markets ; International Comparison ; Knowledge for Development ; Labor Markets ; Labor Policies ; Macroeconomics and Economic Growth ; Marketing ; Networks ; Private Sector Development ; Productivity ; Result ; Results ; Social Protections and Labor ; Web ; Buyers ; E-Business ; Economic Theory and Research ; Education ; Export Market ; Export Markets ; International Comparison ; Knowledge for Development ; Labor Markets ; Labor Policies ; Macroeconomics and Economic Growth ; Marketing ; Networks ; Private Sector Development ; Productivity ; Result ; Results ; Social Protections and Labor ; Web ; Buyers ; E-Business ; Economic Theory and Research ; Education ; Export Market ; Export Markets ; International Comparison ; Knowledge for Development ; Labor Markets ; Labor Policies ; Macroeconomics and Economic Growth ; Marketing ; Networks ; Private Sector Development ; Productivity ; Result ; Results ; Social Protections and Labor ; Web
    Abstract: The authors use comparable micro level panel data for 14 countries and a set of identically specified empirical models to investigate the relationship between exports and productivity. The overall results are in line with the big picture that is by now familiar from the literature: Exporters are more productive than non-exporters when observed and unobserved heterogeneity are controlled for, and these exporter productivity premia tend to increase with the share of exports in total sales; there is strong evidence in favour of self-selection of more productive firms into export markets, but nearly no evidence in favour of the learning-by-exporting hypothesis. The authors document that the exporter premia differ considerably across countries in identically specified empirical models. In a meta-analysis of their results the authors find that countries that are more open and have more effective government report higher productivity premia. However, the level of development per se does not appear to be an explanation for the observed cross-country differences
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  • 198
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    The Composition of Public Expenditure And Growth : A Small-Scale Intertemporal Model For Low-Income Countries (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (74 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Bayraktar, Nihal The Composition of Public Expenditure And Growth
    Keywords: Budget Constraint ; Debt Markets ; Economic Theory and Research ; Expenditure ; Finance and Financial Sector Development ; Government Spending ; International Bank ; Investment Decisions ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Private Capital ; Public Investment ; Public Sector Economics and Finance ; Public Sector Expenditure Analysis and Management ; Public Spending ; Tax ; Tax Collection ; Budget Constraint ; Debt Markets ; Economic Theory and Research ; Expenditure ; Finance and Financial Sector Development ; Government Spending ; International Bank ; Investment Decisions ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Private Capital ; Public Investment ; Public Sector Economics and Finance ; Public Sector Expenditure Analysis and Management ; Public Spending ; Tax ; Tax Collection ; Budget Constraint ; Debt Markets ; Economic Theory and Research ; Expenditure ; Finance and Financial Sector Development ; Government Spending ; International Bank ; Investment Decisions ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Private Capital ; Public Investment ; Public Sector Economics and Finance ; Public Sector Expenditure Analysis and Management ; Public Spending ; Tax ; Tax Collection
    Abstract: This paper presents a small-scale intertemporal model of endogenous growth that accounts for the composition of public expenditure and externalities associated with public capital. Government spending is disaggregated into various components, including maintenance, security, and investment in education, health, and core infrastructure. After studying its long-run properties, the model is calibrated for Haiti, using country-specific information as well as parameter estimates from the literature. A variety of policy experiments are then reported, including a reallocation of spending aimed at creating fiscal space to promote public investment; an improvement in fiscal management that leads to a reduction in tax collection costs; higher spending on security; and a composite fiscal package
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  • 199
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    Takeover laws and financial development (2006)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (51 S.)
    Edition: World Bank E-Library Archive
    Parallel Title: Erscheint auch als Nenova, Tatiana Takeover laws and financial development
    Parallel Title: Nenova, Tatiana Takeover Laws And Financial Development
    Keywords: Übernahme ; Gesellschaftsrecht ; Kapitalmarktrecht ; Acquisition ; Bank ; Banks ; Companies ; Company ; Corporate Law ; Corporate Regulations ; Debt Markets ; Directors ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Institutional Investors ; Investment and Investment Climate ; Investor Protection ; Investors ; Law and Development ; Macroeconomics and Economic Growth ; Markets and Market Access ; Microfinance ; Minority Shareholders ; Private Sector Development ; Proxy ; Acquisition ; Bank ; Banks ; Companies ; Company ; Corporate Law ; Corporate Regulations ; Debt Markets ; Directors ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Institutional Investors ; Investment and Investment Climate ; Investor Protection ; Investors ; Law and Development ; Macroeconomics and Economic Growth ; Markets and Market Access ; Microfinance ; Minority Shareholders ; Private Sector Development ; Proxy ; Acquisition ; Bank ; Banks ; Companies ; Company ; Corporate Law ; Corporate Regulations ; Debt Markets ; Directors ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Institutional Investors ; Investment and Investment Climate ; Investor Protection ; Investors ; Law and Development ; Macroeconomics and Economic Growth ; Markets and Market Access ; Microfinance ; Minority Shareholders ; Private Sector Development ; Proxy
    Abstract: The issue of 'an appropriate' legal framework, especially in the case of the takeover market, has been poorly studied in the case of emerging markets, yet it is of immediate relevance and practical policymaker interest. The study makes a first attempt to analyze takeover regulations in a comparative context across 50 countries. It proposes a methodology to create a detailed index on the most salient features of capital market laws, and illustrates the approach on the case of takeover legislation. The methodology allows better understanding of the impact of laws on markets and development, allows a detailed quantification of a given regulation, in this case takeover market rules, and helps determine relevant policy implications. Specifically, the framework permits the exploration of the effects of individual regulations, their substitutability and interplay, as well as the overall extent of friendliness of the laws to investors, or particular groups thereof (such as minority shareholders), and the links of specialized regulation with the overall legal system. Finally, the study explores the effect of the investor-friendliness of takeover laws on stock market development.
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  • 200
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    The World Trade Organization And Antidumping In Developing Countries (2006)
    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: Bown, Chad P The World Trade Organization And Antidumping In Developing Countries
    Keywords: Access ; Antidumping ; Antidumping Database ; Antidumping Measures ; Antidumping Policy ; Currencies and Exchange Rates ; Domestic Industries ; Economic Theory and Research ; Economic Welfare ; Exporters ; Finance and Financial Sector Development ; Free Trade ; Globalization and Financial Integration ; Import Competition ; Import Penetration ; Industrial Management ; Industry ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Public Sector Development ; Trade Law ; Trade Policy ; Water Resources ; Water and Industry ; Access ; Antidumping ; Antidumping Database ; Antidumping Measures ; Antidumping Policy ; Currencies and Exchange Rates ; Domestic Industries ; Economic Theory and Research ; Economic Welfare ; Exporters ; Finance and Financial Sector Development ; Free Trade ; Globalization and Financial Integration ; Import Competition ; Import Penetration ; Industrial Management ; Industry ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Public Sector Development ; Trade Law ; Trade Policy ; Water Resources ; Water and Industry ; Access ; Antidumping ; Antidumping Database ; Antidumping Measures ; Antidumping Policy ; Currencies and Exchange Rates ; Domestic Industries ; Economic Theory and Research ; Economic Welfare ; Exporters ; Finance and Financial Sector Development ; Free Trade ; Globalization and Financial Integration ; Import Competition ; Import Penetration ; Industrial Management ; Industry ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Public Sector Development ; Trade Law ; Trade Policy ; Water Resources ; Water and Industry
    Abstract: Since the 1995 inception of the World Trade Organization (WTO), developing countries have become some of the most frequent users of the WTO-sanctioned antidumping trade policy instrument. This paper exploits newly available data to examine the pattern of actual industrial use of antidumping in nine of the major "new user" developing countries - Argentina, Brazil, Colombia, India, Indonesia, Mexico, Peru, Turkey and Venezuela. For these countries we are able to match data from two newly available sources: data on production in 28 different 3-digit ISIC industries from the Trade, Production and Protection Database to data on antidumping investigations, outcomes and imports at the 6-digit Harmonized System (HS) product level from the Global Antidumping Database. Our econometric analysis is to estimate a two-stage model of the industry-level decision to pursue an antidumping investigation and the national government's decision of whether and how much antidumping import protection to provide. First, we find evidence consistent with the theory of endogenous trade policy: larger industries that face substantial import competition are more likely to pursue an antidumping investigation, and larger and more concentrated industries receive greater antidumping protection from imports. Second, we find that industries that use antidumping are more likely to face the changing economic conditions specified by the technical evidentiary criteria of the WTO Antidumping Agreement: industries that face rapidly falling import prices are more likely to pursue an investigation, and industries that are more susceptible to cyclical dumping due to greater capital investment expenditures and that face rapidly increasing competition from imports receive greater antidumping protection
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