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  • 1995-1999  (110)
  • Washington, D.C : The World Bank  (110)
  • Boston, MA : Safari
  • Debt Markets  (110)
  • 1
    Online Resource
    Online Resource
    Does Corruption Relieve Foreign Investors of the Burden of Taxes and Capital Controls? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (18 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Wei, Shang-Jin Does Corruption Relieve Foreign Investors of the Burden of Taxes and Capital Controls?
    Keywords: Capital Account ; Capital Control ; Capital Controls ; Currencies and Exchange Rates ; Debt Markets ; Domestic Capital ; Economic Theory and Research ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Institutions ; Foreign Direct Investment ; Foreign Direct Investment ; Foreign Firms ; Foreign Investment ; Foreign Investors ; Income ; International Economics & Trade ; International Investors ; Investment ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Price ; Private Sector Development ; Public Policy ; Share ; Tax ; Tax Rate ; Tax Rates ; Taxation and Subsidies ; Taxes ; Capital Account ; Capital Control ; Capital Controls ; Currencies and Exchange Rates ; Debt Markets ; Domestic Capital ; Economic Theory and Research ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Institutions ; Foreign Direct Investment ; Foreign Direct Investment ; Foreign Firms ; Foreign Investment ; Foreign Investors ; Income ; International Economics & Trade ; International Investors ; Investment ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Price ; Private Sector Development ; Public Policy ; Share ; Tax ; Tax Rate ; Tax Rates ; Taxation and Subsidies ; Taxes
    Abstract: October 1999 - Other things being equal, countries with higher tax rates, more corruption, or more restrictions on capital account transactions attract less foreign investment. Taxes and capital controls hinder foreign investment, and bureaucratic corruption adds to those burdens rather than reducing them. In a sample of 14 source countries making bilateral investments in 45 host countries, Wei finds that taxes, capital controls, and corruption all have large, statistically significant negative effects on foreign investment. Moreover, there is no robust support in the data for the efficient grease hypothesis - that corruption helps attract foreign investment by reducing firms' tax burden and the irritant of capital controls. This paper - a product of Public Economics, Development Research Group - is part of a larger effort in the group to study effective anticorruption strategies. It will appear as a chapter in a book on taxation and foreign direct investment edited by James Hines Jr. and to be published by the University of Chicago Press for the National Bureau of Economic Research. The author may be contacted at sweiworldbank.org
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  • 2
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    Online Resource
    Fiscal Solvency and Sustainability in Economic Management (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Dinh, T. Hinh Fiscal Solvency and Sustainability in Economic Management
    Keywords: Banks and Banking Reform ; Budget ; Budget Defic Debt Service ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; Exchange Rate ; External Debt ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Adjustment ; Fiscal Defic Fiscal Effort ; Fiscal Policy ; Income Inequalities ; Income Levels ; International Financial Institutions ; Levy ; Long Term Debt ; Macroeconomic Policies ; Macroeconomic Stability ; Macroeconomics and Economic Growth ; Political Economy ; Poverty ; Private Sector Development ; Solvency ; Banks and Banking Reform ; Budget ; Budget Defic Debt Service ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; Exchange Rate ; External Debt ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Adjustment ; Fiscal Defic Fiscal Effort ; Fiscal Policy ; Income Inequalities ; Income Levels ; International Financial Institutions ; Levy ; Long Term Debt ; Macroeconomic Policies ; Macroeconomic Stability ; Macroeconomics and Economic Growth ; Political Economy ; Poverty ; Private Sector Development ; Solvency
    Abstract: October 1999 - In a financially integrated world, it is misleading to assess fiscal performance separate from other aspects of economic development. The framework proposed here can help assess fiscal performance over time and across countries and point to a pace of fiscal adjustment consistent with a country's economic and social objectives. Fiscal policy is central to a country's economic and social objectives, from macroeconomic stability to sustainable growth and poverty reduction. But evaluations of a country's fiscal performance, over time or relative to other countries, are often conducted independent of other development objectives, disregarding the links between fiscal, monetary, and exchange rate policies. A budget deficit of 4 percent of GDP, for example, may be acceptable in one country but not in another, because of different initial conditions and policy priorities. In the same country, a level of fiscal deficit may be acceptable one year but not the next, depending on developments and changes in policy objectives. Dinh argues for assessing fiscal performance (1) as part of the entire framework of economic policy, (2) against a policy objective, (3) by taking into account both short- and long-term considerations, and (4) with an eye to the quality of adjustment (whether there are income inequalities or other social issues, for example) as well as its magnitude. The approach he proposes for assessing country fiscal performance requires a minimum of data and takes into account flow and stock variables on internal and external debt. The approach addresses the shortcomings of conventional analysis by incorporating the debt dynamics and other macroeconomic targets of growth, inflation, and external and internal debt. While its theoretical foundation is well known in the literature, this approach has not been adapted for assessing fiscal performance either over time or across countries, and he discusses practical issues arising from this adaptation. Dinh proposes two indicators to measure fiscal adjustment efforts: · Fiscal solvency adjustment, which measures how far additional fiscal efforts must be taken to restore solvency to the fiscal sector. · Fiscal sustainability adjustment, which measures how far additional fiscal efforts must be taken to maintain the ratios of internal and external debt to output. Dinh applies the proposed framework to evaluate recent fiscal performance in three countries - Argentina, India, and Zambia - each with a different income level and located on a different continent. The countries were selected on the basis of recent World Bank economic work using the proposed approach or an equivalent. Dinh finds the proposed approach useful for identifying key fiscal issues, for assessing the adequacy and pace of fiscal adjustment consistent with the overall economic and social objectives, and for highlighting the tradeoffs between policy initiatives. Sound fiscal policy is crucial for macroeconomic stability. When fiscal issues are under control, it is easier to coordinate other policies. When fiscal issues are part of the problem, the tradeoffs between policy outcomes become pronounced, and economic management, including the management of capital flows, becomes much more difficult. This paper is a product of Macroeconomics 1, Africa Technical Families. The author may be contacted at hdinhworldbank.org
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  • 3
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    Decentralization in Regional Fiscal Systems in Russia : Trends and Links to Economic Performance (1999)
    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: Freinkman, Lev Decentralization in Regional Fiscal Systems in Russia
    Keywords: Accounting ; Accounting Standards ; Budget ; Budget Defic Budgets ; Debt Markets ; Debts ; Decentralization ; Expenditure ; Expenditures ; Federal Budget ; Finance ; Finance and Financial Sector Development ; Fiscal Decentralization ; Intergovernmental Fiscal Relations and Local Finance Management ; Local Governments ; Municipal Financial Management ; Pension ; Pension Fund ; Public and Municipal Finance ; Revenue ; Revenues ; Share ; Shares ; Tax ; Urban Development ; Urban Economics ; Accounting ; Accounting Standards ; Budget ; Budget Defic Budgets ; Debt Markets ; Debts ; Decentralization ; Expenditure ; Expenditures ; Federal Budget ; Finance ; Finance and Financial Sector Development ; Fiscal Decentralization ; Intergovernmental Fiscal Relations and Local Finance Management ; Local Governments ; Municipal Financial Management ; Pension ; Pension Fund ; Public and Municipal Finance ; Revenue ; Revenues ; Share ; Shares ; Tax ; Urban Development ; Urban Economics
    Abstract: April 1999 - Considering the positive impact decentralization has had on regional economic performance and expenditure structure, Russia's federal government should: ° Decisively protect local self-governance and budget autonomy. ° Make intergovernmental fiscal relations more transparent. ° Develop universal models of interactions between regional and municipal governments. ° Impose stricter limits on total debt and budget deficits of subnational governments. To shed light on decentralization in Russia, Freinkman and Yossifov examine intergovernmental fiscal relations within regions. To analyze trends, they review channels of fiscal allocation within regions-tax sharing and local transfer schemes. To evaluate the potential impact of various fiscal decentralization patterns on regional economic performance (including growth and the budget deficit), they study data on the structure of 89 Russian consolidated regional budgets for 1992-96. They find that local governments' relative share of Russia's consolidated budget, although substantive (roughly a quarter of the total budget), did not expand after 1994. The federal government's relative role in financing public goods and services declined as the relative role of local governments increased substantially. Local governments collected more revenues in 1996 (6.4 percent of GDP) and spent more than regional governments. They also substantially increased social financing (including health, education, and social protection). Russia made no progress toward a more transparent system for tax assignments. The average level of expenditure decentralization is similar for ethnically Russian regions and national republics and okrugs but revenue arrangements differ greatly. True decentralization has taken place in oblasts and krais, where local authorities are provided with a bigger share of subnational tax revenues. A redistribution model applies in republics and autonomous okrugs, where greater local outlays have been financed through larger transfers from regional governments. Regions near each other tend to have similar budget arrangements-the result of intensive interactions between neighbors and probably supported by the activities of regional associations. The size of a region's territory does not influence decentralization outcomes. Fiscal decentralization seems positively related to the share of education spending in regional budgets. And regions with more decentralized finances tend to experience less economic decline. But budget control is weaker in more decentralized regions. Instability and lack of transparency in intergovernmental fiscal relations provide subnational governments little incentive for responsible fiscal policy. Further decentralization without greater transparency could bring greater debt and deficits. This paper-a product of the Poverty Reduction and Economic Management Sector Unit, Europe and Central Asia Region - is part of a larger effort in the unit to study fiscal decentralization in transition economies. Lev Freinkman may be contacted at lfreinkmanworldbank.org
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  • 4
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    Fiscal Management in Federal Democracies : Argentina and Brazil (1999)
    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: Webb, B. Steven Fiscal Management in Federal Democracies
    Keywords: Bailouts ; Banks and Banking Reform ; Creditors ; Debt Markets ; Deficits ; Developing Countries ; Domestic Debt ; Emerging Markets ; External Debts ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Decentralization ; Fiscal Deficits ; Inflation ; Interest ; Levy ; Macroeconomic Stabilization ; Monetary Fund ; Municipal Financial Management ; Private Sector Development ; Public Finances ; Public Sector Deficits ; Public Sector Economics and Finance ; Public Spending ; Public and Municipal Finance ; Return ; Revenue ; Tax ; Urban Development ; Urban Economics ; Bailouts ; Banks and Banking Reform ; Creditors ; Debt Markets ; Deficits ; Developing Countries ; Domestic Debt ; Emerging Markets ; External Debts ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Decentralization ; Fiscal Deficits ; Inflation ; Interest ; Levy ; Macroeconomic Stabilization ; Monetary Fund ; Municipal Financial Management ; Private Sector Development ; Public Finances ; Public Sector Deficits ; Public Sector Economics and Finance ; Public Spending ; Public and Municipal Finance ; Return ; Revenue ; Tax ; Urban Development ; Urban Economics
    Abstract: May 1999 - Argentina and Brazil-two of the most decentralized public sectors in Latin America and (along with Colombia and India) among the most decentralized democracies in the developing world-faced similar problems in the 1980s: excessive public deficits and high inflation exacerbated by subnational deficits. In the 1990s, Argentina was more successful at macroeconomic stabilization, partly because it imposed harder budget constraints on the public sector nationally and partly because it had stronger party control of both national legislators and subnational governments. In shifting to decentralized public finances, a country's central government faces certain fiscal management problems. First, during and soon after the transition, unless it reduces spending or increases its own tax resources, the central government tends to have higher deficits as it shifts fiscal resources to subnational governments through transfers, revenue sharing, or delegation of tax bases. Reducing spending is hard not only because cuts are always hard but because subnational governments might not take on expected tasks, leaving the central government with a legal or political obligation to continue spending for certain services. Second, after decentralization, the local or state government faces popular pressure to spend more and tax less, creating the tendency to run deficits. This tendency can be a problem if subnational governments and their creditors expect or rely on bailouts by the central government. Econometric evidence from 32 large industrial and developing countries indicates that higher subnational spending and deficits lead to greater national deficits. Dillinger and Webb investigate how, and how successfully, Argentina and Brazil dealt with these problems in the 1990s. In both countries, subnational governments account for about half of public spending and are vigorous democracies in most (especially the largest) jurisdictions. The return to democracy in the 1980s revived and strengthened long-standing federal practices while weakening macroeconomic performance, resulting in unsustainable fiscal deficits, high inflation, sometimes hyperinflation, and low or negative growth. Occasional stabilization plans failed within a few years. Then Argentina (in 1991) and Brazil (in 1994) introduced successful stabilization plans. National issues were important in preventing and then bringing about macroeconomic stabilization, but so were intergovernmental fiscal relations and the fiscal management of subnational governments. State deficits and federal transfers were often out of control in the 1980s, contributing to national macroeconomic problems. Stabilization programs in the 1990s needed to establish control, and self-control, over subnational spending and borrowing. This paper-a product of Poverty Reduction and Economic Management, Latin America and the Caribbean Region-is part of the LCR regional studies program on fiscal decentralization in Latin America. The authors may be contacted at wdillingerworldbank.org or swebb@worldbank.org
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  • 5
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    Assessing the Impact of Micro-credit on Poverty and Vulnerability in Bangladesh (1999)
    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: Zaman, Hassan Assessing the Impact of Micro-credit on Poverty and Vulnerability in Bangladesh
    Keywords: Access To Cred Bank ; Banks and Banking Reform ; Borrowers ; Borrowing ; Communities & Human Settlements ; Cred Household Expenditure ; Debt Markets ; Economic Theory and Research ; Finance and Financial Sector Development ; Financial Intermediation ; Financial Literacy ; Health, Nutrition and Population ; Household Income ; Housing and Human Habitats ; Illiteracy ; Income ; Income Sources ; Investing ; Knowledge ; Loan ; Loan Period ; Loans ; Macroeconomics and Economic Growth ; Population Policies ; Poverty Reduction ; Risk Reduction ; Rural Development ; Rural Poverty Reduction ; Senior ; Student ; Supply ; Welfare ; Access To Cred Bank ; Banks and Banking Reform ; Borrowers ; Borrowing ; Communities & Human Settlements ; Cred Household Expenditure ; Debt Markets ; Economic Theory and Research ; Finance and Financial Sector Development ; Financial Intermediation ; Financial Literacy ; Health, Nutrition and Population ; Household Income ; Housing and Human Habitats ; Illiteracy ; Income ; Income Sources ; Investing ; Knowledge ; Loan ; Loan Period ; Loans ; Macroeconomics and Economic Growth ; Population Policies ; Poverty Reduction ; Risk Reduction ; Rural Development ; Rural Poverty Reduction ; Senior ; Student ; Supply ; Welfare
    Abstract: July 1999 - While micro-credit interventions can play an important role in reducing vulnerability through a number of channels, a significant impact on poverty reduction is achieved under more restrictive conditions. These conditions revolve around whether the borrower has crossed a cumulative loan threshold and on how poor the household is to start with. Zaman examines the extent to which micro-credit reduces poverty and vulnerability through a case study of BRAC, one of the largest providers of micro-credit to the poor in Bangladesh. Household consumption data collected from 1,072 households is used to show that the largest effect on poverty arises when a moderate-poor BRAC loanee borrows more that 10,000 taka (US
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  • 6
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    Trade Policy and Market Access Issues for Developing Countries : Implications for the Millennium Round (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (92 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Michalopoulos, Constantine Trade Policy and Market Access Issues for Developing Countries
    Keywords: Agricultural Trade ; Country Strategy and Performance ; Debt Markets ; Developed Countries ; Developing Countries ; Economic Theory and Research ; Emerging Markets ; Export Subsidies ; Export Subsidy ; Exports ; Finance and Financial Sector Development ; Free Trade ; Imports ; International Economics & Trade ; International Market ; International Trade ; International Trading ; International Trading System ; Law and Development ; Macroeconomics and Economic Growth ; Multilateral Trade Negotiations ; Private Sector Development ; Production ; Public Sector Development ; Tariff ; Tariffs ; Trade ; Trade Law ; Trade Policies ; Trade Policy ; Trade Policy ; Trade Remedies ; World Trade ; Agricultural Trade ; Country Strategy and Performance ; Debt Markets ; Developed Countries ; Developing Countries ; Economic Theory and Research ; Emerging Markets ; Export Subsidies ; Export Subsidy ; Exports ; Finance and Financial Sector Development ; Free Trade ; Imports ; International Economics & Trade ; International Market ; International Trade ; International Trading ; International Trading System ; Law and Development ; Macroeconomics and Economic Growth ; Multilateral Trade Negotiations ; Private Sector Development ; Production ; Public Sector Development ; Tariff ; Tariffs ; Trade ; Trade Law ; Trade Policies ; Trade Policy ; Trade Policy ; Trade Remedies ; World Trade
    Abstract: October 1999 - An analysis of developing countries' current trade policies and market access problems is used as a basis for recommending positions for these countries in the new round of multilateral negotiations under the World Trade Organization. Michalopoulos analyzes 61 trade policy reviews prepared for the World Trade Organization (WTO) and its predecessor, GATT - reviews that document the progress developing countries have made in integration with the world trading system over the past decade. Based on an analysis of post-Uruguay Round tariff and nontariff barriers worldwide, he then recommends developing country positions on major issues in the new round of WTO trade negotiations. His key conclusions and recommendations: · Agriculture. Developing countries should support the Cairns Group in its push for greater liberalization of industrial countries' agricultural trade policies; the revised Food Aid Convention is not a substitute for but a complement to worldwide liberalization of agriculture. · Manufactures. The existence of tariff peaks and escalation in industrial country markets and the limited bindings at relatively high levels of developing country tariffs on manufactures present opportunities for negotiations with good prospects for shared and balanced benefits. The remaining nontariff barriers in industrial countries that affect manufactures are concentrated in textiles and clothing. Developing countries should ensure that industrial countries implement their commitments to liberalize this sector and impose no new nontariff barriers in this or other sectors under the guise of other rules or arrangements. The remaining nontariff barriers in developing countries should be converted into tariffs and reduced over time as part of the negotiations. · Antidumping. The increased use of antidumping measures by high- and middle-income developing countries in recent periods offers an opportunity for balanced negotiations to restrict their use. Reduced use of antidumping measures would increase efficiency and benefit consumers in all countries. But it is unclear whether a supportive climate for such negotiations exists in either industrial or developing countries. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to identify opportunities for developing countries in the WTO 2000 negotiations. The author may be contacted at cmichalopoulosworldbank.org
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  • 7
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    Labor Market Integration in the Presence of Social Capital (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Schiff, Maurice Labor Market Integration in the Presence of Social Capital
    Keywords: Bonds ; Capital ; Cred Economic Performance ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equilibrium ; Finance and Financial Sector Development ; Financial Literacy ; Free Trade ; Goods ; Health, Nutrition and Population ; Human Capital ; Labor Markets ; Labor Policies ; Liquidity ; Macroeconomics and Economic Growth ; Markets and Market Access ; Negative Externalities ; Population Policies ; Private Sector Development ; Production Function ; Production Functions ; Public Good ; Social Capital ; Social Development ; Social Protections and Labor ; Trade Barriers ; Transactions Costs ; Transport ; Transport Economics, Policy and Planning ; Unemployment ; Utility ; Utility Function ; Voters ; Welfare ; Bonds ; Capital ; Cred Economic Performance ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equilibrium ; Finance and Financial Sector Development ; Financial Literacy ; Free Trade ; Goods ; Health, Nutrition and Population ; Human Capital ; Labor Markets ; Labor Policies ; Liquidity ; Macroeconomics and Economic Growth ; Markets and Market Access ; Negative Externalities ; Population Policies ; Private Sector Development ; Production Function ; Production Functions ; Public Good ; Social Capital ; Social Development ; Social Protections and Labor ; Trade Barriers ; Transactions Costs ; Transport ; Transport Economics, Policy and Planning ; Unemployment ; Utility ; Utility Function ; Voters ; Welfare
    Abstract: November 1999 - Social capital raises productivity and falls with labor mobility. Because labor mobility generates a negative externality, integration of labor markets results in too much mobility, too low a level of social capital, and an ambiguous effect on welfare. Trade liberalization is superior to labor market integration because it reduces mobility and the negative externality associated with it. Labor market integration is typically assumed to improve welfare in the absence of distortions, because it allows labor to move to where returns are highest. Schiff examines this result in a simple general equilibrium model in the presence of a common property resource: social capital. Drawing on evidence that social capital raises productivity and falls with labor mobility, Schiff's main findings are that: · Labor market integration imposes a negative externality and need not raise welfare. · The welfare impact is more beneficial (or less harmful) the greater the difference in endowments is between the integrating regions. · Whether positive or negative, the welfare impact is larger the more similar the levels of social capital of the integrating regions are and the lower the migration costs are. · Trade liberalization generates an additional benefit-over and above the standard gains from trade - by reducing labor mobility and the negative externality associated with it. Trade liberalization is superior to labor market integration. · The creation of new private or public institutions in response to labor market integration may reduce welfare. Schiff shows that the welfare implications depend on two parameters of the model, the curvature of the utility function and the cost of private migration. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to understand the link between market performance and welfare. The author may be contacted at mschiffworldbank.org
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  • 8
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    Money, Politics, and a Future for the International Financial System (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Klein, Michael Money, Politics, and a Future for the International Financial System
    Keywords: Banks and Banking Reform ; Central Banks ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Exchange ; Exchange Rate ; Finance and Financial Sector Development ; Financial Institutions ; Financial Literacy ; Financial Systems ; Fixed Exchange Rate ; Future ; Interest ; Interest Rates ; International Financial System ; Lending ; Macroeconomics and Economic Growth ; Market ; Market Discipline ; Moral Hazard ; Private Sector Development ; Prudential Regulation ; Regulatory Framework ; Regulatory Oversight ; Safety Nets ; Settlement ; Banks and Banking Reform ; Central Banks ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Exchange ; Exchange Rate ; Finance and Financial Sector Development ; Financial Institutions ; Financial Literacy ; Financial Systems ; Fixed Exchange Rate ; Future ; Interest ; Interest Rates ; International Financial System ; Lending ; Macroeconomics and Economic Growth ; Market ; Market Discipline ; Moral Hazard ; Private Sector Development ; Prudential Regulation ; Regulatory Framework ; Regulatory Oversight ; Safety Nets ; Settlement
    Abstract: November 1999 - Three approaches to regulatory frameworks for financial systems - and a scenario for development of the world financial system that assumes a market solution. In developing the architecture for a financial system, the challenge is to combine deregulation and safety nets against systemic failure with effective prudential regulation and oversight. Klein analyzes three approaches to choosing an adequate regulatory framework for a financial system. · Those most worried about panic and herd behavior tend to favor relatively extensive controls on financial institutions' activities, including controls on interest rates and on the volume and direction of lending. · Those most concerned about moral hazard advocate abolishing controls and safety nets, seeing the solution in stronger market discipline and reduced powers and discretion for regulators. · Mainstream opinion advocates a mix of measures, to both strengthen market discipline and improve regulatory oversight. The approach a country opts for depends on (1) which monetary and exchange rate regime it chooses, (2) whether it is more concerned about moral hazard or about panic and herd behavior, and (3) how the politics of reform shape its solutions. Klein suggests a scenario for development of the global financial system over the next two or three decades that assumes that the final outcome will resemble the market solution - not because that is the optimal policy choice but because of how political weaknesses will interact with advances in settlement technology. In Klein's scenario, the world moves toward a monetary system in which fixed exchange rate systems or de facto currency competition limit the power of central banks. This limits options for discretionary and open-ended liquidity support to help deal with systemic financial crises. The costs of inflexible exchange rates are moderated by new types of wage contracts, using units of account that are correlated with the shocks a particular industry or kind of contract faces - thus maintaining the positive aspects of monetary systems with flexible nominal exchange rates. Mistrust in monetary authorities and the emergence of private settlement systems lead to a return of asset-backed money as the means of payment. The disciplines on financial systems come to resemble somewhat those of historical free banking systems, with financial institutions requiring high levels of equity and payments systems protected only by limited, fully funded safety nets. This paper - a product of Private Participation in Infrastructure, Private Sector Development Department - is part of a larger effort in the department to understand regulatory issues. The author may be contacted at michael.u.kleinsi.shell.com
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  • 9
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    Bankruptcy Reorganization through Markets : Auction-based Creditor Ordering by Reducing Debts (ACCORD) (1999)
    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: Hausch, B. Donald Bankruptcy Reorganization through Markets
    Keywords: Aggregate Debts ; Auction ; Bankruptcy ; Bankruptcy Laws ; Bid ; Call Options ; Cash Flows ; Claimant ; Claimants ; Creditor ; Creditors ; Debt Markets ; Debts ; Deposits ; Domestic Banks ; Equity ; Face Value ; Finance and Financial Sector Development ; Financial Literacy ; Interests ; Investment and Investment Climate ; Junior Creditors ; Macroeconomics and Economic Growth ; Market ; Markets ; Strategic Debt Management ; Aggregate Debts ; Auction ; Bankruptcy ; Bankruptcy Laws ; Bid ; Call Options ; Cash Flows ; Claimant ; Claimants ; Creditor ; Creditors ; Debt Markets ; Debts ; Deposits ; Domestic Banks ; Equity ; Face Value ; Finance and Financial Sector Development ; Financial Literacy ; Interests ; Investment and Investment Climate ; Junior Creditors ; Macroeconomics and Economic Growth ; Market ; Markets ; Strategic Debt Management
    Abstract: November 1999 - Financial reorganization under bankruptcy reduces a firm's debts to serviceable levels through negotiations overseen by courts. Academics have suggested using markets for such negotiations, giving equity holders and junior claimants call options to buy the firm back from senior creditors. Hausch and Ramachandran further develop such a market-based approach for situations in which claimants are severely cash-constrained and there is good reason for existing owner-managers to remain in control. Under the ACCORD scheme - Auction-based Creditor Ordering by Reducing Debts - creditors remain creditors but form a queue, to be serviced in sequence from the firm's operating cash flows. Creditors bid for their position in this queue. Those accepting greater proportionate reductions in the face value of their claims (perhaps most pessimistic about the firm's prospects) are placed ahead of the others. A preexisting hierarchy of claims is honored by having claimants bid for their positions within the relevant segment of the queue. No one in the queue, including owners (who are last), is paid anything until the (reduced) debts of the first in line are fully discharged. The queue then moves up and the next claimant in line is serviced. Deferred creditors, who must wait their turn for the firm's operating cash surpluses, are not junior creditors in the conventional sense. Hausch and Ramachandran determine equilibrium bidding strategies, showing that the firm's aggregate debts would be reduced to a more serviceable level. This would improve the incentives of the firm's owner-managers, who remain in control, to operate the firm efficiently. Economic resources would thus be better used, and losses already incurred would be efficiently and quickly allocated among creditors. Hausch and Ramachandran suggest that ACCORD would be appropriate for East Asia, where, despite new bankruptcy laws, inexperienced courts are unlikely to nudge creditors into a quick negotiated agreement nor to be able to cope with systemic bankruptcy. Moreover, when the government is a major unsatisfied creditor, whose agents may not act in the taxpayers' best interests, market-based solutions might remove political interference from restructuring decisions. Neither owners nor creditors would be worse off than they are now. This paper - a joint product of the Private Sector Development Department, and Poverty Reduction and Economic Management Sector Unit, East Asia and Pacific Region - is part of a larger effort in the region to understand and improve corporate restructuring and governance. The authors may be contacted at dhauschbus.wisc.edu or sramachandran@worldbank.org
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  • 10
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    A Review of the Role and Impact of Export Processing Zones (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (114 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Madani, Dorsati A Review of the Role and Impact of Export Processing Zones
    Keywords: Banks and Banking Reform ; Capital Goods ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Environment ; Environment ; Environmental ; Environmental Economics and Policies ; Environmental Issues ; Finance and Financial Sector Development ; Financial Literacy ; Imports ; Incentives ; Income ; International Economics & Trade ; Investment ; Investments ; Knowledge ; Labor ; Labor Markets ; Labor Policies ; Macroeconomics and Economic Growth ; Markets ; Policy Instruments ; Private Sector Development ; Production ; Public Sector Development ; Revenue ; Social Protections and Labor ; Subsidies ; Technology ; Trade ; Trade Policy ; Unemployment ; Wages ; Banks and Banking Reform ; Capital Goods ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Environment ; Environment ; Environmental ; Environmental Economics and Policies ; Environmental Issues ; Finance and Financial Sector Development ; Financial Literacy ; Imports ; Incentives ; Income ; International Economics & Trade ; Investment ; Investments ; Knowledge ; Labor ; Labor Markets ; Labor Policies ; Macroeconomics and Economic Growth ; Markets ; Policy Instruments ; Private Sector Development ; Production ; Public Sector Development ; Revenue ; Social Protections and Labor ; Subsidies ; Technology ; Trade ; Trade Policy ; Unemployment ; Wages
    Abstract: As instruments for encouraging economic development, export processing zones have only limited usefulness. A better policy choice is general liberalization of a country's economy. - Traditional export processing zones are fenced-in industrial estates specializing in manufacturing for exports. Modern ones have more flexible rules, such as permitting more liberal domestic sales. They provide a free-trade and liberal regulatory environment for the firms involved. Their primary goals: to provide foreign exchange earnings by promoting nontraditional exports, to provide jobs and create income, and to attract foreign direct investment and attendant technology transfer and knowledge spillover. Domestic, international, or joint venture firms operating in export processing zones typically benefit from reduced red tape, flexible labor laws, generous long-term tax holidays and concessions, above-average communications services and infrastructure (and often subsidized utilities and rental rates), and unlimited duty-free imports of raw and intermediate inputs and capital goods needed for production. In this review of experience, Madani concludes that export processing zones have limited applications; the better policy choice is to liberalize a country's entire economy. Under certain conditions - including appropriate setup and good management - export processing zones can play a dynamic role in a country's development, but only as a transitional step in an integrated movement toward general liberalization of the economy (with revisions as national economic conditions change). The World Bank, writes Madani, should be cautious about supporting export processing zone projects, doing so only on a case-by-case basis, only with expert guidance, and only as part of a general reform package. It should not support isolated export processing zone projects in unreformed or postreform economies (in the last case they might encourage backsliding on trade policy). In general, if a policy is good for the economy as a whole, it is likely to be good for an export processing zone. Sound policy will encourage: · Sound, stable monetary and fiscal policies, clear private property and investment laws, and a business-friendly economic environment. · Moderate, simplified (but not overfriendly) corporate tax schedules, and generally liberal tariffs and other trade taxes. · Private development and management of export processing zones and their infrastructure and unsubsidized utilities. · Labor laws that are business-friendly but do not abuse workers' safety and labor rights. · A better understanding of the impact of industrial refuse on the quality of air, soil, water, and human health. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to understand the impact of trade policy and trade policy tools on development. The author may be contacted at dmadaniworldbank.org
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  • 11
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    What's Behind Mercosur's Common External Tariff? (1999)
    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: Soloaga, Isidro What's Behind Mercosur's Common External Tariff?
    Keywords: Currencies and Exchange Rates ; Debt Markets ; Domestic Market ; Economic Policy ; Economic Theory and Research ; Emerging Markets ; External Tariff ; Finance and Financial Sector Development ; Free Trade ; International Economics & Trade ; International Market ; International Markets ; International Prices ; International Trade ; International Trade and Trade Rules ; Macroeconomics and Economic Growth ; Markets and Market Access ; Multilateral System ; Political Economy ; Private Sector Development ; Public Sector Development ; Regionalism ; Share Of World Exports ; Tariff Data ; Tariff Levels ; Tariff Structures ; Tariffs ; Terms Of Trade ; Trade ; Trade Effects ; Trade Externalities ; Trade Policy ; Trade Policy ; World Prices ; Currencies and Exchange Rates ; Debt Markets ; Domestic Market ; Economic Policy ; Economic Theory and Research ; Emerging Markets ; External Tariff ; Finance and Financial Sector Development ; Free Trade ; International Economics & Trade ; International Market ; International Markets ; International Prices ; International Trade ; International Trade and Trade Rules ; Macroeconomics and Economic Growth ; Markets and Market Access ; Multilateral System ; Political Economy ; Private Sector Development ; Public Sector Development ; Regionalism ; Share Of World Exports ; Tariff Data ; Tariff Levels ; Tariff Structures ; Tariffs ; Terms Of Trade ; Trade ; Trade Effects ; Trade Externalities ; Trade Policy ; Trade Policy ; World Prices
    Abstract: Most researchers focus on the political economy (interest group pressures) approach to analyzing why customs unions are formed, but terms-of-trade effects were also important in formation of the Common Market of the Southern Cone (Mercosur). Terms-of-trade externalities among Mercosur's members have been internalized in the common external tariff. - The theoretical literature on trade follows two different approaches to explaining the endogenous formation of customs unions: (1) The terms-of-trade approach, in which integrating partners are willing to exploit terms-of-trade effects. Using the terms-of-trade approach, one concludes that tariffs on imports from the rest of the world should increase after the formation of a regional bloc, because the market power of the region increases and terms-of-trade externalities can be internalized in the custom union's common external tariff. As the union forms, the domestic market gets larger and members' international market power increases. (2) The interest group pressures (political economy) approach, in which, for example, the customs union may offer the potential for exchanging markets or protection within the enlarged market. Using this approach, one would usually conclude that tariffs for the rest of the world decline after the custom union's formation - a rationale related to free-rider effects in larger lobbying groups. It is important to recognize the forces behind the formation of customs unions. Most researchers have focused on the second approach and neglected terms of trade as a possible explanatory variable. Both rationales explain a significant share of tariff information. Results, write Olarreaga, Soloaga, and Winters, suggest that both forces were important in formation of the Common Market of the Southern Cone (Mercosur). Terms-of-trade effects account for between 6 percent and 28 percent of the explained variation in the structure of protection. There is also evidence that the terms-of-trade externalities among Mercosur's members have been internalized in the common external tariff. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to understand the political economy of trade protection. Marcelo Olarreaga may be contacted at molarreagaworldbank.org
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  • 12
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    Implementation of Uruguay Round Commitments : The Development Challenge (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (59 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Finger, Michael J Implementation of Uruguay Round Commitments
    Keywords: Agricultural Products ; Agricultural Sector ; Customs ; Customs Administration and Reform ; Customs Procedures ; Customs Valuation ; Debt Markets ; Differential Treatment ; Dispute Settlement ; E-Business ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Intellectual Property ; Intellectual Property Rights ; International Community ; International Conventions ; International Economics & Trade ; International Trade ; International Trading System ; Law and Development ; Macroeconomics and Economic Growth ; Market Access ; Private Sector Development ; Public Sector Development ; Quantitative Restrictions ; Rules of Origin ; Tariff Reductions ; Trade ; Trade Barriers ; Trade Law ; Trade Negotiations ; Trade Policy ; Trade Restrictions ; Trade and Regional Integration ; Agricultural Products ; Agricultural Sector ; Customs ; Customs Administration and Reform ; Customs Procedures ; Customs Valuation ; Debt Markets ; Differential Treatment ; Dispute Settlement ; E-Business ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Intellectual Property ; Intellectual Property Rights ; International Community ; International Conventions ; International Economics & Trade ; International Trade ; International Trading System ; Law and Development ; Macroeconomics and Economic Growth ; Market Access ; Private Sector Development ; Public Sector Development ; Quantitative Restrictions ; Rules of Origin ; Tariff Reductions ; Trade ; Trade Barriers ; Trade Law ; Trade Negotiations ; Trade Policy ; Trade Restrictions ; Trade and Regional Integration
    Abstract: October 1999 - At the Uruguay Round, developing countries took on obligations not only to reduce trade barriers but also to undertake significant reforms of regulations and trade procedures. The Round did not, however, take into account the cost of implementing these reforms - a full year's development budget for many of the least developed countries - nor did it ask whether the money might be more productive in other development uses. At the Uruguay Round, developing countries took on unprecedented obligations not only to reduce trade barriers but to implement significant reforms both of trade procedures (including import licensing procedures and customs valuation) and of many areas of regulation that establish the basic business environment in the domestic economy (including intellectual property law and technical, sanitary, and phytosanitary standards. This will cost substantial amounts of money. World Bank project experience in areas covered by the agreements suggests that an entire year's development budget is at stake in many of the least developed countries. Institutions in these areas are weak in developing countries, and would benefit from strengthening and reform. But Finger and Schuler's analysis indicates that the obligations reflect little awareness of development problems and little appreciation for the capacities of the least developed countries to carry out the functions that these reforms of regulations and trade procedures address. The content of these obligations can be characterized as the advanced countries saying to the others, Do it my way! Moreover, these developing countries had limited capacity to participate in the Uruguay Round negotiations, so the process has generated no sense of ownership of the reforms to which membership in the World Trade Organization obligates them. From their perspective, the implementation exercise has been imposed imperially, with little concern for what it will cost, how it will be carried out, or whether it will support their development efforts. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to support effective developing country participation in the WTO system. This research was supported by the global and regional trust fund component of the World Bank/Netherlands Partnership Program. Michael Finger may be contacted at jfingerworldbank.org
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  • 13
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    A Quantitative Evaluation of Vietnam's Accession to the ASEAN Free Trade Area (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (70 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Martin, Will A Quantitative Evaluation of Vietnam's Accession to the ASEAN Free Trade Area
    Keywords: Access ; Capital Goods ; Comparative Advantage ; Currencies and Exchange Rates ; Debt Markets ; Domestic Industries ; Domestic Production ; Economic Theory and Research ; Emerging Markets ; Exports ; Factor Endowments ; Finance and Financial Sector Development ; Free Trade ; Free Trade ; Free Trade Area ; Import Competition ; Intermediate Inputs ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Markets and Market Access ; Openness ; Private Sector Development ; Public Sector Development ; Tariff ; Trade Creation ; Trade Diversion ; Trade Law ; Trade Liberalization ; Trade Patterns ; Trade Policies ; Trade Policy ; Trade Regime ; Unilateral Liberalization ; Access ; Capital Goods ; Comparative Advantage ; Currencies and Exchange Rates ; Debt Markets ; Domestic Industries ; Domestic Production ; Economic Theory and Research ; Emerging Markets ; Exports ; Factor Endowments ; Finance and Financial Sector Development ; Free Trade ; Free Trade ; Free Trade Area ; Import Competition ; Intermediate Inputs ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Markets and Market Access ; Openness ; Private Sector Development ; Public Sector Development ; Tariff ; Trade Creation ; Trade Diversion ; Trade Law ; Trade Liberalization ; Trade Patterns ; Trade Policies ; Trade Policy ; Trade Regime ; Unilateral Liberalization
    Abstract: November 1999 - The static economic benefits of Vietnam's accession to the ASEAN Free Trade Area (AFTA) are likely to be relatively small. The gains from increased access to ASEAN markets would be small, and they would be offset by the costs of trade diversion on the import side. But binding commitments on protection rates under the AFTA plan could provide an important stepping stone to more beneficial broader liberalization. Vietnam's accession to the ASEAN Free Trade Area (AFTA) has been an important step in its integration into the world economy. Fukase and Martin use a multiregion, multisector computable general equilibrium model to evaluate how different trade liberalization policies of Vietnam and its main trading partners affect Vietnam's welfare, taking into account the simultaneous impacts on trade, output, and industrial structure. They conclude that: · The static economywide effects of the AFTA liberalization to which Vietnam is currently committed are small. On the import side, the exclusion of a series of products from the AFTA commitments appears to limit the scope of trade creation, and the discriminatory nature of AFTA liberalization would divert Vietnam's trade from non-ASEAN members. · Vietnam's small initial exports to ASEAN make the gains from improved access to partner markets relatively modest. Since Singapore dominates Vietnam's ASEAN exports and initial protection in Singapore is close to zero, there are few gains from preferred status in this market. · When Vietnam extends its AFTA commitments to all of its trading partners on a most favored nation basis, its welfare increases substantially - partly because of the greater extent of liberalization, partly because the broader liberalization undoes the costly trade diversion created by the initial discriminatory liberalization, and finally because of the more efficient allocation of resources among Vietnam's industries. · AFTA, APEC, and unilateral liberalizations affect Vietnam's industries in different ways. AFTA appears to benefit Vietnam's agriculture by improving its access to the ASEAN market. · Broad unilateral liberalization beyond AFTA is likely to shift labor away from agriculture and certain import-competing activities toward relatively labor-intensive manufacturing. Reduced costs for intermediate inputs will benefit domestic production. These sectors conform to Vietnam's current comparative advantage, and undertaking broad unilateral liberalization now seems a promising way to facilitate the subsequent development of competitive firms in more capital- and skill-intensive sectors. By contrast, more intense import competition may lead some import substitution industries (now dependent on protection) to contract. · The higher level of welfare resulting from more comprehensive liberalization implies that the sectoral protection currently given to capital-intensive and strategic industries is imposing substantial implicit taxes on the rest of the economy. · All the above suggests that AFTA should be treated as an important initial step toward broader liberalization. Binding international commitments in AFTA and, in due course, at the World Trade Organization can provide a credible signal of Vietnam's commitment to open trade policies that will help stimulate the upgrading of existing firms and investment in efficient and dynamic firms. This paper - a product of Trade, Development Research Group - was prepared as part of the AFTA Expansion Project in collaboration with the East Asia and Pacific Region. The authors may be contacted at efukaseworldbank.org or wmartin1@worldbank.org
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  • 14
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    Give Growth and Macroeconomic Stability in Russia a Chance : Harden Budgets by Eliminating Nonpayments (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Pinto, Brian Give Growth and Macroeconomic Stability in Russia a Chance
    Keywords: Arrears ; Banks and Banking Reform ; Budget ; Budgets ; Corporate Governance ; Credibility ; Debt Markets ; Devaluation ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Foreign Direct Investment ; Government Spending ; Inflation ; Investment ; Investment Climate ; Macroeconomic Environment ; Macroeconomics and Economic Growth ; Nonpayment ; Nonpayments ; Oil Prices ; Private Sector Development ; Promissory Notes ; Public Debt ; Public Sector Economics and Finance ; Settlement ; Soft Budget Constraints ; Tax ; Taxation and Subsidies ; Arrears ; Banks and Banking Reform ; Budget ; Budgets ; Corporate Governance ; Credibility ; Debt Markets ; Devaluation ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Foreign Direct Investment ; Government Spending ; Inflation ; Investment ; Investment Climate ; Macroeconomic Environment ; Macroeconomics and Economic Growth ; Nonpayment ; Nonpayments ; Oil Prices ; Private Sector Development ; Promissory Notes ; Public Debt ; Public Sector Economics and Finance ; Settlement ; Soft Budget Constraints ; Tax ; Taxation and Subsidies
    Abstract: April 2000 - In Russia, implicit subsidies amounting to 10 percent of GDP per year in the form of nonpayments have stifled growth, contributed to the August 1998 macroeconomic crisis through their impact on public debt, and made at best a questionable contribution to equity. Hardening budgets requires that these nonpayments - or mutual arrears and noncash settlements among the government, the energy monopolies, and manufacturing firms - be eliminated with energy bills, taxes and budgetary spending settled on time and in cash. Pinto, Drebentsov, and Morozov analyze the links between Russia's disappointing growth performance in the second half of the 1990s, its costly and unsuccessful stabilization, the macroeconomic meltdown of 1998, and the spectacular rise of nonpayments. Nonpayments flourished in an environment of fundamental inconsistency between a macroeconomic policy geared at sharp disinflation and a microeconomic policy of bailing enterprises out through soft budget constraints. Heavy untargeted implicit subsidies flowing through the nonpayments system (amounting to 10 percent of GDP annually) have stifled growth, contributed to the August 1998 meltdown through their impact on public debt, and have made at best a questionable contribution to equity. Dismantling this system must be a top priority, along with promoting enterprise restructuring and growth (by hardening budget constraints) and medium-term macroeconomic stability (by reducing the size of subsidies). Getting the government out of the nonpayments system means settling all appropriately controlled budgetary expenditures on time and in cash, and eschewing spending arrears, thereby setting an example for enterprises and laying the groundwork for eliminating tax offsets at all levels of government, and insisting on cash tax payments. To stop energy-related subsidies would require not only that the government pay its own energy bills on time and in cash, but also that the energy monopolies be empowered to disconnect nonpaying clients. This will enable the government to insist that the energy monopolies in turn pay their own taxes in full and on time. This paper - a product of the Economics Unit, World Bank Office, Moscow - was produced as part of the Economic and Sector Work Program, Poverty Reduction and Economic Management Sector Unit, Europe and Central Asia Region
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  • 15
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    Financial Intermediary Distress in the Republic of Korea : Small Is Beautiful? (1999)
    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: Ferri, Giovanni Financial Intermediary Distress in the Republic of Korea
    Keywords: Bank ; Bank Examinations ; Bank Of Korea ; Banking Systems ; Banks and Banking Reform ; Capital Adequacy ; Commercial Banks ; Cred Deposits ; Debt Markets ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Crises ; Financial Institutions ; Financial Intermediation ; Financial Literacy ; Financial Ratios ; Loans ; Merchant Banking ; Private Sector Development ; Risk ; Risk Management ; Savings ; Services ; Small Banks ; Supervisory Agencies ; Bank ; Bank Examinations ; Bank Of Korea ; Banking Systems ; Banks and Banking Reform ; Capital Adequacy ; Commercial Banks ; Cred Deposits ; Debt Markets ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Crises ; Financial Institutions ; Financial Intermediation ; Financial Literacy ; Financial Ratios ; Loans ; Merchant Banking ; Private Sector Development ; Risk ; Risk Management ; Savings ; Services ; Small Banks ; Supervisory Agencies
    Abstract: May 2000 - During a systemic financial crisis in Korea, the probability of financial distress was greater for large financial intermediaries (such as commercial banks and merchant banking corporations) than it was for tiny mutual savings and finance companies. Taking the Korean experience as a laboratory experiment in systemic financial crisis, Bongini, Ferri, and Kang analyze distress in individual institutions among two groups of financial intermediaries. They pool together a group of large financial intermediaries (commercial banks, merchant banking corporations) and another group of tiny mutual savings and finance companies. Both the too-big-to-fail doctrine and the credit channel approach suggest that the probability of distress would be greater for small intermediaries. But Bongini, Ferri, and Kang find that proportionately fewer small intermediaries were distressed than were large intermediaries. They offer two hypothetical explanations for this unexpected result: · Exchange rate exposure - a major shock to Korean intermediaries - was presumably negligible for the small financial intermediaries. · Small financial intermediaries allocated loans better, because of the peer monitoring natural to their mutual nature and deep local roots. Available data did not allow the authors to test the first hypothesis, but they did find support for the second one. Estimating a logit model, they find that the probability of distress was systematically smaller for the mutual savings and finance companies that stayed closer to their origins (for example, collecting many deposits as credit mutual installment savings) and for those with a longer history of doing business in their local community. This paper - a product of Finance, Development Research Group - is part of a larger effort in the group to study the financial crises in East Asia. The authors may be contacted at pbonginimi.unicatt.it, gferri@worldbank.orgor tkang@worldbank.org
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  • 16
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    Inflation and the Poor (1999)
    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: Easterly, William Inflation and the Poor
    Keywords: Access to Markets ; Bank ; Bonds ; Checks ; Cred Education ; Currencies and Exchange Rates ; Debt Markets ; Economic Theory and Research ; Finance and Financial Sector Development ; Financial Instruments ; Financial Literacy ; Health Indicators ; Health, Nutrition and Population ; ICT Applications ; ICT for Health ; Income ; Incomes ; Inflation ; Inflation ; Information and Communication Technologies ; International Economics & Trade ; Macroeconomics and Economic Growth ; Markets and Market Access ; Minimum Wage ; Money ; Pensions ; Poverty Rate ; Poverty Rates ; Probabilities ; Research Assistance ; Stocks ; Subsidies ; Unemployment ; Wages ; Access to Markets ; Bank ; Bonds ; Checks ; Cred Education ; Currencies and Exchange Rates ; Debt Markets ; Economic Theory and Research ; Finance and Financial Sector Development ; Financial Instruments ; Financial Literacy ; Health Indicators ; Health, Nutrition and Population ; ICT Applications ; ICT for Health ; Income ; Incomes ; Inflation ; Inflation ; Information and Communication Technologies ; International Economics & Trade ; Macroeconomics and Economic Growth ; Markets and Market Access ; Minimum Wage ; Money ; Pensions ; Poverty Rate ; Poverty Rates ; Probabilities ; Research Assistance ; Stocks ; Subsidies ; Unemployment ; Wages
    Abstract: May 2000 - The poor suffer more from inflation than the rich do, reveals this survey of poor people in 38 countries. Using polling data for 31,869 households in 38 countries and allowing for country effects, Easterly and Fischer show that the poor are more likely than the rich to mention inflation as a top national concern. This result survives several robustness checks. Also, direct measures of improvements in well-being for the poor - the change in their share of national income, the percentage decline in poverty, and the percentage change in the real minimum wage - are negatively correlated with inflation in pooled cross-country samples. High inflation tends to lower the share of the bottom quintile and the real minimum wage - and tends to increase poverty. This paper - a joint product of Macroeconomics and Growth, Development Research Group, and the International Monetary Fund - is part of a larger effort to study the effects of macroeconomic policies on growth and poverty
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  • 17
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    Building Subnational Debt Markets in Developing and Transition Economies : A Framework for Analysis, Policy Reform, and Assistance Strategy (1999)
    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: Noel, Michel Building Subnational Debt Markets in Developing and Transition Economies
    Keywords: Agency Problems ; Bond Market Players ; Debt Market ; Debt Markets ; Decentralization ; Domestic Bond ; Domestic Bond Market ; Domestic Debt ; Domestic Debt Markets ; Finance ; Finance and Financial Sector Development ; Financial Sector Development ; Financial Systems ; Markets Development ; Sub-National Bond ; Sub-National Bond Market ; Sub-National Bond Markets ; Sub-National Debt ; Sub-National Debt Market ; Sub-National Debt Market Development ; Sub-National Debt Markets ; Transition Countries ; Agency Problems ; Bond Market Players ; Debt Market ; Debt Markets ; Decentralization ; Domestic Bond ; Domestic Bond Market ; Domestic Debt ; Domestic Debt Markets ; Finance ; Finance and Financial Sector Development ; Financial Sector Development ; Financial Systems ; Markets Development ; Sub-National Bond ; Sub-National Bond Market ; Sub-National Bond Markets ; Sub-National Debt ; Sub-National Debt Market ; Sub-National Debt Market Development ; Sub-National Debt Markets ; Transition Countries
    Abstract: May 2000 - Because of the trend toward decentralization in more than 70 countries where the World Bank is active, subnational entities - states, regions, provinces, counties, and municipalities, and the local utility companies owned by them - are now responsible for delivering services and investing in infrastructure. And infrastructure investments are growing rapidly to meet increasing urban demand. How should the World Bank Group help? Subnational debt markets can be a powerful force in a country's development. Through delegated monitoring by financial intermediaries and through debt placed directly with investors, sub-national debt markets account for about 5 percent of GDP in Argentina and Brazil. But they remain embryonic in most developing and transition economies. To resolve a potential clash between the increased financing needs of subnational entities and the limited development of domestic subnational debt markets, it is critical to support the orderly, efficient emergence of such debt markets. As a framework for policy reform, the following steps (mirroring typical weaknesses) are prerequisites for developing a country's subnational debt market: · Reducing moral hazard. · Improving market transparency. · Strengthening market governance. · Establishing a level playing field. · Developing local capacity for accounting, budgeting, and financial management. In countries where the government shows a clear commitment to market development, says Noel, the IBRD should support the framework needed for policy-based operations that establish hard budget constraints. In doing so, the IBRD should concentrate on (1) supporting national and local capacity building in those areas essential for developing a subnational debt market and (2) financing specific subnational projects with strictly nonrecourse loans. At the same time, the World Bank Group should offer a variety of lending and guarantee instruments that encourage private financing for investments by subnational entities - including, for example, equity participation in (or lines of credit or partial credit guarantees to) financial intermediaries specializing in subnational investment finance or in funds for financing local infrastructure. This paper - a product of the Private and Financial Sectors Development Unit, Europe and Central Asia Region - was prepared as background for a manual on policy issues relating to domestic debt markets. Michel Noel may be contacted at mnoel2worldbank.org
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  • 18
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    International Contagion : Implications for Policy (1999)
    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: Majnoni, Giovanni International Contagion
    Keywords: Bankruptcy and Resolution of Financial Distress ; Currencies and Exchange Rates ; Currency ; Currency Crises ; Debt Markets ; Deposit Insurance ; Emerging Markets ; Exchange ; Exchange Rate ; External Debts ; Finance and Financial Sector Development ; Financial Contagion ; Financial Crises ; Financial Fragility ; Foreign Interest ; Guarantees ; Interest Rates ; International Financial Contagion ; International Investors ; Liability ; Liquidity ; Market ; Maturity ; Options ; Policy Responses ; Private Sector Development ; Short-Term Debt ; Bankruptcy and Resolution of Financial Distress ; Currencies and Exchange Rates ; Currency ; Currency Crises ; Debt Markets ; Deposit Insurance ; Emerging Markets ; Exchange ; Exchange Rate ; External Debts ; Finance and Financial Sector Development ; Financial Contagion ; Financial Crises ; Financial Fragility ; Foreign Interest ; Guarantees ; Interest Rates ; International Financial Contagion ; International Investors ; Liability ; Liquidity ; Market ; Maturity ; Options ; Policy Responses ; Private Sector Development ; Short-Term Debt
    Abstract: March 2000 - What can the international community do to prevent financial contagion? Chang and Majnoni try to identify and evaluate the public policy implications of financial contagion on the basis of a very simple model of financial crises. In this model, financial contagion can be driven by a combination of fundamentals and by self-fulfilling market expectations. The model allows the authors to identify different notions of contagion, especially the distinction between monsoonal effects, spillovers, and switchers between equilibria. They discuss both domestic and international policy options. Domestic policies, they say, should be aimed at reducing financial fragility - that is, reducing unnecessary short-term debt commitments. With explicit commitments, the maturity of external debts should be lengthened. With implicit commitments, such as private liability guarantees, they emphasize limiting or eliminating such guarantees, to improve an economy's international liquidity and reduce its exposure to contagion. Internationally, they stress the need for improving financial standards, which makes it easier to assess when a country is subject to different kinds of contagion. The effectiveness of international rescue packages depends on the kind of contagion to which a country is exposed. Implications: The international community should help those countries that are already helping themselves. This paper - a product of the Financial Sector Strategy and Policy Group - is part of a larger effort in the group to study the determinants and policy implications of international financial contagion. The author Giovanni Majnoni may be contacted at gmajnoniworldbank.org
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  • 19
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    How Politics and Institutions Affect Pension Reform in Three Postcommunist Countries (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (80 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Orenstein, A. Mitchell How Politics and Institutions Affect Pension Reform in Three Postcommunist Countries
    Keywords: Bank ; Bank Involvement ; Children and Youth ; Contributions ; Debt Markets ; Emerging Markets ; Expense ; Finance and Financial Sector Development ; Financial Literacy ; Interest ; Investment ; Investment Returns ; Pension ; Pension Accounts ; Pension Reform ; Pension Reforms ; Pension System ; Pensioners ; Pensions and Retirement Systems ; Private Pension ; Private Pension Funds ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Purchase ; Retirement ; Social Protections and Labor ; State Pension ; Trade Unions ; Working Life ; Bank ; Bank Involvement ; Children and Youth ; Contributions ; Debt Markets ; Emerging Markets ; Expense ; Finance and Financial Sector Development ; Financial Literacy ; Interest ; Investment ; Investment Returns ; Pension ; Pension Accounts ; Pension Reform ; Pension Reforms ; Pension System ; Pensioners ; Pensions and Retirement Systems ; Private Pension ; Private Pension Funds ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Purchase ; Retirement ; Social Protections and Labor ; State Pension ; Trade Unions ; Working Life
    Abstract: March 2000 - During reform's three phases - commitment-building, coalition-building, and implementation - there are tradeoffs among inclusiveness (of process), radicalism (of reform), and participation in, and compliance with, the new system. Including more, and more various, veto and proposal actors early in the deliberative process may increase buy-in and compliance when pension reform is implemented, but at the expense of faster and greater change. Orenstein examines the political and institutional processes that produced fundamental pension reform in three postcommunist countries: Hungary, Kazakhstan, and Poland. He tests various hypotheses about the relationship between deliberative process and outcomes through detailed case studies of pension reform. The outcomes of reform were similar: each country implemented a mandatory funded pension system as part of reform, but the extent and configuration of changes differed greatly. Countries with more veto actors - social and institutional actors with an effective veto over reform - engaged in less radical reform, as theory predicted. Poland and Hungary generated less radical change than Kazakhstan, partly because they have more representative political systems, to which more associations, interest groups, and proposal actors have access. Proposal actors shape the reform agenda and influence the positions of key veto actors. Pension reform takes longer in countries with more veto and proposal actors, such as Poland and Hungary. Legacies of policy, the development of civil society, and international organizations also profoundly affect the shape and progress of reform. Orenstein sees pension reform as happening in three phases: commitment-building, coalition-building, and implementation. He presents hypotheses about tradeoffs among inclusiveness (of process), radicalism (of reform), and participation in, and compliance with, the new system. One hypothesis: Including more, and more various, veto and proposal actors early in the deliberative process increases buy-in and compliance when reform is implemented, but at the expense of faster and greater change. Early challenges in implementation in all three countries, but especially in Kazakhstan, suggest the importance of improving buy-in through inclusive deliberative processes, where possible. This paper - a product of Poverty and Human Resources, Development Research Group - is part of a larger effort in the group to study the political economy of pension reform. This study was funded by the Bank's Research Support Budget under the research project The Political Economy of Pension Reform (RPO 682-17). The author may be contacted at morenstmaxwell.syr.edu
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  • 20
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    Technological Leadership and Foreign Investors' Choice of Entry Mode (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Smarzynska, Beata Technological Leadership and Foreign Investors' Choice of Entry Mode
    Keywords: Advertising ; Agricultural Knowledge and Information Systems ; Agriculture ; Buyer ; Debt Markets ; E-Business ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Foreign Direct Investment ; Foreign Direct Investment ; Foreign Investment ; Foreign Investments ; Industry ; Information ; Intangible Assets ; International Economics & Trade ; International Trade ; Investment and Investment Climate ; Joint Ventures ; Macroeconomics and Economic Growth ; Manufacturing ; Manufacturing Industries ; Marketing ; Microfinance ; New Technologies ; Private Information ; Private Sector Development ; Profits ; Proprietary Knowledge ; R&D ; Results ; Rural Development ; Technology ; Technology Industry ; Transactions ; Water Resources ; Water and Industry ; Advertising ; Agricultural Knowledge and Information Systems ; Agriculture ; Buyer ; Debt Markets ; E-Business ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Foreign Direct Investment ; Foreign Direct Investment ; Foreign Investment ; Foreign Investments ; Industry ; Information ; Intangible Assets ; International Economics & Trade ; International Trade ; Investment and Investment Climate ; Joint Ventures ; Macroeconomics and Economic Growth ; Manufacturing ; Manufacturing Industries ; Marketing ; Microfinance ; New Technologies ; Private Information ; Private Sector Development ; Profits ; Proprietary Knowledge ; R&D ; Results ; Rural Development ; Technology ; Technology Industry ; Transactions ; Water Resources ; Water and Industry
    Abstract: April 2000 - Developing country governments tend to favor joint ventures over other forms of foreign direct investment, believing that local participation facilitates the transfer of technology and marketing skills. However, foreign investors who are technological or marketing leaders in their industries are more likely to invest in wholly owned projects than to share ownership. Thus in R&D-intensive sectors joint ventures may offer less potential for transferring technology and marketing techniques than wholly owned subsidiaries. Developing country governments tend to favor joint ventures over other forms of foreign direct investment, believing that local participation facilitates the transfer of technology and marketing skills. Smarzynska assesses joint ventures' potential for such transfers by comparing the characteristics of foreign investors engaged in joint ventures with those of foreign investors engaged in wholly owned projects in transition economies in the early 1990s. Unlike the existing literature, Smarzynska focuses on intra-industry differences rather than interindustry differences in R&D and advertising intensity. Empirical analysis shows that foreign investors who are technological or marketing leaders in their industries are more likely to invest in wholly owned projects than to share ownership. This is true in high- and medium-technology sectors but not in industries with low R&D spending. Smarzynska concludes that it is inappropriate to treat industries as homogeneous in investigating modes of investment. She also suggests that in sectors with high R&D spending joint ventures may present less potential for transfer of technology and marketing techniques than wholly owned subsidiaries. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to study the contribution of trade and foreign direct investment to technology transfer. The author may be contacted at bsmarzynskaworldbank.org
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    The Impact of Banking Crises on Money Demand and Price Stability (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (86 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Peria, Maria The Impact of Banking Crises on Money Demand and Price Stability
    Keywords: Central Banks ; Currencies and Exchange Rates ; Debt Markets ; Demand ; Demand For Money ; Deregulation ; Economic Theory and Research ; Emerging Markets ; Equations ; Exchange ; Exchange Rates ; Finance and Financial Sector Development ; Financial Intermediation ; Financial Literacy ; Fiscal and Monetary Policy ; Government Bonds ; Inflation ; Interest ; Interest Rates ; Labor Policies ; M2 ; Macroeconomics and Economic Growth ; Markets and Market Access ; Monetary Policy ; Money ; Multipliers ; Prices ; Private Sector Development ; Public Sector Development ; Social Protections and Labor ; Stock ; Stock Prices ; T-Bills ; Variables ; Central Banks ; Currencies and Exchange Rates ; Debt Markets ; Demand ; Demand For Money ; Deregulation ; Economic Theory and Research ; Emerging Markets ; Equations ; Exchange ; Exchange Rates ; Finance and Financial Sector Development ; Financial Intermediation ; Financial Literacy ; Fiscal and Monetary Policy ; Government Bonds ; Inflation ; Interest ; Interest Rates ; Labor Policies ; M2 ; Macroeconomics and Economic Growth ; Markets and Market Access ; Monetary Policy ; Money ; Multipliers ; Prices ; Private Sector Development ; Public Sector Development ; Social Protections and Labor ; Stock ; Stock Prices ; T-Bills ; Variables
    Abstract: March 2000 - Policymakers in countries undergoing banking crises should not worry about the structural stability of money demand functions; the behavior of money demand during crises can be modeled by the same function used during periods of tranquility. But policymakers should be aware that in some instances crises can give rise to variance instability in the price or inflation equations. Martinez Peria empirically investigates the monetary impact of banking crises in Chile, Colombia, Denmark, Japan, Kenya, Malaysia, and Uruguay. She uses cointegration analysis and error correction modeling to research: · Whether money demand stability is threatened by banking crises. · Whether crises bring about structural breaks in the relationship between monetary indicators and prices. Overall, she finds no systematic evidence that banking crises cause money demand instability. Nor do the results consistently support the notion that the relationship between monetary indicators and prices undergoes structural breaks during crises. However, although individual coefficients in price equations do not seem to be severely affected by crises, crises can sometimes give rise to variance instability in price or inflation equations. This paper - a product of Finance, Development Research Group - is part of a larger effort in the group to study banking crises. The study was funded by the Bank's Research Support Budget under the research project Monetary Policy and Monetary Indicators during Banking Crises (RPO 683-24). The author may be contacted at mmartinezperiaworldbank.org
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  • 22
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    Output Fluctuations in Latin America : What Explains the Recent Slowdown? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (68 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Herrera, Santiago Output Fluctuations in Latin America
    Keywords: Accounting ; Bond ; Bonds ; Business Cycles ; Business Cycles and Stabilization Policies ; Capital Flows ; Capital Markets ; Currencies and Exchange Rates ; Debt Markets ; Domestic Interest Rates ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; External Debt ; Finance and Financial Sector Development ; Financial Literacy ; Gross Domestic Product ; Interest Rates ; International Development ; International Interest ; Investment and Investment Climate ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Real Exchange Rate ; Real Exchange Rates ; Real Interest ; Real Interest Rate ; Real Interest Rates ; Share ; Sovereign Debt ; Accounting ; Bond ; Bonds ; Business Cycles ; Business Cycles and Stabilization Policies ; Capital Flows ; Capital Markets ; Currencies and Exchange Rates ; Debt Markets ; Domestic Interest Rates ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; External Debt ; Finance and Financial Sector Development ; Financial Literacy ; Gross Domestic Product ; Interest Rates ; International Development ; International Interest ; Investment and Investment Climate ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Real Exchange Rate ; Real Exchange Rates ; Real Interest ; Real Interest Rate ; Real Interest Rates ; Share ; Sovereign Debt
    Abstract: May 2000 - For the period 1992-98, domestic factors explain most output variability in Latin America. However, external factors account for about 60 percent of the 1998-99 slowdown - perhaps in part because external variables were more volatile during this period, but mainly because domestic variables - real interest rates and real exchange rates - were more stable in these two years. Herrera, Perry, and Quintero explain Latin America's growth slowdown in 1998-99. To do so, they use two complementary methodologies. The first aims at determining how much of the slowdown can be explained by specific external factors: the terms of trade, international interest rates, spreads on external debt, capital flows, and climatological factors (El Niño). Using quarterly GDP data for the eight largest countries in the region, the authors estimate a dynamic panel showing that 50 - 60 percent of the slowdown was due to these external factors. The second approach allows for effects on output by some endogenous variables, such as domestic real interest rates and real exchange rates. Using monthly industrial production data, the authors estimate country-specific generalized vector autoregressions (GVAR) for the largest countries. They find that during the sample period (1992-98) output volatility is mostly associated with shocks to domestic factors, but the slowdown in the subperiod 1998-99 is explained more than 60 percent by shocks to the external factors. This paper - a product of the Economic Policy Sector Unit and the Poverty Reduction and Economic Management Sector Unit, Latin America and Caribbean Regional Office - is part of a larger effort to understand output fluctuations and growth in the region. The authors may be contacted at gperryworldbank.org or nquintero@worldbank.org
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  • 23
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    The Geography of International Investment (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (34 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Venables, Anthony The Geography of International Investment
    Keywords: Debt Markets ; Development ; Economic Geography ; Economic Size ; Economic Theory and Research ; Emerging Markets ; Exports ; Externalities ; Finance and Financial Sector Development ; Financial Literacy ; Fixed Costs ; Foreign Direct Investment ; GDP ; Goods ; Income ; Industrial Economies ; Inputs ; International Economics & Trade ; Investment ; Investment and Investment Climate ; Labor Policies ; Macroeconomics and Economic Growth ; Markets ; Mergers ; Non Bank Financial Institutions ; Private Sector Development ; Production ; Social Protections and Labor ; Theory ; Trade ; Trade and Regional Integration ; Transition Economies ; Transport ; Transport Economics, Policy and Planning ; Value ; Variable Costs ; Debt Markets ; Development ; Economic Geography ; Economic Size ; Economic Theory and Research ; Emerging Markets ; Exports ; Externalities ; Finance and Financial Sector Development ; Financial Literacy ; Fixed Costs ; Foreign Direct Investment ; GDP ; Goods ; Income ; Industrial Economies ; Inputs ; International Economics & Trade ; Investment ; Investment and Investment Climate ; Labor Policies ; Macroeconomics and Economic Growth ; Markets ; Mergers ; Non Bank Financial Institutions ; Private Sector Development ; Production ; Social Protections and Labor ; Theory ; Trade ; Trade and Regional Integration ; Transition Economies ; Transport ; Transport Economics, Policy and Planning ; Value ; Variable Costs
    Abstract: May 2000 - Multinationals have become increasingly important to the world economy. Overseas production by U.S. affiliates is three times U.S. exports, for example. Who is investing where, for sales where? Much foreign direct investment is between high-income countries, but investment in some developing and transition regions, while still modest, grew rapidly in the 1990s. Adjusting for market size, much investment stays close to home; adjusting for distance, much heads toward the countries with the biggest markets. Foreign direct investment is more geographically concentrated than either exports or production. Thus U.S. affiliate production in Europe is 7 times U.S. exports to Europe; that ratio drops to 4 for all industrial countries and to 1.6 for developing countries. Multinational activity in high-income countries is overwhelmingly horizontal, involving production for sale to the host country market. In developing countries, a greater proportion of multinational activity is vertical, involving manufacturing at intermediate stages of production. Thus only 4 percent of U.S. affiliate production in the European Union is sold back to the United States, whereas for developing countries the figure is 18 percent, rising to 40 percent for Mexico. Similarly, less than 10 percent of Japan's affiliate production in the EU is sold back to Japan, compared with more than 20 percent in developing countries. In models of horizontal activity, the decision to go multinational is a tradeoff between the additional fixed costs involved in setting up a new plant and the savings in variable costs (transport costs and tariffs) on exports. In models of vertical activity, direct investment is motivated by differences in factor costs. Tariffs and transport costs both encourage vertical multinational activity (by magnifying differences in factor prices) and discourage it (by making trade between headquarters and an affiliate more expensive). The major outward investors carry out much horizontal investment in large markets. For U.S. investors, this means Europe, especially the United Kingdom; for Japan and Europe, it means the United States. Most EU investments, however, stay within the EU. The major outward investors carry out much of their vertical investment closer to home: the United States, in Mexico; the EU, in Central and Eastern Europe; Japan, in Asia. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to study the location of economic activity. Anthony J. Venables may be contacted at a.j.venableslse.ac.uk
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  • 24
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    Ownership and Performance of Lithuanian Enterprises (1999)
    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: Grigorian, A. David Ownership and Performance of Lithuanian Enterprises
    Keywords: Central Planning ; Debt Markets ; Economic Reforms ; Economic Theory and Research ; Emerging Markets ; Enterprise Performance ; Enterprise Restructuring ; Enterprises ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Financial Literacy ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Market Competition ; Microfinance ; Operational Efficiency ; Ownership Of Enterprises ; Performance Indicators ; Political Economy ; Private Firms ; Private Owners ; Private Ownership ; Private Sector Development ; Privatization ; Privatization ; Privatization Process ; Privatization Program ; Profit Maximization ; Share Ownership ; State Firms ; State Owned Enterprise Reform ; State Ownership ; State Property ; Central Planning ; Debt Markets ; Economic Reforms ; Economic Theory and Research ; Emerging Markets ; Enterprise Performance ; Enterprise Restructuring ; Enterprises ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Financial Literacy ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Market Competition ; Microfinance ; Operational Efficiency ; Ownership Of Enterprises ; Performance Indicators ; Political Economy ; Private Firms ; Private Owners ; Private Ownership ; Private Sector Development ; Privatization ; Privatization ; Privatization Process ; Privatization Program ; Profit Maximization ; Share Ownership ; State Firms ; State Owned Enterprise Reform ; State Ownership ; State Property
    Abstract: May 2000 - Does private ownership improve on corporate performance in a developing institutional environment? In Lithuania commercial transfer of state property to private owners has significantly improved enterprises' revenue and export performance. Grigorian presents some evidence of improved corporate performance in Lithuania for the period 1995-97. His question: Were these improvements in any way caused by privatization and changes in the environment in which enterprises operate? He presents evidence of correlation between ownership and enterprise performance as measured by increased revenues and improved export performance. Controlling for preselection bias increases the magnitude and significance of private share ownership, which indicates negative selection bias at privatization. On the other hand, (expected) subsidies seem to contribute negatively to enterprise performance. However, the study finds no clear evidence of the effect of market competition on performance indicators in the short run. Grigorian's is the first study to analyze the consequences of commercial (as opposed to mass) privatization in Central and Eastern European countries. This paper - a product of the Private and Financial Sectors Development Sector Unit, Europe and Central Asia Region - is part of a larger effort in the region to study enterprise restructuring in transition. The author may be contacted at dgrigorianworldbank.org
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  • 25
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    Would Collective Action Clauses Raise Borrowing Costs? : An Update and Additional Results (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (22 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Eichengreen, Barry Would Collective Action Clauses Raise Borrowing Costs?
    Keywords: Borrowers ; Borrowing Costs ; Collective Action ; Collective Action Clauses ; Credit Ratings ; Crisis Country ; Debt ; Debt Markets ; Debt Restructuring ; Emerging Markets ; Emerging Markets ; Equity ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Financial Support ; Foreign Investors ; Holding ; International Financial Institutions ; International Financial System ; Investors ; Lenders ; Lending ; Moral Hazard ; Private Sector Development ; Borrowers ; Borrowing Costs ; Collective Action ; Collective Action Clauses ; Credit Ratings ; Crisis Country ; Debt ; Debt Markets ; Debt Restructuring ; Emerging Markets ; Emerging Markets ; Equity ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Financial Support ; Foreign Investors ; Holding ; International Financial Institutions ; International Financial System ; Investors ; Lenders ; Lending ; Moral Hazard ; Private Sector Development
    Abstract: June 2000 - Collective action clauses raise borrowing costs for low-rated borrowers and lower them for high-rated borrowers. This result holds for all developing country bonds and also for the subset of sovereign bond issuers. It is easy to say that the International Monetary Fund should not resort to financial rescue for countries in crisis; this is hard to do when there is no alternative. That is where collective action clauses come in. Collective action clauses are designed to facilitate debt restructuring by the principals - borrowers and lenders - with minimal intervention by international financial institutions. Despite much discussion of this option, there has been little action. Issuers of bonds fear that collective action clauses would raise borrowing costs. Eichengreen and Mody update earlier findings about the impact of collective action clauses on borrowing costs. It has been argued that only in the past year or so have investors focused on the presence of these provisions and that, given the international financial institutions' newfound resolve to bail in investors, they now regard these clauses with trepidation. Extending their data to 1999, Eichengreen and Mody find no evidence of such changes but rather the same pattern as before: Collective action clauses raise the costs of borrowing for low-rated issuers but reduce them for issuers with good credit ratings. Their results hold both for the full set of bonds and for bonds issued only by sovereigns. They argue that these results should reassure those who regard collective action clauses as an important element in the campaign to strengthen international financial architecture. This paper - a product of the Development Prospects Group - is part of a larger effort in the group to analyze international capital flows. The study was funded by the Bank's Research Support Budget under the research project Pricing of Bonds and Bank Loans in the Market for Developing Country Debt. The authors may be contacted at eichengrecon.berkeley.edu or amody@worldbank.org
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  • 26
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    Shock Persistence and the Choice of Foreign Exchange Regime : An Empirical Note from Mexico (1999)
    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: Giugale, Marcelo Shock Persistence and the Choice of Foreign Exchange Regime
    Keywords: Currencies and Exchange Rates ; Currency ; Currency Board ; Currency Board Arrangements ; Currency Boards ; Debt Markets ; Domestic Economy ; Econometric Evidence ; Economic Stabilization ; Economic Theory and Research ; Economies ; Emerging Markets ; Exchange Rate Flo Exchange Rate Regime ; Exchange Regime ; External Shock ; Finance and Financial Sector Development ; Financial Crises ; Fiscal and Monetary Policy ; Foreign Exchange ; Foreign Exchange Rate ; Foreign Exchange Rates ; Inflation ; International Financial Integration ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Monetary Unions ; Open Capital Accounts ; Private Sector Development ; Public Sector Development ; Structural Reform ; Currencies and Exchange Rates ; Currency ; Currency Board ; Currency Board Arrangements ; Currency Boards ; Debt Markets ; Domestic Economy ; Econometric Evidence ; Economic Stabilization ; Economic Theory and Research ; Economies ; Emerging Markets ; Exchange Rate Flo Exchange Rate Regime ; Exchange Regime ; External Shock ; Finance and Financial Sector Development ; Financial Crises ; Fiscal and Monetary Policy ; Foreign Exchange ; Foreign Exchange Rate ; Foreign Exchange Rates ; Inflation ; International Financial Integration ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Monetary Unions ; Open Capital Accounts ; Private Sector Development ; Public Sector Development ; Structural Reform
    Abstract: July 2000 - Empirical econometric evidence shows that Mexico's simulated output recovery after a negative external shock was faster (a third as long) when the country's policymakers let the nominal foreign exchange rate float than when they fixed it, and much faster than in other developing countries that kept nominal foreign exchange rates constant, especially those that resorted to currency board arrangements to support that constancy. The academic and policy debate about optimal foreign exchange rate regimes for emerging economies has focused more on the theoretical costs and benefits of possible regimes than on their actual performance. Giugale and Korobow report on what can be called exchange-rate-regime-dependent differential shock persistence-that is, the time output takes to return to its trend after a negative shock-in a sample of countries representing various points on the spectrum of nominal foreign exchange flexibility. They find strong evidence that Mexico's simulated output recovery after a negative external shock was faster (a third as long) when the country's policymakers let the nominal foreign exchange rate float than when they fixed it, and much faster than in other developing countries that kept nominal foreign exchange rates constant, especially those that resorted to currency board arrangements to support that constancy. These results are insufficient to guide the choice of regime (they lack general equilibrium value and are based on a limited sample of countries), but they highlight an important practical consideration in making that choice: How long it takes for output to adjust after negative shocks is sensitive to the level of rigidity of the foreign exchange regime. This factor may be critical when the social costs of those adjustments are not negligible. This paper-a product of the Mexico Country Department, Latin America and the Caribbean Region-is part of a larger effort in the region to understand policy options open to developing countries for handling macroeconomic volatility in a globalized economy. The authors may be contacted at mgiugaleworldbank.org or akorobow@worldbank.org
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    Impediments to the Development and Efficiency of Financial Intermediation in Brazil (1999)
    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: Beck, Thorsten Impediments to the Development and Efficiency of Financial Intermediation in Brazil
    Keywords: Accounting ; Accounting Standards ; Banks and Banking Reform ; Bond Markets ; Borrowers ; Contract ; Contract Enforcement ; Credit Information ; Credit Information Systems ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Enforceability ; Enforceability Of Contracts ; Enforcement Of Contracts ; Finance and Financial Sector Development ; Financial Development ; Financial Institutions ; Financial Literacy ; Interest ; Liabilities ; Macroeconomics and Economic Growth ; Private Bond ; Private Sector Development ; Regulatory Framework ; Stock ; Stock Markets ; Unsecured Creditors ; Accounting ; Accounting Standards ; Banks and Banking Reform ; Bond Markets ; Borrowers ; Contract ; Contract Enforcement ; Credit Information ; Credit Information Systems ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Enforceability ; Enforceability Of Contracts ; Enforcement Of Contracts ; Finance and Financial Sector Development ; Financial Development ; Financial Institutions ; Financial Literacy ; Interest ; Liabilities ; Macroeconomics and Economic Growth ; Private Bond ; Private Sector Development ; Regulatory Framework ; Stock ; Stock Markets ; Unsecured Creditors
    Abstract: June 2000 - To improve on the low level and low efficiency of Brazil's financial intermediation (and hence economic growth), Brazil needs reforms leading to a more efficient judicial sector, better enforcement of contracts, stronger rights for creditors, stronger accounting standards and practices, and a legal and regulatory framework that facilitates the exchange of information about borrowers. Reforms to improve both the level and the efficiency of financial intermediation in Brazil should be high on Brazilian policymakers' agendas, because of the financial sector's importance to economic growth. This means that Brazil must also improve the legal and regulatory environment in which its financial institutions operate. Brazil is weak in important components of such an environment: the rights of secured and unsecured creditors, the enforcement of contracts, and the sharing of credit information among intermediaries. Recent reforms, such as the extension of alienação fiduciaria to housing, the introduction of cédula de crédito bancario, the legal separation of principal and interest, and improvements in credit information systems, are useful steps in strengthening the framework. But more is needed. Reforms that will significantly increase the level and efficiency of financial intermediation and have a positive impact on economic growth include: · A more efficient judicial sector and better enforcement of contracts. · Stronger rights for secured and unsecured creditors. · Stronger accounting standards and practices, to improve the quality of information available about borrowers. · The development of a legal and regulatory framework that facilitates the exchange among financial institutions of both negative and positive information about borrowers. This paper - a product of the Financial Sector Strategy and Policy Department - is part of a larger effort in the department to better understand the link between financial development and economic growth, with application to Brazil. The author may be contacted at tbeckworldbank.org
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    Managers, Investors, and Crises : Mutual Fund Strategies in Emerging Markets (1999)
    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: Schmukler, Sergio Managers, Investors, and Crises
    Keywords: Budget ; Debt Markets ; Emerging Market ; Emerging Markets ; Finance and Financial Sector Development ; Financial Crisis ; Financial Support ; Fund Managers ; Hedge ; Hedge Funds ; Interest ; Investor ; Investors ; Lending ; Mutual Fund ; Mutual Fund Strategies ; Mutual Funds ; Pension ; Pension Funds ; Portfolio ; Trading ; Warrants ; Budget ; Debt Markets ; Emerging Market ; Emerging Markets ; Finance and Financial Sector Development ; Financial Crisis ; Financial Support ; Fund Managers ; Hedge ; Hedge Funds ; Interest ; Investor ; Investors ; Lending ; Mutual Fund ; Mutual Fund Strategies ; Mutual Funds ; Pension ; Pension Funds ; Portfolio ; Trading ; Warrants
    Abstract: July 2000 - This study of an important class of investors-U.S. mutual funds-finds that mutual funds do engage in momentum trading (buying winners and selling losers). They also engage in contagion trading strategies (selling assets from one country when asset prices fall in another). Kaminsky, Lyons, and Schmukler address the trading strategies of mutual funds in emerging markets. The data set they develop permits analyses of these strategies at the level of individual portfolios. A methodologically novel feature of their analysis: they disentangle the behavior of fund managers from that of investors. For both managers and investors, they strongly reject the null hypothesis of no momentum trading. Funds' momentum trading is positive: they systematically buy winners and sell losers. Contemporaneous momentum trading (buying current winners and selling current losers) is stronger during crises, and stronger for fund investors than for fund managers. Lagged momentum trading (buying past winners and selling past losers) is stronger during noncrises, and stronger for fund managers. Investors also engage in contagion trading-selling assets from one country when asset prices fall in another. These findings are based on data about mutual funds that represent only 10 percent of the market capitalization in the countries considered. Were it a larger share of the market, finding counterparties for their trades (the investors who buy when they sell and sell when they buy) would be difficult-and the premise that funds respond to contemporaneous returns rather than causing them would become tenuous. This paper-a product of Macroeconomics and Growth, Development Research Group-is part of a larger effort in the group to understand capital flows to developing countries. The study was funded by the Bank's Research Support Budget under the research project Mutual Fund Investment in Developing Countries. The authors may be contacted at gracielagwu.edu, lyons@haas.berkeley.edu, or sschmukler@worldbank.org
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    Does Financial Liberalization Relax Financing Constraints on Firms? (1999)
    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: Laeven, Luc Does Financial Liberalization Relax Financing Constraints on Firms?
    Keywords: Administrative Controls ; Allocation Of Cred Banking Sector ; Banks and Banking Reform ; Barriers To Entry ; Credit Programs ; Currencies and Exchange Rates ; Debt Markets ; Deposits ; Developing Countries ; Directed Cred Emerging Economies ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Intermediation ; Financial Liberalization ; Financial Literacy ; Financial Market ; Financial System ; Household Savings ; Informational Asymmetries ; Interest ; Interest Rate ; Interest Rates ; Investment ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Non Bank Financial Institutions ; Private Sector Development ; Securities ; Securities Markets ; Administrative Controls ; Allocation Of Cred Banking Sector ; Banks and Banking Reform ; Barriers To Entry ; Credit Programs ; Currencies and Exchange Rates ; Debt Markets ; Deposits ; Developing Countries ; Directed Cred Emerging Economies ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Intermediation ; Financial Liberalization ; Financial Literacy ; Financial Market ; Financial System ; Household Savings ; Informational Asymmetries ; Interest ; Interest Rate ; Interest Rates ; Investment ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Non Bank Financial Institutions ; Private Sector Development ; Securities ; Securities Markets
    Abstract: October 2000 - Financial liberalization reduces imperfections in financial markets by reducing the agency costs of financial leverage. Small firms gain most from liberalization, because the favoritism of preferential credit directed to large firms tends to disappear under liberalization. Laeven uses panel data on 394 firms in 13 developing countries for the years 1988–98 to learn whether financial liberalization relaxes financing constraints on firms. He finds that liberalization affects small and large firms differently. Small firms are financially constrained before liberalization begins but become less so after liberalization. The financing constraints on large firms, however, are low both before and after liberalization. The initial difference between small and large firms disappears over time. Laeven hypothesizes that financial liberalization has little effect on the financing constraints of large firms because they have better access to preferential directed credit in the period before liberalization.Financial liberalization also reduces imperfections in financial markets, especially the asymmetric information costs of firms’ financial leverage. Countries that liberalize their financial sectors tend to see dramatic improvements in political climate as well. Successful financial liberalization seems to require both the political will and the ability to stop the preferential treatment of well-connected, usually large, firms. This paper—a product of the Financial Sector Strategy and Policy Department—is part of a larger effort in the department to study the benefits and risks of financial liberalization. The author may be contacted at llaevenworldbank.org
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    The Credit Crunch in East Asia : What Can Bank Excess Liquid Assets Tell Us? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Agénor, Pierre-Richard The Credit Crunch in East Asia
    Keywords: Bank Cred Bank Lending ; Bank Loans ; Banks and Banking Reform ; Central Bank ; Commercial Banks ; Credit Rationing ; Currencies and Exchange Rates ; Debt Markets ; Demand For Cred Domestic Cred Finance ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Intermediation ; Financial Literacy ; Fiscal Policies ; Future ; Interest ; Interest Rates ; Law and Development ; Liquid Assets ; Liquidity ; Macroeconomics and Economic Growth ; Monetary Fund ; Private Sector Development ; Profits ; Reserves ; Risk Of Default ; Settlement of Investment Disputes ; Working Capital ; Bank Cred Bank Lending ; Bank Loans ; Banks and Banking Reform ; Central Bank ; Commercial Banks ; Credit Rationing ; Currencies and Exchange Rates ; Debt Markets ; Demand For Cred Domestic Cred Finance ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Intermediation ; Financial Literacy ; Fiscal Policies ; Future ; Interest ; Interest Rates ; Law and Development ; Liquid Assets ; Liquidity ; Macroeconomics and Economic Growth ; Monetary Fund ; Private Sector Development ; Profits ; Reserves ; Risk Of Default ; Settlement of Investment Disputes ; Working Capital
    Abstract: November 2000 - A two-step approach is used to assess the extent to which the credit crunch in East Asia was supply- or demand-driven. The results for Thailand suggest that the contraction in bank lending that accompanied the crisis was the result of supply factors. Agénor, Aizenman, and Hoffmaister propose a two-step approach for assessing the extent to which the fall in credit in crisis-stricken East Asian countries was a supply- or demand-induced phenomenon. The first step involves estimating a demand function for excess liquid assets held by commercial banks. The second step involves establishing dynamic projections for the periods after the crisis and assessing whether or not residuals are large enough to be viewed as indicators of an “involuntary” accumulation of excess reserves. The results for Thailand suggest that the contraction in bank lending that accompanied the crisis was the result of supply factors. Thai firms (presumably small and medium-size ones) faced binding constraints in getting access to credit markets after the crisis. This paper—a product of the Economic Policy and Poverty Reduction Division, World Bank Institute—is part of a larger effort in the institute to understand the macroeconomic effects of credit market imperfections. Pierre-Richard Agénor may be contacted at pagenorworldbank.org
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    Decentralization and Fiscal Management in Colombia (1999)
    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: Webb, B. Steven Decentralization and Fiscal Management in Colombia
    Keywords: Bank ; Banks and Banking Reform ; Budget ; Debt ; Debt Markets ; Decentralization ; Decentralization Process ; Deconcentration ; Deficits ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Decentralization ; Fiscal Deficits ; Interest ; Intergovernmental Relations ; Laws ; Local Governments ; Macroeconomic Stability ; Municipal Financial Management ; Municipalities ; Public Sector Economics and Finance ; Public and Municipal Finance ; Revenue ; Risk ; Subnational Governments ; Transfers ; Urban Development ; Urban Economics ; Value ; Bank ; Banks and Banking Reform ; Budget ; Debt ; Debt Markets ; Decentralization ; Decentralization Process ; Deconcentration ; Deficits ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Decentralization ; Fiscal Deficits ; Interest ; Intergovernmental Relations ; Laws ; Local Governments ; Macroeconomic Stability ; Municipal Financial Management ; Municipalities ; Public Sector Economics and Finance ; Public and Municipal Finance ; Revenue ; Risk ; Subnational Governments ; Transfers ; Urban Development ; Urban Economics ; Value
    Abstract: May 1999 - Institutional arrangements have helped Colombia manage the fiscal aspects of decentralization, despite the country's political problems. Colombia's political geography contrasts sharply with its economy. Physical characteristics and guerilla war fragment the country geographically, yet it has a long tradition of political centrism and macroeconomic stability. Recently, with political and economic decentralization, there has been some weakening of macroeconomic performance. Dillinger and Webb explore institutional arrangements that have helped Colombia manage the fiscal aspects of decentralization, despite the country's political problems. Fiscal decentralization proceeded rapidly in Colombia. Education, health, and much infrastructure provision have been decentralized to the departmentos and municipios. Decentralization has led to substantial but not overwhelming problems, both in maintaining fiscal balance nationally (as resources are transferred to subnational levels) and in preventing unsustainable deficits by the subnational governments. The problems have arisen because central government interference prevents departments from controlling their costs and because of expectations of debt bailouts. Both are legacies of the earlier pattern of management from the center, and some recent changes-especially about subnational debt-may improve matters. Colombia's traditional political process has had difficulty dealing with problems of decentralization because traditional parties are weak in internal organization and have lost de facto rule over substantial territories. The fiscal problems of subnational government have been contained, however, because subnational governments are relatively weak politically and the central government, for the time being, has been able to enforce restrictions on subnational borrowing. This paper-a product of the Poverty Reduction and Economic Management Sector Unit, Latin America and Caribbean Region-is part of a larger effort in the region to examine the macroeconomic consequences of decentralization. The authors may be contacted at wdillingerworldbank.org or swebb@worldbank.org
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    Do Depositors Punish Banks for Bad Behavior? : Market Discipline in Argentina, Chile, and Mexico (1999)
    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: Peria, Maria Do Depositors Punish Banks for Bad Behavior?
    Keywords: Bank ; Bank Deposits ; Bank Risk ; Banking ; Banking Crises ; Banking Sector ; Banks ; Banks and Banking Reform ; Debt Markets ; Deposit Insurance ; Deposit Insurance Schemes ; Deposits ; Finance and Financial Sector Development ; Financial Intermediation ; Financial Literacy ; Guarantees ; Industry ; Interest ; Interest Rates ; Loans ; Market Discipline ; Monetary Policies ; Moral Hazard ; Prudential Regulations ; Savings ; Bank ; Bank Deposits ; Bank Risk ; Banking ; Banking Crises ; Banking Sector ; Banks ; Banks and Banking Reform ; Debt Markets ; Deposit Insurance ; Deposit Insurance Schemes ; Deposits ; Finance and Financial Sector Development ; Financial Intermediation ; Financial Literacy ; Guarantees ; Industry ; Interest ; Interest Rates ; Loans ; Market Discipline ; Monetary Policies ; Moral Hazard ; Prudential Regulations ; Savings
    Abstract: February 1999 - A study of the banking industries of Argentina, Chile, and Mexico in the 1980s and 1990s finds that across countries and across deposit insurance schemes, market discipline exists even among small insured depositors - who punish risky banks by withdrawing their deposits. Bank fundamentals are at least as important as other factors affecting deposit behavior. Peria and Schmukler examine the banking industries of Argentina, Chile, and Mexico to see if market discipline existed there in the 1980s and 1990s. Using a set of bank panel data, they test for the presence of market discipline by studying whether depositors punish risky banks by withdrawing their deposits. They find that across countries and across deposit insurance schemes, market discipline exists even among small insured depositors-who punish risky banks by withdrawing their deposits. Standardized coefficients and variance decomposition of deposits indicate that bank fundamentals are at least as important as other factors affecting deposits. GMM estimates confirm that the results are robust to the potential endo-geneity of bank fundamentals. This paper-a joint product of Finance, Development Research Group and the Office of the Chief Economist, Latin America and Carribean Region-is part of a larger effort in the Bank to study banking issues affecting developing countries. The study was funded by the LAC Regional Studies Program and by the Bank's Research Support Budget under research project Deposit Insurance Design and Use (RPO 682-90). The authors may be contacted at mmartinezperiaworldbank.org or sschmukler@worldbank.org
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    How Did Highly Indebted Poor Countries Become Highly Indebted? : Reviewing Two Decades of Debt Relief (1999)
    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: Easterly, William How Did Highly Indebted Poor Countries Become Highly Indebted?
    Keywords: Amount Of Debt ; Banks and Banking Reform ; Commercial Banks ; Currencies and Exchange Rates ; Debt ; Debt Markets ; Debt Payment ; Debt Relief ; Debt Service ; Debt Servicing ; Debt-Service ; Default ; Discount ; Discount Rate ; Economic Theory and Research ; Emerging Markets ; External Debt ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Foreign Debt ; Foreign Loan ; Foreign Loans ; Forgiveness ; Good ; Indebted Countries ; International Economics & Trade ; Macroeconomics and Economic Growth ; Private Sector Development ; Productive Investments ; Strategic Debt Management ; Third World Debt ; Amount Of Debt ; Banks and Banking Reform ; Commercial Banks ; Currencies and Exchange Rates ; Debt ; Debt Markets ; Debt Payment ; Debt Relief ; Debt Service ; Debt Servicing ; Debt-Service ; Default ; Discount ; Discount Rate ; Economic Theory and Research ; Emerging Markets ; External Debt ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Foreign Debt ; Foreign Loan ; Foreign Loans ; Forgiveness ; Good ; Indebted Countries ; International Economics & Trade ; Macroeconomics and Economic Growth ; Private Sector Development ; Productive Investments ; Strategic Debt Management ; Third World Debt
    Abstract: November 1999 - Theoretical models predict that countries with unchanged long-run savings preferences will respond to debt relief by running up new debts or by running down assets. And there are some signs that incremental debt relief over the past two decades has fulfilled those predictions. Debt relief is futile for countries with unchanged long-run savings preferences. How did highly indebted poor countries become highly indebted after two decades of debt relief efforts? A set of theoretical models predict that countries with unchanged long-run savings preferences will respond to debt relief with a mixture of asset decumulation and new borrowing. A model also predicts that a high-discount-rate government will choose poor policies and impose its intertemporal preferences on the entire economy. Reviewing the experience of highly indebted poor countries, compared with that of other developing countries, Easterly finds direct and indirect evidence of asset decumulation and new borrowing associated with debt relief. The ratio of the net present value of debt to exports rose strongly over 1979-97 despite the debt relief efforts. Average policies in highly indebted poor countries were generally worse than those in other developing countries, controlling for income. The trend for terms of trade was no different in highly indebted poor countries than in other developing countries, not were wars more likely in highly indebted poor countries. Over time there has been an important shift in financing for highly indebted poor countries, away from private and bilateral nonconcessional sources to the International Development Association and other sources of multilateral concessional financing. But this implicit form of debt relief also failed to reduce debt in net present value terms. Although debt relief is done in the name of the poor, the poor are worse off if debt relief creates incentives to delay reforms needed for growth. This paper - a product of Macroeconomics and Growth, Development Research Group - is part of a larger effort in the group to study the effectiveness of aid for growth. The author may be contacted at weasterlyworldbank.org
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    Mutual Funds and Institutional Investments : What Is the Most Efficient Way to Set Up Individual Accounts in a Social Security System? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (65 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: James, Estelle Mutual Funds and Institutional Investments
    Keywords: Administrative Costs ; Bank ; Contribution ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Industry ; Financial Literacy ; Financial Markets ; Financial Sustainability ; Individual Accounts ; Investment ; Investment Companies ; Investment and Investment Climate ; Investments ; Macroeconomics and Economic Growth ; Money ; Money Market ; Mutual Fund ; Mutual Funds ; Populations ; Private Sector Development ; Research Assistance ; Retirement ; Retirement Benefits ; Saving ; Social Security ; Administrative Costs ; Bank ; Contribution ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Industry ; Financial Literacy ; Financial Markets ; Financial Sustainability ; Individual Accounts ; Investment ; Investment Companies ; Investment and Investment Climate ; Investments ; Macroeconomics and Economic Growth ; Money ; Money Market ; Mutual Fund ; Mutual Funds ; Populations ; Private Sector Development ; Research Assistance ; Retirement ; Retirement Benefits ; Saving ; Social Security
    Abstract: April 1999 - Among three options for constructing funded social security pillars, one system - individual accounts invested in the institutional market, with constrained choice among investment companies - appears to offer reduced administrative and marketing costs, significant worker choice, and more insulation from political interference than a single centralized fund or individual investments in the retail market would offer. One of the main criticisms of the defined-contribution, individual-account components of social security systems is that they are too expensive. James, Ferrier, Smalhout, and Vittas investigate the cost-effectiveness of three options for constructing funded social security pillars: ° Individual accounts invested in the retail market with relatively open choice. ° Individual accounts invested in the institutional market with constrained choice among investment companies. ° A centralized fund without individual accounts or differentiated investments across individuals. The authors asked several questions: What is the most cost-effective way to organize a system with mandatory individual accounts? How does the cost of an efficient individual account system compare with that of a single centralized fund? And are the cost differentials great enough to outweigh other important considerations? The authors concentrate on countries with well-functioning financial markets, such as the United States, but make comparative references to developing countries. Based on empirical evidence about U.S. mutual and institutional funds, the authors found that the retail market (option 1) allows individual investors to benefit from scale economies in asset management-but at the cost of the high marketing expenses needed to attract large pools of small investments. By contrast, a centralized fund (option 3) can be much cheaper because it achieves scale economies without high marketing costs. But it gives workers no choice and is subject to political manipulation and misallocation of capital. The system of constrained choice (option 2) is much cheaper than the retail option and only slightly more expensive than a single centralized fund. It allows scale economies in asset management and record-keeping while incurring low marketing costs and allowing significant worker choice. It is also more effectively insulated from political interference than a single centralized fund. The authors estimate that option 2 would cost only 0.14 percent-0.18 percent of assets annually. Such large administrative cost savings imply a Pareto improvement-so long as choice is not constrained too much. This paper-a product of Poverty and Human Resources and Finance, Development Research Group-was prepared for a National Bureau of Economic Research Conference on Social Security held on December 4, 1998. The authors may be contacted at ejames3worldbank.org or dvittas@worldbank.org
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    Developing Country Agriculture and the New Trade Agenda (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (31 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Hoekman, Bernard Developing Country Agriculture and the New Trade Agenda
    Keywords: Agribusiness ; Agricultural Production ; Agricultural Protection ; Agriculture ; Competition ; Debt Markets ; Economic Development ; Economic Theory and Research ; Economics ; Emerging Markets ; Environment ; Environmental ; Environmental Economics and Policies ; Environmental Regulations ; Finance and Financial Sector Development ; Free Trade ; Income ; International Economics & Trade ; Investment ; Labor Policies ; Law and Development ; Macroeconomics and Economic Growth ; Markets ; Policies ; Private Sector Development ; Public Sector Development ; Quotas ; Resources ; Rural Communities ; Social Protections and Labor ; Standards ; Subsidies ; Tariffs ; Taxation ; Trade ; Trade Law ; Trade Policy ; Welfare Gains ; World Trade Organization ; Agribusiness ; Agricultural Production ; Agricultural Protection ; Agriculture ; Competition ; Debt Markets ; Economic Development ; Economic Theory and Research ; Economics ; Emerging Markets ; Environment ; Environmental ; Environmental Economics and Policies ; Environmental Regulations ; Finance and Financial Sector Development ; Free Trade ; Income ; International Economics & Trade ; Investment ; Labor Policies ; Law and Development ; Macroeconomics and Economic Growth ; Markets ; Policies ; Private Sector Development ; Public Sector Development ; Quotas ; Resources ; Rural Communities ; Social Protections and Labor ; Standards ; Subsidies ; Tariffs ; Taxation ; Trade ; Trade Law ; Trade Policy ; Welfare Gains ; World Trade Organization
    Abstract: May 1999 - In the new round of World Trade Organization talks expected in late 1999, negotiations about access to agricultural and services markets should be given top priority, but new trade agenda issues should also be discussed. Including new trade agenda issues would increase market discipline's role in the allocation of resources in agriculture and would encourage nonagricultural groups with interests in the new issues to take part in the round, counterbalancing forces favoring agricultural protection. A new round of World Trade Organization negotiations on agriculture, services, and perhaps other issues is expected in late 1999. To what extent should those negotiations include new trade agenda items aimed at ensuring that domestic regulatory policies do not discriminate against foreign suppliers? Hoekman and Anderson argue that negotiations about market access should be given priority, as the potential welfare gains from liberalizing access to agricultural (and services) markets are still huge, but new issues should be included too. Including new trade agenda issues would increase the role of market discipline in the allocation of resources in agriculture and would encourage nonagricultural groups with interests in the new issues to take part in the round, counterbalancing forces in favor of agricultural protection. They also argue, however, that rule-making efforts to accommodate the new issues should be de-linked from negotiations about access to agricultural markets, because the issues affect activity in all sectors. This paper-a product of the Development Research Group-is part of a larger effort in the group to analyze options and priorities for developing countries in the run-up to a new round of WTO negotiations. Bernard Hoekman may be contacted at bhoekmanworldbank.org or kanderson@economics.adelaide.edu.au
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    Multilateral Disciplines for Investment-Related Policies (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (34 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Hoekman, Bernard Multilateral Disciplines for Investment-Related Policies
    Keywords: Costs ; Debt Markets ; Economic Theory and Research ; Economics ; Economy ; Emerging Markets ; Expectations ; Exports ; Finance and Financial Sector Development ; Foreign Direct Investment ; Free Trade ; Goods ; Incentives ; International Economics & Trade ; Investment ; Investment and Investment Climate ; Labor Policies ; Macroeconomics and Economic Growth ; Markets ; Multilateral Trade ; Non Bank Financial Institutions ; Payments ; Positive Externalities ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Risk Averse ; Social Protections and Labor ; Subsidy ; Trade Negotiations ; Trade and Regional Integration ; Transactions Costs ; Value ; Value Added ; WTO ; Welfare ; Costs ; Debt Markets ; Economic Theory and Research ; Economics ; Economy ; Emerging Markets ; Expectations ; Exports ; Finance and Financial Sector Development ; Foreign Direct Investment ; Free Trade ; Goods ; Incentives ; International Economics & Trade ; Investment ; Investment and Investment Climate ; Labor Policies ; Macroeconomics and Economic Growth ; Markets ; Multilateral Trade ; Non Bank Financial Institutions ; Payments ; Positive Externalities ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Risk Averse ; Social Protections and Labor ; Subsidy ; Trade Negotiations ; Trade and Regional Integration ; Transactions Costs ; Value ; Value Added ; WTO ; Welfare
    Abstract: June 1999 - Is there a strong case for developing countries to support the creation of a multilateral agreement on investment? Probably not. Existing agreements offer ample scope for liberalizing foreign direct investment in the area that matters most to developing countries: services. Hoekman and Saggi evaluate the potential benefits of international disciplines on policies toward foreign direct investment for developing countries. They conclude that the case for initiating negotiations on investment policies is weak, at present. Negotiating efforts that center on further liberalizing market access on a nondiscriminatory basis-especially for services-are likely to be more fruitful in terms of economic welfare and growth. Existing multilateral instruments, although imperfect, are far from fully exploited and provide significant opportunities for governments opening further access to markets. Hoekman and Saggi conclude that priority should be given to expanding coverage of the General Agreement on Trade in Services (GATS) before seeking to negotiate general disciplines on investment policies. This paper-a product of Trade, Development Research Group-is part of a larger effort in the group to prepare for the next round of WTO negotiations. The authors may be contacted at bhoekmanworldbank.org or ksaggi @mail.smu.edu
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    A New Database on Financial Development and Structure (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (67 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Levine, Ross A New Database on Financial Development and Structure
    Keywords: Bank ; Banks and Banking Reform ; Bond ; Bond Markets ; Commercial Banks ; Corporate Law ; Debt Markets ; Emerging Markets ; Equity ; Equity Markets ; Finance ; Finance and Financial Sector Development ; Financial Crises ; Financial Institutions ; Financial Intermediaries ; Financial Literacy ; Financial Sector ; Financial Systems ; Insurance ; Insurance Companies ; Law and Development ; Money ; Non Bank Financial Institutions ; Ownership ; Pension ; Pension Funds ; Private Sector Development ; Stock ; Stock Market ; Bank ; Banks and Banking Reform ; Bond ; Bond Markets ; Commercial Banks ; Corporate Law ; Debt Markets ; Emerging Markets ; Equity ; Equity Markets ; Finance ; Finance and Financial Sector Development ; Financial Crises ; Financial Institutions ; Financial Intermediaries ; Financial Literacy ; Financial Sector ; Financial Systems ; Insurance ; Insurance Companies ; Law and Development ; Money ; Non Bank Financial Institutions ; Ownership ; Pension ; Pension Funds ; Private Sector Development ; Stock ; Stock Market
    Abstract: July 1999 - This new database of indicators of financial development and structure across countries and over time unites a range of indicators that measure the size, activity, and efficiency of financial intermediaries and markets. Beck, Demirgüç-Kunt, and Levine introduce a new database of indicators of financial development and structure across countries and over time. This database is unique in that it unites a variety of indicators that measure the size, activity, and efficiency of financial intermediaries and markets. It improves on previous efforts by presenting data on the public share of commercial banks, by introducing indicators of the size and activity of nonbank financial institutions, and by presenting measures of the size of bond and primary equity markets. The compiled data permit the construction of financial structure indicators to measure whether, for example, a country's banks are larger, more active, and more efficient than its stock markets. These indicators can then be used to investigate the empirical link between the legal, regulatory, and policy environment and indicators of financial structure. They can also be used to analyze the implications of financial structure for economic growth. Beck, Demirgüç-Kunt, and Levine describe the sources and construction of, and the intuition behind, different indicators and present descriptive statistics. This paper - a product of Finance, Development Research Group - is part of a broader effort in the group to understand the determinants of financial structure and its importance to economic development. The authors may be contacted at tbeckworldbank.org, ademirguckunt@worldbank.org, or rlevine@csom.umn.edu
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    Sources of Ethnic Inequality in Vietnam (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Walle, devan Dominique Sources of Ethnic Inequality in Vietnam
    Keywords: Agricultural Knowledge and Information Systems ; Agriculture ; Basic Infrastructure ; Cash Crops ; Communities & Human Settlements ; Debt Markets ; Development Policies ; Disability ; Discrimination ; Ethnic Groups ; Finance and Financial Sector Development ; Financial Literacy ; Health Care ; Health, Nutrition and Population ; Housing and Human Habitats ; Ill-Health ; Income Inequality ; Indigenous Practices ; Knowledge ; Land Tenure ; Large Population ; Living Standards ; Minority ; Policies ; Policy ; Population Policies ; Poverty ; Poverty Reduction ; Public Services ; Rural Areas ; Rural Development ; Rural Development ; Rural Development Knowledge and Information Systems ; Rural Poverty Reduction ; Social Protections and Labor ; Urban Development ; Urban Housing ; Agricultural Knowledge and Information Systems ; Agriculture ; Basic Infrastructure ; Cash Crops ; Communities & Human Settlements ; Debt Markets ; Development Policies ; Disability ; Discrimination ; Ethnic Groups ; Finance and Financial Sector Development ; Financial Literacy ; Health Care ; Health, Nutrition and Population ; Housing and Human Habitats ; Ill-Health ; Income Inequality ; Indigenous Practices ; Knowledge ; Land Tenure ; Large Population ; Living Standards ; Minority ; Policies ; Policy ; Population Policies ; Poverty ; Poverty Reduction ; Public Services ; Rural Areas ; Rural Development ; Rural Development ; Rural Development Knowledge and Information Systems ; Rural Poverty Reduction ; Social Protections and Labor ; Urban Development ; Urban Housing
    Abstract: March 2000 - To redress ethnic inequality in Vietnam, it is not enough to target poor areas. Policies must be designed to reach minority households in poor areas, to open up options by ensuring that minority groups are not disadvantaged (in labor markets, for example), to change the conditions that have caused their isolation and social exclusion, and to explicitly recognize behavior patterns (including compensating behavior) that have served the minorities well but intensify ethnic inequalities in the longer term. Vietnam's ethnic minorities, who tend to live mostly in remote rural areas, typically have lower living standards than the ethnic majority. How much is this because of differences in economic characteristics (such as education levels and land) rather than low returns to characteristics? Is there a self-reinforcing culture of poverty in the minority groups, reflecting patterns of past discrimination? Van de Walle and Gunewardena find that differences in levels of living are due in part to the fact that the minorities live in less productive areas characterized by difficult terrain, poor infrastructure, less access to off-farm work and the market economy, and inferior access to education. Geographic disparities tend to persist because of immobility and regional differences in living standards. But the authors also find large differences within geographical areas even after controlling for household characteristics. They find differences in returns to productive characteristics to be the most important explanation for ethnic inequality. But the minorities do not obtain lower returns to all characteristics. There is evidence of compensating behavior. For example, pure returns to location - even in remote, inhospitable areas - tend to be higher for minorities, though not high enough to overcome the large consumption difference with the majority. The majority ethnic group's model of income generation is a poor guide on how to fight poverty among ethnic minority groups. Nor is it enough to target poor areas to redress ethnic inequality. Policies must be designed to reach minority households in poor areas and to explicitly recognize behavior patterns (including compensating behavior) that have served the minorities well in the short term but intensify ethnic inequalities in the longer term. It will be important to open up options for minority groups both by ensuring that they are not disadvantaged (in labor markets, for example), and by changing the conditions that have caused their isolation and social exclusion. This paper - a product of Public Economics and Rural Development, Development Research Group - is part of a larger effort in the group to understand the determinants of poverty and the policy implications. Dominique van de Walle may be contacted at dvandewalleworldbank.org
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    Disinflation and the Supply Side (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Pizzati, Lodovico Disinflation and the Supply Side
    Keywords: Aggregate Demand ; Assets ; Capital ; Capital Markets ; Consumption ; Currencies and Exchange Rates ; Debt Markets ; Devaluation ; Economic Theory and Research ; Elasticity ; Elasticity Of Substitution ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Literacy ; Goods ; Interest ; Investment ; Macroeconomics and Economic Growth ; Money ; Open Economy ; Private Sector Development ; Production ; Recession ; Stock ; Supply ; Wages ; Wealth ; Aggregate Demand ; Assets ; Capital ; Capital Markets ; Consumption ; Currencies and Exchange Rates ; Debt Markets ; Devaluation ; Economic Theory and Research ; Elasticity ; Elasticity Of Substitution ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Literacy ; Goods ; Interest ; Investment ; Macroeconomics and Economic Growth ; Money ; Open Economy ; Private Sector Development ; Production ; Recession ; Stock ; Supply ; Wages ; Wealth
    Abstract: March 2000 - What role do supply-side factors play in the dynamics of output and absorption in exchange rate-based stabilization programs? Agénor and Pizzati study the dynamics of output, consumption, and real wages induced by a disinflation program based on permanent and temporary reductions in the nominal devaluation rate. They use an intertemporal optimizing model of a small open economy in which domestic households face imperfect world capital markets, the labor supply is endogenous, and wages are flexible. The model predicts that, with a constant capital stock and no investment, there is an initial reduction in real wages and output expands. Consumption falls on impact but increases afterward. In addition, with a temporary shock, a current account deficit emerges and, later, a recession sets in, as documented in various studies. With endogenous capital accumulation, numerical simulations show that the model can also predict a boom in investment. This paper is a product of the Economic Policy and Poverty Reduction Division, World Bank Institute. The authors may be contacted at pagenorworldbank.org and lpizzati@worldbank.org
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    How Small Should an Economy's Fiscal Deficit Be? : A Monetary Programming Approach (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Beckerman, Paul How Small Should an Economy's Fiscal Deficit Be?
    Keywords: Bank Assets ; Banks and Banking Reform ; Central Bank ; Currencies and Exchange Rates ; Debt Markets ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; Exchange Rate ; External Debt ; Finance ; Finance and Financial Sector Development ; Financial System ; Fiscal Defic Future ; Government Borrowing ; Government Defic Inflation ; Instruments ; Interest ; Interest Rates ; Levy ; Liabilities ; Macroeconomics and Economic Growth ; Private Sector Development ; Prof Reserve ; Public Sector Corruption and Anticorruption Measures ; Stocks ; Bank Assets ; Banks and Banking Reform ; Central Bank ; Currencies and Exchange Rates ; Debt Markets ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; Exchange Rate ; External Debt ; Finance ; Finance and Financial Sector Development ; Financial System ; Fiscal Defic Future ; Government Borrowing ; Government Defic Inflation ; Instruments ; Interest ; Interest Rates ; Levy ; Liabilities ; Macroeconomics and Economic Growth ; Private Sector Development ; Prof Reserve ; Public Sector Corruption and Anticorruption Measures ; Stocks
    Abstract: March 2000 - A spreadsheet planning model to help determine the government deficit consistent with a specified vector of country macroeconomic objectives. Beckerman describes a spreadsheet planning model to help determine the government deficit consistent with a policymaker's vector of principal macroeconomic objectives (including real GDP growth, inflation, exchange rate, and international reserve accumulation). The model focuses on the monetary accounts, applying balance-of-payments forecasts formulated separately but based on the same macroeconomic objectives. The model is a consistency exercise, intended as part of a broader consistency exercise for a given macroeconomy. It offers one more perspective on the question of how large a government deficit should be - a perspective that can be used in conjunction with others. For each forecast period, the model determines consistent period-end and period-average stocks for the economy's outstanding central bank assets and liabilities and government obligations. It applies forecasting assumptions about interest rates to forecast central bank profit-and-loss flows, and takes account of these in determining the overall flow of resources that would be available to finance the government deficit. An annex describes a (purely illustrative) simulation carried out during 1999 for Ecuador. This paper - a product of the Poverty Reduction and Economic Management Sector Unit, Latin America and the Caribbean Region - is part of a larger effort in the region to strengthen the tools for macroeconomic policy analysis and planning in the region's economies. The author may be contacted at pbeckermanworldbank.org
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    Universal Service Obligations in Utility Concession Contracts and the Needs of the Poor in Argentina's Privatizations (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Estache, Antonio Universal Service Obligations in Utility Concession Contracts and the Needs of the Poor in Argentina's Privatizations
    Keywords: Bank ; Communities & Human Settlements ; Consumer ; Consumers ; Customers ; Debt Markets ; Demand ; Disabilities ; E-Business ; Economic Theory and Research ; Emerging Markets ; Energy ; Energy Production and Transportation ; Expenses ; Finance and Financial Sector Development ; Financial Literacy ; Housing and Human Habitats ; Income ; Income Level ; Industry ; Investment ; Lack Of Interest ; Macroeconomics and Economic Growth ; Markets and Market Access ; Pensioners ; Population ; Private Sector Development ; Profits ; Public Sector Economics and Finance ; Savings ; Subsidies ; Supply ; Technology Industry ; Valuable ; Valuation ; Worth ; Bank ; Communities & Human Settlements ; Consumer ; Consumers ; Customers ; Debt Markets ; Demand ; Disabilities ; E-Business ; Economic Theory and Research ; Emerging Markets ; Energy ; Energy Production and Transportation ; Expenses ; Finance and Financial Sector Development ; Financial Literacy ; Housing and Human Habitats ; Income ; Income Level ; Industry ; Investment ; Lack Of Interest ; Macroeconomics and Economic Growth ; Markets and Market Access ; Pensioners ; Population ; Private Sector Development ; Profits ; Public Sector Economics and Finance ; Savings ; Subsidies ; Supply ; Technology Industry ; Valuable ; Valuation ; Worth
    Abstract: The structural changes that come with privatization may induce a reconsideration of the regulations defined during the early stages of privatization. - Chisari and Estache summarize the main lessons emerging from Argentina's experience, including universal service obligations in concession contracts. They discuss free-riding risks, moral hazard problems, and other issues that arise when social concerns are delegated to private operators. After reporting on Argentina's experience, Chisari and Estache suggest some guidelines: · Anticipate interjurisdictional externalities. Users' mobility makes targeting service obligations difficult. · Minimize the risks imposed by elusive demand. In providing new services, a gradual policy may work better than a shock. · Realize that unemployment leads to delinquency and lower expected tariffs. Elasticity of fixed and usage charges is important. · Deal with the fact that the poor have limited access to credit. Ultimately, plans that included credit for the payment of infrastructure charges were not that successful. · Coordinate regulatory, employment, and social policy. One successful plan to provide universal service involved employing workers from poor families in infrastructure extension works. · Beware of the latent opportunism of users who benefit from special programs. Special treatment of a sector may encourage free-riding (for example, pensioners overused the telephone until a limit was placed on the number of subsidized phone calls they could make). · Fixed allocations for payment of services do not ensure that universal service obligations will be met. How do you deal with the problem that many pensioners do not pay their bills? · Anticipate that operators will have more information than regulators do. If companies exaggerate supply costs in remote areas, direct interaction with poor users there may lead to the selection of more cost-effective technologies. · Tailored programs are often much more effective than standardized programs. They are clearly more expensive but, when demand-driven, are also more effective. This paper - a product of Governance, Regulation, and Finance, World Bank Institute - is part of a larger effort in the institute to increase understanding of infrastructure regulation. The authors may be contacted at ochisariuade.edu or aestache@worldbank.org
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    Market Access Bargaining in the Uruguay Round : Rigid or Relaxed Reciprocity? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (30 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Finger, Michael J Market Access Bargaining in the Uruguay Round
    Keywords: Concessions ; Debt Markets ; Domestic Market ; Duty Reduction ; Export Industries ; Exports ; Finance and Financial Sector Development ; Foreign Markets ; Free Trade ; International Economics & Trade ; International Trade ; International Trade and Trade Rules ; Market Access ; Market Access Bargaining ; Public Sector Development ; Reciprocal Concessions ; Reciprocal Reduction ; Reciprocity ; Tariff ; Tariff Concessions ; Tariffs ; Trade Liberalization ; Trade Negotiations ; Trade Policy ; Trade Restrictions ; Unilateral Free Trade ; Unilateral Liberalization ; Concessions ; Debt Markets ; Domestic Market ; Duty Reduction ; Export Industries ; Exports ; Finance and Financial Sector Development ; Foreign Markets ; Free Trade ; International Economics & Trade ; International Trade ; International Trade and Trade Rules ; Market Access ; Market Access Bargaining ; Public Sector Development ; Reciprocal Concessions ; Reciprocal Reduction ; Reciprocity ; Tariff ; Tariff Concessions ; Tariffs ; Trade Liberalization ; Trade Negotiations ; Trade Policy ; Trade Restrictions ; Unilateral Free Trade ; Unilateral Liberalization
    Abstract: December 1999 - The Uruguay Round tariff negotiations did not achieve a country-by-country balancing of concessions given and concessions received. How governments bargained was determined less by their national interests than by the interests of their politically important industrial constituencies. How tightly are trade negotiators held to winning a dollar of concession for each dollar of concession granted? The outcome of the Uruguay Round tariff negotiations suggests that such constraints were not tight. None of the delegations interviewed by Finger, Reincke, and Castro had tried to calculate for themselves the extent of concessions received. And the surplus or deficit of concessions received (over concessions given) varied widely among countries. Measuring the percentage point dollar of concessions given and received (a percentage point dollar being a reduction of the tariff by one percentage point on
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    How Inadequate Provision of Public Infrastructure and Services Affects Private Investment (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Reinikka, Ritva How Inadequate Provision of Public Infrastructure and Services Affects Private Investment
    Keywords: Bottlenecks ; Capital Stock ; Debt Markets ; Emerging Markets ; Employment ; Equipment ; Finance ; Finance and Financial Sector Development ; IRU ; Infrastructure ; Interest ; Interest Rates ; International Economics & Trade ; Investment ; Investment Rate ; Investment Rates ; Investment and Investment Climate ; Labor Policies ; M1 ; Macroeconomics and Economic Growth ; Non Bank Financial Institutions ; Prices ; Private Sector Development ; Prof Standard Errors ; Roads and Highways ; Social Protections and Labor ; Statistics ; Tax ; Taxes ; Trade and Regional Integration ; Transport ; Vdu ; Bottlenecks ; Capital Stock ; Debt Markets ; Emerging Markets ; Employment ; Equipment ; Finance ; Finance and Financial Sector Development ; IRU ; Infrastructure ; Interest ; Interest Rates ; International Economics & Trade ; Investment ; Investment Rate ; Investment Rates ; Investment and Investment Climate ; Labor Policies ; M1 ; Macroeconomics and Economic Growth ; Non Bank Financial Institutions ; Prices ; Private Sector Development ; Prof Standard Errors ; Roads and Highways ; Social Protections and Labor ; Statistics ; Tax ; Taxes ; Trade and Regional Integration ; Transport ; Vdu
    Abstract: Evidence from Uganda shows that poor public provision of infrastructure services - proxied by an unreliable and inadequate power supply - significantly reduces productive private investment. - Lack of private investment is a serious policy problem in many developing countries, especially in Africa. Despite recent structural reform and stabilization, the investment response to date has been mixed, even among the strongest reformers. The role of poor infrastructure and deficient public services has received little attention in the economic literature, where the effect of public spending and investment on growth is shown to be at best ambiguous. Reinikka and Svensson use unique microeconomic evidence to show the effects of poor infrastructure services on private investment in Uganda. They find that poor public capital, proxied by an unreliable and inadequate power supply, significantly reduces productive private investment. Firms can substitute for inadequate provision of public capital by investing in it themselves. This comes at a cost, however: the installation of less productive capital. These results have clear policy implications. Although macroeconomic reforms and stabilization are necessary conditions for sustained growth and private investment, without an accompanying improvement in the public sector's performance, the private supply response to macroeconomic policy reform is likely to remain limited. This paper - a product of Public Economics and Macroeconomics and Growth, Development Research Group - is part of a larger effort in the group to study public service delivery and economic growth. The authors may be contacted at rreinikkaworldbank.org or jsvensson@worldbank.org
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    Predicting Currency Fluctuations and Crises : Do Resident Firms Have an Informational Advantage? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (40 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Schmukler, Sergio Predicting Currency Fluctuations and Crises
    Keywords: Asymmetric Information ; Balance Of Payments ; Balance Of Payments Crises ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Devaluation ; E-Business ; Emerging Markets ; Exchange ; Exchange Rate ; Finance and Financial Sector Development ; Financial Crises ; Financial Literacy ; Financial Markets ; Future ; Interest ; Interest Rate ; Interest Rate Differentials ; International Cred International Financial Markets ; Investors ; Local Business ; Local Investors ; Mutual Funds ; Private Sector Development ; Sovereign Debt ; Asymmetric Information ; Balance Of Payments ; Balance Of Payments Crises ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Devaluation ; E-Business ; Emerging Markets ; Exchange ; Exchange Rate ; Finance and Financial Sector Development ; Financial Crises ; Financial Literacy ; Financial Markets ; Future ; Interest ; Interest Rate ; Interest Rate Differentials ; International Cred International Financial Markets ; Investors ; Local Business ; Local Investors ; Mutual Funds ; Private Sector Development ; Sovereign Debt
    Abstract: December 1999 - Markets have had limited success predicting crises and might do better by drawing on private information available to resident enterprise managers, who seem to know better than markets about future movements in exchange rates. Kaufmann, Mehrez, and Schmukler investigate whether resident enterprise managers have an informational advantage about the countries in which they work. They propose a method for extracting information available to resident managers but unknown to investors and forecasters. They test their hypothesis of informational advantage using a unique data set, the Global Competitiveness Survey. The survey asks local managers about their outlook for the country in which they reside. They find that local managers do have useful private information. Local managers' responses improve on conventional forecasts of future volatility and changes in the exchange rate, which are based on economic fundamentals or interest rate differentials. They find that the local business community perceived in advance the recent crises in the Republic of Korea, Russia, and Thailand, but not those in Indonesia and Malaysia. Markets have had limited success predicting crises and might do better by drawing on private information available to resident enterprise managers, who seem to know better than markets about future movements in exchange rates. This paper - a product of Governance, Regulation, and Finance, World Bank Institute - is part of a larger effort in the institute to understand the roles of transparency and governance. The authors may be contacted at dkaufmannworldbank.org, mehrezg@gunet.georgetown.edu, or sschmukler@worldbank.org
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    Surveying Surveys and Questioning Questions : Learning from World Bank Experience (1999)
    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: Xu, Lixin Surveying Surveys and Questioning Questions
    Keywords: Accounting ; Bankruptcy ; Banks and Banking Reform ; Capital Stock ; Corporate Governance ; Debt Markets ; Developing Countries ; E-Business ; Economic Theory and Research ; Emerging Markets ; Entry Barriers ; Finance and Financial Sector Development ; Financial Literacy ; Firm Performance ; Future ; Goods ; Human Capital ; ICT Policy and Strategies ; Information and Communication Technologies ; Investment ; Labor Policies ; Macroeconomics and Economic Growth ; Market ; Market Environment ; Market Structure ; Micro Data ; Microfinance ; Political Economy ; Private Sector Development ; Share ; Social Protections and Labor ; Stock ; Transaction ; Transition Countries ; Transition Economies ; Accounting ; Bankruptcy ; Banks and Banking Reform ; Capital Stock ; Corporate Governance ; Debt Markets ; Developing Countries ; E-Business ; Economic Theory and Research ; Emerging Markets ; Entry Barriers ; Finance and Financial Sector Development ; Financial Literacy ; Firm Performance ; Future ; Goods ; Human Capital ; ICT Policy and Strategies ; Information and Communication Technologies ; Investment ; Labor Policies ; Macroeconomics and Economic Growth ; Market ; Market Environment ; Market Structure ; Micro Data ; Microfinance ; Political Economy ; Private Sector Development ; Share ; Social Protections and Labor ; Stock ; Transaction ; Transition Countries ; Transition Economies
    Abstract: March 2000 - How to make firm-level surveys more consistent, yielding data more relevant to policy analysis. The World Bank has increasingly focused on firm-level surveys to build the data foundation needed for accurate policy analysis in developing and transition economies. Recanatini, Wallsten, and Xu take stock of some recent Bank surveys and discuss how to improve their results. Lessons on data issues and hypothesis testing: · Use panel data, if possible. · Have enough information about productivity to estimate a production function. · Avoid the paradigm of list the severity of the obstacle/problem on a scale of 1 to 5. Instead, ask for data on specific dimensions of the problem that will shed light on alternative hypotheses and policy recommendations. · Pick particular disaggregated industries and sample those industries in each survey. · Identify the most important policy interventions of interest and consider how you will empirically identify specific changes by picking instruments useful for doing so. Lessons on questionnaire design: · Incorporate only one idea or dimension in each question. Do not ask, in one question, about the quality, integrity, and efficiency of services, for example. · Consider the costs and benefits of numeric scales compared with adjectival scales. Scales in which each point is labeled may be more precise than numeric scales in which only the endpoints are labeled. But responses are very sensitive to the exact adjective chosen and it may be impossible to translate adjectives precisely across languages, making it impossible to compare responses across countries. · Recognize that the share of respondents expressing opinions will be biased upward if the survey does not include a middle (indifferent or don't know) category and downward if it does include the middle category. · When asking degree-of-concern and how-great-an-obstacle questions, consider first asking a filter question (such as Do you believe this regulation is an obstacle or not?). If the answer is yes, then ask how severe the obstacle is. · Be aware of the effects of context. The act of asking questions can affect the answers given on subsequent, related questions. · Think carefully about how to ask sensitive questions. Consider using a self-administered module for sensitive questions. Alternatively, a randomized response mechanism may be a useful, truth-revealing mechanism. This paper - a product of Regulation and Competition Policy, Development Research Group - is part of a larger effort in the group to develop consistent cross-country firm level surveys. The authors may be contacted at frecanatiniworldbank.org, wallsten@leland.stanford.edu, or lxu1@worldbank.org
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    The Buenos Aires Water Concession (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (72 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Alcázar, Lorena The Buenos Aires Water Concession
    Keywords: Debt Markets ; Decision Making ; Economics ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Financial Literacy ; Incentives ; Income ; Industry ; Information ; Information Asymmetries ; Infrastructure Economics ; Infrastructure Economics and Finance ; Interest ; Investment ; Marginal Cost ; Outcomes ; Perverse Incentives ; Prices ; Private Sector Development ; Productivity ; Regulation ; Revenues ; Supply ; Taking ; Tariffs ; Town Water Supply and Sanitation ; Urban Water Supply and Sanitation ; Water ; Water Conservation ; Water Resources ; Water Supply and Sanitation ; Water Supply and Sanitation Governance and Institutions ; Water and Industry ; Welfare Effects ; Debt Markets ; Decision Making ; Economics ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Financial Literacy ; Incentives ; Income ; Industry ; Information ; Information Asymmetries ; Infrastructure Economics ; Infrastructure Economics and Finance ; Interest ; Investment ; Marginal Cost ; Outcomes ; Perverse Incentives ; Prices ; Private Sector Development ; Productivity ; Regulation ; Revenues ; Supply ; Taking ; Tariffs ; Town Water Supply and Sanitation ; Urban Water Supply and Sanitation ; Water ; Water Conservation ; Water Resources ; Water Supply and Sanitation ; Water Supply and Sanitation Governance and Institutions ; Water and Industry ; Welfare Effects
    Abstract: April 2000 - Transparent, rule-based decisionmaking is important to maintaining public trust in regulated infrastructure. The Buenos Aires water and sanitation concession led to remarkable improvements in delivery and coverage of services and to lower prices for consumers. But a poor information base, lack of transparency in regulatory decisions, and the ad hoc nature of executive branch interventions make it difficult to reassure consumers that their welfare is being protected and that the concession is sustainable. The signing of a concession contract for the Buenos Aires water and sanitation system in December 1992 attracted worldwide attention and caused considerable controversy in Argentina. It was one of the world's largest concessions, but the case was also interesting for other reasons. The concession was implemented rapidly, in contrast with slow implementation of privatization in Santiago, for example. And reform generated major improvements in the sector, including wider coverage, better service, more efficient company operations, and reduced waste. Moreover, the winning bid brought an immediate 26.9 percent reduction in water system tariffs. Consumers benefited from the system's expansion and from the immediate drop in real prices, which was only partly reversed by subsequent changes in tariffs and access charges. And these improvements would probably not have occurred under public administration of the system. Still, as Alcázar, Abdala, and Shirley show, information asymmetries, perverse incentives, and weak regulatory institutions could threaten the concession's sustainability. Opportunities for the company to act opportunistically - and the regulator, arbitrarily - exist because of politicized regulation, a poor information base, serious flaws in the concession contract, a lumpy and ad hoc tariff system, and a general lack of transparency in the regulatory process. Because of these circumstances, public confidence in the process has eroded. The Buenos Aires concession shows how important transparent, rule-based decisionmaking is to maintaining public trust in regulated infrastructure. This paper - a product of Regulation and Competition Policy, Development Research Group - is part of a larger effort in the group to analyze institutional issues in regulated infrastructure. The study was funded by the Bank's Research Support Budget under the research project Institutions, Politics, and Contracts: Private Sector Participation in Urban Water Supply (RPO 681-87). Mary Shirley may be contacted at mshirleyworldbank.org
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    Globalization and Firms' Financing Choices : Evidence from Emerging Economies (1999)
    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: Schmukler, Sergio Globalization and Firms' Financing Choices
    Keywords: Banks and Banking Reform ; Bond ; Bond Markets ; Debt ; Debt Markets ; Debt Maturity ; Debt-Equity ; Economic Development ; Emerging Economies ; Emerging Markets ; Emerging Markets ; Equity ; Finance and Financial Sector Development ; Financial Liberalization ; Financial Markets ; Financial Structure ; Financial Systems ; Globalization ; International Bond ; International Financial Markets ; International Markets ; Maturity Structure ; Private Sector Development ; Share ; World Financial Markets ; Banks and Banking Reform ; Bond ; Bond Markets ; Debt ; Debt Markets ; Debt Maturity ; Debt-Equity ; Economic Development ; Emerging Economies ; Emerging Markets ; Emerging Markets ; Equity ; Finance and Financial Sector Development ; Financial Liberalization ; Financial Markets ; Financial Structure ; Financial Systems ; Globalization ; International Bond ; International Financial Markets ; International Markets ; Maturity Structure ; Private Sector Development ; Share ; World Financial Markets
    Abstract: April 2000 - Debt-equity ratios do not tend to increase after financial liberalization, but there is a shift from long-term to short-term debt. Globalization has uneven effects for firms with and without access to international capital markets. Countries with deeper domestic financial markets are less affected by financial liberalization. Schmukler and Vesperoni investigate whether integration with global markets affects the financing choices of firms from East Asia and Latin America. Using firm-level data for the 1980s and 1990s, they study how leverage ratios, the structure of debt maturity, and sources of financing change when economies are liberalized and when firms gain access to international equity and bond markets. The evidence shows that integration with world financial markets has uneven effects. On the one hand, debt maturity for the average firm shortens when countries undertake financial liberalization. On the other hand, domestic firms that actually participate in international markets get better financing opportunities and extend their debt maturity. Moreover, firms in economies with deeper domestic financial systems are affected less by financial liberalization. Finally, they show that leverage ratios increase during times of crisis. In an appendix, they analyze the previously unstudied case of Argentina, which experienced sharp financial liberalization and was hit hard by all recent global crises. This paper - a product of Macroeconomics and Growth, Development Reseach Group - is part of a larger effort in the group to understand financial development and financial integration. The authors may be contacted at sschmuklerworldbank.org or vesperon@wam.umd.edu
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    How the Republic of Korea's Financial Structure Affects the Volatility of Four Asset Prices (1999)
    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: Min, G. Hong How the Republic of Korea's Financial Structure Affects the Volatility of Four Asset Prices
    Keywords: Asset Prices ; Banking Sector ; Banks and Banking Reform ; Capital Flows ; Currencies and Exchange Rates ; Currency ; Currency Crises ; Debt Markets ; Emerging Markets ; Exchange ; Exchange Rate ; Finance ; Finance and Financial Sector Development ; Financial Crisis ; Financial Institutions ; Financial Literacy ; Financial Structure ; Financial System ; Government Bond ; Government Bond Yield ; Macroeconomics and Economic Growth ; Market ; Markets and Market Access ; Monetary Authority ; Monetary Policies ; Money Market ; Money Market Rate ; Private Sector Development ; Stock ; Asset Prices ; Banking Sector ; Banks and Banking Reform ; Capital Flows ; Currencies and Exchange Rates ; Currency ; Currency Crises ; Debt Markets ; Emerging Markets ; Exchange ; Exchange Rate ; Finance ; Finance and Financial Sector Development ; Financial Crisis ; Financial Institutions ; Financial Literacy ; Financial Structure ; Financial System ; Government Bond ; Government Bond Yield ; Macroeconomics and Economic Growth ; Market ; Markets and Market Access ; Monetary Authority ; Monetary Policies ; Money Market ; Money Market Rate ; Private Sector Development ; Stock
    Abstract: April 2000 - How Korea's financial structure affects the volatility of Korea's real effective exchange rate, money market rate, government bond yields, and stock prices. Min and Park explore how Korea's financial structure affects the volatility of asset prices. Documented empirical evidence of the relationship between financial structure and financial crisis sheds light on the relationship between asset price volatility - extreme variations in prices - and financial structure. And the volatility of financial and nonfinancial asset prices provides an indirect link between an economy's financial structure and the likelihood of financial crisis. Using time-series data and a set of indicators measuring financial structure, Min and Park examine how Korea's financial structure affects the volatility of the real effective exchange rate, the money market rate, government bond yields, and stock prices. They find: · There is a stable long-term relationship between financial structure and volatility in the real effective exchange rate, the money market rate, stock prices, and the yield on government housing bonds. · Financial structure affects asset price variables asymmetrically. Some variables' volatility increases and others' diminish, suggesting that monetary policies should target different asset markets to achieve different goals. If the goal of the monetary authority is to stabilize the money market rate, for example, intervening in the banking sector is more efficient than intervening in other financial subsectors. · The higher volatility of stock prices reflects the thin stock market in Korea. · The stability of the yield on government housing bonds reflects the Korean government's policy of stabilizing the nation's housing supply by isolating the housing market from the impact of Korea's financial structure. · Restrictions on foreigners' ownership of domestic stock in Korea during the period analyzed, and the fact that most capital flows through commercial banks, affect the exchange rate, which is determined (at least in the short run) by capital flows in the foreign exchange market. This paper - a product of the Macroeconomic Data Team, Development Data Group - is part of a larger effort in the group to understand the financial structure of developing countries based on empirical data. The authors may be contacted at hmin56aol.com or jpark@worldbank.org
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    Improving Russia's Policy on Foreign Direct Investment (1999)
    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: Drebentsov, Vladimir Improving Russia's Policy on Foreign Direct Investment
    Keywords: Barriers ; Corporate Governance ; Debt Markets ; Developing Countries ; Domestic Market ; Economic Theory and Research ; Emerging Economies ; Emerging Markets ; Enforcement ; Finance and Financial Sector Development ; Financial Literacy ; Foreign Direct Investment ; Foreign Direct Investment ; Foreign Investment ; Foreign Investor ; Foreign Investors ; Global Market ; International Economics & Trade ; Investment and Investment Climate ; Investor ; Labor Policies ; Law and Development ; Macroeconomics and Economic Growth ; Natural Resources ; Outputs ; Price ; Private Sector Development ; Property Rights ; Public Sector Corruption and Anticorruption Measures ; Social Protections and Labor ; Tax ; Technology Transfers ; Trade ; Trade Law ; Trade and Regional Integration ; Transition Countries ; Barriers ; Corporate Governance ; Debt Markets ; Developing Countries ; Domestic Market ; Economic Theory and Research ; Emerging Economies ; Emerging Markets ; Enforcement ; Finance and Financial Sector Development ; Financial Literacy ; Foreign Direct Investment ; Foreign Direct Investment ; Foreign Investment ; Foreign Investor ; Foreign Investors ; Global Market ; International Economics & Trade ; Investment and Investment Climate ; Investor ; Labor Policies ; Law and Development ; Macroeconomics and Economic Growth ; Natural Resources ; Outputs ; Price ; Private Sector Development ; Property Rights ; Public Sector Corruption and Anticorruption Measures ; Social Protections and Labor ; Tax ; Technology Transfers ; Trade ; Trade Law ; Trade and Regional Integration ; Transition Countries
    Abstract: May 2000 - Russia gets relatively little foreign direct investment and almost none of the newer, more efficient kind, involving state-of-the-art technology and world-class competitive production linked to dynamic global or regional markets. Why? And what should be done about it? Foreign direct investment brings host countries capital, productive facilities, and technology transfers as well as employment, new job skills, and management expertise. It is important to the Russian Federation, where incentives for competition are limited and incentives to becoming efficient are blunted by interregional barriers to trade, weak creditor rights, and administrative barriers to new entrants. Bergsman, Broadman, and Drebentsov argue that the old policy paradigm of foreign direct investment (established before World War II and prevalent in the 1950s and 1960s) still governs Russia. In this paradigm there are only two reasons for foreign direct investment: access to inputs for production and access to markets for outputs. Such kinds of foreign direct investment, although beneficial, are often based on generating exports that exploit cheap labor or natural resources or are aimed at penetrating protected local markets, not necessarily at world standards for price and quality. They contend that Russia should phase out high tariffs and nontariff protection for the domestic market, most tax preferences for foreign investors (which don't increase foreign direct investment but do reduce fiscal revenues), and many restrictions on foreign direct investment. They recommend that Russia switch to a modern approach to foreign direct investment by: · Amending the newly enacted foreign direct investment law so that it will grant nondiscriminatory national treatment to foreign investors for both right of establishment and post-establishment operations, abolish conditions (such as local content restrictions) inconsistent with the World Trade Organization agreement on trade-related investment measures (TRIMs), and make investor-state dispute resolution mechanisms more efficient (giving foreign investors the chance to seek neutral binding international arbitration, for example). · Strengthening enforcement of property rights. · Simplifying registration procedures for foreign investors, to make them transparent and rules-based. · Extending guarantee schemes covering basic noncommercial risks. This paper - a product of the Poverty Reduction and Economic Management Sector Unit, Europe and Central Asia Regional Office - is part of a larger effort in the region to assist the Russian authorities in preparing for accession to the World Trade Organization. The authors may be contacted at hbroadmanworldbank.org or vdrebentsov@worldbank.org
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  • 50
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    What Drives Private Saving around the World? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Loayza, Norman What Drives Private Saving around the World?
    Keywords: Capital Gains ; Central Bank ; Currencies and Exchange Rates ; Debt Markets ; Demographic ; Developing Countries ; Developing Country ; Disposable Income ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Policy ; Housing Lending ; Income ; Inequality ; Inflation Episodes ; Interest ; Interest Rate ; Interest Rates ; Liberalization ; Macroeconomics and Economic Growth ; Pension ; Pension System ; Poverty Reduction ; Prices ; Private Saving ; Private Sector Development ; Pro-Poor Growth ; Public Policies ; Trade ; Capital Gains ; Central Bank ; Currencies and Exchange Rates ; Debt Markets ; Demographic ; Developing Countries ; Developing Country ; Disposable Income ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Policy ; Housing Lending ; Income ; Inequality ; Inflation Episodes ; Interest ; Interest Rate ; Interest Rates ; Liberalization ; Macroeconomics and Economic Growth ; Pension ; Pension System ; Poverty Reduction ; Prices ; Private Saving ; Private Sector Development ; Pro-Poor Growth ; Public Policies ; Trade
    Abstract: March 2000 - Saving rates vary considerably across countries and over time. Policies that spur development are an indirect but effective way to raise private saving rates - which rise with the level and growth rate of real per capita income. Loayza, Schmidt-Hebbel, and Servén investigate the policy and nonpolicy factors behind saving disparities, using a large panel data set and an encompassing approach including several relevant determinants of private saving. They extend the literature in several dimensions by: · Using the largest data set on aggregate saving assembled to date. · Using panel instrumental variable techniques to correct for endogeneity and heterogeneity. · Performing robustness checks on changes in estimation procedures, data samples, and model specification. Their main empirical findings: · Private saving rates show considerable inertia (are highly serially correlated even after controlling for other relevant factors). · Private saving rates rise with the level and growth rate of real per capita income. So policies that spur development are an indirect but effective way to raise private saving rates. · Predictions of the life-cycle hypothesis are supported in that dependency ratios generally have a negative effect on private saving rates. · The precautionary motive for saving is supported by the finding that inflation - conventionally taken as a summary measure of macroeconomic volatility - has a positive impact on private saving, holding other facts constant. · Fiscal policy is a moderately effective tool for raising national saving. · The direct effects of financial liberalization are largely detrimental to private saving rates. Greater availability of credit reduces the private saving rate; financial depth and higher real interest rates do not increase saving. This paper - a product of Macroeconomics and Growth, Development Research Group - is part of a larger effort in the group to understand the determinants of saving in developing countries. The study was funded by the Bank's Research Support Budget under the research project Saving in the World: Puzzles and Policies (RPO 681-36). The authors may be contacted at nloayzaworldbank.org or lserven@worldbank.org
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  • 51
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    The Tyranny of Concepts : CUDIE (Cumulated, Depreciated Investment Effort) Is Not Capital (1999)
    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: Pritchett, Lant The Tyranny of Concepts
    Keywords: Accumulation ; Assets ; Capital ; Commodity Prices ; Cost Of Capital ; Debt Markets ; Disclosure ; Economic Growth ; Economic Theory and Research ; Emerging Markets ; Expected Value ; Finance and Financial Sector Development ; Financial Literacy ; Investment ; Investment Flows ; Investment Spending ; Investment and Investment Climate ; Investments ; Labor Policies ; Macroeconomics and Economic Growth ; Non Bank Financial Institutions ; Ownership ; Private Capital ; Private Investors ; Private Sector Development ; Productive Capital ; Profitability ; Public Investment ; Public Sector Economics and Finance ; Share ; Shareholder Value ; Social Protections and Labor ; Value ; Accumulation ; Assets ; Capital ; Commodity Prices ; Cost Of Capital ; Debt Markets ; Disclosure ; Economic Growth ; Economic Theory and Research ; Emerging Markets ; Expected Value ; Finance and Financial Sector Development ; Financial Literacy ; Investment ; Investment Flows ; Investment Spending ; Investment and Investment Climate ; Investments ; Labor Policies ; Macroeconomics and Economic Growth ; Non Bank Financial Institutions ; Ownership ; Private Capital ; Private Investors ; Private Sector Development ; Productive Capital ; Profitability ; Public Investment ; Public Sector Economics and Finance ; Share ; Shareholder Value ; Social Protections and Labor ; Value
    Abstract: May 2000 - Using the word capital to represent two different concepts is not such a problem when government is responsible for only a small fraction of national investment and is reasonably effective (as in the United States). But when government is a major investor and is ineffective, the gap between capital and cumulative, depreciated investment effort (CUDIE) may be enormous. A public sector steel mill may absorb billions as an investment, but if it cannot produce steel it has zero value as capital. The cost of public investment is not the value of public capital. Unlike for private investors, there is no remotely plausible behavioral model of the government as investor that suggests that every dollar the public sector spends as investment creates capital in an economic sense. This seemingly obvious point has so far been uniformly ignored in the voluminous empirical literature on economic growth, which uses, at best, cumulated, depreciated investment effort (CUDIE) to estimate capital stocks. But in developing countries especially, the difference between investment cumulated at cost and capital value is of primary empirical importance: government investment is half or more of total investment. And perhaps as much as half or more of government investment spending has not created equivalent capital. This suggests that nearly everything empirical written in three broad areas is misguided. First, none of the estimates of the impact of public spending identify the productivity of public capital. Even where public capital could be very productive, regressions and evaluations may suggest that public investment spending has little impact. Second, everything currently said about total factor productivity in developing countries is deeply suspect, as there is no way empirically to distinguish between low output (or growth) attributable to investments that created no factors and low output (or growth) attributable to low (or slow growth in) productivity in using accumulated factors. Third, multivariate growth regressions to date have not, in fact, controlled for the growth of capital stock, so spurious interpretations have emerged. This paper - a product of Poverty and Human Resources, Development Research Group - is part of a larger effort in the group to understand the importance of public sector actions for economic growth
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  • 52
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    Banking Systems Around the Globe : Do Regulation and Ownership Affect Performance and Stability? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (66 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Levine, Ross Banking Systems Around the Globe
    Keywords: Bank ; Banking ; Banking Crises ; Banking Reform ; Banking Sector ; Banking Sector Development ; Banking System ; Banking Systems ; Banks and Banking Reform ; Commercial Banks ; Debt Markets ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Crises ; Financial Crisis Management and Restructuring ; Financial Intermediation ; Financial Literacy ; Financial Stability ; Financial Systems ; Governments ; Industry ; Insurance ; Investment Banking ; Markets ; Private Sector Development ; Projects ; Public Policy ; Bank ; Banking ; Banking Crises ; Banking Reform ; Banking Sector ; Banking Sector Development ; Banking System ; Banking Systems ; Banks and Banking Reform ; Commercial Banks ; Debt Markets ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Crises ; Financial Crisis Management and Restructuring ; Financial Intermediation ; Financial Literacy ; Financial Stability ; Financial Systems ; Governments ; Industry ; Insurance ; Investment Banking ; Markets ; Private Sector Development ; Projects ; Public Policy
    Abstract: April 2000 - Empirical results highlight the downside of imposing certain regulatory restrictions on commercial bank activities. Regulations that restrict banks' ability to engage in securities activities and to own nonfinancial firms are closely associated with more instability in the banking sector. And keeping commercial banks from engaging in investment banking, insurance, and real estate activities does not appear to produce positive benefits. Barth, Caprio, and Levine report cross-country data on commercial bank regulation and ownership in more than 60 countries. They evaluate the links between different regulatory/ownership practices in those countries and both financial sector performance and banking system stability. They document substantial variation in response to these questions: Should it be public policy to limit the powers of commercial banks to engage in securities, insurance, and real estate activities? Should the mixing of banking and commerce be restricted by regulating commercial bank's ownership of nonfinancial firms and nonfinancial firms' ownership of commercial banks? Should states own commercial banks, or should those banks be privatized? They find: · There is no reliable statistical relationship between restrictions on commercial banks' ability to engage in securities, insurance, and real estate transactions and a) how well-developed the banking sector is, b) how well-developed securities markets and nonbank financial intermediaries are, or c) the degree of industrial competition. Based on the evidence, it is difficult to argue confidently that restricting commercial banking activities benefits - or harms - the development of financial and securities markets or industrial competition. · There are no positive effects from mixing banking and commerce. · Countries that more tightly restrict and regulate the securities activities of commercial banks are substantially more likely to suffer a major banking crisis. Countries whose national regulations inhibit banks' ability to engage in securities underwriting, brokering, and dealing - and all aspects of the mutual fund business - tend to have more fragile financial systems. · The mixing of banking and commerce is associated with less financial stability. The evidence does not support admonitions to restrict the mixing of banking and commerce because mixing them will increase financial fragility. · On average, greater state ownership of banks tends to be associated with more poorly developed banks, nonbanks, and stock markets and more poorly functioning financial systems. This paper - a product of Finance, Development Research Group - is part of a larger effort in the group to examine the effects of financial sector regulation. The authors may be contacted at jbarthbusiness.auburn.edu, gcaprio@worldbank.org, or rlevine@csom.umn.edu
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    Reducing Structural Dominance and Entry Barriers in Russian Industry (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (24 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Broadman, G. Harry Reducing Structural Dominance and Entry Barriers in Russian Industry
    Keywords: Banks and Banking Reform ; Barriers ; Barriers To Entry ; Business Environment ; Business Investment ; Competition ; Competition Policy ; Competitive Market ; Debt Markets ; Developing Countries ; E-Business ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; International Accounting Standards ; Liberalization ; Macroeconomics and Economic Growth ; Market Share ; Market Shares ; Markets and Market Access ; Microfinance ; Monopoly ; Output ; Price ; Prices ; Private Sector Development ; Privatization ; Public Sector Corruption and Anticorruption Measures ; Regional Trade ; Small Scale Enterprises ; Transparency ; Transport ; Transport Economics, Policy and Planning ; Vertical Integration ; Banks and Banking Reform ; Barriers ; Barriers To Entry ; Business Environment ; Business Investment ; Competition ; Competition Policy ; Competitive Market ; Debt Markets ; Developing Countries ; E-Business ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; International Accounting Standards ; Liberalization ; Macroeconomics and Economic Growth ; Market Share ; Market Shares ; Markets and Market Access ; Microfinance ; Monopoly ; Output ; Price ; Prices ; Private Sector Development ; Privatization ; Public Sector Corruption and Anticorruption Measures ; Regional Trade ; Small Scale Enterprises ; Transparency ; Transport ; Transport Economics, Policy and Planning ; Vertical Integration
    Abstract: May 2000 - The absence of new business in Russia is striking. Reforms to make Russia more competitive should start with eliminating regulatory and institutional barriers to the entry of new competitors. Many industrial firms in Russia have undergone changes in ownership, but relatively few have been competitively restructured. Using survey and other data, Broadman suggests that much of Russian industry is immune from robust competition because of heavy vertical integration, geographic segmentation, and the concentration of buyers and sellers in selected markets. Moreover, regulatory constraints protect incumbent firms from competition with new entrants, both domestic and foreign. Broadman sketches a reform agenda for Russia's post-privatization program, which emphasizes the restructuring of anticompetitive structures and the reduction of barriers to entry. Broadman's proposed reform agenda calls broadly for strengthening Russia's nascent rules-based framework for competition policy to reduce discretion, increase transparency, and improve accountability. This paper - a product of the Poverty Reduction and Economic Management Sector Unit, Europe and Central Asia Regional Office - is part of a larger effort in the region to assess structural reform in Russia. The author may be contacted at hbroadmanworldbank.org
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  • 54
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    Bureaucratic Delegation and Political Institutions : When Are Independent Central Banks Irrelevant? (1999)
    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: Keefer, Philip Bureaucratic Delegation and Political Institutions
    Keywords: Banks and Banking Reform ; Central Bank ; Central Bank Independence ; Central Banks ; Checks ; Contracts ; Credibility ; Credibility Problem ; Currencies and Exchange Rates ; Debt Markets ; Default ; Discount ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Fixed Investments ; Future ; Futures ; Holding ; ICT Applications ; Inflation ; Inflation Rate ; Information and Communication Technologies ; Macroeconomics and Economic Growth ; Monetary Policy ; Money Supply ; Option ; Political Economy ; Private Sector Development ; Shocks To Income ; Banks and Banking Reform ; Central Bank ; Central Bank Independence ; Central Banks ; Checks ; Contracts ; Credibility ; Credibility Problem ; Currencies and Exchange Rates ; Debt Markets ; Default ; Discount ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Fixed Investments ; Future ; Futures ; Holding ; ICT Applications ; Inflation ; Inflation Rate ; Information and Communication Technologies ; Macroeconomics and Economic Growth ; Monetary Policy ; Money Supply ; Option ; Political Economy ; Private Sector Development ; Shocks To Income
    Abstract: March 2000 - Does delegation of policymaking authority to independent agencies improve policy outcomes? This paper reports new theory and tests related to delegation of monetary policy to an independent central bank. The authors find that delegation reduces inflation only under specific institutional and political conditions. The government's ability to credibly commit to policy announcements is critical to the successful implementation of economic policies as diverse as capital taxation and utilities regulation. One frequently advocated means of signaling credible commitment is to delegate authority to an agency that will not have an incentive to opportunistically change policies once the private sector has taken such steps as signing wage contracts or making irreversible investments. Delegating authority is suggested as a government strategy particularly for monetary policy. And existing work on the independence of central banks generally assumes that government decisions to delegate are irrevocable. But delegation - in monetary policy as elsewhere - is inevitably a political choice, and can be reversed, contend Keefer and Stasavage. They develop a model of monetary policy that relaxes the assumption that monetary delegation is irreversible. Among the testable predictions of the model are these: · The presence of an independent central bank should reduce inflation only in the presence of political checks and balances. This effect should be evident in both developing and industrial countries. · Political actions to interfere with the central bank should be more apparent when there are few checks and balances. · The effects of checks and balances should be more marked when political decisionmakers are more polarized. The authors test these predictions and find extensive empirical evidence to support each of the observable implications of their model: Central banks are associated with better inflation outcomes in the presence of checks and balances. The turnover of central bank governors is reduced when governors have tenure protections supported by political checks and balances. And the effect of checks and balances is enhanced in more polarized political environments. This paper - a product of Regulation and Competition Policy, Development Research Group - is part of a larger effort in the group to identify the conditions under which regulatory reforms can be effective. The authors may be contacted at pkeeferworldbank.org or d.stasavage@lse.ac.uk
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    Regulators and the Poor : Lessons from the United Kingdom (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (24 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Green, Richard Regulators and the Poor
    Keywords: Bank Transfers ; Customer ; Customers ; Debt Markets ; E-Business ; Economic Theory and Research ; Electricity ; Emerging Markets ; Energy ; Energy Production and Transportation ; Fax ; Finance and Financial Sector Development ; Financial Literacy ; Information ; Information Services ; Legal Framework ; Macroeconomics and Economic Growth ; Markets and Market Access ; Network ; Networks ; Price ; Prices ; Private Sector Development ; Result ; Telecommunications ; Telephone ; Telephone Services ; Universal Service ; Universal Service Obligation ; Universal Service Obligations ; User ; Bank Transfers ; Customer ; Customers ; Debt Markets ; E-Business ; Economic Theory and Research ; Electricity ; Emerging Markets ; Energy ; Energy Production and Transportation ; Fax ; Finance and Financial Sector Development ; Financial Literacy ; Information ; Information Services ; Legal Framework ; Macroeconomics and Economic Growth ; Markets and Market Access ; Network ; Networks ; Price ; Prices ; Private Sector Development ; Result ; Telecommunications ; Telephone ; Telephone Services ; Universal Service ; Universal Service Obligation ; Universal Service Obligations ; User
    Abstract: July 2000 - The United Kingdom generally fights poverty directly-through the government's benefit system-and not through utilities. But British regulators have taken certain measures that help utility consumers (mostly, but not always, poor consumers). Other countries may be able to copy some of their techniques. Green studies a number of ways in which British regulators have helped poorer consumers. British Telecommunications offers a lower user tariff and a very cheap service with most outgoing calls barred, to attract customers who could not afford the full service. The gas regulator has taken action to reduce price differentials between customers who pay in cash (mostly, but not always, poor customers) and those who pay with bank transfers (mostly, but not always, better off customers). The electricity industry faces a series of rules and codes of practice governing its dealings with domestic consumers. Some of these schemes will help all consumers; others are aimed at, but not exclusive to, the poor. One challenge facing utilities in some countries is that of expanding their networks to reach millions of unserved (mostly poor) customers. The United Kingdom achieved nearly universal service in geographical terms while the utilities were state-owned. The utilities were serving some customers who were already profitable and were simply required to serve others, who might not be. It might be possible to grant a concession, or privatize a new company, on a similar basis of bundling social obligations with opportunities for profit, but it will be important to ensure that obligations are performed properly. U.K. regulators have been fairly successful at protecting existing customers; other countries may be able to copy some of their techniques. This paper-a product of Governance, Regulation, and Finance, World Bank Institute-is part of a larger effort in the institute to increase understanding of infrastructure regulation. The author may be contacted at r.j.greenecon.hull.ac.uk
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  • 56
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    Tax Evasion, Corruption, and the Remuneration of Heterogeneous Inspectors (1999)
    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: Waly, Waly Tax Evasion, Corruption, and the Remuneration of Heterogeneous Inspectors
    Keywords: Bank ; Corruption ; Debt Markets ; Discretion ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Income Tax ; Insurance and Risk Mitigation ; Law and Development ; Macroeconomics and Economic Growth ; Poverty Impact Evaluation ; Poverty Reduction ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Strategy ; Tax ; Tax Administration ; Tax Base ; Tax Collection ; Tax Compliance ; Tax Enforcement ; Tax Evasion ; Tax Law ; Tax Liabilities ; Tax Liability ; Tax Policies ; Tax Receipts ; Tax Revenue ; Tax Revenues ; Taxation and Subsidies ; Taxes ; Taxpayers ; Bank ; Corruption ; Debt Markets ; Discretion ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Income Tax ; Insurance and Risk Mitigation ; Law and Development ; Macroeconomics and Economic Growth ; Poverty Impact Evaluation ; Poverty Reduction ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Strategy ; Tax ; Tax Administration ; Tax Base ; Tax Collection ; Tax Compliance ; Tax Enforcement ; Tax Evasion ; Tax Law ; Tax Liabilities ; Tax Liability ; Tax Policies ; Tax Receipts ; Tax Revenue ; Tax Revenues ; Taxation and Subsidies ; Taxes ; Taxpayers
    Abstract: July 2000 - Wane develops a general model for addressing the question of how to compensate tax inspectors in an economy where corruption is pervasive-a model that considers the existence of strategic transmission of information. Most of the literature on corruption assumes that the taxpayer and the tax inspector jointly decide on the income to report, which also determines the size of the bribe. In contrast, Wane's model considers the more realistic case in which the taxpayer unilaterally chooses the income to report. The tax inspector cannot change the report and is faced with a binary choice: either he negotiates the bribe on the basis of the income report or he denounces the tax evader and therefore renounces the bribe. In his model, the optimal compensation scheme must take into account the strategic interaction between taxpayers and tax inspectors: · Pure tax farming (paying tax inspectors a share of their tax collections) is optimal only when all tax inspectors are corruptible. · When there are both honest and corruptible inspectors, the optimal compensation scheme lies between pure tax farming and a pure wage scheme. · Paradoxically, when inspectors are hired beforehand, it may be optimal to offer contracts that attract corruptible inspectors but not honest ones. This paper-a product of Public Economics, Development Research Group-is part of a larger effort in the group to understand how the existence of corruption affects the remuneration schemes tax administrations should offer their inspectors
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    Deep Integration, Nondiscrimination, and Euro-Mediterranean Free Trade (1999)
    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: Hoekman, Bernard Deep Integration, Nondiscrimination, and Euro-Mediterranean Free Trade
    Keywords: Bilateral Free Trade Agreement ; Competition Laws ; Currencies and Exchange Rates ; Customs Clearance ; Debt Markets ; Domestic Regulatory Policies ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Foreign Suppliers ; Free Trade ; Free Trade ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Market Access ; Market Access Costs ; Market Segmentation ; Market Segmenting ; Market Segmenting Effect ; Preferential Trade ; Preferential Trade Agreements ; Private Sector Development ; Public Sector Development ; Regional Integration ; Regionalism ; Regulatory Barriers ; Regulatory Stance ; Safety Regulations ; Tariff ; Tariff Barriers ; Trade Law ; Trade Policy ; Trade and Regional Integration ; Bilateral Free Trade Agreement ; Competition Laws ; Currencies and Exchange Rates ; Customs Clearance ; Debt Markets ; Domestic Regulatory Policies ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Foreign Suppliers ; Free Trade ; Free Trade ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Market Access ; Market Access Costs ; Market Segmentation ; Market Segmenting ; Market Segmenting Effect ; Preferential Trade ; Preferential Trade Agreements ; Private Sector Development ; Public Sector Development ; Regional Integration ; Regionalism ; Regulatory Barriers ; Regulatory Stance ; Safety Regulations ; Tariff ; Tariff Barriers ; Trade Law ; Trade Policy ; Trade and Regional Integration
    Abstract: May 1999 - Preferential trade agreements that are limited to the elimination of tariffs for merchandise trade flows are of limited value at best and may be as easily welfare-reducing as welfare-enhancing. It is important that preferential trade agreements go beyond eliminating tariffs and quotas to eliminating regulatory and red tape costs and opening up service markets to foreign competition. Deep integration-explicit government actions to reduce the market-segmenting effect of domestic regulatory policies through coordination and cooperation-is becoming a major dimension of some regional integration agreements, led by the European Union. Health and safety regulations, competition laws, licensing and certification regimes, and administrative procedures such as customs clearance can affect trade (in ways analogous to nontariff barriers) even though their underlying intent may not be to discriminate against foreign suppliers of goods and services. Whether preferential trade agreements (PTAs) can be justified in a multilateral trading system depends on the extent to which formal intergovernmental agreements are technically necessary to achieve the deep integration needed to make markets more contestable. The more need for formal cooperation, the stronger the case for regional integration. Whether PTAs are justified regionally also depends on whether efforts to reduce market segmentation are applied on a nondiscriminatory basis. If innovations to reduce transaction or market access costs extend to both members and nonmembers of a PTA, regionalism as an instrument of trade and investment becomes more attractive. Using a standard competitive general equilibrium model of the Egyptian economy, Hoekman and Konan find that the static welfare impact of a deep free trade agreement is far greater than the impact that can be expected from a classic shallow agreement. Under some scenarios, welfare may increase by more than 10 percent of GDP, compared with close to zero under a shallow agreement. Given Egypt's highly diversified trading patterns, a shallow PTA with the European Union could be merely diversionary, leading to a small decline in welfare. Egypt already has duty-free access to the European Union for manufactures, so the loss in tariff revenues incurred would outweigh any new trade created. Large gains in welfare from the PTA are conditional on eliminating regulatory barriers and red tape-in which case welfare gains may be substantial: 4 to 20 percent growth in real GNP. This paper-a product of the Development Research Group-is part of a larger effort in the group to analyze regional integration agreements. The authors may be contacted at bhoekmanworldbank.org or konan@hawaii.edu
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    Interlinkage, limited liability, and strategic interaction (1999)
    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: Basu, Kaushik Interlinkage, Limited Liability, and Strategic Interaction
    Keywords: Amount Of Cred Borrower ; Contract Law ; Contracts ; Contractual Obligations ; Credit Contract ; Debt Markets ; Default ; Discount ; Discount Rates ; Economic Theory and Research ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Instrument ; Instruments ; Labor Policies ; Law and Development ; Limited Liability ; Loan ; Loan Contracts ; Macroeconomics and Economic Growth ; Moneylender ; Moral Hazard ; Option ; Risk Aversion ; Risk Neutral ; Social Protections and Labor ; Unlimited Liability ; Amount Of Cred Borrower ; Contract Law ; Contracts ; Contractual Obligations ; Credit Contract ; Debt Markets ; Default ; Discount ; Discount Rates ; Economic Theory and Research ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Instrument ; Instruments ; Labor Policies ; Law and Development ; Limited Liability ; Loan ; Loan Contracts ; Macroeconomics and Economic Growth ; Moneylender ; Moral Hazard ; Option ; Risk Aversion ; Risk Neutral ; Social Protections and Labor ; Unlimited Liability
    Abstract: June 1999 - When will a landlord prefer to supply both land and credit to a tenant rather than allow the lender to borrow from a separate moneylender? The paper shows that if tenancy contracts are obtained prior to contracting with the moneylender, and the tenant has limited liability, interlinked deals will predominate over the alternative situation where the landlord and the moneylender act as noncooperative principals. Basu, Bell, and Bose analyze the example of a landlord, a moneylender, and a tenant (the landlord having access to finance on the same terms as the moneylender). It is natural to assume that the landlord has first claim on the tenant's output (as a rule, if they live in the same village, he may have some say in when the crop is harvested). The moneylender is more of an outsider, not well placed to exercise such a claim. A landless, assetless tenant will typically not get a loan unless he has a tenancy. Without interlinkage, the landlord is likely to move first. In the noncooperative sequential game where the landlord is the first mover and also enjoys seniority of claims if the tenant defaults, interlinkage is superior, even if contracts are nonlinear - a result unchanged with the incorporation of moral hazard. The main result is that if a passive principal - one whose decisions are limited to exercising his property rights to determine his share of returns - is the first mover, allocative efficiency is impaired unless his equilibrium payoffs are uniform across states of nature. The limited liability of the tenant creates the strict superiority of interlinkage by making uniform rents nonoptimal when, with noncollusive principals, the landlord (the passive principal) is the first mover. A change in seniority of claims from the first to the second mover (the moneylender) further strengthens this result. But uniform payoffs for the first mover are not essential for allocative efficiency if he is the only principal with a continuously variable instrument of control. So, the main result is sensitive to changes in the order of play but not to changes in the priority of claims. This paper - a product of the Office of the Senior Vice President and Chief Economist, Development Economics - is part of a larger effort in the Bank to understand the institutional structure of rural markets and its welfare implications. The authors may be contacted at kbasuworldbank.org, clive.bell@urz.uni-heidelberg.de, or psbose@cc.memphis.edu
    DOI: 10.1596/1813-9450-2134
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    Hungary's Integration into European Union Markets : Production and Trade Restructuring (1999)
    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: Kaminski, Bartlomiej Hungary's Integration into European Union Markets
    Keywords: Access to Markets ; Agribusiness and Markets ; Agriculture ; Capital ; Central Planning ; Comparative Advantage ; Competitive Markets ; Competitiveness ; Debt Markets ; Economic Relations ; Economic Theory and Research ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Exports ; Finance and Financial Sector Development ; Free Trade ; GDP ; General System Of Preferences ; Goods ; Industry ; International Economics & Trade ; Investment ; Macroeconomics and Economic Growth ; Markets ; Markets and Market Access ; Private Sector Development ; Production ; Public Sector Development ; Rural Development ; Shares ; Trade ; Trade Barriers ; Trade Policy ; Transition Economies ; Transition Economy ; Value ; Water Resources ; Water and Industry ; Access to Markets ; Agribusiness and Markets ; Agriculture ; Capital ; Central Planning ; Comparative Advantage ; Competitive Markets ; Competitiveness ; Debt Markets ; Economic Relations ; Economic Theory and Research ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Exports ; Finance and Financial Sector Development ; Free Trade ; GDP ; General System Of Preferences ; Goods ; Industry ; International Economics & Trade ; Investment ; Macroeconomics and Economic Growth ; Markets ; Markets and Market Access ; Private Sector Development ; Production ; Public Sector Development ; Rural Development ; Shares ; Trade ; Trade Barriers ; Trade Policy ; Transition Economies ; Transition Economy ; Value ; Water Resources ; Water and Industry
    Abstract: June 1999 - Can Hungarian firms cope with competitive pressures and market forces within the European Union market (a criterion for joining)? The empirical evidence suggests that Hungary can withstand such competitive pressures without suppressing the real incomes of Hungary's citizens. Hungary has achieved impressive results in reorienting both its production and trade. Between 1989 and 1992, as the former CMEA markets collapsed and Hungary liberalized imports and the exchange rate regime, exports to the European Union (EU) expanded, with manufactured exports redirected largely to Western (mostly EU) markets. During this first phase of expansion, characterized by a dramatic reorientation and explosion of trade, the value of Hungary's exports increased 84 percent. In 1993 export expansion lost steam and EU-oriented exports fell 12 percent. In a second phase of expansion (in 1994-97), driven by restructured and rapidly changing export offers, exports again registered strong performance, their value increasing 132 percent. There was a dramatic shift from an export basket dominated by resource-intensive, low-value-added products to one driven by manufactures, with a rapidly accelerating growth of engineering products. Machinery and transport equipment rose from 12 percent of exports to the EU in 1989 to more than 50 percent in 1997. The shift from natural resource and unskilled-labor-intensive products to technology- and capital-intensive products in EU-oriented exports suggests the potential for integration higher in the value-added spectrum. More stringent EU environmental regulations will affect a relatively low, and falling, share of Hungary's exports. The Hungarian share of environmentally dirty products imported by the EU has increased, but these products have not been trendsetters among Hungarian exports, their share in exports falling from 26 percent in 1989 to 16 percent in 1996. The rapid pace of Hungary's turnaround seems to reflect the emergence of second-generation firms, mostly foreign-owned. Foreign-owned firms tend to be more export-oriented. Hungary has been one of the more successful transition economies because its economy was receptive to foreign direct investment from the outset. Between 1990 and 1997, Hungary absorbed roughly half of all foreign capital invested in Central Europe. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to study regional integration. The author may be contacted at bkaminskiworldbank.org
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    Can Africa Export Manufactures? : The Role of Endowment, Exchange Rates, and Transaction Costs (1999)
    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: Elbadawi, A. Ibrahim Can Africa Export Manufactures?
    Keywords: Capital Markets ; Comparative Advantage ; Comparative Advantages ; Competitiveness ; Costs ; Currencies and Exchange Rates ; Debt Markets ; Development ; Economic Stabilization ; Economic Theory and Research ; Elasticity ; Emerging Markets ; Exchange ; Exports ; Failures ; Finance and Financial Sector Development ; Financial Literacy ; Free Trade ; Goods ; Human Capital ; Income Elasticity Of Demand ; Inequality ; International Economics & Trade ; Investment ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Natural Resources ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Taxation ; Taxes ; Theory ; Trade ; Variables ; Capital Markets ; Comparative Advantage ; Comparative Advantages ; Competitiveness ; Costs ; Currencies and Exchange Rates ; Debt Markets ; Development ; Economic Stabilization ; Economic Theory and Research ; Elasticity ; Emerging Markets ; Exchange ; Exports ; Failures ; Finance and Financial Sector Development ; Financial Literacy ; Free Trade ; Goods ; Human Capital ; Income Elasticity Of Demand ; Inequality ; International Economics & Trade ; Investment ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Natural Resources ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Taxation ; Taxes ; Theory ; Trade ; Variables
    Abstract: May 1999 - Africa's poor performance in manufactured exports in the 1990s (relative to East Asia) appears to be largely the result of bad policies-especially policies that affect transaction costs. Elbadawi analyzes the determinants of manufactured exports in Africa and other developing countries, guided by three pivotal views on Sub-Saharan Africa's (Africa's) prospects in manufactured exports: ° Adrian Woods holds that Africa cannot have comparative advantage in exports of labor-intensive manufactures (even if broadly defined to include raw material processing) because its natural resources endowment is greater than its human resources endowment (endowment thesis). ° Paul Collier argues that, for most of Africa, unusually high (policy-induced) transaction costs are the main source of Africa's comparative disadvantage in manufactured exports (transaction thesis). ° A third approach (Elbadawi and Helleiner) emphasizes the importance of stable, competitive real exchange rates for profitability of exports in low-income countries (exchange rate-led strategy). Elbadawi tests the implications of these three views with an empirical model of manufactured export performance (manufactured exports' share of GDP), using a panel of 41 countries for 1980-95. His findings: ° Corroborate the predictions of the transaction thesis, in that transaction costs are major determinants of manufactures exports. Investing in reducing these costs generates the highest payoff for export capacity. ° Lend support for the exchange rate-led strategy. After controlling for other factors, ratios of natural resources per worker were not robustly associated with export performance across countries, but this cannot be taken as formal rejection of the endowment thesis - unless one is prepared to assume that manufactured exports' share of GDP was highly correlated with ratios of manufactured to aggregate (or primary) exports. But this is not unlikely. This paper-a product of Public Economics, Development Research Group-is part of a larger effort in the group to research manufactures exports' competitiveness. The author may be contacted at ielbadawiworldbank.org
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    A Regime-Switching Approach to Studying Speculative Attacks : A Focus on European Monetary System Crises (1999)
    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: Peria, Maria A Regime-Switching Approach to Studying Speculative Attacks
    Keywords: Central Bank ; Crawling Peg ; Currencies ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Dependent Variable ; Devaluations ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; European Monetary System ; Exchange Rate ; Exchange Rate Mechanism ; Exchange Rates ; Federal Reserve ; Federal Reserve Bank ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Fixed Exchange Rate ; Fixed Exchange Rate Regimes ; Fixed Exchange Rate Systems ; Interest Rates ; Macroeconomics and Economic Growth ; Private Sector Development ; Speculative Attack ; Speculative Attacks ; Speculative Pressure ; Central Bank ; Crawling Peg ; Currencies ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Dependent Variable ; Devaluations ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; European Monetary System ; Exchange Rate ; Exchange Rate Mechanism ; Exchange Rates ; Federal Reserve ; Federal Reserve Bank ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Fixed Exchange Rate ; Fixed Exchange Rate Regimes ; Fixed Exchange Rate Systems ; Interest Rates ; Macroeconomics and Economic Growth ; Private Sector Development ; Speculative Attack ; Speculative Attacks ; Speculative Pressure
    Abstract: June 1999 - A regime-switching framework is used to study speculative attacks against European Monetary System currencies during 1979-93. Peria uses a regime-switching framework to study speculative attacks against European Monetary System (EMS) currencies during 1979-93. She identifies speculative attacks by modeling exchange rates, reserves, and interest rates as time series subject to discrete regime shifts. She assumes two states: tranquil and speculative. She models the probabilities of switching between states as a function of fundamentals and expectations. She concludes that: ° The switching models with time-varying transition probabilities capture most of the conventional episodes of speculative attacks. ° Speculative attacks do not always coincide with currency realignments. ° Both economic fundamentals and expectations determine the likelihood of switching from a period of tranquility to a speculative attack. The budget deficit appears to be an especially important factor driving the probability of switching to a speculative regime. Given the importance of anticipating and, wherever possible, avoiding crises, it might be useful to conduct forecasting exercises to determine whether the switching framework proposed here can be used to forecast crises in countries outside the sample. Because currency crises tend to occur simultaneously in two or more countries, it also might be useful to adapt the regime-switching framework to explore the role of contagion in explaining crises. This paper-a product of Finance, Development Research Group-is part of a larger effort in the group to understand currency crises. The author may be contacted at mmartinezperiaworldbank.org
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    Globalization and National Development at the End of the 20th Century : Tensions and Challenges (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (19 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Solimano, Andrés Globalization and National Development at the End of the 20th Century
    Keywords: Balance Of Payments ; Capital Mobility ; Capital Movements ; Currencies and Exchange Rates ; Debt Markets ; Deficits ; Developing Countries ; Economic Conditions and Volatility ; Economic Theory and Research ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Institutions ; Financial Literacy ; Fixed Exchange Rates ; Free Capital ; Global Economy ; Globalization ; Human Development ; Inflation ; Inflations ; International Trade ; Macroeconomic Volatility ; Macroeconomics and Economic Growth ; Market ; Monetary Fund ; Private Sector Development ; Security ; Wealth Creation ; Balance Of Payments ; Capital Mobility ; Capital Movements ; Currencies and Exchange Rates ; Debt Markets ; Deficits ; Developing Countries ; Economic Conditions and Volatility ; Economic Theory and Research ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Institutions ; Financial Literacy ; Fixed Exchange Rates ; Free Capital ; Global Economy ; Globalization ; Human Development ; Inflation ; Inflations ; International Trade ; Macroeconomic Volatility ; Macroeconomics and Economic Growth ; Market ; Monetary Fund ; Private Sector Development ; Security ; Wealth Creation
    Abstract: June 1999 - Do globalization and national development reinforce each other? Are they mutually compatible? What opportunities for national development does globalization open? What problems does it pose? What is the proper balance between national, regional, and global responses to the challenges posed by globalization? Globalization offers developing countries the opportunities to create wealth through export-led growth, to expand international trade in goods and services, and to gain access to new ideas, technologies, and institutional designs. But globalization also entails problems and tensions that must be appropriately managed. For one thing, global business cycles can contribute greatly to macroeconomic volatility at the national level. The scope and severity of crises in Mexico (1994-95), Asia (1997), Russia (1998), and Brazil (1999) suggests the severity of the financial vulnerability developing countries face nowadays. With financial markets so highly integrated, problems are transmitted rapidly from one country to another. The rapid transmission of financial shocks changes levels of confidence and affects exchange rates, interest rates, asset prices, and, ultimately, output and employment-with consequent social effects. Policymakers should also be concerned about how globalization exacerbates job instability and income disparities both within and across countries. Macroeconomic and financial crises, by increasing poverty and social tensions, can be political destabilizing. As the 20th century ends, the resources of Bretton Woods institutions are strained because of the large and complex rescue packages needed to deal with large-scale volatility. Development policy agendas in the era of globalization need to articulate traditional concerns with growth, stability, and social equity with new themes such as transparency and good governance at several levels: national, regional, and global. This paper-a product of the Country Management Unit, Colombia, Ecuador, and Venezuela-is part of a larger effort in the region to understand the links between globalization and national development. The author may be contacted at asolimano worldbank.org
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    Jamaica's Food Stamp Program : Impacts on Poverty and Welfare (1999)
    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: Ezemenari, Kene Jamaica's Food Stamp Program
    Keywords: Agricultural Sector ; Dates ; Debt Markets ; Farm-Gate ; Finance and Financial Sector Development ; Food ; Food Consumption ; Food Policy ; Food Price ; Food Stamps ; Food Subsidies ; Food Subsidy ; Food and Beverage Industry ; Health, Nutrition and Population ; Incidence Of Poverty ; Industry ; Milk ; Population Policies ; Poverty ; Poverty Gap ; Poverty Impact ; Poverty Lines ; Poverty Reduction ; Poverty Reduction ; Poverty Reduction Strategies ; Poverty Severity ; Pro-Poor Growth ; Rice ; Rural Development ; Rural Poverty Reduction ; Safety Net ; Safety Nets ; Services and Transfers to Poor ; Small Area Estimation Poverty Mapping ; Urban Partnerships and Poverty ; Agricultural Sector ; Dates ; Debt Markets ; Farm-Gate ; Finance and Financial Sector Development ; Food ; Food Consumption ; Food Policy ; Food Price ; Food Stamps ; Food Subsidies ; Food Subsidy ; Food and Beverage Industry ; Health, Nutrition and Population ; Incidence Of Poverty ; Industry ; Milk ; Population Policies ; Poverty ; Poverty Gap ; Poverty Impact ; Poverty Lines ; Poverty Reduction ; Poverty Reduction ; Poverty Reduction Strategies ; Poverty Severity ; Pro-Poor Growth ; Rice ; Rural Development ; Rural Poverty Reduction ; Safety Net ; Safety Nets ; Services and Transfers to Poor ; Small Area Estimation Poverty Mapping ; Urban Partnerships and Poverty
    Abstract: Without the food stamp program, the poverty gap in Jamaica would have been much worse during the early 1990s, when the Jamaican dollar was being devalued. Households with elderly members and young children benefited most from the program. - Ezemenari and Subbarao examine how the food stamp program affected measures of poverty during devaluation of the Jamaican dollar in the early 1990s. They find that without the food stamp program, the poverty gap in Jamaica would have been much worse, especially in 1990 and 1991. For the country as a whole, not having a food stamp program wouldn't have affected the incidence of poverty significantly, but particular groups among the poor would have fared worse. Households with elderly residents benefited most from the program. Households with young children benefited more than households without, in terms of the poverty headcount and gap. The program also appears to have had more effect on extremely poor households than on those of the transient poor (people who move in and out of poverty). Explicitly incorporating behavioral responses into the model reduces the contribution of food stamps to household consumption and poverty, but the poorest benefited most from the program even after accounting for behavioral responses. The program contributed more to reducing poverty than to smoothing consumption. This paper - a product of the Poverty Division, Poverty Reduction and Economic Management Network - was presented at the World Bank Institute workshop Evaluating the Impact of Development Interventions: Concepts, Methods and Cases, December 9-10, 1998. The authors may be contacted at kezemenariworldbank.org or ksubbarao@worldbank.org
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    Corruption and Trade Tariffs, or a Case for Uniform Tariffs (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (22 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Gatti, Roberta Corruption and Trade Tariffs, or a Case for Uniform Tariffs
    Keywords: Accounting ; Currencies and Exchange Rates ; Customs Administration and Reform ; Debt Markets ; Developing Countries ; Economic Efficiency ; Economic Theory and Research ; Exchange ; Finance and Financial Sector Development ; Free Trade ; Future ; Good ; Goods ; Government Revenue ; Government Revenues ; International Economics & Trade ; International Trade and Trade Rules ; Law and Development ; Macroeconomics and Economic Growth ; Market ; Market Prices ; Open Economy ; Public Sector Corruption and Anticorruption Measures ; Public Sector Development ; Returns ; Revenue ; Share ; Tariff ; Tariffs ; Tax ; Tax Law ; Taxes ; Trade Policy ; Transparency ; Accounting ; Currencies and Exchange Rates ; Customs Administration and Reform ; Debt Markets ; Developing Countries ; Economic Efficiency ; Economic Theory and Research ; Exchange ; Finance and Financial Sector Development ; Free Trade ; Future ; Good ; Goods ; Government Revenue ; Government Revenues ; International Economics & Trade ; International Trade and Trade Rules ; Law and Development ; Macroeconomics and Economic Growth ; Market ; Market Prices ; Open Economy ; Public Sector Corruption and Anticorruption Measures ; Public Sector Development ; Returns ; Revenue ; Share ; Tariff ; Tariffs ; Tax ; Tax Law ; Taxes ; Trade Policy ; Transparency
    Abstract: November 1999 - A highly diversified trade tariff menu may fuel bribe-taking behavior. Setting trade tariff rates at a uniform level limits public officials' ability to extract bribes from importers. By explicitly accounting for the interaction between importers and corrupt customs officials, Gatti argues that setting trade tariff rates at a uniform level limits public officials' ability to extract bribes from importers. If the government's main objective is to raise revenues at the minimum cost to welfare, optimally-set tariff rates will be inversely proportional to the elasticity of demand for imports. So they will generally differ across goods. Such a menu of tariff rates endows customs officials with the opportunity to extract rent from importers. If officials have enough discretionary power, they might threaten to misclassify goods into more heavily taxed categories unless importers pay them a bribe. Because of the bribe, the effective tariff rate for the importing firm increases, so demand for the good decreases. The resulting drop in import demand implies an efficiency loss as well as lower government revenues, compared with the optimal taxation benchmark without corruption. A similar argument applies when customs officials offer to classify goods into low-tariff categories in exchange for a bribe. Setting trade tariffs at a uniform level eliminates officials' opportunities to extract rents. Thus, when corruption is pervasive, a uniform tariff can deliver more government revenues and welfare than the optimally set (Ramsey) tariff benchmark. The empirical evidence confirms that these considerations are relevant to policymaking, since a robust association between the standard deviation of trade tariffs - a measure of the diversification of tariff menus - and corruption emerges across countries. This paper - a product of Macroeconomics and Growth, Development Research Group - is part of a larger effort in the group to study corruption. Please contact Roberta Gatti, Internet address rgattiworldbank.org
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    Integrated Financial Supervision : Lessons from Northern European Experience (1999)
    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: Fleming, Alex Integrated Financial Supervision
    Keywords: Accountability ; Bank ; Bank Of England ; Banking ; Banking Crises ; Banking Supervision ; Banks and Banking Reform ; Debt Markets ; Economies ; Emerging Markets ; Finance and Financial Sector Development ; Financial Conglomerates ; Financial Crises ; Financial Intermediation ; Financial Literacy ; Financial Markets ; Financial Regulation ; Financial Services ; Financial Stability ; Financial Structure ; Governance ; Insurance ; Insurance and Risk Mitigation ; Interest ; Private Sector Development ; Safety & Soundness ; Supervisory Agencies ; Supervisory Framework ; Accountability ; Bank ; Bank Of England ; Banking ; Banking Crises ; Banking Supervision ; Banks and Banking Reform ; Debt Markets ; Economies ; Emerging Markets ; Finance and Financial Sector Development ; Financial Conglomerates ; Financial Crises ; Financial Intermediation ; Financial Literacy ; Financial Markets ; Financial Regulation ; Financial Services ; Financial Stability ; Financial Structure ; Governance ; Insurance ; Insurance and Risk Mitigation ; Interest ; Private Sector Development ; Safety & Soundness ; Supervisory Agencies ; Supervisory Framework
    Abstract: November 1999 - In the past, financial supervision tended to be organized around specialist agencies for the banking, securities, and insurance sectors. In recent years, several countries have moved toward integrating these different supervisory functions in a single agency. Drawing on Northern European experience - where three Scandinavian countries have practiced integrated supervision for the past 10 years - Taylor and Fleming address three policy-related issues associated with the integrated model: · Under what conditions should (or should not) a country consider moving toward an integrated model of financial supervision? Clearly, for a small transition or developing economy, or an economy with a small financial sector, the economies of scale from establishing an integrated agency outweigh the costs of moving to such a model. A strong case can also be made for an integrated approach in a financial sector dominated by banks, with little role for capital markets or a highly integrated financial sector. · How should an integrated agency be structured, organized, and managed? There is no single obviously correct organizational structure, and existing agencies are experimenting with a variety of forms. An institutionally based structure has the virtue of simplicity and can be implemented fairly quickly, but tends to preserve the cultures and identities of the predecessor agencies more than is optimal. Whatever the structure, integrated supervision requires active management to secure the potential benefits that the approach offers. · How should the integration process be implemented? While the decision to move to an integrated agency must be carefully thought through in the context of the country concerned, the more difficult part is implementation, which must be sensitively managed. Once the decision has been made, implementation should take place as quickly as possible. A well-conceived change management process should aim to overcome the cultural barriers associated with the previous fragmented structure. Taylor and Fleming's review of Northern European experience with integration of financial supervision raises a range of questions relevant to developing and transition economies, which they discuss. This paper - a product of the Private and Financial Sectors Development Unit, Europe and Central Asia Region - is part of a larger effort in the region to assist transition economies in strengthening the legal and regulatory framework for their financial sectors. The authors may be contacted at mtaylorimf.org or afleming@worldbank.org
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    Measuring Governance, Corruption, and State Capture : How Firms and Bureaucrats Shape the Business Environment in Transit (1999)
    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: Hellman, S. Joel Measuring Governance, Corruption, and State Capture
    Keywords: Banks and Banking Reform ; Bureaucracy ; Citizens ; Corporate Governance ; Corruption ; Corruption and Anticorruption Law ; Debt Markets ; Decrees ; Emerging Markets ; Federation ; Finance and Financial Sector Development ; Foreign Investors ; Governance ; Governance ; Governance Indicators ; Governments ; Infrastructure Economics and Finance ; Investment Climate ; Law ; Legal Framework ; Legislation ; Microfinance ; National Governance ; Private Participation in Infrastructure ; Private Sector Development ; Public Officials ; Public Procurement ; Public Sector Corruption and Anticorruption Measures ; Regulation ; Small Scale Enterprises ; State ; State Intervention ; States ; Transparency ; Banks and Banking Reform ; Bureaucracy ; Citizens ; Corporate Governance ; Corruption ; Corruption and Anticorruption Law ; Debt Markets ; Decrees ; Emerging Markets ; Federation ; Finance and Financial Sector Development ; Foreign Investors ; Governance ; Governance ; Governance Indicators ; Governments ; Infrastructure Economics and Finance ; Investment Climate ; Law ; Legal Framework ; Legislation ; Microfinance ; National Governance ; Private Participation in Infrastructure ; Private Sector Development ; Public Officials ; Public Procurement ; Public Sector Corruption and Anticorruption Measures ; Regulation ; Small Scale Enterprises ; State ; State Intervention ; States ; Transparency
    Abstract: April 2000 - In a new approach to measuring typically subjective variables, BEEPS - the 1999 Business Environment and Enterprise Performance Survey, the transition economies component of the World Business Environment Survey - quantitatively assesses governance from the perspective of about 3,000 firms in 20 countries. Unbundling the measurement of governance and corruption empirically suggests the importance of grand corruption in some countries, manifested in state capture by the corporate sector - through the purchase of decrees and legislation - and by graft in procurement. As a symptom of fundamental institutional weaknesses, corruption needs to be viewed within a broader governance framework. It thrives where the state is unable to reign over its bureaucracy, to protect property and contractual rights, or to provide institutions that support the rule of law. Furthermore, governance failures at the national level cannot be isolated from the interface between the corporate and state sectors, in particular from the heretofore underemphasized influence that firms may exert on the state. Under certain conditions, corporate strategies may exacerbate misgovernance at the national level. An in-depth empirical assessment of the links between corporate behavior and national governance can thus provide particular insights. The 1999 Business Environment and Enterprise Performance Survey (BEEPS) - the transition economies component of the ongoing World Business Environment Survey - assesses in detail the various dimensions of governance from the perspective of about 3,000 firms in 20 countries. After introducing the survey framework and measurement approach, Hellman, Jones, Kaufmann, and Schankerman present the survey results, focusing on governance, corruption, and state capture. By unbundling governance into its many dimensions, BEEPS permits an in-depth empirical assessment. The authors pay special attention to certain forms of grand corruption, notably state capture by parts of the corporate sector - that is, the propensity of firms to shape the underlying rules of the game by purchasing decrees, legislation, and influence at the central bank, which is found to be prevalent in a number of transition economies. The survey also measures other dimensions of grand corruption, including those associated with public procurement, and quantifies the more traditional (pettier) forms of corruption. Cross-country surveys may suffer from bias if firms tend to systematically over- or underestimate the extent of problems within their country. The authors provide a new test for this potential bias, finding little evidence of country perception bias in BEEPS. This paper - a joint product of Governance, Regulation, and Finance, World Bank Institute, and the Chief Economist's Office, European Bank for Reconstruction and Development - is part of a larger program to measure governance and corruption worldwide. A companion working paper that econometrically analyzes the effects of state capture is forthcoming. For further details, visit www.worldbank.org/wbi/governance. The authors may be contacted at dkaufmannworldbank.org or hellmanj@ebrd.com
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    Market Access Advances and Retreats : The Uruguay Round and Beyond (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (80 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Finger, Michael J Market Access Advances and Retreats
    Keywords: Agricultural Products ; Agricultural Trade ; Antidumping ; Antidumping Cases ; Border Protection ; Concessions ; Currencies and Exchange Rates ; Debt Markets ; Exports ; Finance and Financial Sector Development ; Free Trade ; Industrial Products ; International Economics & Trade ; International Trade and Trade Rules ; Law and Development ; Market Access ; Public Sector Development ; Quantitative Restrictions ; Reciprocal Concessions ; Rules of Origin ; Tariff ; Tariff Concessions ; Tariff Levels ; Tariff Rates ; Tariff Reductions ; Tariffs ; Trade Law ; Trade Policy ; Trade Restrictions ; World Trade ; World Trade Organization ; Agricultural Products ; Agricultural Trade ; Antidumping ; Antidumping Cases ; Border Protection ; Concessions ; Currencies and Exchange Rates ; Debt Markets ; Exports ; Finance and Financial Sector Development ; Free Trade ; Industrial Products ; International Economics & Trade ; International Trade and Trade Rules ; Law and Development ; Market Access ; Public Sector Development ; Quantitative Restrictions ; Reciprocal Concessions ; Rules of Origin ; Tariff ; Tariff Concessions ; Tariff Levels ; Tariff Rates ; Tariff Reductions ; Tariffs ; Trade Law ; Trade Policy ; Trade Restrictions ; World Trade ; World Trade Organization
    Abstract: Uruguay Round negotiations on market access were a success. Tariff cuts covered a larger share of world trade than those of the Kennedy or Tokyo Rounds and will save importers some
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  • 68
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    Beyond Capital Ideals : Restoring Banking Stability (1999)
    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: Honohan, Patrick Beyond Capital Ideals
    Keywords: Bank ; Bank Failures ; Bankers ; Banking ; Banking Crises ; Banking Stability ; Banks ; Banks and Banking Reform ; Capital ; Capital Adequacy ; Capital Flows ; Debt Markets ; Economies ; Emerging Markets ; Emerging Markets ; Externalities ; Finance ; Finance and Financial Sector Development ; Financial Crises ; Financial Deepening ; Financial Literacy ; Financial Markets ; Financial Systems ; Inflation ; Infrastructure ; Private Sector Development ; Bank ; Bank Failures ; Bankers ; Banking ; Banking Crises ; Banking Stability ; Banks ; Banks and Banking Reform ; Capital ; Capital Adequacy ; Capital Flows ; Debt Markets ; Economies ; Emerging Markets ; Emerging Markets ; Externalities ; Finance ; Finance and Financial Sector Development ; Financial Crises ; Financial Deepening ; Financial Literacy ; Financial Markets ; Financial Systems ; Inflation ; Infrastructure ; Private Sector Development
    Abstract: Hard on the heels of Mexico's crisis in 1994, a wave of financial crises swept across emerging economies - from East Asia and Russia to Brazil - bringing the fragility of banking and finance into unprecedented focus. What has gone wrong? - Caprio and Honohan examine why emerging markets, in particular, are susceptible to and affected by financial difficulties. They show that these difficulties have a richer, more complex structure than they are sometimes believed to have - with marked information asymmetries and substantial volatility. The sources of heightened regulatory failure in emerging markets in recent years include the volatility of real and nominal shocks, the difficulty of operating in uncharted territory after financial liberalization and other changes in regime, and the political pressures that can inhibit the enforcement of prudential regulation. Caprio and Honohan discuss what stronger regulation can and cannot accomplish, as well as options to improve the incentive structure for bankers, regulators, and other market participants. They probe the shortcomings of a regulatory paradigm that relies mainly on supervised capital adequacy and discuss the possible intermittent application of supplementary blunt instruments as an interim solution while longer-term reforms are being put in place. Certain well-worn messages remain valid, but are respected more in theory than in practice. There would be fewer problems, the authors say, if there were: · More diversification. · More balanced financial structures (for example, as between debt and equity). · More foreign banks in emerging markets' financial systems. · Better enforcement of both contracts and regulations. Participants in the financial sector will constantly try to get around rules that limit their profitability, so regulation must be seen as an evolutionary struggle. Prevention of financial failure is not costless, and a heavy repressive hand is not warranted. But a richer regulatory palette can be used to protect financial systems more successfully against crisis while preserving the systems' growth-enhancing effectiveness. This paper is a joint product of Finance, Development Research Group, and the Financial Sector Practice Department. The authors may be contacted at gcaprioworldbank.org or phonohan@worldbank.org
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  • 69
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    The EU Factor in the Trade Policies of Central European Countries (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Kaminski, Bartlomiej The EU Factor in the Trade Policies of Central European Countries
    Keywords: Applied Tariff ; Autonomy ; Border Protection ; Currencies and Exchange Rates ; Debt Markets ; Domestic Producers ; Economic Theory and Research ; Emerging Markets ; Exchange Rates ; Finance and Financial Sector Development ; Foreign Trade ; Foreign Trade Policy ; Free Trade ; Free Trade ; International Economics & Trade ; International Trade ; International Trade Policies ; Law and Development ; Macroeconomics and Economic Growth ; Market Access ; Private Sector Development ; Public Sector Development ; Regional Integration ; Tariff ; Tariff Barriers ; Tariff Rates ; Tariffs ; Trade ; Trade Law ; Trade Liberalization ; Trade Policies ; Trade Policy ; Trade Regimes ; Trade and Regional Integration ; Applied Tariff ; Autonomy ; Border Protection ; Currencies and Exchange Rates ; Debt Markets ; Domestic Producers ; Economic Theory and Research ; Emerging Markets ; Exchange Rates ; Finance and Financial Sector Development ; Foreign Trade ; Foreign Trade Policy ; Free Trade ; Free Trade ; International Economics & Trade ; International Trade ; International Trade Policies ; Law and Development ; Macroeconomics and Economic Growth ; Market Access ; Private Sector Development ; Public Sector Development ; Regional Integration ; Tariff ; Tariff Barriers ; Tariff Rates ; Tariffs ; Trade ; Trade Law ; Trade Liberalization ; Trade Policies ; Trade Policy ; Trade Regimes ; Trade and Regional Integration
    Abstract: Despite strong protectionist sentiments, trade regimes have remained open in Central European countries invited to negotiate their accession to the European Union. Regional disciplines (the EU factor), combined with the legacy of low tariffs under GATT commitments, appear to have offset domestic protectionist impulses. - Kaminski examines the development of foreign trade institutions and policies in Central European countries invited to negotiate their accession to the European Union. With the dismantling of state trading, conditions of market access have been dramatically liberalized. However, except for Estonia and, to a lesser extent, the Czech Republic, most Central European countries have followed a policy of bilateral rather than multilateral trade liberalization. The fall in tariff rates on preferential imports has prompted a search for nontariff barriers, but these countries' trade regimes have remained open - which is surprising, considering the strong protectionist sentiments in economic administration. Regional disciplines (the EU factor), combined with the legacy of low tariffs under GATT commitments, appear to have been responsible for this openness. Foreign trade policy has been shaped by tensions between domestic protectionist impulses and pressures from the European Union (and other World Trade Organization members) to improve conditions of market access. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to examine trade and integration issues. The author may be contacted at bkaminskiworldbank.org
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  • 70
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    Does Deposit Insurance Increase Banking System Stability? : An Empirical Investigation (1999)
    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: Detragiache, Enrica Does Deposit Insurance Increase Banking System Stability?
    Keywords: Asset Portfolio ; Asset Quality ; Bank Asset ; Bank Depos Banking Crises ; Banking Market ; Banking Sector ; Banking System ; Banks and Banking Reform ; Central Bank ; Currencies and Exchange Rates ; Debt Markets ; Depos Deposit Insurance ; Depositor ; Depositors ; Deposits ; Developing Countries ; Emerging Markets ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Financial Intermediation ; Financial Literacy ; Insurance Law ; Insurance and Risk Mitigation ; Law and Development ; Liquidity ; Loan ; Monetary Fund ; Moral Hazard ; National Bank ; Private Sector Development ; Asset Portfolio ; Asset Quality ; Bank Asset ; Bank Depos Banking Crises ; Banking Market ; Banking Sector ; Banking System ; Banks and Banking Reform ; Central Bank ; Currencies and Exchange Rates ; Debt Markets ; Depos Deposit Insurance ; Depositor ; Depositors ; Deposits ; Developing Countries ; Emerging Markets ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Financial Intermediation ; Financial Literacy ; Insurance Law ; Insurance and Risk Mitigation ; Law and Development ; Liquidity ; Loan ; Monetary Fund ; Moral Hazard ; National Bank ; Private Sector Development
    Abstract: Explicit deposit insurance tends to be detrimental to bank stability - the more so where bank interest rates are deregulated and the institutional environment is weak. - Based on evidence for 61 countries in 1980-97, Demirgüç-Kunt and Detragiache find that explicit deposit insurance tends to be detrimental to bank stability, the more so where bank interest rates are deregulated and the institutional environment is weak. The adverse impact of deposit insurance on bank stability tends to be stronger the more extensive is the coverage offered to depositors, and where the scheme is funded and run by the government rather than the private sector. This paper - a product of Finance, Development Research Group - is part of a larger effort in the group to study deposit insurance. The study was funded by the Bank's Research Support Budget under the research project Deposit Insurance: Issues of Principle, Design, and Implementation (RPO 682-90). The authors may be contacted at ademirguckuntworldbank.org or edetragiache@imf.org
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  • 71
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    Taxing Issues with Privatization : A Checklist (1999)
    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: Mintz, M. Jack Taxing Issues with Privatization
    Keywords: Capital Gains Taxes ; Company Taxes ; Corporate Income Tax ; Corporate Income Taxes ; Debt Markets ; Deductions ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Income Tax ; Investment and Investment Climate ; Law and Development ; Macroeconomics and Economic Growth ; Private Sector Development ; Property Taxes ; Tax ; Tax Base ; Tax Benefits ; Tax Credits ; Tax Incentives ; Tax Law ; Tax Liabilities ; Tax Liability ; Tax Policies ; Tax Policy ; Tax Revenue ; Taxable Income ; Taxation and Subsidies ; Taxes ; Taxpayers ; Capital Gains Taxes ; Company Taxes ; Corporate Income Tax ; Corporate Income Taxes ; Debt Markets ; Deductions ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Income Tax ; Investment and Investment Climate ; Law and Development ; Macroeconomics and Economic Growth ; Private Sector Development ; Property Taxes ; Tax ; Tax Base ; Tax Benefits ; Tax Credits ; Tax Incentives ; Tax Law ; Tax Liabilities ; Tax Liability ; Tax Policies ; Tax Policy ; Tax Revenue ; Taxable Income ; Taxation and Subsidies ; Taxes ; Taxpayers
    Abstract: May 2000 - The literature on privatization has overlooked how the tax status of the company to be privatized will affect the firm's, and the country's, financial transition. Privatization has been a popular strategy for improving efficiency in both market and transition economies. The literature on privatization includes broad discussions of pricing techniques but overlooks tax issues. In reality, a state-owned company loses its privilege of paying no taxes once it is privatized. This change in tax status would certainly complicate the financial transition of a newly privatized company, affect industrywide economic efficiency, and change the revenue pattern of governments. Using Ontario Hydro and the Canadian tax regime as examples, Mintz, Chen, and Zorotheos provide policymakers with a checklist on tax issues under privatization. Their main observations: · The tax status of the company to be privatized must be considered in analyzing the firm's financial transition. · The economic efficiency targeted by privatization may depend partly on the tax regime for a particular industry. · Privatization affects government revenue through the revenue-sharing structure determined by intergovernmental fiscal relationships and cross-border tax arrangements. Time is a factor in tax and transition issues. At the time of privatization, for example, how are assets to be valued for calculating capital gains and cost deductions, for tax purposes? Are the assets transferred to the new owners at fair market value, book value, or at cost, for tax purposes? How should heavy debt loads be treated? Ontario Hydro will not be privatized but it will become taxable. How the taxes will be paid will depend on how the transition is treated. Tax policy will be a key determinant of the industry's future development. This paper - a product of the Governance, Regulation, and Finance Division, World Bank Institute - is part of a larger effort in the institute to increase understanding of infrastructure regulation
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  • 72
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    Fiscal Constraints, Collection Costs, and Trade Policies (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Kubota, Keiko Fiscal Constraints, Collection Costs, and Trade Policies
    Keywords: Debt Markets ; Developing Countries ; Economic Theory and Research ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Fiscal Adjustment ; Fiscal Constraints ; Government Revenues ; Interest ; International Economics & Trade ; Law and Development ; Macroeconomic Crises ; Macroeconomic Stabilization ; Macroeconomics and Economic Growth ; Political Economy ; Price Stability ; Private Sector Development ; Public Finance ; Public Sector Development ; Return ; Revenue ; Revenues ; Tariff ; Tariffs ; Tax ; Tax Law ; Tax Rate ; Taxation and Subsidies ; Taxes ; Trade Liberalization ; Trade Policy ; Trade Sector ; Debt Markets ; Developing Countries ; Economic Theory and Research ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Fiscal Adjustment ; Fiscal Constraints ; Government Revenues ; Interest ; International Economics & Trade ; Law and Development ; Macroeconomic Crises ; Macroeconomic Stabilization ; Macroeconomics and Economic Growth ; Political Economy ; Price Stability ; Private Sector Development ; Public Finance ; Public Sector Development ; Return ; Revenue ; Revenues ; Tariff ; Tariffs ; Tax ; Tax Law ; Tax Rate ; Taxation and Subsidies ; Taxes ; Trade Liberalization ; Trade Policy ; Trade Sector
    Abstract: June 2000 - Empirical evidence supports the hypothesis that when tariffs and export taxes are important sources of revenue for developing countries, and when those countries have narrow tax bases and high tax rates, trade liberalization will come about when the governments diversify their revenue sources through efficiency-enhancing, revenue-increasing tax reform. That free trade allows economies in an ideal world to achieve the greatest possible welfare is one of the few undisputed propositions in economics. In reality, however, free trade is rare. Kubota argues that many developing countries intervene in trade at least partly to raise revenues and that episodes of trade liberalization are often linked to tax reform. She proposes a formal model to explain why developing countries rely disproportionately on tariffs for government revenues, when tax reforms are expected, and under what conditions trade liberalization will take place. The model uses the simple concept of the fixed costs involved in tax collection. When fiscal needs are limited and the infrastructure to monitor, administer, and collect taxes is not well-developed, it is optimal for governments to rely on a handful of easy-to-collect taxes, which generally includes trade taxes. When fiscal needs expand, the excess burden on the tax base grows rapidly, and tax reform becomes necessary. Tax reforms reduce reliance on the existing tax base, often allowing the statutory tax rate to be lowered. This is a form of trade liberalization when it involves the trade sector. Kubota defines trade liberalization in a somewhat unconventional way: only reductions in the rates at which the trade sector is taxed are considered trade liberalization. Tariffication of quotas, normally considered a form of trade liberalization, is treated as tax reform (expanding the tax base). Kubota tests this hypothesis empirically, first through three historic case studies (Bolivia, Jamaica, and Morocco) and then through systematic econometric analysis. She constructs a set of panel data for 38 developing countries for 1980-92, using the statutory tariff rates published by UNCTAD. She uses empirical tests to isolate the cause of trade liberalization. The results support her hypothesis: tariff rates are positively related to fiscal shocks and negatively associated with episodes of tax reform. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to investigate the role of trade taxes in government revenues in developing countries. The author may be contacted at kkubotaworldbank.org
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  • 73
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    A New Model for Market-Based Regulation of Subnational Borrowing : The Mexican Approach (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (30 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Giugale, Marcelo A New Model for Market-Based Regulation of Subnational Borrowing
    Keywords: Bank ; Banks ; Banks and Banking Reform ; Borrowing ; Capital ; Commercial Banks ; Cred Debt ; Debt Markets ; Decentralization ; Deposits ; Economic Theory and Research ; Emerging Markets ; Externalities ; Finance and Financial Sector Development ; Financial Intermediation ; Financial Literacy ; Financial Performance ; Governments ; Institutional Development ; Interest ; Interest Rates ; Lending ; Loans ; Macroeconomic Stability ; Macroeconomics and Economic Growth ; Moral Hazard ; Private Sector Development ; Risk ; Bank ; Banks ; Banks and Banking Reform ; Borrowing ; Capital ; Commercial Banks ; Cred Debt ; Debt Markets ; Decentralization ; Deposits ; Economic Theory and Research ; Emerging Markets ; Externalities ; Finance and Financial Sector Development ; Financial Intermediation ; Financial Literacy ; Financial Performance ; Governments ; Institutional Development ; Interest ; Interest Rates ; Lending ; Loans ; Macroeconomic Stability ; Macroeconomics and Economic Growth ; Moral Hazard ; Private Sector Development ; Risk
    Abstract: July 2000 - To bring fiscal discipline to state and municipal governments, Mexico's federal government has established a two-pillar framework that explicitly renounces federal bail-outs and establishes a Basel-consistent link between the capital-risk weighting of bank loans to subnational governments and the borrower's credit rating. Whether the framework succeeds will depend partly on market assessments of the government's commitment to enforce bank capital rules and refrain from bailing out defaulting subnational governments. Faced with weak subnational finances that pose a risk to macroeconomic stability, Mexico's federal government in April 2000 established an innovative incentive framework to bring fiscal discipline to state and municipal governments. That framework is based on two pillars: an explicit renunciation of federal bail-outs and a Basel-consistent link between the capital-risk weighting of bank loans to subnational governments and the borrower's credit rating. In theory, this new regulatory arrangement should reduce moral hazard among banks and their state and municipal clients; differentiate interest rates on the basis of the borrowers' creditworthiness; and elicit a strong demand for institutional development at the subnational level. But its success will depend on three factors critical to implementation: · Whether markets find the federal commitment not to bail out defaulting subnational governments credible. · Whether subnational governments have access to financing other than bank loans. · How well bank capital rules are enforced. This paper - a product of the Mexico- Country Department and Poverty Reduction and Economic Management Sector Unit, Latin America and the Caribbean Region - is part of a larger effort in the region to understand the subnational underpinnings of sustainable, national economic framework. The authors may be contacted at mgiugaleworldbank.org, akorobow@worldbank.org, or swebb@worldbank.org
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  • 74
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    Should Credit Be Given for Autonomous Liberalization in Multilateral Trade Negotiations? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Mattoo, Aaditya Should Credit Be Given for Autonomous Liberalization in Multilateral Trade Negotiations?
    Keywords: Currencies and Exchange Rates ; Currency ; Debt Markets ; Dispute Settlement ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Free Trade ; Insurance and Risk Mitigation ; International Economics & Trade ; International Trade and Trade Rules ; Macroeconomics and Economic Growth ; Multilateral Liberalization ; Multilateral Negotiations ; Private Sector Development ; Public Sector Development ; Reciprocal Concessions ; Tariff ; Tariff Reductions ; Tariff Schedule ; Tariffs ; Terms Of Trade ; Terms Of Trade Loss ; Trade ; Trade Liberalization ; Trade Negotiations ; Trade Policy ; Trade Policy ; Unilateral Liberalization ; Unilateral Reduction ; Unilateral Tariff Reduction ; World Trade ; World Trade Organization ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Dispute Settlement ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Free Trade ; Insurance and Risk Mitigation ; International Economics & Trade ; International Trade and Trade Rules ; Macroeconomics and Economic Growth ; Multilateral Liberalization ; Multilateral Negotiations ; Private Sector Development ; Public Sector Development ; Reciprocal Concessions ; Tariff ; Tariff Reductions ; Tariff Schedule ; Tariffs ; Terms Of Trade ; Terms Of Trade Loss ; Trade ; Trade Liberalization ; Trade Negotiations ; Trade Policy ; Trade Policy ; Unilateral Liberalization ; Unilateral Reduction ; Unilateral Tariff Reduction ; World Trade ; World Trade Organization
    Abstract: June 2000 - As each new round of multilateral trade negotiations approaches, there is a demand for a negotiating rule that would give credit for previous unilateral liberalization. The feasibility and desirability of such a rule depend on when it is instituted. As each new round of multilateral trade negotiations approaches, there is a demand for a negotiating rule that would give credit for autonomous (unilateral) liberalization. Mattoo and Olarreaga show that the feasibility and desirability of such a rule depend on when it is instituted. A credit rule established at the beginning of a round of negotiations has a primarily distributional effect, favoring those who have already undertaken liberalization. Implementing such a rule would depend on the generosity of those who have not liberalized. The authors propose instead establishing a credit rule at the end of a round of negotiations, which creates an ex ante assurance that any unilateral liberalization will receive credit in the next round. Such a rule would help induce or enhance liberalization in some countries between negotiating rounds by reducing the gains from retaining protection as negotiating currency. More strikingly, it could also lead to deeper levels of multilateral liberalization and induce other countries to go further than they would in the absence of a rule. Most important, such an ex ante rule would not rely on altruism to be generally acceptable. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to improve trade policy in goods and services. The authors may be contacted at amattooworldbank.org or molarreaga@worldbank.org
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  • 75
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    New Firm Formation and Industry Growth : Does Having a Market- or Bank-Based System Matter? (1999)
    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: Levine, Ross New Firm Formation and Industry Growth
    Keywords: Banks and Banking Reform ; Debt Markets ; Economic Development ; Emerging Markets ; External Finance ; Finance and Financial Sector Development ; Financial Development ; Financial Literacy ; Financial Structure ; Financial System ; Financial Systems ; Individual Investors ; Legal Protection ; Liquid Market ; Market ; Market Development ; Market Liquidity ; Markets ; Outside Investors ; Private Sector Development ; Public Markets ; Shareholders ; Shares ; Stock ; Transaction ; Transaction Costs ; Banks and Banking Reform ; Debt Markets ; Economic Development ; Emerging Markets ; External Finance ; Finance and Financial Sector Development ; Financial Development ; Financial Literacy ; Financial Structure ; Financial System ; Financial Systems ; Individual Investors ; Legal Protection ; Liquid Market ; Market ; Market Development ; Market Liquidity ; Markets ; Outside Investors ; Private Sector Development ; Public Markets ; Shareholders ; Shares ; Stock ; Transaction ; Transaction Costs
    Abstract: June 2000 - Do industries that depend heavily on external finance grow faster in market-based or bank-based financial systems? Are new firms more likely to form in a bank-based or a market-based financial system? Beck and Levine find no evidence for the superiority of either market-based or bank-based financial systems for industries dependent on external financing. But they find overwhelming evidence that industries heavily dependent on external finance grow faster in economies with higher levels of financial development and with better legal protection for outside investors - including strong creditor and shareholder rights and strong contract enforcement mechanisms. Financial development also stimulates the establishment of new firms, which is consistent with the Schumpeterian view of creative destruction. Financial development matters. That the financial system is bank-based or market-based offers little additional information. This paper - a product of the Financial Sector Strategy and Policy Department - is part of a larger effort in the department to understand the link between financial development and economic growth. The authors may be contacted at tbeckworldbank.org or rlevine@csom.umn.edu
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    Financial Openness, Democracy, and Redistributive Policy (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Dailami, Mansoor Financial Openness, Democracy, and Redistributive Policy
    Keywords: Banks and Banking Reform ; Bonds ; Capital Flows ; Capital Movements ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Economic Efficiency ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Financial Openness ; Free Capital ; Future ; Governance ; Governance Indicators ; Government Policies ; Information Technologies ; Insurance ; International Capital ; International Capital Mobility ; International Financial Markets ; International Financial System ; International Lending ; Labor Policies ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Market ; Market Integration ; Moral Hazard ; Political Economy ; Political Economy ; Private Sector Development ; Social Protections and Labor ; Banks and Banking Reform ; Bonds ; Capital Flows ; Capital Movements ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Economic Efficiency ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Financial Openness ; Free Capital ; Future ; Governance ; Governance Indicators ; Government Policies ; Information Technologies ; Insurance ; International Capital ; International Capital Mobility ; International Financial Markets ; International Financial System ; International Lending ; Labor Policies ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Market ; Market Integration ; Moral Hazard ; Political Economy ; Political Economy ; Private Sector Development ; Social Protections and Labor
    Abstract: June 2000 - What explains the spread of both democracy and financial openness at this time in history, given the constraining impact of financial market integration on national policy autonomy? International policy coordination is part of the answer, but not all. Also important is the presence of cost-effective redistributive schemes that provide insurance against the risk of financial instability. The debate about the relationship between democratic forms of government and the free movement of capital across borders dates to the 18th century. It has regained prominence as capital on a massive scale has become increasingly mobile and as free economies experience continuous pressure from rapidly changing technology, market integration, changing consumer preferences, and intensified competition. These changes imply greater uncertainty about citizens' future income positions, which could prompt them to seek insurance through the marketplace or through constitutionally arranged income redistribution. As more countries move toward democracy, the availability of such insurance mechanisms to citizens is key if political pressure for capital controls is to be averted and if public support for an open, liberal international financial order is to be maintained. Dailami briefly reviews how today's international financial system evolved from one of mostly closed capital accounts immediately after World War II to today's enormous, largely free-flowing market. Drawing on insights from the literature on public choice and constitutional political economy, Dailami develops an analytical framework for a welfare cost-benefit analysis of financial openness to international capital flows. The main welfare benefits of financial openness derive from greater economic efficiency and increased opportunities for risk diversification. The welfare costs relate to the cost of insurance used as a mechanism for coping with the risks of financial volatility. These insurance costs are the economic losses associated with redistribution, including moral hazard, rent-seeking, and rent-avoidance. A cross-sectional analysis of a large sample of developed and developing countries shows the positive correlation between democracy (as defined by political and civil liberty) and financial openness. More rigorous econometric investigation using logit analysis and controlling for level of income also shows that redistributive social policies are key in determining the likelihood that countries can successfully combine an openness to international capital mobility with democratic forms of government. This paper - a product of Governance, Regulation, and Finance, World Bank Institute- is part of a broader research effort on The Quality of Growth. The author may be contacted at mdailamiworldbank.org
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    A Transitory Regime Water Supply in Conakry, Guinea (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (58 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Clarke, George A Transitory Regime Water Supply in Conakry, Guinea
    Keywords: Banks and Banking Reform ; Cost Of Water ; Debt Markets ; Drinking Water ; Finance and Financial Sector Development ; Financial Literacy ; Households ; Industry ; Mortality Rate ; Pipeline ; Pit Latrines ; Population Growth ; Price Of Water ; Private Operator ; Private Participation ; Public Sector Corruption and Anticorruption Measures ; Raw Water ; Town Water Supply and Sanitation ; Urban Areas ; Urban Water ; Urban Water Supply and Sanitation ; Water ; Water Conservation ; Water Resources ; Water Resources ; Water Sector ; Water Supply ; Water Supply and Sanitation ; Water Supply and Sanitation Governance and Institutions ; Water System ; Water Systems ; Water Use ; Water and Industry ; Wells ; Banks and Banking Reform ; Cost Of Water ; Debt Markets ; Drinking Water ; Finance and Financial Sector Development ; Financial Literacy ; Households ; Industry ; Mortality Rate ; Pipeline ; Pit Latrines ; Population Growth ; Price Of Water ; Private Operator ; Private Participation ; Public Sector Corruption and Anticorruption Measures ; Raw Water ; Town Water Supply and Sanitation ; Urban Areas ; Urban Water ; Urban Water Supply and Sanitation ; Water ; Water Conservation ; Water Resources ; Water Resources ; Water Sector ; Water Supply ; Water Supply and Sanitation ; Water Supply and Sanitation Governance and Institutions ; Water System ; Water Systems ; Water Use ; Water and Industry ; Wells
    Abstract: June 2000 - In several ways, the reform introduced to the water sector in Conakry, Guinea, in 1989 under a World Bank-led project was remarkable. It showed that even in a weak institutional environment, where contracts are hard to enforce and political interference is common, private sector participation can improve sector performance. Why did the sector improve as much as it did, and what has inhibited reform? Both consumers and the government benefited from reform of the water system in Conakry, Guinea, whose deterioration since independence had become critical by the mid-1980s. Less than 40 percent of Conakry's population had access to piped water - low even by regional standards - and service was intermittent, at best, for the few who had connections. The public agency in charge of the sector was inefficient, overstaffed, and virtually insolvent. In several ways, the reform introduced to the sector in 1989 under a World Bank-led project was remarkable. It showed that even in a weak institutional environment, where contracts are hard to enforce and political interference is common, private sector participation can improve sector performance. Ménard and Clarke discuss the mechanisms that made progress possible and identify factors that inhibit the positive effects of reform. Water has become very expensive, the number of connections has increased very slowly, and conflicts have developed between SEEG (the private operator) and SONEG (the state agency). Among the underlying problems: · The lack of strong, stable institutions. · The lack of an independent agency capable of restraining arbitrary government action, regulating the private operator, and enforcing contractual arrangements. · The lack of adequate conflict resolution mechanisms for contract disputes. · Weak administrative capacity. This paper - a joint product of Public Economics and Regulation and Competition Policy, Development Research Group - is part of a larger effort in the group to promote competition and private sector development. The study was funded by the Bank's Research Support Budget under the research project Institutions, Politics, and Contracts: Private Sector Participation in Urban Water Supply (RPO 681-87). The authors may be contacted at menarduniv-paris1.fr or gclarke@worldbank.org
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    Perverse Effects of a Ratings-Related Capital Adequacy System (1999)
    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: Honohan, Patrick Perverse Effects of a Ratings-Related Capital Adequacy System
    Keywords: Bank ; Bank Failure ; Bank Failures ; Banking Supervision ; Banks ; Banks and Banking Reform ; Capital ; Capital Adequacy ; Capital Requirement ; Capital Requirements ; Debt ; Debt Markets ; Deposit Insurance ; Deposits ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Interest ; Lending ; Loans ; Private Sector Development ; Projects ; Rating Agencies ; Risk ; Risk Factors ; Systemic Risk ; Bank ; Bank Failure ; Bank Failures ; Banking Supervision ; Banks ; Banks and Banking Reform ; Capital ; Capital Adequacy ; Capital Requirement ; Capital Requirements ; Debt ; Debt Markets ; Deposit Insurance ; Deposits ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Interest ; Lending ; Loans ; Private Sector Development ; Projects ; Rating Agencies ; Risk ; Risk Factors ; Systemic Risk
    Abstract: June 2000 - Allowing banks to hold less capital against loans to borrowers who have received a favorable rating by an approved rating agency may result in a rating system that neither reveals risk information about borrowers nor protects the deposit insurance fund. Part of the problem is the very idea of basing portfolio risk evaluation on the sum of individual loan risks, but there are also important incentive issues. It has recently been proposed that banks be allowed to hold less capital against loans to borrowers who have received a favorable rating by an approved rating agency. But a plausible model of rating-agency behavior shows that this strategy could have perverse results, actually increasing the risk of deposit insurance outlays. First, there is an issue of signaling, with low-ability borrowers possibly altering their behavior to secure a lower capital requirement for their borrowing. Second, establishing a regulatory cut-off may actually reduce the amount of risk information made available by raters. Besides, the credibility of rating agencies may not be damaged by neglect of the risk of unusual systemic shocks, although deposit insurers greatest outlays come chiefly at times of systemic crisis. And using agencies' individual ratings is unlikely to be an effective early-warning system for the risk of systemic failure, so use of the ratings could lull policymakers into a false sense of security. It is important to harness market information to improve bank safety (for example, by increasing the role of large, well-informed, but uninsured claimants), but this particular approach could be counterproductive. Relying on ratings could induce borrowers to increase their exposure to systemic risk even if they reduce exposure to specific risk. This paper - a product of Finance, Development Research Group - is part of a larger effort in the group to examine the effects of financial sector regulation. The author may be contacted at phonohanworldbank.org
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    Seeds of Corruption : Do Market Institutions Matter? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Recanatini, Francesca Seeds of Corruption
    Keywords: Accountability ; Bank ; Banks and Banking Reform ; Corruption ; Corruption and Anticorruption Law ; Debt Markets ; Discretion ; Economic Theory and Research ; Emerging Markets ; Fight Against Corruption ; Finance and Financial Sector Development ; Governance ; Governance ; Governance Indicators ; Governance Reforms ; Government ; Government Officials ; Governments ; Investigation ; Law and Development ; Laws ; Legal Products ; Macroeconomics and Economic Growth ; Monopolies ; Monopoly ; National Governance ; Organization ; Policies ; Policy ; Political Economy ; Politicians ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Services ; Transparent Mechanism ; Accountability ; Bank ; Banks and Banking Reform ; Corruption ; Corruption and Anticorruption Law ; Debt Markets ; Discretion ; Economic Theory and Research ; Emerging Markets ; Fight Against Corruption ; Finance and Financial Sector Development ; Governance ; Governance ; Governance Indicators ; Governance Reforms ; Government ; Government Officials ; Governments ; Investigation ; Law and Development ; Laws ; Legal Products ; Macroeconomics and Economic Growth ; Monopolies ; Monopoly ; National Governance ; Organization ; Policies ; Policy ; Political Economy ; Politicians ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Services ; Transparent Mechanism
    Abstract: June 2000 - Economists in the field of industrial organization, antitrust, and regulation have long recognized certain factors as potent determinants of opportunistic behavior, corruption, and capture of government officials. Only now are these relationships becoming conventional wisdom among specialists in economies in transition. Ten years into the transition, corruption is so pervasive that it could jeopardize the best-intentioned reform efforts. Broadman and Recanatini present an analytical framework for examining the role market institutions play in rent-seeking and illicit behavior. Using recently available data on the incidence of corruption and on institutional development, they provide preliminary evidence on the link between the development of market institutions and incentives for corruption. Virtually all of the indicators they examine appear to be important, but three are statistically significant: · The intensity of barriers to the entry of new business. · The effectiveness of the legal system. · The efficacy and competitiveness of services provided by infrastructure monopolies. The main lesson emerging from their analysis: a well established system of market institutions - clear and transparent rules, fully functioning checks and balances (including strong enforcement mechanisms), and a robust competitive environment - reduces opportunities for rent-seeking and hence incentives for corruption. Both the design and effective implementation of such measures are important if a market system is to be effective. It is not enough, for example, to enact first-rate laws if they are not enforced. The local political economy greatly affects whether a given policy reform will curtail corruption. Especially important are the following factors in the political economy: · The credibility of the government's commitment to carrying out announced reforms. · The degree to which government officials are captured by the entities they regulate or oversee. · The stability of the government itself. · The political power of entrenched vested interests. Economists in the field of industrial organization, antitrust, and regulation have long recognized these factors as potent determinants of opportunistic behavior, corruption, and capture of government officials. Only now are they becoming conventional wisdom among specialists in economies in transition. This paper - a product of the Poverty Reduction and Economic Management Sector Unit, Europe and Central Asia Region - is part of a larger effort in the region to analyze the determinants of corruption and develop remedies. The authors may be contacted at hbroadmanworldbank.org or frecanatini@worldbank.org
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    The Rise, the Fall, and . . . the Emerging Recovery of Project Finance in Transport (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Estache, Antonio The Rise, the Fall, and . . . the Emerging Recovery of Project Finance in Transport
    Keywords: Bank Debt ; Banks and Banking Reform ; Bond ; Capital Structures ; Debt Markets ; Debt Servicing ; Emerging Bond Markets ; Emerging Markets ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Finance ; Finance and Financial Sector Development ; Financial Crises ; Financial Intermediation ; Financial Literacy ; Financial Performance ; Good ; Infrastructure Finance ; Interest ; Interest Rate ; Interest Rate Risk ; Investing ; Market ; Pension ; Pension Assets ; Private Sector Development ; Public Sector Economics and Finance ; Revenues ; Short-Term Debt ; Transport ; Transport Economics, Policy and Planning ; Bank Debt ; Banks and Banking Reform ; Bond ; Capital Structures ; Debt Markets ; Debt Servicing ; Emerging Bond Markets ; Emerging Markets ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Finance ; Finance and Financial Sector Development ; Financial Crises ; Financial Intermediation ; Financial Literacy ; Financial Performance ; Good ; Infrastructure Finance ; Interest ; Interest Rate ; Interest Rate Risk ; Investing ; Market ; Pension ; Pension Assets ; Private Sector Development ; Public Sector Economics and Finance ; Revenues ; Short-Term Debt ; Transport ; Transport Economics, Policy and Planning
    Abstract: July 2000 - Many transport projects undertaken during the boom period of the 1990s came to a crashing halt in 1997, and conditions in emerging markets worsened in 1998 and 1999. Many projects failed, victim of everything from overoptimistic forecasts to excessive debt to an inability to refinance bridge loans. As available financing dried up, many projects went bankrupt, had to be renegotiated, or were taken over by the government. What have we learned from all this? Recent developments in emerging financial markets have dramatically changed the appetite for (and terms of) transport infrastructure projects. As a result of defaults in Asia and Russia and devaluations in Asia, Brazil, and Russia, political and currency and exchange risk premia have increased dramatically. Given large needs for sovereign debt financing, infrastructure project finance will be seeking guarantees at the same time as governments are issuing primary securities. Large portfolio outflows in emerging market funds mean that the sources of both equity and debt capital that became available in the mid-1990s are drying up for all but the most creditworthy projects. Moreover, real economic effects from financial events have consequences in the transport sector, since transport is a derived demand. Any decline in real economic activity is felt quickly in traffic levels and revenues. Currency devaluations that help spur exports may generate higher volumes for seaports and air cargo activity. These effects vary by sector, especially over the medium to longer term. Declines in real economic activity make matters especially difficult for toll roads, as drivers shift to free alternatives and reduce the number of trips taken. What does all this mean for project finance in transport? Risks have increased. Debt finance costs more. The available tenor of debt instruments has shortened and more equity is required for projects. The sources and availability of equity finance have changed. Project finance efforts have shifted from new projects to the privatization, rehabilitation, and expansion of existing facilities. And a superclass of sponsors, bankers, and investors has emerged. Failures and mistakes in project finance deals in the 1990s were sharp and persistent. But much has been learned about sound project economics, conservative financial structures, comprehensive sensitivity analysis, the effects of macroeconomic factors, and the need for proper incentives and sound institutional and regulatory arrangements. This paper-a product of Governance, Regulation, and Finance, World Bank Institute-is part of a larger effort in the institute to increase understanding of infrastructure regulation. The authors may be contacted at aestacheworldbank.org or jstrong@worldbank.org
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    How Did the World's Poorest Fare in the 1990s? (1999)
    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: Ravallion, Martin How Did the World's Poorest Fare in the 1990s?
    Keywords: Absolute Poverty ; Aggregate Poverty ; Consumer Price Index ; Consumption ; Consumption Basket ; Consumption Expenditure ; Consumption Expenditures ; Consumption Per Capita ; Consumption Poverty ; Debt Markets ; Finance and Financial Sector Development ; Health Systems Development and Reform ; Health, Nutrition and Population ; Higher Inequality ; Household Living Standards ; Household Size ; Incidence Of Poverty ; Income Distribution ; Inequality ; Poor Countries ; Population Policies ; Poverty Diagnostics ; Poverty Line ; Poverty Lines ; Poverty Measures ; Poverty Monitoring and Analysis ; Poverty Rate ; Poverty Reduction ; Poverty Reduction ; Poverty Reduction Strategies ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction ; Services and Transfers to Poor ; Absolute Poverty ; Aggregate Poverty ; Consumer Price Index ; Consumption ; Consumption Basket ; Consumption Expenditure ; Consumption Expenditures ; Consumption Per Capita ; Consumption Poverty ; Debt Markets ; Finance and Financial Sector Development ; Health Systems Development and Reform ; Health, Nutrition and Population ; Higher Inequality ; Household Living Standards ; Household Size ; Incidence Of Poverty ; Income Distribution ; Inequality ; Poor Countries ; Population Policies ; Poverty Diagnostics ; Poverty Line ; Poverty Lines ; Poverty Measures ; Poverty Monitoring and Analysis ; Poverty Rate ; Poverty Reduction ; Poverty Reduction ; Poverty Reduction Strategies ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction ; Services and Transfers to Poor
    Abstract: August 2000 - Between 1987 and 1998, the incidence of poverty fell in Asia and the Middle East and North Africa, changed little in Latin America and Sub-Saharan Africa, and rose in Eastern Europe and Central Asia. Too little economic growth in the poorest countries and persistent inequalities (in income and other measures) are the main reasons for the disappointing rate of poverty reduction. Drawing on data from 265 national sample surveys spanning 83 countries, Chen and Ravallion find that there was a net decrease in the total incidence of consumption poverty between 1987 and 1998. But it was not enough to reduce the total number of poor people, by various definitions. The incidence of poverty fell in Asia and the Middle East and North Africa, changed little in Latin America and Sub-Saharan Africa, and rose in Eastern Europe and Central Asia. The two main proximate causes of the disappointing rate of poverty reduction: too little economic growth in many of the poorest countries, and persistent inequalities (in both income and other essential measures) that kept the poor from participating in the growth that did occur. This paper-a product of Poverty and Human Resources, Development Research Group-is part of a larger effort in the group to monitor progress against poverty in the developing world. The authors may be contacted at schenworldbank.org or mravallion@worldbank.org
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    The Dynamics of Poverty : Why Some People Escape from Poverty and Others Don't?An African Case Study (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Kanbur, Ravi The Dynamics of Poverty
    Keywords: Chronically Poor ; Communities & Human Settlements ; Debt Markets ; Economic Policies ; Economic Theory and Research ; Farm Size ; Finance and Financial Sector Development ; Financial Literacy ; Household Income ; Household Size ; Household Welfare ; Housing and Human Habitats ; Human Capital ; Incidence Of Poverty ; Income ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; New Poor ; Nonfarm Income ; Old Age ; Poor People ; Poverty ; Poverty Diagnostics ; Poverty Incidence ; Poverty Lines ; Poverty Monitoring and Analysis ; Poverty Reduction ; Rural ; Rural Areas ; Rural Development ; Rural Poverty Reduction ; Targeting ; Temporarily Poor ; Transfers ; Chronically Poor ; Communities & Human Settlements ; Debt Markets ; Economic Policies ; Economic Theory and Research ; Farm Size ; Finance and Financial Sector Development ; Financial Literacy ; Household Income ; Household Size ; Household Welfare ; Housing and Human Habitats ; Human Capital ; Incidence Of Poverty ; Income ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; New Poor ; Nonfarm Income ; Old Age ; Poor People ; Poverty ; Poverty Diagnostics ; Poverty Incidence ; Poverty Lines ; Poverty Monitoring and Analysis ; Poverty Reduction ; Rural ; Rural Areas ; Rural Development ; Rural Poverty Reduction ; Targeting ; Temporarily Poor ; Transfers
    Abstract: August 1995 - In urban areas of Côte d'Ivoire, human capital is the endowment that best explains welfare changes over time. In rural areas, physical capital - especially the amount of land and farm equipment owned - matters most. Empirical investigations of poverty in developing countries tend to focus on the incidence of poverty at a particular point in time. If the incidence of poverty increases, however, there is no information about how many new poor have joined the existing poor and how many people have escaped poverty. Yet this distinction is of crucial policy importance. The chronically poor may need programs to enhance their human and physical capital endowments. Invalids and the very old may need permanent (targeted) transfers. The temporarily poor, on the other hand, may best be helped with programs that complement their own resources and help them bridge a difficult period. Results from analyses of panel surveys show significant mobility into and out of poverty and reveal a dynamism of the poor that policy should stimulate. Understanding what separates chronic from temporary poverty requires knowing which characteristics differentiate those who escape poverty from those who don't. In earlier work, Grootaert, Kanbur, and Oh found that region of residence and socioeconomic status were important factors. In this paper they investigate the role of other household characteristics, especially such asset endowments as human and physical capital, in the case of Côte d'Ivoire. In urban areas of Côte d'Ivoire, human capital is the most important endowment explaining welfare changes over time. Households with well-educated members suffered less loss of welfare than other households. What seems to have mattered, though, is the skills learned through education, not the diplomas obtained. Diplomas may even have worked against some households in having oriented workers too much toward a formal labor market in a time when employment growth came almost entirely from small enterprises. In rural areas, physical capital - especially the amount of land and farm equipment owned - mattered most. Smallholders were more likely to suffer welfare declines. Households with diversified sources of income managed better, especially if they had an important source of nonfarm income. In both rural and urban areas, larger households suffered greater declines in welfare and households that got larger were unable to increase income enough to maintain their former welfare level. Households whose heads worked in the public sector maintained welfare better than other households, a finding that confirms earlier observations. The results also suggest that government policies toward certain regions or types of household can outweigh the effects of household endownments. Surprisingly, migrant non-Ivorian households tended to be better at preventing welfare losses than Ivorian households, while households headed by women did better than those headed by men (after controlling for differences in or changes in endowment). The implications for policymakers? First, education is associated with higher welfare levels and helps people cope better with economic decline. Second, targeting the social safety net to larger households - possibly through the schools, to reach children - is justified in periods of decline. Third, smallholders might be targeted in rural areas, and ways found to encourage diversification of income there. This paper - a joint product of the Social Policy and Resettlement Division, Environment Department, and the Africa Regional Office, Office of the Chief Economist - is the result of a research project on The Dynamics of Poverty: Why Some People Escape Poverty and Others Don't, A Panel Analysis for Côte d'Ivoire (RPO 678-70)
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    Good Governance and Trade Policy : Are They the Keys to Africa's Global Integration and Growth? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (77 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Ng, Francis Good Governance and Trade Policy
    Keywords: Consumers ; Debt Markets ; Development ; Economic Growth ; Economic Performance ; Economic Theory and Research ; Economy ; Emerging Markets ; Exports ; Finance and Financial Sector Development ; Free Trade ; GDP ; GDP Per Capita ; Governance ; Governance Indicators ; Growth Rate ; Industrialization ; Influence ; International Economics & Trade ; International Trade ; Investment ; Law and Development ; Low Tariffs ; Macroeconomics and Economic Growth ; Markets ; Monopoly ; Private Sector Development ; Public Sector Development ; Trade ; Trade Barriers ; Trade Law ; Trade Policies ; Trade Policy ; Trade Policy ; Consumers ; Debt Markets ; Development ; Economic Growth ; Economic Performance ; Economic Theory and Research ; Economy ; Emerging Markets ; Exports ; Finance and Financial Sector Development ; Free Trade ; GDP ; GDP Per Capita ; Governance ; Governance Indicators ; Growth Rate ; Industrialization ; Influence ; International Economics & Trade ; International Trade ; Investment ; Law and Development ; Low Tariffs ; Macroeconomics and Economic Growth ; Markets ; Monopoly ; Private Sector Development ; Public Sector Development ; Trade ; Trade Barriers ; Trade Law ; Trade Policies ; Trade Policy ; Trade Policy
    Abstract: Turning the economies of Sub-Saharan Africa around requires badly needed national policy reform-abandoning the region's restrictive fiscal, monetary, property, and wage policies and trade barriers. - Economists often argue that the level and structure of a country's trade barriers and the quality of its governance policies (for example, regulating foreign investment or limiting commercial activity with red tape) have a major influence on its economic growth and performance. One problem testing those relations empirically was the unavailability of objective cross-country indices of the quality of governance and statistics on developing countries' trade barriers. Ng and Yeats use new sources of empirical information to test the influence of trade and governance policies on economic performance. They use a model similar to those used in the literature on causes and implications of economic growth but focus more heavily on the World Bank's index of the speed with which countries are integrating into the world economy. Their results show that countries that adopted less restrictive governance and trade policies achieved significantly higher levels of per capita GDP; experienced higher growth rates for exports, imports, and GDP; and were more successful integrating with the world economy. Regression results indicate that national trade and governance regulations explain over 60 percent of the variance in some measures of economic performance, implying that a country's own national policies shape its rate of development, industrialization, and growth. Their tests provide new insights into the phenomenon of economic convergence, showing that poorer open countries are integrating more rapidly into the global economy than others. This finding parallels what others have observed about economic growth rates. They test their empirical results in a case study asking whether inappropriate national policies have caused Sub-Saharan Africa's dismal economic performance. The evidence strongly supports this proposition. Indices of the quality of national governance show that African countries have generally adopted the most inappropriate (restrictive) fiscal, monetary, property, and wage policies and that their own trade barriers (including customs procedures constraining commercial activity) are among the world's highest. Improving African trade and governance policies to levels currently prevailing in such (non-exceptional) countries as Jordan, Panama, and Sri Lanka would be consistent with a sevenfold increase in per capita GDP (to about
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    Averting the Old-Age Crisis : Technical Annex (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (156 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Palacios, J. Robert Averting the Old-Age Crisis
    Keywords: Administrative Costs ; Bank ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Income ; Information ; Investment ; Investment Returns ; Labor Force ; Pension ; Pension Fund ; Pension Fund Investment ; Pension Schemes ; Pension Spending ; Pensions and Retirement Systems ; Private Sector Development ; Public Pension ; Public Pension Schemes ; Rates Of Return ; Retirement ; Revenues ; Security ; Social Protections and Labor ; Wage ; Wage Growth ; Administrative Costs ; Bank ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Income ; Information ; Investment ; Investment Returns ; Labor Force ; Pension ; Pension Fund ; Pension Fund Investment ; Pension Schemes ; Pension Spending ; Pensions and Retirement Systems ; Private Sector Development ; Public Pension ; Public Pension Schemes ; Rates Of Return ; Retirement ; Revenues ; Security ; Social Protections and Labor ; Wage ; Wage Growth
    Abstract: February 1996 - Supporting documentation for the World Bank publication Averting the Old Age Crisis: Policies to Protect the Old and Promote Growth (1994). Averting the Old Age Crisis: Policies to Protect the Old and Promote Growth, the publication for which this technical annex provides supporting documentation, is the third in a series of major World Bank Policy Research Reports. Unlike its predecessors, The East Asian Miracle and Adjustment in Africa, it does not concentrate on a specific region but focuses rather on the general topic of income security for old age. More than two years of research were required to gather data, review the theoretical literature, examine empirical evidence, and write the book that represents the Bank's most important study of the issue to date. This annex explains in detail the data sources, concepts, and definitions used in the book and provides additional information. It describes the demographic data used in the report and discusses data about public and privately managed pension schemes around the world (giving specific sources for individual countries). An attempt has been made to cross-reference the data available on ]STARS] diskettes, which can be downloaded and analyzed in most database or statistical software packages. This paper - a product of the Poverty and Human Resources Division, Policy Research Department - provides supporting documentation for the World Bank publication Averting the Old-Age Crisis: Policies to Protect the Old and Promote Growth (1994), available from the World Bank bookstore
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    Resolution of Corporate Distress : Evidence from East Asia's Financial Crisis (1999)
    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: Klapper, Leora Resolution of Corporate Distress
    Keywords: Bank ; Bankruptcy ; Bankruptcy Filing ; Bankruptcy Filings ; Banks and Banking Reform ; Cred Creditor ; Creditors ; Debt ; Debt Markets ; Earnings ; Economic Theory and Research ; Emerging Markets ; Expenses ; Finance and Financial Sector Development ; Financial Crisis ; Financial Distress ; Financial Institutions ; Financial Literacy ; Interest ; Loan ; Macroeconomics and Economic Growth ; Ownership ; Private Sector Development ; Probability ; Regression Analysis ; Stakeholders ; State University ; Bank ; Bankruptcy ; Bankruptcy Filing ; Bankruptcy Filings ; Banks and Banking Reform ; Cred Creditor ; Creditors ; Debt ; Debt Markets ; Earnings ; Economic Theory and Research ; Emerging Markets ; Expenses ; Finance and Financial Sector Development ; Financial Crisis ; Financial Distress ; Financial Institutions ; Financial Literacy ; Interest ; Loan ; Macroeconomics and Economic Growth ; Ownership ; Private Sector Development ; Probability ; Regression Analysis ; Stakeholders ; State University
    Abstract: June 1999 - Evidence from East Asia suggests that a firm's ownership relationship with a family or bank provides insurance against the likelihood of bankruptcy during bad times, possibly at the expense of minority shareholders. Bankruptcy is more likely in countries with strong creditor rights and a good judicial system - perhaps because creditors are more likely to force a firm to file for bankruptcy. The widespread financial crisis in East Asia caused large economic shocks, which varied by degree across the region. That crisis provides a unique opportunity for investigating the factors that determine the use of bankruptcy processes in a number of economies. Claessens, Djankov, and Klapper study the use of bankruptcy in Hong Kong, Indonesia, Japan, the Republic of Korea, Malaysia, the Philippines, Singapore, Taiwan (China), and Thailand. These economies differ in their institutional frameworks for resolving financial distress, partly because of the different origins of their judicial systems. One difference is the strength of creditor rights, which Claessens, Djankov, and Klapper document. They expect that differences in legal enforcement and judicial efficiency should affect the resolution of financial distress. Using a sample of 4,569 publicly traded East Asian firms, they observe a total of 106 bankruptcies in 1997 and 1998. They find that: · The likelihood of filing for bankruptcy is lower for firms with ownership links to banks and families, controlling for firm and country characteristics. · Filings are more likely in countries with better judicial systems. · Filings are more likely where there are both strong creditor rights and a good judicial system. These results alone do not allow Claessens, Djankov, and Klapper to address whether increased use of bankruptcy is an efficient resolution mechanism. This paper - a product of the Financial Economics Unit, Financial Sector Practice Department - is part of a larger effort in the department to study corporate financing and governance mechanisms in emerging markets
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    Border, Border, Wide and Far, How We Wonder What You Are (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Wei, Shang-Jin Border, Border, Wide and Far, How We Wonder What You Are
    Keywords: Arbitrage ; Barriers ; Commodity ; Consumer Price Index ; Currencies and Exchange Rates ; Debt Markets ; E-Business ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; Exchange Rate ; Exchange Rate Movements ; Exchange Rates ; Finance and Financial Sector Development ; Insurance ; International Market ; International Markets ; International Trade ; Legal Systems ; Local Currencies ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Markets and Market Access ; Power Parity ; Price ; Price Volatility ; Prices ; Private Sector Development ; Purchasing Power ; Trade ; Arbitrage ; Barriers ; Commodity ; Consumer Price Index ; Currencies and Exchange Rates ; Debt Markets ; E-Business ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; Exchange Rate ; Exchange Rate Movements ; Exchange Rates ; Finance and Financial Sector Development ; Insurance ; International Market ; International Markets ; International Trade ; Legal Systems ; Local Currencies ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Markets and Market Access ; Power Parity ; Price ; Price Volatility ; Prices ; Private Sector Development ; Purchasing Power ; Trade
    Abstract: November 1999 - Crossing national borders adds significantly to price dispersion. This study of prices in Japan and the United States finds that a substantial part of that border effect is attributable to distance, shipping costs, exchange rates, and relative variability in wages. Parsley and Wei exploit three-dimensional panel data on prices for 27 traded goods, over 88 quarters, across 96 cities in Japan and the United States, to answer several questions: · Does the average exchange rate between countries stray further from zero than that between cities within a country? · Is there any tendency for the average exchange rate to move closer to zero over time? · Does the border narrow over time? · Is there evidence linking changes in the so-called border effect - the extra dispersion in prices between cities in different countries beyond what physical distance could explain - with plausible economic explanations, such as exchange rate variability? The authors present evidence that the intranational real exchange rates are substantially less volatile than the comparable distribution of international relative prices. They also show that an equally weighted average of commodity-level real exchange rates tracks the nominal exchange rate well, suggesting strong evidence of sticky prices. Next they turn to economic explanations for the dynamics of the border effect. Focusing on the dispersion of prices between city pairs, they confirm previous findings that crossing national borders adds significantly to price dispersion. Based on their point estimates, crossing the U.S.-Japan border is equivalent to adding between 2.5 and 13 million miles to the cross-country volatility of relative prices. They infer that distance, exchange rates, shipping costs, and relative variability in wages influence the border effect. After those variables are controlled for, the border effect disappears. This paper - a product of Public Economics, Development Research Group - is part of a larger effort in the group to understand international capital flows. The authors may be contacted at david.parsleyowen.vanderbilt.edu or swei@worldbank.org
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  • 87
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    User's Guide to an Early Warning System for Macroeconomic Vulnerability in Latin American Countries (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (22 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Herrera, Santiago User's Guide to an Early Warning System for Macroeconomic Vulnerability in Latin American Countries
    Keywords: Arts and Music ; Banking Crises ; Credit Growth ; Culture & Development ; Currency ; Currency Crises ; Debt Markets ; Domestic Cred Exchange ; Economic Conditions and Volatility ; Economic Theory and Research ; Educational Technology and Distance Learning ; Exchange Rate ; Federal Reserve ; Federal Reserve System ; Finance and Financial Sector Development ; Financial Crises ; Financial Literacy ; Geographical Information Systems ; Good ; Inflation ; Inflation Rate ; Information Security and Privacy ; Instrument ; Interest ; Interest Rates ; Macroeconomics and Economic Growth ; Market ; Markets and Market Access ; Options ; Real Exchange Rate ; Reserves ; Science and Technology Development ; Statistical and Mathematical Sciences ; Arts and Music ; Banking Crises ; Credit Growth ; Culture & Development ; Currency ; Currency Crises ; Debt Markets ; Domestic Cred Exchange ; Economic Conditions and Volatility ; Economic Theory and Research ; Educational Technology and Distance Learning ; Exchange Rate ; Federal Reserve ; Federal Reserve System ; Finance and Financial Sector Development ; Financial Crises ; Financial Literacy ; Geographical Information Systems ; Good ; Inflation ; Inflation Rate ; Information Security and Privacy ; Instrument ; Interest ; Interest Rates ; Macroeconomics and Economic Growth ; Market ; Markets and Market Access ; Options ; Real Exchange Rate ; Reserves ; Science and Technology Development ; Statistical and Mathematical Sciences
    Abstract: Models for an early warning system do a good job predicting vulnerability to macroeconomic crises in several Latin American countries. - Herrera and Garcia develop an early warning system for macroeconomic vulnerability for several Latin American countries, drawing on the work of Kaminsky, Lizondo, and Reinhart (1997) and Kaminsky (1988). They build a composite leading indicator that signals macroeconomic vulnerability, showing that, historically, crises tend to happen in certain vulnerable situations. Interested mainly in providing an operational tool, Herrera and Garcia use a different approach to the problem than Kaminsky did. First, they use fewer variables to generate the signals. Then, after the variables are aggregated, a signal is issued, depending on the behavior of the composite index. (Kaminsky's procedure was to generate signals with each variable and then aggregate them.) Their results are satisfactory both statistically and operationally. Statistically, Type I and Type II errors are smaller than those reported in previous papers. Operationally, this system of leading indicators is less costly to maintain, given fewer variables - which are widely available and reported with timeliness. Herrera and Garcia tested the models' out-of-sample predictive ability on crises that occurred after the first stage of their project was finished: Colombia (September 1998), Brazil (January 1999), and Ecuador (February 1999). In all cases the models correctly anticipated the speculative attacks. Moreover, Mexico's models, estimated with information available two years before the 1994 crisis, show that these signaling devices would have been useful for signaling the macroeconomic vulnerability before December 1994. This paper - a product of the Economic Policy Sector Unit, Latin America and the Caribbean Region - is part of a larger effort in the region to build tools that policymakers can use to prevent crises. The authors may be contacted at cgarciacoradoworldbank.org or sherrera@worldbank.org
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  • 88
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    Reforming Tax Systems : The World Bank Record in the 1990s (1999)
    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: Barbone, Luca Reforming Tax Systems
    Keywords: Accountability ; Audits ; Bank ; Banks and Banking Reform ; Communities & Human Settlements ; Debt Markets ; E-Business ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Governance ; Governance Capacity Building ; Housing and Human Habitats ; Institutional Development ; Law and Development ; Lending ; Loans ; Macroeconomic Stability ; Macroeconomics and Economic Growth ; Principal ; Private Sector Development ; Projects ; Public Sector Development ; Public Sector Economics and Finance ; Revenue ; Risk ; Services ; Social Services ; Structural Adjustment ; Tax Law ; Tax Policy and Administration ; Tax Reform ; Taxation ; Taxation and Subsidies ; Technical Assistance ; Value ; Accountability ; Audits ; Bank ; Banks and Banking Reform ; Communities & Human Settlements ; Debt Markets ; E-Business ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Governance ; Governance Capacity Building ; Housing and Human Habitats ; Institutional Development ; Law and Development ; Lending ; Loans ; Macroeconomic Stability ; Macroeconomics and Economic Growth ; Principal ; Private Sector Development ; Projects ; Public Sector Development ; Public Sector Economics and Finance ; Revenue ; Risk ; Services ; Social Services ; Structural Adjustment ; Tax Law ; Tax Policy and Administration ; Tax Reform ; Taxation ; Taxation and Subsidies ; Technical Assistance ; Value
    Abstract: In efforts to reform the administration of tax systems, the World Bank can substantially improve project design, execution, and effectiveness by adopting a more concerted approach to institutional analysis. - The main constraint on World Bank operations in tax and customs administration is the Bank's inadequate institutional framework for accumulating knowledge from loan operations, concludes this review of the Bank's record on reform of tax systems in the 1990s. The Bank's theoretical basis for reforming tax and customs administration is still rudimentary. Recent theories stress the importance of institutions that harness voice and improve transparency and contestability, but there is little evidence that reform of these factors alone makes tax administration more effective. Improvements are needed in pre-project diagnosis and project design, especially for examining accountability, administration costs, managerial autonomy, performance incentives for staff, taxpayer equity and services, and environmental factors. Pre-project work could draw more systematically on lessons from previous experience. Institutional components of project design have been biased toward organization, manpower upgrading, and procedures related to information technology. Too little attention has been paid to improving accountability, administrative cost-effectiveness, and anticorruption institution-building. Projects have made inadequate use of different kinds of performance indicators, with little uniformity in those applied. Methods used to evaluate project outcomes could be better and more uniform. Suggestions for future Bank operations: · Doing better background work and articulating a strategy and comprehensive framework for Bank involvement in reform of tax administration. · Possibly supporting and strengthening regional tax administration associations, which could serve as catalysts for change. · Strengthening partnering and supporting private sector consultant organizations, so they can manage major components of administrative reform. · Institutionalizing the accumulation of knowledge about tax administration (which might require changing staff recruitment, the mix of staff skills, and training plans). The authors provide recommendations for improving project diagnosis, design, performance indicators, and appraisal, as well as a short list of projects that serve as guides to good practice. This paper - a product of the Public Sector Management Division, Poverty Reduction and Economic Management Network - is part of a larger effort in the network to draw on lessons of past Bank activity in order to pursue professional excellence and maximum client impact. The authors may be contacted at lbarboneworldbank.org, oldmonk87@yahoo.com, ldewulf@worldbank.org, or ahansson1@worldbank.org
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  • 89
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    How Land Registration Affects Financial Development and Economic Growth in Thailand (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Byamugish, K.F. Frank How Land Registration Affects Financial Development and Economic Growth in Thailand
    Keywords: Banks and Banking Reform ; Climate Change ; Communities & Human Settlements ; Cred Development ; Debt Markets ; Economic Growth ; Economic Growth ; Economic Historians ; Economic Theory and Research ; Environment ; Equations ; Finance and Financial Sector Development ; Financial Crisis ; GDP Per Capita ; Incentives ; Inequality ; Investment ; Land Use and Policies ; Liquidity ; Macroeconomics and Economic Growth ; Markets ; Natural Resources ; Poverty Reduction ; Private Property ; Pro-Poor Growth ; Productivity ; Property Rights ; Public Sector Economics and Finance ; Real GDP ; Regression Analysis ; Rural Development ; Rural Land Policies for Poverty Reduction ; Theory ; Value ; Variables ; Banks and Banking Reform ; Climate Change ; Communities & Human Settlements ; Cred Development ; Debt Markets ; Economic Growth ; Economic Growth ; Economic Historians ; Economic Theory and Research ; Environment ; Equations ; Finance and Financial Sector Development ; Financial Crisis ; GDP Per Capita ; Incentives ; Inequality ; Investment ; Land Use and Policies ; Liquidity ; Macroeconomics and Economic Growth ; Markets ; Natural Resources ; Poverty Reduction ; Private Property ; Pro-Poor Growth ; Productivity ; Property Rights ; Public Sector Economics and Finance ; Real GDP ; Regression Analysis ; Rural Development ; Rural Land Policies for Poverty Reduction ; Theory ; Value ; Variables
    Abstract: November 1999 - Land registration in Thailand has significant positive long-run effects on financial development and economic growth. Using an economywide conceptual framework, the author analyzes how land registration affects financial development and economic growth in Thailand. He uses contemporary techniques, such as error correction and co-integration, to deal with such problems as time-series data not being stationary. He also uses the auto-regressive distributed lag model to analyze long lags in output response to changes in land registration. His key findings: -Land titling has significant positive long-run effects on financial development. -Economic growth responds to land titling following a J curve, by first registering a fall and recovering gradually, thereafter to post a long, strong rally. -The quality of land registration services, as measured by public spending on land registration, has strongly positive and significant long-run effects on economic growth. This paper - a product of the Rural Development and Natural Resources Sector Unit, East Asia and Pacific Region - is part of a larger effort in the region to increase the effectiveness of country assistance strategies in the area of property rights and economic development. The author may be contacted at fbyamugishaworldbank.org
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  • 90
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    The Russian City in Transition : The First Six Years in 10 Volga Capitals (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (64 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Melo, Martha The Russian City in Transition
    Keywords: Autonomy ; Capitals ; Cities ; City Development Strategies ; Communities & Human Settlements ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Employment ; Enterprises ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Policy ; Housing ; ICT Policy and Strategies ; Industry ; Information and Communication Technologies ; Labor ; Labor Policies ; Large Cities ; Local Governments ; Macroeconomics and Economic Growth ; Municipal ; Municipal Financial Management ; Natural Resources ; Pricing ; Private Sector Development ; Privatization ; Public Sector Management and Reform ; Public Transport ; Services ; Social Protections and Labor ; Subnational Governance ; Subsidies ; Transport ; Urban Development ; Wages ; Autonomy ; Capitals ; Cities ; City Development Strategies ; Communities & Human Settlements ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Employment ; Enterprises ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Policy ; Housing ; ICT Policy and Strategies ; Industry ; Information and Communication Technologies ; Labor ; Labor Policies ; Large Cities ; Local Governments ; Macroeconomics and Economic Growth ; Municipal ; Municipal Financial Management ; Natural Resources ; Pricing ; Private Sector Development ; Privatization ; Public Sector Management and Reform ; Public Transport ; Services ; Social Protections and Labor ; Subnational Governance ; Subsidies ; Transport ; Urban Development ; Wages
    Abstract: August 1999 - Reform in 10 regional capitals along the Volga River is associated with favorable initial conditions. And both reform and favorable initial conditions are associated with relatively successful economic outcomes - except where access to extra resources improves outcomes or where weak government undermines success. After studying the nature and variety of transition in 10 regional capitals of Russia, de Melo and Ofer observe that: ° All cities have experienced radical changes in their institutions and economies - changes associated on the one hand with the abolition of central planning and the introduction of freer markets, and on the other hand with political decentralization and the introduction of local elections. ° These changes have led to a wide diversity in economic and social outcomes, reflecting differences in the central government's (inequitable) economic relations with regions as well as differing local and regional policies. Most northern cities adopted policies more consistent with the central government's support of free market reforms; most southern (Red Belt) cities pursued more cautious, protective policies. ° City governments are using more proactive economic policies, including interventions to save local industries. Such efforts highlight the dual nature of the Russian transition, characterized by a shift in power from central to local government as well as from public to private enterprises. ° A major difficulty facing Russian cities is the cost of subsidies to housing and utilities. Real estate in general constitutes a major expenditure category for local government rather than, as in most western cities, a major source of revenue. A transition in this area alone could revolutionize the finances and independence of Russian cities. ° The jury is still out on what the right social and industrial policies were during the first years of reform. Ulyanovsk clearly lagged on market reforms, and Saratov represents a model of liberalization without institutional support. Both extremes have failed, but so far the social consequences of the Saratov model appear to be worse than those of the Ulyanovsk model. ° With the credibility of Russia's federal government at an all-time low, foreign investors have no choice but to rely on the competence and reliability of local leaders, especially mayors and governors. They will be looking for evidence of accountability in the form of the rule of law, and transparency in the form of reliable public information. Information at the city level - often unavailable and not easily accessible - would be very useful in attracting local researchers to monitor progress (as a basis for accountability) and diagnose problems (as a basis for public policy debate and political decisions). This paper - a product of Public Economics, Development Research Group - is part of a larger effort in the group to study the causes and effects of fiscal decentralization. The project was carried out in cooperation with the New Economic School (NES) in Moscow. This is the first of two papers on the Volga cities. The authors may be contacted at rhanrotterols.com or gur.ofer@yale.edu
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  • 91
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    Liquidity Constraints and Investment in Transition Economies : The Case of Bulgaria (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (30 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Budina, Nina Liquidity Constraints and Investment in Transition Economies
    Keywords: Banks and Banking Reform ; Budget ; Budget Constraints ; Capital Markets ; Cash Flow ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Crisis ; Financial Institutions ; Financial Intermediation ; Financial Literacy ; Financial Market ; Financial Structure ; Financial System ; Financial Weakness ; Investment ; Investment Function ; Investment Projects ; Liquidity ; Liquidity Constraints ; Macroeconomics and Economic Growth ; Market ; Market Economies ; Market Economy ; Private Sector Development ; Transition Economies ; Banks and Banking Reform ; Budget ; Budget Constraints ; Capital Markets ; Cash Flow ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Crisis ; Financial Institutions ; Financial Intermediation ; Financial Literacy ; Financial Market ; Financial Structure ; Financial System ; Financial Weakness ; Investment ; Investment Function ; Investment Projects ; Liquidity ; Liquidity Constraints ; Macroeconomics and Economic Growth ; Market ; Market Economies ; Market Economy ; Private Sector Development ; Transition Economies
    Abstract: January 2000 - In Bulgaria and other transition economies, liquidity constraints and hence access to external funds must be seen in the context of soft budget constraints and the financial system's failure to enforce the efficient allocation of funds. Liquidity constraints in Bulgaria may be seen as a sign of financial weakness. Budina, Garretsen, and de Jong use firm level data on Bulgaria to investigate the impact of liquidity constraints on firms' investment performance. Internal funds are an important determinant of investment in most industrial economies. The authors use a simple accelerator model of investment to test whether liquidity constraints are relevant in Bulgaria's case. Their estimates are based on data for 1993-95, before Bulgaria's financial crisis of 1996-97. It turns out that Bulgarian firms are liquidity-constrained and that firms' size and financial structure help to distinguish between firms that are more and less liquidity-constrained. In the authors' view, liquidity constraints in transition economies should be interpreted in different ways than those in industrial economies. In Bulgaria, liquidity constraints and hence access to external funds should be seen in the context of soft budget constraints and the financial system's failure to enforce the efficient allocation of funds. The relationship between liquidity constraints and firm characteristics may actually be the opposite of what is normally the case in industrial countries. In Bulgaria, lack of liquidity constraints may be a sign of financial weakness. This paper - a product of Macroeconomics and Growth, Development Research Group - is part of a larger effort in the group to study transition economies. The authors may be contacted at nbudinaworldbank.org, h.garretsen@bw.kun.nl or e.dejong@bw.kun.nl
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  • 92
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    Protecting the Poor from Macroeconomic Shocks (1999)
    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: Ravallion, Martin Protecting the Poor from Macroeconomic Shocks
    Keywords: Banks and Banking Reform ; Debt Markets ; Drought ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Deficits ; Household Income ; Individual Welfare ; Labor Demand ; Labor Policies ; Living Standards ; Macroeconomic Crisis ; Macroeconomic Shocks ; Macroeconomics and Economic Growth ; Poor ; Poverty ; Poverty Reduction ; Private Sector Development ; Public Transfers ; Recessions ; Resource Allocation ; Rural Development ; Rural Poverty Reduction ; Safety Net ; Safety Nets ; Safety Nets and Transfers ; Services and Transfers to Poor ; Shock ; Social Protections and Labor ; Structural Reforms ; Unemployment ; Wage Earners ; Welfare ; Banks and Banking Reform ; Debt Markets ; Drought ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Deficits ; Household Income ; Individual Welfare ; Labor Demand ; Labor Policies ; Living Standards ; Macroeconomic Crisis ; Macroeconomic Shocks ; Macroeconomics and Economic Growth ; Poor ; Poverty ; Poverty Reduction ; Private Sector Development ; Public Transfers ; Recessions ; Resource Allocation ; Rural Development ; Rural Poverty Reduction ; Safety Net ; Safety Nets ; Safety Nets and Transfers ; Services and Transfers to Poor ; Shock ; Social Protections and Labor ; Structural Reforms ; Unemployment ; Wage Earners ; Welfare
    Abstract: August 1999 - To minimize the harmful impact on poor people of macroeconomic shocks, sound policies for dealing with crises - and an adequate public safety net - should be in place before a crisis starts. Many developing countries faced macroeconomic shocks in the 1980s and 1990s. The impact of the shocks on welfare depended on the nature of the shock, on initial household and community conditions, and on policy responses. To avoid severe and lasting losses to poor and vulnerable groups, governments and civil society need to be prepared for a flexible response well ahead of the crisis. A key component of a flexibly responsive system is an effective permanent safety net, which will typically combine a workfare program with targeted transfers and credit. Once a crisis has happened, several things should be done: ° Macroeconomic policies should aim to achieve stabilization goals at the least cost to the poor. Typically, a temporary reduction in aggregate demand is inevitable but as soon as a sustainable external balance has been reached and inflationary pressures have been contained, macroeconomic policy should be eased (interest rates reduced and efficient public spending restored, to help offset the worst effects of the recession on the poor). A fiscal stimulus directed at labor-intensive activities (such as building rural roads) can combine the benefits of growth with those of income support for poor groups, for example. ° Key areas of public spending should be protected, especially investments in health care, education, rural infrastructure, urban sanitation, and microfinance. ° Efforts should be made to preserve the social fabric and build social capital. ° Sound information should be generated on the welfare impacts of the crisis. This paper - a joint product of the Poverty Group, Poverty Reduction and Economic Management Network, and Poverty and Human Resources, Development Research Group - is part of a larger effort in the Bank to inform policy choices aimed at minimizing the social costs of macroeconomic shocks. The authors may be contacted at fferreiraecon.puc-rio.br, gprennushi@worldbank.org, or mravallion@worldbank.org
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  • 93
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    Seeking Votes : The Political Economy of Expenditures by the Peruvian Social Fund (FONCODES), 1991-95 (1999)
    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: Schady, Norbert Seeking Votes
    Keywords: Allocation ; Business Cycles ; Business Environment ; Business in Development ; Competitiveness and Competition Policy ; Data On Expenditures ; Data Requirements ; Debt Markets ; Discretionary Funds ; Distribution Of Expenditures ; E-Government ; Econometric Techniques ; Expenditures ; Finance and Financial Sector Development ; Governance ; Health Systems Development and Reform ; Health, Nutrition and Population ; Outcomes ; Parliamentary Government ; Politicians ; Poverty Reduction ; Private Sector Development ; Public Expenditure ; Public Expenditures ; Public Sector Development ; Public Sector Expenditure Analysis and Management ; Social Expenditures ; Social Funds ; Social Policy ; Social Programs ; Social Services ; Stated Objectives ; Structural Adjustment ; Allocation ; Business Cycles ; Business Environment ; Business in Development ; Competitiveness and Competition Policy ; Data On Expenditures ; Data Requirements ; Debt Markets ; Discretionary Funds ; Distribution Of Expenditures ; E-Government ; Econometric Techniques ; Expenditures ; Finance and Financial Sector Development ; Governance ; Health Systems Development and Reform ; Health, Nutrition and Population ; Outcomes ; Parliamentary Government ; Politicians ; Poverty Reduction ; Private Sector Development ; Public Expenditure ; Public Expenditures ; Public Sector Development ; Public Sector Expenditure Analysis and Management ; Social Expenditures ; Social Funds ; Social Policy ; Social Programs ; Social Services ; Stated Objectives ; Structural Adjustment
    Abstract: A revised version was published as The Political Economy of Expenditures by the Peruvian Social Fund (FONCODES), 1991-95. American Political Science Review 94 (2, June): 289-304, 2000. - As the literature on political influences on the allocation of discretionary funds predicts, spending by the Peruvian Social Fund, FONCODES, increased significantly before elections. FONCODES projects were also directed at provinces where the marginal political impact of expenditures was likely to be greatest. President Alberto Fujimori created the Peruvian Social Fund (FONCODES) in 1991 with the stated objectives of generating employment, helping to alleviate poverty, and improving access to social services. Schady uses province-level data on monthly expenditures, socioeconomic indicators, and electoral outcomes to analyze political influences on the timing and geographic distribution of FONCODES expenditures between 1991 and 1995. He finds that: ° FONCODES expenditures increased significantly before elections. ° FONCODES projects were directed at poor provinces, as well as provinces in which the marginal political impact of expenditures was likely to be greatest. The results are robust to many specifications and controls. The Peruvian data thus support predictions made in the literature on political business cycles as well as the literature on political influences on the allocation of discretionary funds. This paper - a product of the Poverty Division, Poverty Reduction and Economic Management Network - is part of a larger effort in the network to understand the functioning and impact of social funds
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  • 94
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    Fiscal Contingency Planning for Banking Crises (1999)
    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: Honohan, Patrick Fiscal Contingency Planning for Banking Crises
    Keywords: Accounting ; Balance Sheet ; Banking Crises ; Banks and Banking Reform ; Budget ; Contingency Planning ; Conversion ; Debt Markets ; Depositors ; Emerging Markets ; Expenditure ; Expenditures ; Finance and Financial Sector Development ; Financial Instruments ; Financial Literacy ; Fiscal Authorities ; Fiscal Policy ; Future ; Liabilities ; Liability ; Monetary Authorities ; Moral Hazard ; Private Sector Development ; Revenue ; Tax ; Tax Rates ; Accounting ; Balance Sheet ; Banking Crises ; Banks and Banking Reform ; Budget ; Contingency Planning ; Conversion ; Debt Markets ; Depositors ; Emerging Markets ; Expenditure ; Expenditures ; Finance and Financial Sector Development ; Financial Instruments ; Financial Literacy ; Fiscal Authorities ; Fiscal Policy ; Future ; Liabilities ; Liability ; Monetary Authorities ; Moral Hazard ; Private Sector Development ; Revenue ; Tax ; Tax Rates
    Abstract: November 1999 - Estimating the likely fiscal costs of future banking crises requires information about the size and composition of the banks' balance sheets and expert assessments about the accuracy of the accounting data and about certain short-term risks. There is constant demand for an estimate of the likely fiscal costs of future banking crises, but little precision can be expected in such an estimate. Honohan shows how information that is typically available to authorities could be used to get a general sense of the order of magnitude of the direct fiscal liability. What is required for such an estimate? · Information about the size and composition of the banks' balance sheets. · Expert assessments of the accuracy of the accounting data and of specific short-term risks to which the components are known to be subject. Honohan's method distinguishes between losses that have already crystallized and the changing risks for the immediate future. By including contingency planning for banking collapse in their fiscal calculations, authorities may risk destabilizing expectations or worsening the moral hazard in the system. But the risks of contingency planning generally outweigh the risks of sending confused signals. Insisting on ignorance is a poor way to protect against announcement errors that trigger panic. This paper - a product of Finance, Development Research Group - was produced for the Poverty Reduction and Economic Management Network thematic group studying the quality of fiscal adjustment. The author may be contacted at phonohanworldbank.org
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  • 95
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    Confronting Competition Investment Response and Constraints in Uganda (1999)
    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: Reinikka, Ritva Confronting Competition Investment Response and Constraints in Uganda
    Keywords: Banks and Banking Reform ; Capital Investment ; Debt Markets ; Economic Liberalization ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Financial Support ; Future ; Good ; Infrastructure Economics and Finance ; Investing ; Investment ; Investment Rates ; Investment and Investment Climate ; Labor Policies ; Liquidity ; Liquidity Constraint ; Macroeconomic Management ; Macroeconomic Policies ; Macroeconomics and Economic Growth ; Microfinance ; Non Bank Financial Institutions ; Private Investment ; Private Participation in Infrastructure ; Private Sector Development ; Prof Profits ; Public Investment ; Return ; Share ; Social Protections and Labor ; Tax ; Banks and Banking Reform ; Capital Investment ; Debt Markets ; Economic Liberalization ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Financial Support ; Future ; Good ; Infrastructure Economics and Finance ; Investing ; Investment ; Investment Rates ; Investment and Investment Climate ; Labor Policies ; Liquidity ; Liquidity Constraint ; Macroeconomic Management ; Macroeconomic Policies ; Macroeconomics and Economic Growth ; Microfinance ; Non Bank Financial Institutions ; Private Investment ; Private Participation in Infrastructure ; Private Sector Development ; Prof Profits ; Public Investment ; Return ; Share ; Social Protections and Labor ; Tax
    Abstract: November 1999 - While macroeconomic reforms are necessary, firms' investment response is likely to remain limited without an accompanying improvement in public sector performance. Investment rates in Uganda are similar to others in Africa - averaging slightly more than 10 percent annually, with a median value of just under 1 percent. But the country's profit rates are considerably lower. These results are consistent with the view that Ugandan firms display more confidence in the economy than their counterparts in other African countries. Thus, for given profit rates, Ugandan firms invest more. At the same time, increased competition (because of economic liberalization) has exerted pressure on firms to cut costs. Many of those costs are not under the firms' control, however, so their profits have suffered. Using firm-level data, Reinikka and Svensson identify and quantify a number of cost factors, including those associated with transport, corruption, and utility services. Several factors - including crime, erratic infrastructure services, and arbitrary tax administration - not only increase firms' operating costs but affect their perceptions of the risks of investing in (partly) irreversible capital. The empirical analysis suggests that firms - especially small firms - are liquidity-constrained in the sense that they invest only when sufficient internal funds are available. But given the firms' profit-capital ratio, it is hard to argue that the liquidity constraint is binding in most cases, even though the cost of capital is perceived as a problem. This paper - a joint product of Macroeconomics 2, Africa Region, and Public Economics and Macroeconomics and Growth, Development Research Group - is part of a larger effort in the Bank to study economic policy, public service delivery, and growth. The authors may be contacted at rreinikkaworldbank.org or jsvensson@worldbank.org
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  • 96
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    The Effects of Land Registration on Financial Development and Economic Growth : A Theoretical and Conceptual Framework (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (22 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Byamugisha, K.F. Frank The Effects of Land Registration on Financial Development and Economic Growth
    Keywords: Bank Policy ; Collateral ; Common Property Resource Development ; Communities & Human Settlements ; Contracts ; Debt Markets ; Depos Deposit Mobilization ; Economic Development ; Economic Theory and Research ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Development ; Financial Literacy ; Investment ; Labor Policies ; Land Title ; Land Titling ; Land Use and Policies ; Land and Real Estate Development ; Liquidity ; Macroeconomics and Economic Growth ; Markets ; Municipal Housing and Land ; Poverty Reduction ; Private Property ; Private Sector Development ; Property Rights ; Rural Development ; Rural Land Policies for Poverty Reduction ; Security ; Seizure ; Social Protections and Labor ; Transaction ; Transaction Costs ; Transactions ; Bank Policy ; Collateral ; Common Property Resource Development ; Communities & Human Settlements ; Contracts ; Debt Markets ; Depos Deposit Mobilization ; Economic Development ; Economic Theory and Research ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Development ; Financial Literacy ; Investment ; Labor Policies ; Land Title ; Land Titling ; Land Use and Policies ; Land and Real Estate Development ; Liquidity ; Macroeconomics and Economic Growth ; Markets ; Municipal Housing and Land ; Poverty Reduction ; Private Property ; Private Sector Development ; Property Rights ; Rural Development ; Rural Land Policies for Poverty Reduction ; Security ; Seizure ; Social Protections and Labor ; Transaction ; Transaction Costs ; Transactions
    Abstract: November 1999 - A theoretical framework to guide empirical analysis of how land registration affects financial development and economic growth. The author develops a theoretical framework to guide empirical analysis of how land registration affects financial development and economic growth. Most conceptual approaches investigate the effects of land registration on only one sector, nut land registration is commonly observed to affect not only other sectors but the economy as a whole The author builds on the well-tested link between secure land ownership and farm productivity, adding to the framework theory about positive information and transaction costs. To map the relationship between land registration and financial development and economic growth, the framework links: -Land tenure security and investment incentives. -Land title, collateral, and credit. -Land markets, transactions, and efficiency. -Labor mobility and efficiency. -Land liquidity, deposit mobilization, and investment. Empirical results from applying the framework to a single case study - of Thailand, described in a separate paper - suggest that the framework is sound. This paper - a product of the Rural Development and Natural Resources Sector Unit, East Asia and Pacific Region - is part of a larger effort in the region to increase the effectiveness of country assistance strategies in the area of property rights and economic development
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  • 97
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    Productivity Growth, Capital Accumulation, and the Banking Sector : Some Lessons from Malaysia (1999)
    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: Ghani, Ejaz Productivity Growth, Capital Accumulation, and the Banking Sector
    Keywords: Accounting ; Accounting Framework ; Bank ; Banking ; Banking Sector ; Banking System ; Banks ; Banks and Banking Reform ; Capital ; Capital Employed ; Cred Debt ; Debt Markets ; Economic Growth ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Foreign Exchange ; Labor ; Labor Policies ; Lending ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Productivity ; Projects ; Risk ; Risk Management ; Savings ; Social Protections and Labor ; Wages ; Accounting ; Accounting Framework ; Bank ; Banking ; Banking Sector ; Banking System ; Banks ; Banks and Banking Reform ; Capital ; Capital Employed ; Cred Debt ; Debt Markets ; Economic Growth ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Foreign Exchange ; Labor ; Labor Policies ; Lending ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Productivity ; Projects ; Risk ; Risk Management ; Savings ; Social Protections and Labor ; Wages
    Abstract: How did the East Asian miracle turn into one of the worst financial crises of the century? A case study of Malaysia provides some answers. - How did the East Asian miracle turn into one of the worst financial crises of the century? Ghani and Suri address the question using Malaysia as a case study. Many discussions of the East Asian crisis address proximate and short-run causes of the crisis, such as the current account deficit, exchange rate misalignment, and disproportionate short-run external debt relative to foreign exchange reserves. These indicators of vulnerability are themselves endogenous outcomes of deeper institutional features. Ghani and Suri argue that some long-term features of the development strategy that helped sustain high growth in the first place also contributed to the economy's increasing vulnerability. High output growth was driven by rapid growth in capital stock, for example. The banking sector played a critical role in transforming (and accelerating the transformation of) large savings into capital accumulation. But the banking sector may not have been allocating capital efficiently. Ghani and Suri find that the rapid growth in bank lending in Malaysia is negatively associated with total factor productivity growth. On the other hand, the economy's other structural strengths, such as openness to foreign direct investment and technology, helped improve productivity growth. Malaysia's exceptional growth record over the past quarter century was driven largely by the growth in physical capital stock. Total factor productivity growth may have slowed in the late 1990s, and sustaining high output growth will require greater emphasis on productivity improvements. Policies that encouraged the flow of foreign direct investment and better access to imported capital goods contributed to productivity growth. But rapid growth in bank lending relative to GDP may have slowed it. How policymakers can best slow the growth of credit is a question that remains unanswered. This paper - a product of the Poverty Reduction and Economic Management Sector Unit, East Asia and Pacific Region - is part of a larger effort in the region to better understand past and future sources of growth. The authors may be contacted at eghaniworldbank.org or vsuri@worldbank.org
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  • 98
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    Will the Euro Create a Bonanza for Africa? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (30 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Cohen, Daniel Will the Euro Create a Bonanza for Africa?
    Keywords: Banking System ; Banks and Banking Reform ; Capital Flows ; Country Risk ; Currencies and Exchange Rates ; Debt ; Debt Markets ; Domestic Capital ; Domestic Capital Markets ; Economic Theory and Research ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Foreign Debt ; Foreign Direct Investment ; Foreign Direct Investments ; Global Markets ; Interest ; Interest Rate ; International Capital ; International Capital Markets ; Macroeconomics and Economic Growth ; Market ; Portfolio ; Portfolio Diversification ; Private Sector Development ; Real Exchange Rate ; Reserve ; Banking System ; Banks and Banking Reform ; Capital Flows ; Country Risk ; Currencies and Exchange Rates ; Debt ; Debt Markets ; Domestic Capital ; Domestic Capital Markets ; Economic Theory and Research ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Foreign Debt ; Foreign Direct Investment ; Foreign Direct Investments ; Global Markets ; Interest ; Interest Rate ; International Capital ; International Capital Markets ; Macroeconomics and Economic Growth ; Market ; Portfolio ; Portfolio Diversification ; Private Sector Development ; Real Exchange Rate ; Reserve
    Abstract: At this stage, it is difficult to conclude that the euro will have substantial macroeconomic impact on sub-Saharan Africa, unless launch of the euro becomes the tool of a major policy shift, such as the euroization of the continent - which is currently unlikely. - In considering how the euro will affect Sub-Saharan Africa, Cohen, Kristensen, and Verner examine the transmission channels through which the euro could affect economies in the region. They examine the risks and opportunities the euro presents for Sub-Saharan African countries. They especially examine the effects from the trade channel, through changes in European economic activity and the real exchange rate. Because of the relatively low income elasticity for primary commodities - which is what Sub-Saharan Africa mainly exports - an increase in activity in Europe is considered to have a marginal impact on Africa. Exchange rate regimes and geographical trade patterns point to large differences in exposure to changes in the real exchange rate. Capital flows to Sub-Saharan Africa can be affected through portfolio shifts or through changes in foreign direct investment. Changes in competitiveness in Europe are not expected to influence foreign direct investment, so the euro is not expected to affect foreign direct investment significantly. Portfolio diversification could increase greatly. But Sub-Saharan Africa is not expected to realize the increased potential from portfolio diversification because of its severely underdeveloped domestic capital markets. It is vitally important that Sub-Saharan African countries strengthen their financial integration into global markets. How the euro will affect such parts of the financial system as banks and debt and reserve management varies across countries. Generally the effect is expected to be limited. This paper - a product of Poverty Reduction and Economic Management Sector Unit, Latin America and the Caribbean Region - is part of a larger effort in the Bank to study the effect of the euro on developing countries. The authors may be contacted at nkristensenworldbank.org or dverner@worldbank.org
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  • 99
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    Willingness to Pay for Air Quality Improvements in Sofia, Bulgaria (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Wang, Hua Willingness to Pay for Air Quality Improvements in Sofia, Bulgaria
    Keywords: Air Pollution ; Air Quality and Clean Air ; Biodiversity ; Choice ; Contingent Valuation ; Debt Markets ; Distribution ; E-Business ; Econometric Analyses ; Econometric Analysis ; Econometric Models ; Economic Theory and Research ; Economic Value ; Elasticity ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Exogenous Variables ; Finance and Financial Sector Development ; Financial Literacy ; Future Studies ; Goods ; Income ; Macroeconomics and Economic Growth ; Markets and Market Access ; Payments ; Positive Effects ; Prices ; Private Sector Development ; Public Good ; Utility ; Utility Function ; Variables ; Air Pollution ; Air Quality and Clean Air ; Biodiversity ; Choice ; Contingent Valuation ; Debt Markets ; Distribution ; E-Business ; Econometric Analyses ; Econometric Analysis ; Econometric Models ; Economic Theory and Research ; Economic Value ; Elasticity ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Exogenous Variables ; Finance and Financial Sector Development ; Financial Literacy ; Future Studies ; Goods ; Income ; Macroeconomics and Economic Growth ; Markets and Market Access ; Payments ; Positive Effects ; Prices ; Private Sector Development ; Public Good ; Utility ; Utility Function ; Variables
    Abstract: January 2000 - People in Sofia are willing to pay 4.2 percent of their income or more for a program to improve air quality. Through a survey, Wang and Whittington study willingness to pay for improvements in air quality in Sofia, Bulgaria. Using a stochastic payment card approach - asking respondents the likelihood that they would agree to pay a series of prices - they estimate the distribution of willingness to pay various prices. They find that people in Sofia are willing to pay up to about 4.2 percent of their income for a program to improve air quality. The income elasticity of willingness to pay for air quality improvements is about 27 percent. For comparison, they also used the referendum contingent valuation approach. Results from that approach yielded a higher estimate of willingness to pay. This paper - a product of Infrastructure and Environment, Development Research Group - is part of a larger effort in the group to understand the economics of pollution control in developing countries. Copies of the paper are available from Hua Wang may be contacted at hwang1worldbank.org
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  • 100
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    The Welfare Effects of Private Sector Participation in Guinea's Urban Water Supply (1999)
    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: Clarke, George The Welfare Effects of Private Sector Participation in Guinea's Urban Water Supply
    Keywords: Banks and Banking Reform ; Debt Markets ; Drinking Water ; Economic Theory and Research ; Finance and Financial Sector Development ; Financial Literacy ; Households ; Industry ; Macroeconomics and Economic Growth ; Marginal Cost ; Number Of People With Access ; Pipeline ; Private Operator ; Private Participation ; Public Water ; Raw Water ; Sewerage System ; Systems ; Town Water Supply and Sanitation ; Urban Water ; Urban Water Supply and Sanitation ; Water Conservation ; Water Distribution ; Water Resources ; Water Sector ; Water Supply ; Water Supply System ; Water Supply and Sanitation ; Water Supply and Sanitation Governance and Institutions ; Water System ; Water Tariffs ; Water Use ; Water Utilities ; Water and Industry ; Wells ; Banks and Banking Reform ; Debt Markets ; Drinking Water ; Economic Theory and Research ; Finance and Financial Sector Development ; Financial Literacy ; Households ; Industry ; Macroeconomics and Economic Growth ; Marginal Cost ; Number Of People With Access ; Pipeline ; Private Operator ; Private Participation ; Public Water ; Raw Water ; Sewerage System ; Systems ; Town Water Supply and Sanitation ; Urban Water ; Urban Water Supply and Sanitation ; Water Conservation ; Water Distribution ; Water Resources ; Water Sector ; Water Supply ; Water Supply System ; Water Supply and Sanitation ; Water Supply and Sanitation Governance and Institutions ; Water System ; Water Tariffs ; Water Use ; Water Utilities ; Water and Industry ; Wells
    Abstract: June 2000 - Private sector participation in Guinea's urban water sector has benefited consumers, the government, and, to a lesser extent, the new foreign owners. Performance will improve further when the government starts paying its own water bill on time and when the legislature authorizes the collection of unpaid bills from private consumers. In 1989 the government of Guinea enacted far-reaching reform of its water sector, which had been dominated by a poorly run public agency. The government signed a lease contract for operations and maintenance with a private operator, making a separate public enterprise responsible for ownership of assets and investment. Although based on a successful model that had operated in Côte d'Ivoire for nearly 30 years, the reform had many highly innovative features. It is being transplanted to several other developing countries, so Clarke, Ménard, and Zuluaga evaluate its successes and failures in the early years of reform. They present standard performance measures and results from a cost-benefit analysis to assess reform's net effect on various stakeholders in the sector. They conclude that, compared with what might have been expected under continued public ownership, reform benefited consumers, the government, and, to a lesser extent, the foreign owners or the private operator. Most sector performance indicators improved, but some problems remain. The three most troublesome areas are water that is unaccounted for (there are many illegal connections and the quality of infrastructure is poor), poor collection rates, and high prices. The weak institutional environment makes it difficult to improve collection rates, but the government could take some steps to correct the problem. To begin with, it could pay its own bills on time. Also, the legislature could authorize the collection of unpaid bills from private individuals. This paper - a joint product of Public Economics and Regulation and Competition Policy, Development Research Group - is part of a larger effort in the group to promote competition and private sector development. The study was funded by the Bank's Research Support Budget under the research project Institutions, Politics, and Contracts: Private Sector Participation in Urban Water Supply (RPO 681-87). The authors may be contacted at gclarkeworldbank.org or menard@univ-paris1.fr
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