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  • Washington, D.C : The World Bank  (382)
  • Dordrecht : Springer
  • Hoboken : Taylor and Francis
  • Emerging Markets  (382)
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  • 101
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    Online Resource
    Rules of Origin In Services : A Case Study of Five ASEAN Countries (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (26 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Fink, Carsten Rules of Origin In Services
    Keywords: Dienstleistungshandel ; Freihandelsabkommen ; Herkunftsbezeichnung ; ASEAN-Staaten ; Agreement On Trade ; Banks and Banking Reform ; Bilateral Trade ; Border Trade ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Exporters ; Exports ; External Tariffs ; Finance and Financial Sector Development ; Free Trade ; Free Trade ; Free Trade Agreements ; International Economics & Trade ; Law and Development ; Liberalization of Trade ; Macroeconomics and Economic Growth ; Market Access ; Preferential ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Public Sector Development ; Trade ; Trade Law ; Trade and Services ; Agreement On Trade ; Banks and Banking Reform ; Bilateral Trade ; Border Trade ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Exporters ; Exports ; External Tariffs ; Finance and Financial Sector Development ; Free Trade ; Free Trade ; Free Trade Agreements ; International Economics & Trade ; Law and Development ; Liberalization of Trade ; Macroeconomics and Economic Growth ; Market Access ; Preferential ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Public Sector Development ; Trade ; Trade Law ; Trade and Services ; Agreement On Trade ; Banks and Banking Reform ; Bilateral Trade ; Border Trade ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Exporters ; Exports ; External Tariffs ; Finance and Financial Sector Development ; Free Trade ; Free Trade ; Free Trade Agreements ; International Economics & Trade ; Law and Development ; Liberalization of Trade ; Macroeconomics and Economic Growth ; Market Access ; Preferential ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Public Sector Development ; Trade ; Trade Law ; Trade and Services
    Abstract: An important question in the design of bilateral and regional free trade agreements (FTAs) covering services is to what extent nonmembers benefit from the trade preferences that are negotiated among members. This question is resolved through services rules of origin. The restrictiveness of rules of origin determines the degree of preferences entailed in market opening commitments, shaping the bargaining incentives of FTAs and their eventual economic effects. Even though the number of FTAs in services has increased rapidly in recent years, hardly any research is available that can guide policymakers on the economic implications of different rules of origin. After outlining the key economic tradeoffs and options for rules of origin in services, the paper summarizes the main findings of a research project that has assessed the rules of origin question for five countries in the ASEAN region. For selected service subsectors and a number of criteria for rules or origin, simulation exercises evaluated which service providers would or would not be eligible for preferences negotiated under a FTA. Among other findings, the simulation results point to the binding nature of a domestic ownership or control requirement and, for the specific case of financial services, a requirement of incorporation
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  • 102
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    Online Resource
    Political Accountability And Regulatory Performance In Infrastructure Industries : An Empirical Analysis (2007)
    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: Gasmi, Farid Political Accountability And Regulatory Performance In Infrastructure Industries
    Keywords: Accountability Variables ; Debt Markets ; E-Business ; Economic Development ; Economic Incentives ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Governance ; Governance ; Governance Indicators ; Growth ; Growth Performance ; Infrastructure Economics and Finance ; Infrastructure Regulation ; Institutional Environment ; Institutional Quality ; Macroeconomics and Economic Growth ; Market Economies ; Measure ; National Governance ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Science and Technology Development ; Accountability Variables ; Debt Markets ; E-Business ; Economic Development ; Economic Incentives ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Governance ; Governance ; Governance Indicators ; Growth ; Growth Performance ; Infrastructure Economics and Finance ; Infrastructure Regulation ; Institutional Environment ; Institutional Quality ; Macroeconomics and Economic Growth ; Market Economies ; Measure ; National Governance ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Science and Technology Development ; Accountability Variables ; Debt Markets ; E-Business ; Economic Development ; Economic Incentives ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Governance ; Governance ; Governance Indicators ; Growth ; Growth Performance ; Infrastructure Economics and Finance ; Infrastructure Regulation ; Institutional Environment ; Institutional Quality ; Macroeconomics and Economic Growth ; Market Economies ; Measure ; National Governance ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Science and Technology Development
    Abstract: The aim of this paper is to empirically explore the relationship between the quality of political institutions and the performance of regulation, an issue that has recently occupied much of the policy debate on the effectiveness of infrastructure industry reforms. Taking the view that political accountability is a key factor that links political structures and regulatory processes, the authors investigate, for the case of telecommunications, its impact on the performance of regulation in two time-series-cross-sectional data sets on 29 developing countries and 23 industrial countries covering the period 1985-99. In addition to confirming some well documented results on the positive role of regulatory governance in infrastructure industries, the authors provide empirical evidence on the impact of the quality of political institutions and their modes of functioning on regulatory performance. The analysis of the data sets shows that the (positive) effect of political accountability on the performance of regulation is stronger in developing countries. An important policy implication of this finding is that future reforms in these countries should give due attention to the development of politically accountable systems
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  • 103
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    The Impact of Trade With China And India On Argentina's Manufacturing Employment (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (30 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Castro, Lucio The Impact of Trade With China And India On Argentina's Manufacturing Employment
    Keywords: Capital Stock ; Currencies and Exchange Rates ; Demand ; Distortions ; Econometric Model ; Economic Policy ; Economic Theory and Research ; Economies ; Economy ; Emerging Markets ; Exchange Rate ; Exchange Rate Appreciation ; Exchange Rate Appreciations ; Finance and Financial Sector Development ; Free Trade ; Import ; International Economics & Trade ; Labor Markets ; Labor Policies ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Development ; Social Protections and Labor ; Trade Policy ; Transport Economics, Policy and Planning ; Water Res ; Water and Industry ; Capital Stock ; Currencies and Exchange Rates ; Demand ; Distortions ; Econometric Model ; Economic Policy ; Economic Theory and Research ; Economies ; Economy ; Emerging Markets ; Exchange Rate ; Exchange Rate Appreciation ; Exchange Rate Appreciations ; Finance and Financial Sector Development ; Free Trade ; Import ; International Economics & Trade ; Labor Markets ; Labor Policies ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Development ; Social Protections and Labor ; Trade Policy ; Transport Economics, Policy and Planning ; Water Res ; Water and Industry ; Capital Stock ; Currencies and Exchange Rates ; Demand ; Distortions ; Econometric Model ; Economic Policy ; Economic Theory and Research ; Economies ; Economy ; Emerging Markets ; Exchange Rate ; Exchange Rate Appreciation ; Exchange Rate Appreciations ; Finance and Financial Sector Development ; Free Trade ; Import ; International Economics & Trade ; Labor Markets ; Labor Policies ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Development ; Social Protections and Labor ; Trade Policy ; Transport Economics, Policy and Planning ; Water Res ; Water and Industry
    Abstract: For many in Latin America, the increasing participation of China and India in international markets is seen as a looming shadow of two "mighty giants" on the region's manufacturing sector. Are they really mighty giants when it comes to their impact on manufacturing employment? The authors attempt to answer this question by estimating the effects of trade with China and India on Argentina's industrial employment. They use a dynamic econometric model and industry level data to estimate the effects of trade with China and India on the level of employment in Argentina's manufacturing sector. Results suggest that trade with China and India only had a small negative effect on industrial employment, even during the swift trade liberalization of the 1990s
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  • 104
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    Firm Innovation In Emerging Markets : The Roles of Governance And Finance (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (56 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Ayyagari, Meghana Firm Innovation In Emerging Markets
    Keywords: Competitor ; Competitors ; Cooperatives ; Corporations ; Debt Markets ; E-Business ; Economy ; Education ; Emerging Markets ; Enterprises ; Entrepreneurs ; Entrepreneurship ; Finance and Financial Sector Development ; Financial Institution ; Financial Literacy ; Firm ; Firm Size ; Firms ; Foreign Partners ; Investment and Investment Climate ; Knowledge for Development ; Labor Policies ; Macroeconomics and Economic Growth ; Microfinance ; Private Sector Development ; Small Scale Enterprises ; Social Protections and Labor ; Competitor ; Competitors ; Cooperatives ; Corporations ; Debt Markets ; E-Business ; Economy ; Education ; Emerging Markets ; Enterprises ; Entrepreneurs ; Entrepreneurship ; Finance and Financial Sector Development ; Financial Institution ; Financial Literacy ; Firm ; Firm Size ; Firms ; Foreign Partners ; Investment and Investment Climate ; Knowledge for Development ; Labor Policies ; Macroeconomics and Economic Growth ; Microfinance ; Private Sector Development ; Small Scale Enterprises ; Social Protections and Labor ; Competitor ; Competitors ; Cooperatives ; Corporations ; Debt Markets ; E-Business ; Economy ; Education ; Emerging Markets ; Enterprises ; Entrepreneurs ; Entrepreneurship ; Finance and Financial Sector Development ; Financial Institution ; Financial Literacy ; Firm ; Firm Size ; Firms ; Foreign Partners ; Investment and Investment Climate ; Knowledge for Development ; Labor Policies ; Macroeconomics and Economic Growth ; Microfinance ; Private Sector Development ; Small Scale Enterprises ; Social Protections and Labor
    Abstract: The authors investigate the determinants of firm innovation in over 19,000 firms across 47 developing economies. They define the innovation process broadly, to include not only core innovation such as the introduction of new products and new technologies, but also other types of activities that promote knowledge transfers and adapt production processes. The authors find that more innovative firms are large exporting firms characterized by private ownership, highly educated managers with mid-level managerial experience, and access to external finance. In contrast, firms that do not innovate much are typically state-owned firms without foreign competitors. The identity of the controlling shareholder seems to be particularly important for core innovation, with those private firms whose controlling shareholder is a financial institution being the least innovative. While the use of external finance is associated with greater innovation by all private firms, it does not make state-owned firms more innovative. Financing from foreign banks is associated with higher levels of innovation compared with financing from domestic banks
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  • 105
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    Financial Services And Trade Agreements In Latin America And The Caribbean : An Overview (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (50 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Stephanou, Constantinos Financial Services And Trade Agreements In Latin America And The Caribbean
    Keywords: Banks and Banking Reform ; Barriers ; Debt Markets ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Institutions ; Financial Integration ; Financial Literacy ; Financial Market ; Financial Services ; Financial System ; Financial Systems ; Foreign Bank ; Free Trad ; Free Trade ; International Economics & Trade ; Law and Development ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Trade Law ; Trade and Regional Integration ; Trade and Services ; Banks and Banking Reform ; Barriers ; Debt Markets ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Institutions ; Financial Integration ; Financial Literacy ; Financial Market ; Financial Services ; Financial System ; Financial Systems ; Foreign Bank ; Free Trad ; Free Trade ; International Economics & Trade ; Law and Development ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Trade Law ; Trade and Regional Integration ; Trade and Services ; Banks and Banking Reform ; Barriers ; Debt Markets ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Institutions ; Financial Integration ; Financial Literacy ; Financial Market ; Financial Services ; Financial System ; Financial Systems ; Foreign Bank ; Free Trad ; Free Trade ; International Economics & Trade ; Law and Development ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Trade Law ; Trade and Regional Integration ; Trade and Services
    Abstract: The authors review the international framework governing trade in financial services, describe the treatment of financial services in recent trade agreements involving Latin America and Caribbean countries, and analyze the liberalization commitments made in three selected country case studies-Chile, Colombia, and Costa Rica. They give emphasis to free trade agreements because of the generally deeper level of liberalization and rule-making achieved to-date. The authors discuss some of the causes and potential implications of their findings
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  • 106
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    Insurgency And Credible Commitment In Autocracies And Democracies (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (29 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Keefer, Philip Insurgency And Credible Commitment In Autocracies And Democracies
    Keywords: Armed Conflict ; Citizen ; Citizens ; Civil War ; Conflict and Development ; Emerging Markets ; Ethnic Groups ; Finance and Financial Sector Development ; Financial Literacy ; Governance ; Health, Nutrition and Population ; Labor Policies ; Natural Resources ; Parliamentary Government ; Policies ; Policy ; Policy Research ; Policy Research Working Paper ; Political Parties ; Population ; Population Policies ; Post Conflict Reconstruction ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Social Conflict ; Social Development ; Social Protections and Labor ; Armed Conflict ; Citizen ; Citizens ; Civil War ; Conflict and Development ; Emerging Markets ; Ethnic Groups ; Finance and Financial Sector Development ; Financial Literacy ; Governance ; Health, Nutrition and Population ; Labor Policies ; Natural Resources ; Parliamentary Government ; Policies ; Policy ; Policy Research ; Policy Research Working Paper ; Political Parties ; Population ; Population Policies ; Post Conflict Reconstruction ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Social Conflict ; Social Development ; Social Protections and Labor ; Armed Conflict ; Citizen ; Citizens ; Civil War ; Conflict and Development ; Emerging Markets ; Ethnic Groups ; Finance and Financial Sector Development ; Financial Literacy ; Governance ; Health, Nutrition and Population ; Labor Policies ; Natural Resources ; Parliamentary Government ; Policies ; Policy ; Policy Research ; Policy Research Working Paper ; Political Parties ; Population ; Population Policies ; Post Conflict Reconstruction ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Social Conflict ; Social Development ; Social Protections and Labor
    Abstract: This paper suggests a new factor that makes civil war more likely: the inability of political actors to make credible promises to broad segments of society. Lacking this ability, both elected and unelected governments pursue public policies that leave citizens less well-off and more prone to revolt. At the same time, these actors have a reduced ability to build an anti-insurgency capacity in the first place, since they are less able to prevent anti-insurgents from themselves mounting coups. But while reducing the risk of conflict overall, increasing credibility can, over some range, worsen the effects of natural resources and ethnic fragmentation on civil war. Empirical tests using various measures of political credibility support these conclusions
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  • 107
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    Remittances And The Real Exchange Rate (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (33 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Bussolo, Maurizio Remittances And The Real Exchange Rate
    Keywords: Capital Inflow ; Consumption ; Currencies and Exchange Rates ; Debt Markets ; Demand ; Domestic Economy ; Dutch Disease ; Economic Stabilization ; Economic Theory and Research ; Economies ; Economy ; Emerging Markets ; External Financing ; Finance and Financial Sector Development ; Growth Rates ; International Markets ; Loss of Competitiveness ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development ; Capital Inflow ; Consumption ; Currencies and Exchange Rates ; Debt Markets ; Demand ; Domestic Economy ; Dutch Disease ; Economic Stabilization ; Economic Theory and Research ; Economies ; Economy ; Emerging Markets ; External Financing ; Finance and Financial Sector Development ; Growth Rates ; International Markets ; Loss of Competitiveness ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development ; Capital Inflow ; Consumption ; Currencies and Exchange Rates ; Debt Markets ; Demand ; Domestic Economy ; Dutch Disease ; Economic Stabilization ; Economic Theory and Research ; Economies ; Economy ; Emerging Markets ; External Financing ; Finance and Financial Sector Development ; Growth Rates ; International Markets ; Loss of Competitiveness ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development
    Abstract: Existing empirical evidence indicates that remittances have a positive impact on a good number of development indicators of recipient countries. Yet when flows are too large relative to the size of the recipient economies, as those observed in a number of Latin American countries, they may also bring a number of undesired problems. Among those probably the most feared in this context is the Dutch Disease. This paper explores the empirical evidence regarding the impact of remittances on the real exchange rate. The findings suggest that remittances indeed appear to lead to a significant real exchange rate appreciation. The paper also explores policy options that may somewhat offset the observed effect
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  • 108
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    China And The Knowledge Economy : Challenges And Opportunities (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Zeng, Douglas Zhihua China And The Knowledge Economy
    Keywords: Debt Markets ; E-Business ; Economic development ; Economic growth ; Economic incentives ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Farms ; Finance and Financial Sector Development ; Health, Nutrition and Population ; Labor force ; Market competition ; Policy environment ; Policy instruments ; Population Policies ; Private Sector Development ; Property rights ; Quotas ; Debt Markets ; E-Business ; Economic development ; Economic growth ; Economic incentives ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Farms ; Finance and Financial Sector Development ; Health, Nutrition and Population ; Labor force ; Market competition ; Policy environment ; Policy instruments ; Population Policies ; Private Sector Development ; Property rights ; Quotas ; Debt Markets ; E-Business ; Economic development ; Economic growth ; Economic incentives ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Farms ; Finance and Financial Sector Development ; Health, Nutrition and Population ; Labor force ; Market competition ; Policy environment ; Policy instruments ; Population Policies ; Private Sector Development ; Property rights ; Quotas
    Abstract: The rapid pace of economic growth in China has been unprecedented since the start of economic reforms in late 1970s. It has delivered higher incomes and made the largest single contribution to global poverty reduction. Measured by international poverty lines, from 1978-2004, the absolute poor population in rural areas has dropped from 250 million to 26.1 million. Such gains are impressive and have been driven largely by a set of market-oriented institutional reforms, strong investment, and effective adoption and application of various knowledge and technologies, especially foreign ones through trade and foreign direct investment. While enjoying tremendous success, China also faces many challenges that need to be addressed to sustain its long-term development. These include weak institutions, low overall educational attainment, weak indigenous innovation capacity, poor links between research and development and industries, and so on. This paper provides an analysis of some strengths, weaknesses, opportunities, and challenges to China's knowledge economy in the areas of economic incentives and institutional regime, human capital, innovation system, and information infrastructure
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  • 109
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    Poverty, Inequality, And Social Disparities During China's Economic Reform (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (28 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Dollar, David Poverty, Inequality, And Social Disparities During China's Economic Reform
    Keywords: Access to Finance ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Health, Nutrition and Population ; Income ; Income gap ; Income inequality ; Inequality ; Poor ; Poor areas ; Poor households ; Population Policies ; Poverty Reduction ; Poverty line ; Private Sector Development ; Rural ; Rural Development ; Rural Poverty Reduction ; Rural population ; Access to Finance ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Health, Nutrition and Population ; Income ; Income gap ; Income inequality ; Inequality ; Poor ; Poor areas ; Poor households ; Population Policies ; Poverty Reduction ; Poverty line ; Private Sector Development ; Rural ; Rural Development ; Rural Poverty Reduction ; Rural population ; Access to Finance ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Health, Nutrition and Population ; Income ; Income gap ; Income inequality ; Inequality ; Poor ; Poor areas ; Poor households ; Population Policies ; Poverty Reduction ; Poverty line ; Private Sector Development ; Rural ; Rural Development ; Rural Poverty Reduction ; Rural population
    Abstract: China has been the most rapidly growing economy in the world over the past 25 years. This growth has fueled a remarkable increase in per capita income and a decline in the poverty rate from 64 percent at the beginning of reform to 10 percent in 2004. At the same time, however, different kinds of disparities have increased. Income inequality has risen, propelled by the rural-urban income gap and by the growing disparity between highly educated urban professionals and the urban working class. There have also been increases in inequality of health and education outcomes. Some rise in inequality was inevitable as China introduced a market system, but inequality may have been exacerbated rather than mitigated by a number of policy features. Restrictions on rural-urban migration have limited opportunities for the relatively poor rural population. The inability to sell or mortgage rural land has further reduced opportunities. China has a uniquely decentralized fiscal system that has relied on local government to fund basic health and education. The result has been that poor villages could not afford to provide good services, and poor households could not afford the high private costs of basic public services. Ironically, the large trade surplus that China has built up in recent years is a further problem, in that it stimulates an urban industrial sector that no longer creates many jobs while restricting the government's ability to increase spending to improve services and address disparities. The government's recent policy shift to encourage migration, fund education and health for poor areas and poor households, and rebalance the economy away from investment and exports toward domestic consumption and public services should help reduce social disparities
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  • 110
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    Nigeria's Growth Record : Dutch Disease Or Debt Overhang ? (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: van Wijnbergen, Sweder Nigeria's Growth Record
    Keywords: Access to Finance ; Bank Policy ; Commodity prices ; Debt ; Debt Markets ; Debt Overhang ; Economic Theory and Research ; Emerging Markets ; Expenditure ; Exporters ; Finance and Financial Sector Development ; Fiscal policies ; Government expenditure ; Macroeconomic policies ; Macroeconomics and Economic Growth ; Oil boom ; Private Sector Development ; Public Sector Expenditure Analysis and Management ; Access to Finance ; Bank Policy ; Commodity prices ; Debt ; Debt Markets ; Debt Overhang ; Economic Theory and Research ; Emerging Markets ; Expenditure ; Exporters ; Finance and Financial Sector Development ; Fiscal policies ; Government expenditure ; Macroeconomic policies ; Macroeconomics and Economic Growth ; Oil boom ; Private Sector Development ; Public Sector Expenditure Analysis and Management ; Access to Finance ; Bank Policy ; Commodity prices ; Debt ; Debt Markets ; Debt Overhang ; Economic Theory and Research ; Emerging Markets ; Expenditure ; Exporters ; Finance and Financial Sector Development ; Fiscal policies ; Government expenditure ; Macroeconomic policies ; Macroeconomics and Economic Growth ; Oil boom ; Private Sector Development ; Public Sector Expenditure Analysis and Management
    Abstract: Nigeria's oil boom has not brought an end to perennial stagnation in the non-oil economy. Is this the unavoidable consequence of the resource boom or have misguided policies contributed? This paper indicates that the extreme volatility of expenditure rather than Dutch Disease effects are behind the disappointing non-oil growth record. Fiscal policies failed to smooth highly volatile oil income; on the contrary government expenditure was more volatile than oil income. The authors provide econometric evidence showing that volatility of expenditure was increased by debt overhang problems. Moreover, they also find evidence of voracity effects that exacerbated expenditure volatility prior to 1984
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  • 111
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    China, India, And The Future of The World Economy : Fierce Competition Or Shared Growth? (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Dimaranan, Betina China, India, And The Future of The World Economy
    Keywords: Comparative advantage ; Competitiveness ; Debt ; Economic Theory and Research ; Emerging Markets ; Export growth ; Exports ; Free Trade ; Human capital ; Income ; Income levels ; International Economics & Trade ; Macroeconomics and Economic Growth ; Partial equilibrium analyses ; Private Sector Development ; Public Sector Development ; Total factor productivity ; Trade Policy ; Comparative advantage ; Competitiveness ; Debt ; Economic Theory and Research ; Emerging Markets ; Export growth ; Exports ; Free Trade ; Human capital ; Income ; Income levels ; International Economics & Trade ; Macroeconomics and Economic Growth ; Partial equilibrium analyses ; Private Sector Development ; Public Sector Development ; Total factor productivity ; Trade Policy ; Comparative advantage ; Competitiveness ; Debt ; Economic Theory and Research ; Emerging Markets ; Export growth ; Exports ; Free Trade ; Human capital ; Income ; Income levels ; International Economics & Trade ; Macroeconomics and Economic Growth ; Partial equilibrium analyses ; Private Sector Development ; Public Sector Development ; Total factor productivity ; Trade Policy
    Abstract: Although both China and India are labor-abundant and dependant on manufactures, their export mixes are very different. Only one product-refined petroleum-appears in the top 25 products for both countries, and services exports are roughly twice as important for India as for China, which is much better integrated into global production networks. Even assuming India also begins to integrate into global production chains and expands exports of manufactures, there seems to be opportunity for rapid growth in both countries. Accelerated growth through efficiency improvements in China and India, especially in their high-tech industries, will intensify competition in global markets leading to contraction of the manufacturing sectors in many countries. Improvement in the range and quality of exports from China and India has the potential to create substantial welfare benefits for the world, and for China and India, and to act as a powerful offset to the terms-of-trade losses otherwise associated with rapid export growth. However, without efforts to keep up with China and India, some countries may see further erosion of their export shares and high-tech manufacturing sectors
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  • 112
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    Strengthening The Governance And Performance of State-Owned Financial Institutions (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (56 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Scott, David H Strengthening The Governance And Performance of State-Owned Financial Institutions
    Keywords: Banks and Banking Reform ; Corporate Law ; Corporate governance ; Debt Markets ; Disclosure ; Emerging Markets ; Finance and Financial Sector Development ; Financial Institutions ; Financial Systems ; Financial institution ; Financial management ; Governance ; Institutional foundations ; Law and Development ; Legislation ; National Governance ; Presidency ; Private Sector Development ; Public policy ; Banks and Banking Reform ; Corporate Law ; Corporate governance ; Debt Markets ; Disclosure ; Emerging Markets ; Finance and Financial Sector Development ; Financial Institutions ; Financial Systems ; Financial institution ; Financial management ; Governance ; Institutional foundations ; Law and Development ; Legislation ; National Governance ; Presidency ; Private Sector Development ; Public policy ; Banks and Banking Reform ; Corporate Law ; Corporate governance ; Debt Markets ; Disclosure ; Emerging Markets ; Finance and Financial Sector Development ; Financial Institutions ; Financial Systems ; Financial institution ; Financial management ; Governance ; Institutional foundations ; Law and Development ; Legislation ; National Governance ; Presidency ; Private Sector Development ; Public policy
    Abstract: Corporate governance arrangements define the responsibilities, authorities and accountabilities of owners, boards of directors, and executive managers of a company. Good corporate governance is as important for state financial institutions as for private sector companies. Many of the problems that commonly afflict state financial institutions can be associated with, if not attributed directly to, weaknesses in corporate governance. This note draws on guidelines recently published by the OECD and the Basel Committee for Banking Supervision to compile a comprehensive corporate governance evaluation framework relevant to state-owned commercial and development finance institutions. It highlights aspects of this framework that are considered to be of particular importance to state financial institutions by citing innovative practices in a number of countries. Finally, it presents a detailed case study of the governance arrangements in place at the Development Bank of Southern Africa
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  • 113
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    Canada-Wheat : Discrimination, Non-Commercial Considerations, And State Trading Enterprises (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (29 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Hoekman, Bernard Canada-Wheat
    Keywords: Access to Markets ; Domestic market ; Dumping ; Economic Theory and Research ; Emerging Markets ; Export markets ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Market access ; Market price ; Marketing ; Marketing boards ; Markets and Market Access ; Price discrimination ; Private Sector Development ; Sale ; Sales ; Trade Law ; Access to Markets ; Domestic market ; Dumping ; Economic Theory and Research ; Emerging Markets ; Export markets ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Market access ; Market price ; Marketing ; Marketing boards ; Markets and Market Access ; Price discrimination ; Private Sector Development ; Sale ; Sales ; Trade Law ; Access to Markets ; Domestic market ; Dumping ; Economic Theory and Research ; Emerging Markets ; Export markets ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Market access ; Market price ; Marketing ; Marketing boards ; Markets and Market Access ; Price discrimination ; Private Sector Development ; Sale ; Sales ; Trade Law
    Abstract: Statutory marketing boards that have exclusive authority to purchase domestic production, sell for export, and set purchase and sales prices of commodities are a type of state trading enterprise that is subject to World Trade Organization disciplines. This paper assesses a recent dispute brought by the United States against Canada, alleging that WTO rules require state trading enterprises to operate solely in accordance with commercial considerations and that the Canadian government did not require the Canadian Wheat Board to do so. The panel and Appellate Body found that the primary discipline of the WTO regarding state trading enterprises was nondiscrimination, and that operating on the basis of "commercial considerations" was not an independent obligation. Instead, WTO disciplines regarding the pricing behavior of state trading enterprises use a "commercial considerations" test as a possible indicator of discrimination. Although a significant degree of price discrimination is observed in the case of Canadian wheat exports, there are economic arguments why this might also be pursued by a private, profit maximizing firm
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  • 114
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    Corruption, Business Environment, And Small Business Fixed Investment In India (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (35 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Honorati, Maddalena Corruption, Business Environment, And Small Business Fixed Investment In India
    Keywords: Access to Finance ; Credit rationing ; Debt ; Economic Theory and Research ; Economic growth ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Labor Policies ; Labor markets ; Macroeconomics and Economic Growth ; Marginal cost ; Price elasticity of demand ; Private Sector Development ; Productivity growth ; Property rights ; Social Protections and Labor ; Tax rates ; Wage rates ; Access to Finance ; Credit rationing ; Debt ; Economic Theory and Research ; Economic growth ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Labor Policies ; Labor markets ; Macroeconomics and Economic Growth ; Marginal cost ; Price elasticity of demand ; Private Sector Development ; Productivity growth ; Property rights ; Social Protections and Labor ; Tax rates ; Wage rates ; Access to Finance ; Credit rationing ; Debt ; Economic Theory and Research ; Economic growth ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Labor Policies ; Labor markets ; Macroeconomics and Economic Growth ; Marginal cost ; Price elasticity of demand ; Private Sector Development ; Productivity growth ; Property rights ; Social Protections and Labor ; Tax rates ; Wage rates
    Abstract: This paper estimates a structural dynamic business investment equation and an error correction model of fixed assets growth on a sample of predominantly small and mid-size manufacturers in India. The results suggest that excessive labor regulation, power shortages, and problems of access to finance are all significant factors in industrial growth in the country. The estimated effects of labor regulation, power shortages and access to finance on the rate of business investment all vary by states' levels of industrial development and. Perhaps more importantly, they also depend on a fourth institutional factor, namely, corruption. The rate of fixed investment is significantly lower where power shortages are more severe and labor regulation is stronger over the full sample, but each of these impacts is also greater for businesses self-reportedly affected by corruption. Although access to finance does not seem to influence the rate of investment for most firms, there is evidence that investment decisions are constrained by cash flow in enterprises that are unaffected by corruption or power shortages. There are nuances to this story as we take into account regional specificity, but the key result always holds that labor regulation, power shortages and access to finance influence the rate of fixed investment in ways that depend on the incidence of corruption. In interpreting this finding, we would like to think of corruption as a proxy for the quality of property rights institutions in the sense of Acemoglu and Johnson (2005). On the other hand, we regard labor regulation and the financial environment of small businesses in India as instances of what Acemoglu and Johnson (2005) call 'contracting institutions'. The analysis finds that the interaction between corruption and other aspects of the institutional environment of fixed investment decisions could be seen consistent with the Acemoglu-Johnson view that the quality of property rights institutions exerts more abiding influence on economic outcomes than the quality of contracting institutions
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  • 115
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    Coordinating Public Debt Management With Fiscal And Monetary Policies : An Analytical Framework (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (37 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Togo, Eriko Coordinating Public Debt Management With Fiscal And Monetary Policies
    Keywords: Asset liability management ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; External Debt ; Finance and Financial Sector Development ; Fiscal policy ; International Bank ; International Economics & Trade ; Liability ; Liability management ; Macroeconomics and Economic Growth ; Monetary Policies ; Monetary policy ; Private Sector Development ; Public Debt ; Public Debt Management ; Public Sector Economics and Finance ; Treasury ; Asset liability management ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; External Debt ; Finance and Financial Sector Development ; Fiscal policy ; International Bank ; International Economics & Trade ; Liability ; Liability management ; Macroeconomics and Economic Growth ; Monetary Policies ; Monetary policy ; Private Sector Development ; Public Debt ; Public Debt Management ; Public Sector Economics and Finance ; Treasury ; Asset liability management ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; External Debt ; Finance and Financial Sector Development ; Fiscal policy ; International Bank ; International Economics & Trade ; Liability ; Liability management ; Macroeconomics and Economic Growth ; Monetary Policies ; Monetary policy ; Private Sector Development ; Public Debt ; Public Debt Management ; Public Sector Economics and Finance ; Treasury
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  • 116
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    Alternatives To Infrastructure Privatization Revisited : Public Enterprise Reform From The 1960s To The 1980s (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (62 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: A. Gomez-Ibanez, Jose Alternatives To Infrastructure Privatization Revisited
    Keywords: Capital Markets ; Debt Markets ; Developing Countries ; E-Business ; Emerging Markets ; Finance and Financial Sector Development ; Financial Support ; Government Capacity ; Information Asymmetry ; Infrastructure Economics and Finance ; International Bank ; Legal System ; Microfinance ; Political Economy ; Private Capital ; Private Investors ; Private Participation in Infrastructure ; Private Sector Development ; Capital Markets ; Debt Markets ; Developing Countries ; E-Business ; Emerging Markets ; Finance and Financial Sector Development ; Financial Support ; Government Capacity ; Information Asymmetry ; Infrastructure Economics and Finance ; International Bank ; Legal System ; Microfinance ; Political Economy ; Private Capital ; Private Investors ; Private Participation in Infrastructure ; Private Sector Development ; Capital Markets ; Debt Markets ; Developing Countries ; E-Business ; Emerging Markets ; Finance and Financial Sector Development ; Financial Support ; Government Capacity ; Information Asymmetry ; Infrastructure Economics and Finance ; International Bank ; Legal System ; Microfinance ; Political Economy ; Private Capital ; Private Investors ; Private Participation in Infrastructure ; Private Sector Development
    Abstract: Frustration with the performance of State-owned enterprises (SOEs) has led to two rounds of reform: the first round, from the 1960s through the 1980s, attempted to improve SOE performance while maintaining public ownership while the second, beginning in the late 1980s, viewed privatization as the answer. Interest in the earlier round of reform has increased recently as controversy has slowed or halted privatization in many countries, especially for SOEs providing infrastructure services that are basic to everyday life and are thought to have elements of monopoly. This paper reexamines the earlier round of reforms, focusing particularly on efforts to increase the firms' capacity with infusions of human and physical capital, to strengthen managerial incentives through performance contracts and corporatization and to alter the mix of political and economic forces that impinge on the firm by strengthening the involvement of taxpayers, customers or private investors. The review suggests that these earlier approaches generated only modest success but that some of them, selectively applied, may be helpful in improving the performance of infrastructure firms that remain in public hands
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  • 117
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    Do Remittances Have A Flip Side ? : A General Equilibrium Analysis of Remittances, Labor Supply Responses, And Policy Options For Jamaica (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (29 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Bussolo, Maurizio Do Remittances Have A Flip Side ?
    Keywords: Currencies and Exchange Rates ; Debt Markets ; Economic Growth ; Economic Theory and Research ; Effects ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; General Equilibrium ; High Unemployment ; Information ; Investment ; Labor ; Labor ; Labor Costs ; Labor Demand ; Labor Force ; Labor Force Participation ; Labor Markets ; Labor Policies ; Macroeconomics and Economic Growth ; Private Sector Development ; Social Protections and Labor ; Currencies and Exchange Rates ; Debt Markets ; Economic Growth ; Economic Theory and Research ; Effects ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; General Equilibrium ; High Unemployment ; Information ; Investment ; Labor ; Labor ; Labor Costs ; Labor Demand ; Labor Force ; Labor Force Participation ; Labor Markets ; Labor Policies ; Macroeconomics and Economic Growth ; Private Sector Development ; Social Protections and Labor ; Currencies and Exchange Rates ; Debt Markets ; Economic Growth ; Economic Theory and Research ; Effects ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; General Equilibrium ; High Unemployment ; Information ; Investment ; Labor ; Labor ; Labor Costs ; Labor Demand ; Labor Force ; Labor Force Participation ; Labor Markets ; Labor Policies ; Macroeconomics and Economic Growth ; Private Sector Development ; Social Protections and Labor
    Abstract: Econometric analysis has established a negative relationship between labor supply and remittances in Jamaica. The authors incorporate this ex-post evidence in a general equilibrium model to investigate economywide effects of increased remittance inflows. In this model, remittances reduce labor force participation by increasing the reservation wages of recipients. This exacerbates the real exchange rate appreciation, hurting Jamaica's export base and small manufacturing import-competing sector. Within the narrow margins of maneuver of a highly indebted government, the authors show that a revenue-neutral policy response of a simultaneous reduction in payroll taxes and increase in sales taxes can effectively counteract these potentially negative effects of remittances
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  • 118
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    The Use of Derivatives To Hedge Embedded Options : The Case of Pension Institutions In Denmark (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (30 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Ladekarl, Jeppe The Use of Derivatives To Hedge Embedded Options
    Keywords: Balance Sheets ; Contracts ; Debt Markets ; Emerging Markets ; Equity ; Equity Markets ; Finance and Financial Sector Development ; Financial Literacy ; Guarantee ; Guarantees ; Hedge ; Interest ; Interest Rate ; Interest Rates ; Liabilities ; Liability ; Liability Management ; Private Sector Development ; Balance Sheets ; Contracts ; Debt Markets ; Emerging Markets ; Equity ; Equity Markets ; Finance and Financial Sector Development ; Financial Literacy ; Guarantee ; Guarantees ; Hedge ; Interest ; Interest Rate ; Interest Rates ; Liabilities ; Liability ; Liability Management ; Private Sector Development ; Balance Sheets ; Contracts ; Debt Markets ; Emerging Markets ; Equity ; Equity Markets ; Finance and Financial Sector Development ; Financial Literacy ; Guarantee ; Guarantees ; Hedge ; Interest ; Interest Rate ; Interest Rates ; Liabilities ; Liability ; Liability Management ; Private Sector Development
    Abstract: The main purpose of this paper is to examine the growing use of derivatives by Danish pension institutions as a risk management tool to hedge embedded options on their balance sheets. Throughout the 1980s and 1990s it was a widespread practice for Danish pension institutions to guarantee a minimum interest rate on new pension policies. With the new millennium global interest rates declined steeply and equity markets came crashing down. Suddenly the guarantees on pension contracts were in the money. The policies already written could not be changed, leaving liabilities and assets mismatched, profits in the red, and capital reserves drained. Out of necessity, and in some cases virtue, Danish pension institutions turned in scale to derivatives, allowing for a more active approach to hedging, asset and liability management, and even profit generation. Through the use of derivatives, pension institutions have avoided the need to renegotiate their guaranteed contracts with policy holders. They have succeeded as an industry in transforming their pay-off curves and have emerged with better matched asset/liability positions and lower exposure to interest rate risk. But the expanded use of derivatives also raises some risk management and regulatory issues, such as operational and counterparty risks as well as effective internal control systems and regulatory oversight
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  • 119
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    Quantitative Approaches To Fiscal Sustainability Analysis : A New World Bank Tool Applied To Turkey (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (41 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Budina, Nina Quantitative Approaches To Fiscal Sustainability Analysis
    Keywords: Balance of Payments ; Balance of Payments Crises ; Bank Policy ; Budget ; Business Cycle ; Central Bank ; Currencies and Exchange Rates ; Debt ; Debt Management ; Debt Management Policies ; Debt Markets ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; External Debt ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Deficits ; International Economics & Trade ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Expenditure Analysis and Management ; Balance of Payments ; Balance of Payments Crises ; Bank Policy ; Budget ; Business Cycle ; Central Bank ; Currencies and Exchange Rates ; Debt ; Debt Management ; Debt Management Policies ; Debt Markets ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; External Debt ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Deficits ; International Economics & Trade ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Expenditure Analysis and Management ; Balance of Payments ; Balance of Payments Crises ; Bank Policy ; Budget ; Business Cycle ; Central Bank ; Currencies and Exchange Rates ; Debt ; Debt Management ; Debt Management Policies ; Debt Markets ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; External Debt ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Deficits ; International Economics & Trade ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Expenditure Analysis and Management
    Abstract: Fiscal sustainability analysis (FSA) is an important component of macroeconomic analysis. The authors review various quantitative approaches to FSA with a major objective to bring these approaches together and to present a user-friendly tool for FSA that reflects modern developments. They combine a dynamic simulations approach with a simplified version of the steady-state consistency approach. They also incorporate two different methods to deal with uncertainty: user-defined stress tests and stochastic simulations. The tool goes further by evaluating the required fiscal adjustment as a consequence of the stochastic realizations of the exogenous variables. Furthermore, the fiscal sustainability tool incorporates an endogenous debt feedback rule for the primary surplus, a fiscal policy reaction function. Besides outlining the theoretical framework, the authors also present a case study for Turkey
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  • 120
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    The "How To" of Fiscal Sustainability : A Technical Manual For Using The Fiscal Sustainability Tool (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (71 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Bandiera, Luca The "How To" of Fiscal Sustainability
    Keywords: Bank Policy ; Contingent Liabilities ; Currencies and Exchange Rates ; Debt ; Debt Data ; Debt Management ; Debt Markets ; Defic Developing Countries ; Economic Theory and Research ; Emerging Markets ; Exchange ; Exchange Rate ; External Debt ; External Debt ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Policy ; Inflation ; International Economics & Trade ; Macroeconomics and Economic Growth ; Marke ; Private Sector Development ; Bank Policy ; Contingent Liabilities ; Currencies and Exchange Rates ; Debt ; Debt Data ; Debt Management ; Debt Markets ; Defic Developing Countries ; Economic Theory and Research ; Emerging Markets ; Exchange ; Exchange Rate ; External Debt ; External Debt ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Policy ; Inflation ; International Economics & Trade ; Macroeconomics and Economic Growth ; Marke ; Private Sector Development ; Bank Policy ; Contingent Liabilities ; Currencies and Exchange Rates ; Debt ; Debt Data ; Debt Management ; Debt Markets ; Defic Developing Countries ; Economic Theory and Research ; Emerging Markets ; Exchange ; Exchange Rate ; External Debt ; External Debt ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Policy ; Inflation ; International Economics & Trade ; Macroeconomics and Economic Growth ; Marke ; Private Sector Development
    Abstract: Fiscal sustainability analysis (FSA) is an important component of macroeconomic analysis for many developing countries. To further enhance understanding of fiscal policy and the constraints faced by policymakers, the authors develop a toolkit for FSA in middle-income countries which builds on previous work in this area and on new developments in dealing with uncertainty. The FSA toolkit includes an Excel-based FSA tool and a technical manual accompanying it. The FSA tool is standardized and simple, but at the same time flexible enough to allow for user-defined country-specifics. This manual provides step-by-step technical instructions for running the FSA tool and includes mathematical appendices and a glossary
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  • 121
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    Are Price-Based Capital Account Regulations Effective In Developing Countries ? (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (27 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: David, Antonio C Are Price-Based Capital Account Regulations Effective In Developing Countries ?
    Keywords: Asset Price ; Balance Sheets ; Bank Policy ; Banks and Banking Reform ; Boom-Bust Cycle ; Capital Account ; Capital Flows ; Capital Flows ; Capital Inflows ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Economic Theory and Research ; Emerging Economies ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Liberal ; International Economics & Trade ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development ; Asset Price ; Balance Sheets ; Bank Policy ; Banks and Banking Reform ; Boom-Bust Cycle ; Capital Account ; Capital Flows ; Capital Flows ; Capital Inflows ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Economic Theory and Research ; Emerging Economies ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Liberal ; International Economics & Trade ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development ; Asset Price ; Balance Sheets ; Bank Policy ; Banks and Banking Reform ; Boom-Bust Cycle ; Capital Account ; Capital Flows ; Capital Flows ; Capital Inflows ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Economic Theory and Research ; Emerging Economies ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Liberal ; International Economics & Trade ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development
    Abstract: The author evaluates the effectiveness of policy measures adopted by Chile and Colombia, aiming to mitigate the deleterious effects of pro-cyclical capital flows. In the case of Chile, according to his Generalized Method of Moments (GMM) analysis, capital controls succeeded in reducing net short-term capital flows but did not affect long-term flows. As far as Colombia is concerned, the regulations were capable of affecting total flows and also long-term ones. In addition, the co-integration models indicate that the regulations did not have a direct effect on the real exchange rate in the Chilean case. Nonetheless, the model used for Colombia did detect a direct impact of the capital controls on the real exchange rate. Therefore, the results do not seem to support the idea that those regulations were easily evaded
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  • 122
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    The Impact of Kazak Accession To The World Trade Organization : A Quantitative Assessment (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (53 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Jensen, Jesper The Impact of Kazak Accession To The World Trade Organization
    Keywords: Air ; Costs ; Currencies and Exchange ; Debt Markets ; E-Business ; Economic Theory and Research ; Elasticities ; Elasticity ; Emerging Markets ; Finance and Financial Sector Development ; Freight ; Gas Sector ; ICT Policy and Strategies ; Information and Communication Technologies ; Infrastructure ; Injury ; International Economics & Trade ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Passenger Services ; Policies ; Private Sector Development ; Railroad ; Route ; Subsidies ; Subsidy ; Transport ; Transport Economics, Policy and Planning ; Air ; Costs ; Currencies and Exchange ; Debt Markets ; E-Business ; Economic Theory and Research ; Elasticities ; Elasticity ; Emerging Markets ; Finance and Financial Sector Development ; Freight ; Gas Sector ; ICT Policy and Strategies ; Information and Communication Technologies ; Infrastructure ; Injury ; International Economics & Trade ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Passenger Services ; Policies ; Private Sector Development ; Railroad ; Route ; Subsidies ; Subsidy ; Transport ; Transport Economics, Policy and Planning ; Air ; Costs ; Currencies and Exchange ; Debt Markets ; E-Business ; Economic Theory and Research ; Elasticities ; Elasticity ; Emerging Markets ; Finance and Financial Sector Development ; Freight ; Gas Sector ; ICT Policy and Strategies ; Information and Communication Technologies ; Infrastructure ; Injury ; International Economics & Trade ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Passenger Services ; Policies ; Private Sector Development ; Railroad ; Route ; Subsidies ; Subsidy ; Transport ; Transport Economics, Policy and Planning
    Abstract: In this paper the authors use a computable general equilibrium model of the Kazakhstan economy to assess the impact of accession to the World Trade Organization (WTO), which encompasses (1) improved market access; (2) Kazakhstan tariff reduction; (3) reduction of barriers against entry by multinational service providers; and (4) reform of local content and value-added tax policies confronting multinational firms in the oil sector. They assume that foreign direct investment in business services is necessary for multinationals to compete well with Kazakstan business services providers, but cross-border service provision is also present. The model incorporates productivity effects in both goods and services markets endogenously, through a Dixit-Stiglitz framework. The authors estimated the ad valorem equivalent of barriers to foreign direct investment based on detailed questionnaires completed by specialized research institutes in Kazakhstan. They estimate that Kazakhstan will gain about 6.7 percent of the value of Kazakhstan consumption in the medium run from WTO accession and up to 17.5 percent in the long run. They estimate that the largest gains to Kazakhstan will derive from liberalization of barriers against multinational service providers, but the other three elements of WTO accession that the authors model all contribute positively to the estimated gains. Piecemeal sensitivity analysis shows that qualitatively the results are robust, but there are four parameters in the model that significantly affect the estimated magnitude of the gains from WTO accession
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  • 123
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    International Financial Integration Through Equity Markets : Which Firms From Which Countries Go Global ? (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (49 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Claessens, Stijn International Financial Integration Through Equity Markets
    Keywords: Access To Capital ; Bank Policy ; Budget ; Capital Markets ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equity ; Equity Markets ; Exchange ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Financial Support ; Globalization ; International Economy ; Macroeconomics and Economic Growth ; Markets and Market Access ; Microfinance ; Private Sector Development ; Small Scale Enterprises ; Access To Capital ; Bank Policy ; Budget ; Capital Markets ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equity ; Equity Markets ; Exchange ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Financial Support ; Globalization ; International Economy ; Macroeconomics and Economic Growth ; Markets and Market Access ; Microfinance ; Private Sector Development ; Small Scale Enterprises ; Access To Capital ; Bank Policy ; Budget ; Capital Markets ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equity ; Equity Markets ; Exchange ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Financial Support ; Globalization ; International Economy ; Macroeconomics and Economic Growth ; Markets and Market Access ; Microfinance ; Private Sector Development ; Small Scale Enterprises
    Abstract: The authors study international financial integration analyzing firms from various countries raising capital, trading equity, and cross-listing in major world stock markets. Using a large sample of 39,517 firms from 111 countries covering the period 1989-2000, they find that, although international financial integration increases substantially over this period, only relatively few countries and firms actively participate in international markets. Firms more likely to internationalize are from larger and more open economies, with higher income, better macroeconomic policies, and worse institutional environments. These firms tend to be larger, grow faster, and have higher returns and more foreign sales. While changes occur with internationalization, these firm attributes are present before internationalization takes place. The results suggest that international financial integration will likely remain constrained by country and firm characteristics
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  • 124
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    Beyond Legal Origin And Checks And Balances : Political Credibility, Citizen Information, And Financial Sector Development (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (39 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Keefer, Philip Beyond Legal Origin And Checks And Balances
    Keywords: Bank Accounts ; Bank Balance Sheets ; Bank Policy ; Checks ; Contract ; Contract Rights ; Credibility ; Debt Markets ; Depositors ; Economic Theory and Research ; Emerging Markets ; Exchange ; Expropriation ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Inequality ; Labor Policies ; Law and Development ; Legal Products ; Macroeconomics and Economic Growth ; Political Economy ; Poverty Reduction ; Private Sector Development ; Privatization ; Social Protections and Labor ; Bank Accounts ; Bank Balance Sheets ; Bank Policy ; Checks ; Contract ; Contract Rights ; Credibility ; Debt Markets ; Depositors ; Economic Theory and Research ; Emerging Markets ; Exchange ; Expropriation ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Inequality ; Labor Policies ; Law and Development ; Legal Products ; Macroeconomics and Economic Growth ; Political Economy ; Poverty Reduction ; Private Sector Development ; Privatization ; Social Protections and Labor ; Bank Accounts ; Bank Balance Sheets ; Bank Policy ; Checks ; Contract ; Contract Rights ; Credibility ; Debt Markets ; Depositors ; Economic Theory and Research ; Emerging Markets ; Exchange ; Expropriation ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Inequality ; Labor Policies ; Law and Development ; Legal Products ; Macroeconomics and Economic Growth ; Political Economy ; Poverty Reduction ; Private Sector Development ; Privatization ; Social Protections and Labor
    Abstract: The existing literature emphasizes and contrasts the role of political checks and balances and legal origin in determining the pace of financial sector development. This paper expands substantially on one aspect of this debate: the fact that government actions that promote financial sector development, whether prudent financial regulation or secure property and contract rights, are public goods and sensitive to political incentives to provide public goods. Tests of hypotheses emanating from this argument yield four new conclusions. First, two key determinants of those incentives-the credibility of pre-electoral political promises and citizen information about politician decisions-systematically promote financial sector development. Second, these political factors, along with political checks and balances, operate in part through their influence on the security of property rights, an argument asserted but not previously tested. Third, contrary to findings elsewhere in the literature, the political determinants of financial sector development are significant even in the presence of controls for legal origin. Finally, and again in contrast to the literature, the evidence here suggests that legal origin primarily proxies for political phenomena. Legal origin is a largely insignificant determinant of financial sector development when those phenomena are fully taken into account
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    Walking Up The Down Escalator : Public Investment And Fiscal Stability (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Easterly, William Walking Up The Down Escalator
    Keywords: Accounting ; Bank Policy ; Banks and Banking Reform ; Budget ; Cash Flow ; Cash Flows ; Debt ; Debt Markets ; Defic Exchange ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Discipline ; Future ; Investment Spending ; Investment and Investment Climate ; Investments ; Liquidity ; Macroeconomics and Economic Growth ; Private Finance ; Private Sector Development ; Public Sector Economics and Finance ; Public Sector Expenditure Analysis and Management ; Accounting ; Bank Policy ; Banks and Banking Reform ; Budget ; Cash Flow ; Cash Flows ; Debt ; Debt Markets ; Defic Exchange ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Discipline ; Future ; Investment Spending ; Investment and Investment Climate ; Investments ; Liquidity ; Macroeconomics and Economic Growth ; Private Finance ; Private Sector Development ; Public Sector Economics and Finance ; Public Sector Expenditure Analysis and Management ; Accounting ; Bank Policy ; Banks and Banking Reform ; Budget ; Cash Flow ; Cash Flows ; Debt ; Debt Markets ; Defic Exchange ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal Discipline ; Future ; Investment Spending ; Investment and Investment Climate ; Investments ; Liquidity ; Macroeconomics and Economic Growth ; Private Finance ; Private Sector Development ; Public Sector Economics and Finance ; Public Sector Expenditure Analysis and Management
    Abstract: Fiscal adjustment becomes like walking up the down escalator when growth-promoting spending is cut so much as to lower growth and thus the present value of future tax revenues to a degree that more than offsets the improvement in the cash deficit. Although short-term cash flows matter, a preponderant focus on them encourages governments to invest too little. Cash flow targets also encourage governments to shift investment spending off budget, by seeking private investment in public projects-irrespective of its real fiscal or economic benefits. To evade the action of cash flow targets, some have suggested excluding from their scope certain investments (such as those undertaken by public enterprises deemed commercial or financed by multilaterals). These stopgap remedies might sometimes help protect investment, but they do not provide a satisfactory solution to the underlying problem. Governments can more effectively reduce the biases created by the focus on short-term cash flows by developing indicators of the long-term fiscal effects of their decisions, including accounting and economic measures of net worth, and where appropriate including such measures in fiscal targets or even fiscal rules, replacing the exclusive focus on liquidity and debt
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    Specification of Investment Functions In Sub-Saharan Africa (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (39 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Bayraktar, Nihal Specification of Investment Functions In Sub-Saharan Africa
    Keywords: Accumulation ; Capital ; Currencies and Exchange Rates ; Debt Markets ; Depreciation ; Distribution of Income ; Economic Theory and Research ; Emerging Markets ; Extensive ; External ; Finance and Financial Sector Development ; Financial Literacy ; Fixed Capital ; Income ; Investment ; Investment ; Investment Behavior ; Investment Functions ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Private Sector Development ; Accumulation ; Capital ; Currencies and Exchange Rates ; Debt Markets ; Depreciation ; Distribution of Income ; Economic Theory and Research ; Emerging Markets ; Extensive ; External ; Finance and Financial Sector Development ; Financial Literacy ; Fixed Capital ; Income ; Investment ; Investment ; Investment Behavior ; Investment Functions ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Private Sector Development ; Accumulation ; Capital ; Currencies and Exchange Rates ; Debt Markets ; Depreciation ; Distribution of Income ; Economic Theory and Research ; Emerging Markets ; Extensive ; External ; Finance and Financial Sector Development ; Financial Literacy ; Fixed Capital ; Income ; Investment ; Investment ; Investment Behavior ; Investment Functions ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Private Sector Development
    Abstract: It is a well-known fact that one of the most important determinants of growth is private investment. But in the developing country context of widespread poverty, the effects of initial conditions on the process of capital accumulation have seldom been investigated. This paper highlights heterogeneity in the process of capital accumulation across different countries in Sub-Saharan Africa, and derives a formal specification of investment functions in the primary, industry, and service sectors in the region using a variation of the combined Tobin's Q Theory and the neoclassical models of investment. The results highlight a more rapid accumulation of capital in the relatively high income subpanel and a widening public-private capital accumulation gap. A functional specification points to the significance of aggregate profitability shocks, the financing cost of investment, and public capital stock in estimating the growth rate of private capital accumulation. These results are supported empirically, as highlighted by the relatively small absolute deviation between actual and predicted value distributions
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  • 127
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    Asian Century Or Multi-Polar Century ? (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (37 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Dollar, David Asian Century Or Multi-Polar Century ?
    Keywords: Currencies and Exchange Rates ; Debt Markets ; Demographic ; Developing Countries ; Developing Economies ; Economic Performance ; Economic Performances ; Economic Theory and Research ; Emerging Markets ; Energy ; Energy Production and Transportation ; Exchange ; Finance and Financial Sector Development ; Financial Literacy ; Foreign Trade ; Future ; Future Prospects ; Globalization ; Growth Rates ; Health, Nutrition and Population ; Labor ; Macroeconomics and Economic Growth ; Population Policies ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Social Protections and Labor ; Currencies and Exchange Rates ; Debt Markets ; Demographic ; Developing Countries ; Developing Economies ; Economic Performance ; Economic Performances ; Economic Theory and Research ; Emerging Markets ; Energy ; Energy Production and Transportation ; Exchange ; Finance and Financial Sector Development ; Financial Literacy ; Foreign Trade ; Future ; Future Prospects ; Globalization ; Growth Rates ; Health, Nutrition and Population ; Labor ; Macroeconomics and Economic Growth ; Population Policies ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Social Protections and Labor ; Currencies and Exchange Rates ; Debt Markets ; Demographic ; Developing Countries ; Developing Economies ; Economic Performance ; Economic Performances ; Economic Theory and Research ; Emerging Markets ; Energy ; Energy Production and Transportation ; Exchange ; Finance and Financial Sector Development ; Financial Literacy ; Foreign Trade ; Future ; Future Prospects ; Globalization ; Growth Rates ; Health, Nutrition and Population ; Labor ; Macroeconomics and Economic Growth ; Population Policies ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Social Protections and Labor
    Abstract: The "rise of Asia" is something of a myth. During 1990-2005 China accounted for 28 percent of global growth, measured at purchasing power parity (PPP). India accounted for 9 percent. The rest of developing Asia, with nearly a billion people, accounted for only 7 percent, the same as Latin America. Hence there is no general success of Asian developing economies. China has grown better than its developing neighbors because it started its reform with a better base of human capital, has been more open to foreign trade and investment, and created good investment climates in coastal cities. China's success changes the equation going forward: its wages are now two to three times higher than in the populous Asian countries (Bangladesh, India, Indonesia, Pakistan, and Vietnam), and China will become an ever-larger importer of natural resource and labor-intensive products. Developing countries need to become more open and improve their investment climates to benefit from these opportunities. China itself faces new challenges that could hamper its further development: unsustainable trade imbalance with the United States, energy and water scarcity and unsustainable use of natural resources, and growing inequality and social tension. To address the first two of these challenges, good cooperation between China and the United States is essential. The author concludes that we are more likely to be facing a "multi-polar century," than an Asian century
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  • 128
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    A Kleptocrat's Survival Guide : Autocratic Longevity In The Face of Civil Conflict (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (41 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Milante, Gary A Kleptocrat's Survival Guide
    Keywords: Anarchy ; Autocracy ; Collective Action ; Conflict and Development ; Democracies ; Democracy ; Dictatorship ; Disarmament ; Dissidents ; Emerging Markets ; Extremism ; Governance ; Health, Nutrition and Population ; Parliamentary Government ; Peace ; Policies ; Political Authority ; Political Economy ; Political Systems and Analysis ; Politics and Government ; Population Policies ; Post Conflict Reconstruction ; Private Sector Development ; Anarchy ; Autocracy ; Collective Action ; Conflict and Development ; Democracies ; Democracy ; Dictatorship ; Disarmament ; Dissidents ; Emerging Markets ; Extremism ; Governance ; Health, Nutrition and Population ; Parliamentary Government ; Peace ; Policies ; Political Authority ; Political Economy ; Political Systems and Analysis ; Politics and Government ; Population Policies ; Post Conflict Reconstruction ; Private Sector Development ; Anarchy ; Autocracy ; Collective Action ; Conflict and Development ; Democracies ; Democracy ; Dictatorship ; Disarmament ; Dissidents ; Emerging Markets ; Extremism ; Governance ; Health, Nutrition and Population ; Parliamentary Government ; Peace ; Policies ; Political Authority ; Political Economy ; Political Systems and Analysis ; Politics and Government ; Population Policies ; Post Conflict Reconstruction ; Private Sector Development
    Abstract: Autocratic regimes are quite often short-lived kleptocracies formed and maintained through force and used to appropriate wealth from subjects. Some of these autocracies collapse after only a year or two of plundering while others manage to survive for 15 or 20 years. This paper asks why some autocratic regimes survive while others fail. A database of political regimes from 1960 to 2003 is introduced and accompanies the paper in an appendix. A model of political survival suggests that autocrats exchange constraints on their executive power for their continued survival. The relationship between payouts from successful rebellion and ease of rebellion determines how willing kleptocrats are to extend the political franchise and protect their power. Results show that extremely oppressive regimes and great expenditures on security are likely to accompany the most difficult environments for defense of the state. The model is used to identify the costs of pervasive political conflict and to decompose the "civil peace dividend" enjoyed by inclusive democracies that do not suffer from the malady of kleptocratic rule. Finally, the model suggests that slow democratization pushed by the autocratic elites to guarantee their survival, accompanied by stable development, may be the best path toward a democratic future for many fragile states
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  • 129
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    The Pricing Dynamics of Utilities With Underdeveloped Networks (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (28 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Kessides, Ioannis N The Pricing Dynamics of Utilities With Underdeveloped Networks
    Keywords: Choice ; Consumers ; Costs ; Debt Markets ; Demand ; Discount Rate ; Diseconomies of Scale ; E-Business ; Economic Efficiency ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Incentives ; Investment ; Low Tariffs ; Macroeconomics and Economic Growth ; Marginal Costs ; Markets and Market Access ; Monopoly ; Optimization ; Private Sector Development ; Urban Water Supply and Sanitation ; Water Supply and Sanitation ; Choice ; Consumers ; Costs ; Debt Markets ; Demand ; Discount Rate ; Diseconomies of Scale ; E-Business ; Economic Efficiency ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Incentives ; Investment ; Low Tariffs ; Macroeconomics and Economic Growth ; Marginal Costs ; Markets and Market Access ; Monopoly ; Optimization ; Private Sector Development ; Urban Water Supply and Sanitation ; Water Supply and Sanitation ; Choice ; Consumers ; Costs ; Debt Markets ; Demand ; Discount Rate ; Diseconomies of Scale ; E-Business ; Economic Efficiency ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Incentives ; Investment ; Low Tariffs ; Macroeconomics and Economic Growth ; Marginal Costs ; Markets and Market Access ; Monopoly ; Optimization ; Private Sector Development ; Urban Water Supply and Sanitation ; Water Supply and Sanitation
    Abstract: This paper uses an analytically tractable intertemporal framework for analyzing the dynamic pricing of a utility with an underdeveloped network (a typical case in most developing countries) facing a competitive fringe, short-run network adjustment costs, theft of service, and the threat of a retaliatory regulatory review that is increasing with the price it charges. This simple dynamic optimization model yields a number of powerful policy insights and conclusions. Under a variety of plausible assumptions (in the context of developing countries) the utility will find its long-run profits enhanced if it exercises restraint in the early stages of network development by holding price below the limit defined by the unit costs of the fringe. The utility's optimal price gradually converges toward the limit price as its network expands. Moreover, when the utility is threatened with retaliatory regulatory intervention, it will generally have incentives to restrain its pricing behavior. These findings have important implications for the design of post-privatization regulatory governance in developing countries
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  • 130
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    Weaponomics : The Global Market For Assault Rifles (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (23 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Killicoat, Phillip Weaponomics
    Keywords: Access to Markets ; Black Market ; Commodity Prices ; Conflict and Development ; Demand ; Economic Theory and Research ; Emerging Markets ; Factor Prices ; International Economics & Trade ; International Trade ; Macroeconomics and Economic Growth ; Market ; Market Conditions ; Markets ; Markets and Market Access ; Peace and Peacekeeping ; Post Conflict Reconstruction ; Price ; Price Index ; Price Variation ; Prices ; Private Sector Development ; Production ; Access to Markets ; Black Market ; Commodity Prices ; Conflict and Development ; Demand ; Economic Theory and Research ; Emerging Markets ; Factor Prices ; International Economics & Trade ; International Trade ; Macroeconomics and Economic Growth ; Market ; Market Conditions ; Markets ; Markets and Market Access ; Peace and Peacekeeping ; Post Conflict Reconstruction ; Price ; Price Index ; Price Variation ; Prices ; Private Sector Development ; Production ; Access to Markets ; Black Market ; Commodity Prices ; Conflict and Development ; Demand ; Economic Theory and Research ; Emerging Markets ; Factor Prices ; International Economics & Trade ; International Trade ; Macroeconomics and Economic Growth ; Market ; Market Conditions ; Markets ; Markets and Market Access ; Peace and Peacekeeping ; Post Conflict Reconstruction ; Price ; Price Index ; Price Variation ; Prices ; Private Sector Development ; Production
    Abstract: This paper introduces the first effort to quantitatively document the small arms market by collating field reports and journalist accounts to produce a cross-country time-series price index of Kalashnikov assault rifles. A model of the small arms market is developed and empirically estimated to identify the key determinants of assault rifle prices. Variables which proxy the effective height of trade barriers for illicit trade are consistently significant in determining weapon price variation. When controlling for other factors, the collapse of the Soviet Union does not have as large an impact on weapon prices as is generally believed
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  • 131
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    Does "Good Government" Draw Foreign Capital ? : Explaining China's Exceptional Foreign Direct Investment Inflow (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (40 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Yeung, Bernard Does "Good Government" Draw Foreign Capital ?
    Keywords: Bank Policy ; Bureaucratic Quality ; Contracts ; Country Risk ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Exchange ; Finance ; Finance and Financial Sector Development ; Fixed Investment ; Foreign Capital ; Foreign Direct Investment ; Foreign Direct Investment ; Foreign Investors ; Future ; International Economics & Trade ; Investment and Investment Climate ; Law and Development ; Macroeconomics and Economic Growth ; Political Economy ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Social Protections and Labor ; Bank Policy ; Bureaucratic Quality ; Contracts ; Country Risk ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Exchange ; Finance ; Finance and Financial Sector Development ; Fixed Investment ; Foreign Capital ; Foreign Direct Investment ; Foreign Direct Investment ; Foreign Investors ; Future ; International Economics & Trade ; Investment and Investment Climate ; Law and Development ; Macroeconomics and Economic Growth ; Political Economy ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Social Protections and Labor ; Bank Policy ; Bureaucratic Quality ; Contracts ; Country Risk ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Exchange ; Finance ; Finance and Financial Sector Development ; Fixed Investment ; Foreign Capital ; Foreign Direct Investment ; Foreign Direct Investment ; Foreign Investors ; Future ; International Economics & Trade ; Investment and Investment Climate ; Law and Development ; Macroeconomics and Economic Growth ; Political Economy ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Social Protections and Labor
    Abstract: China is now the world's largest destination of foreign direct investment (FDI), despite assessments highlighting its institutional deficiencies. But this FDI inflow corresponds closely to predicted FDI flows into China from a model that predicts FDI inflow based on government quality indicators and controls and is estimated across a sample of other weak-institution countries. The only real discrepancy is that, if government quality is measured by constraints on executive power, China receives somewhat more FDI than the model predicts. This might reflect an underestimation of the strength of these constraints in China, a unique institutional setting for FDI operations, FDI based on expected future institutional improvements, or a unique Chinese model of development. The authors conclude that Ockham's razor disfavors the last. They also note that FDI may be elevated because Chinese institutions protect foreign firms better than domestic ones
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  • 132
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    Infrastructure And Trade Preferences For The Livestock Sector : Empirical Evidence From The Beef Industry In Africa (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (39 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Iimi, Atsushi Infrastructure And Trade Preferences For The Livestock Sector
    Keywords: Agriculture ; Agriculture ; Competitiveness ; Cred Demand ; Culture ; Debt Markets ; Development ; Economic Theory and Research ; Economics ; Emerging Markets ; Equations ; Exchange ; Finance and Financial Sector Development ; Free Trade ; GDP ; Income ; International Economics & Trade ; International Trade ; Livestock and Animal Husbandry ; Macroeconomics and Economic Growth ; Markets ; Markets and Market Access ; Middle Income Countries ; Prices ; Private Sector Development ; Public Sector Development ; Trade Policy ; Transport ; Transport Economics, Policy and Planning ; Agriculture ; Agriculture ; Competitiveness ; Cred Demand ; Culture ; Debt Markets ; Development ; Economic Theory and Research ; Economics ; Emerging Markets ; Equations ; Exchange ; Finance and Financial Sector Development ; Free Trade ; GDP ; Income ; International Economics & Trade ; International Trade ; Livestock and Animal Husbandry ; Macroeconomics and Economic Growth ; Markets ; Markets and Market Access ; Middle Income Countries ; Prices ; Private Sector Development ; Public Sector Development ; Trade Policy ; Transport ; Transport Economics, Policy and Planning ; Agriculture ; Agriculture ; Competitiveness ; Cred Demand ; Culture ; Debt Markets ; Development ; Economic Theory and Research ; Economics ; Emerging Markets ; Equations ; Exchange ; Finance and Financial Sector Development ; Free Trade ; GDP ; Income ; International Economics & Trade ; International Trade ; Livestock and Animal Husbandry ; Macroeconomics and Economic Growth ; Markets ; Markets and Market Access ; Middle Income Countries ; Prices ; Private Sector Development ; Public Sector Development ; Trade Policy ; Transport ; Transport Economics, Policy and Planning
    Abstract: Trade preferences are expected to facilitate global market integration and offer the potential for rapid economic growth and poverty reduction for developing countries. But those preferences do not always guarantee sustainable external competitiveness to beneficiary countries and may risk discouraging their efforts to improve underlying productivity. This paper examines the EU beef import market where several African countries have been granted preferential treatment. The estimation results suggest that profitability improvement achieved by countries under the Cotonou protocol compares unfavorably with the returns to nonbeneficiary countries in recent years. Rather, it shows that public infrastructure, such as paved roads, has an important role in lowering production costs and thus increasing external competitiveness and market shares
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  • 133
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    A Framework For Thinking About Enterprise Formalization Policies In Developing Countries (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (17 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Kenyon, Thomas A Framework For Thinking About Enterprise Formalization Policies In Developing Countries
    Keywords: Access to Finance ; Business associations ; E-Business ; Economic activities ; Emerging Markets ; Entrepreneurs ; Environment ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Government intervention ; Information sharing ; Microfinance ; Private Sector Development ; Private enterprise ; Public policy ; Small businesses ; Small enterprise ; Union ; Access to Finance ; Business associations ; E-Business ; Economic activities ; Emerging Markets ; Entrepreneurs ; Environment ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Government intervention ; Information sharing ; Microfinance ; Private Sector Development ; Private enterprise ; Public policy ; Small businesses ; Small enterprise ; Union ; Access to Finance ; Business associations ; E-Business ; Economic activities ; Emerging Markets ; Entrepreneurs ; Environment ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Government intervention ; Information sharing ; Microfinance ; Private Sector Development ; Private enterprise ; Public policy ; Small businesses ; Small enterprise ; Union
    Abstract: What policies encourage firms to become formal? The standard approach emphasizes reducing the costs of compliance with government regulation. This is unlikely to be sufficient. Instead we need to understand compliance as a function not only of firm-level costs and benefits but also in terms of the interaction between the firm and its competitors and between the firm and the state. This paper emphasizes the coordination and credibility issues involved in promoting formalization and discusses possible institutional solutions, among them business associations that make the benefits of membership dependent on compliance, information sharing arrangements among government agencies and improvements in the quality of public management
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    A Poverty : Focused Evaluation of Commodity Tax Options (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (28 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Essama-Nssah, B A Poverty
    Keywords: Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Food expenditure ; Human capital ; Income ; Macroeconomics and Economic Growth ; Poor ; Poor policy ; Poverty Reduction ; Poverty eradication ; Poverty measures ; Poverty reduction ; Poverty reduction strategy ; Private Sector Development ; Public spending ; Rural Development ; Rural Poverty Reduction ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Food expenditure ; Human capital ; Income ; Macroeconomics and Economic Growth ; Poor ; Poor policy ; Poverty Reduction ; Poverty eradication ; Poverty measures ; Poverty reduction ; Poverty reduction strategy ; Private Sector Development ; Public spending ; Rural Development ; Rural Poverty Reduction ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Food expenditure ; Human capital ; Income ; Macroeconomics and Economic Growth ; Poor ; Poor policy ; Poverty Reduction ; Poverty eradication ; Poverty measures ; Poverty reduction ; Poverty reduction strategy ; Private Sector Development ; Public spending ; Rural Development ; Rural Poverty Reduction
    Abstract: The difficulties faced by many developing countries in raising revenue from direct taxes have forced them to rely heavily on indirect taxes to finance development interventions. The purpose of this paper is to show how to identify socially desirable options for commodity taxation in the context of a poverty reduction strategy. Within the logic of social evaluation the author assesses tax options on the basis of value judgments underlying members of the additively separable class of poverty measures. The criterion hinges on both the pattern of consumption of each commodity and the price elasticity of the poverty measure used. An application of this methodology to data for Guinea shows that many components of food expenditure (particularly cereals, grains, and roots) would be good candidates for exemption from value-added tax. Even though expenditure on health and education is distributed in favor of the non-poor, their importance for human capital development argues for a program of targeted subsidies in a broader context of cost recovery
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    The Causes of Civil War (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (33 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Reynal-Querol, Marta The Causes of Civil War
    Keywords: Civil War ; Civil wars ; Conflict ; Conflict and Development ; Economic development ; Emerging Markets ; Health, Nutrition and Population ; Labor Policies ; Nations ; Peace ; Peace and Peacekeeping ; Police ; Population Policies ; Post Conflict Reconstruction ; Private Sector Development ; Property rights ; Rebels ; Rule of law ; Social Protections and Labor ; Civil War ; Civil wars ; Conflict ; Conflict and Development ; Economic development ; Emerging Markets ; Health, Nutrition and Population ; Labor Policies ; Nations ; Peace ; Peace and Peacekeeping ; Police ; Population Policies ; Post Conflict Reconstruction ; Private Sector Development ; Property rights ; Rebels ; Rule of law ; Social Protections and Labor ; Civil War ; Civil wars ; Conflict ; Conflict and Development ; Economic development ; Emerging Markets ; Health, Nutrition and Population ; Labor Policies ; Nations ; Peace ; Peace and Peacekeeping ; Police ; Population Policies ; Post Conflict Reconstruction ; Private Sector Development ; Property rights ; Rebels ; Rule of law ; Social Protections and Labor
    Abstract: The dominant hypothesis in the literature that studies conflict is that poverty is the main cause of civil wars. We instead analyze the effect of institutions on civil war, controlling for income per capita. In our set up, institutions are endogenous and colonial origins affect civil wars through their legacy on institutions. Our results indicate that institutions, proxied by the protection of property rights, rule of law and the efficiency of the legal system, are a fundamental cause of civil war. In particular, an improvement in institutions from the median value in the sample to the 75th percentile is associated with a 38 percentage points' reduction in the incidence of civil wars. Moreover, once institutions are included as explaining civil wars, income does not have any effect on civil war, either directly or indirectly
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    Shadow Sovereign Ratings For Unrated Developing Countries (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (37 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Mohapatra, Sanket Shadow Sovereign Ratings For Unrated Developing Countries
    Keywords: Access to Finance ; Bankruptcy and Resolution of Financial Distress ; Capital flows ; Debt Markets ; Developing Countries ; Economic Theory and Research ; Emerging Markets ; Emerging market ; Emerging market economies ; Equity markets ; Finance and Financial Sector Development ; Foreign currency ; International bond ; Loan ; Macroeconomics and Economic Growth ; Private Sector Development ; Sovereign Ratings ; Sovereign rating ; Access to Finance ; Bankruptcy and Resolution of Financial Distress ; Capital flows ; Debt Markets ; Developing Countries ; Economic Theory and Research ; Emerging Markets ; Emerging market ; Emerging market economies ; Equity markets ; Finance and Financial Sector Development ; Foreign currency ; International bond ; Loan ; Macroeconomics and Economic Growth ; Private Sector Development ; Sovereign Ratings ; Sovereign rating ; Access to Finance ; Bankruptcy and Resolution of Financial Distress ; Capital flows ; Debt Markets ; Developing Countries ; Economic Theory and Research ; Emerging Markets ; Emerging market ; Emerging market economies ; Equity markets ; Finance and Financial Sector Development ; Foreign currency ; International bond ; Loan ; Macroeconomics and Economic Growth ; Private Sector Development ; Sovereign Ratings ; Sovereign rating
    Abstract: The authors attempt to predict sovereign ratings for developing countries that do not have risk ratings from agencies such as Fitch, Moody's, and Standard and Poor's. Ratings affect capital flows to developing countries through international bond, loan, and equity markets. Sovereign rating also acts as a ceiling for the foreign currency rating of sub-sovereign borrowers. As of the end of 2006, however, only 86 developing countries have been rated by the rating agencies. Of these, 15 countries have not been rated since 2004. Nearly 70 developing countries have never been rated. The results indicate that the unrated countries are not always at the bottom of the rating spectrum. Several unrated poor countries appear to have a "B" or higher rating, in a similar range as the emerging market economies with capital market access. Drawing on the literature, the analysis presents a stylized relationship between borrowing costs and the credit rating of sovereign bonds. The launch spread rises as the credit rating deteriorates, registering a sharp rise at the investment grade threshold. Based on these findings, a case can be made in favor of helping poor countries obtain credit ratings not only for sovereign borrowing, but for sub-sovereign entities' access to international debt and equity capital. The rating model, along with the stylized relationship between spreads and ratings can be useful for securitization and other financial structures, and for leveraging official aid for improving borrowing terms in poor countries
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    An Emerging Agricultural Problem In High-Performing Asian Economies (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (30 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Hayami, Yujiro An Emerging Agricultural Problem In High-Performing Asian Economies
    Keywords: Agriculture ; Comparative advantage ; Consumers ; Disequilibrium ; Economic Theory and Research ; Economic growth ; Elasticity ; Emerging Markets ; Food and Beverage Industry ; Income ; Industrialization ; Industry ; Labor Policies ; Macroeconomics and Economic Growth ; Political economy ; Poverty Reduction ; Private Sector Development ; Rapid industrialization ; Rural Development ; Rural Poverty Reduction ; Social Protections and Labor ; Agriculture ; Comparative advantage ; Consumers ; Disequilibrium ; Economic Theory and Research ; Economic growth ; Elasticity ; Emerging Markets ; Food and Beverage Industry ; Income ; Industrialization ; Industry ; Labor Policies ; Macroeconomics and Economic Growth ; Political economy ; Poverty Reduction ; Private Sector Development ; Rapid industrialization ; Rural Development ; Rural Poverty Reduction ; Social Protections and Labor ; Agriculture ; Comparative advantage ; Consumers ; Disequilibrium ; Economic Theory and Research ; Economic growth ; Elasticity ; Emerging Markets ; Food and Beverage Industry ; Income ; Industrialization ; Industry ; Labor Policies ; Macroeconomics and Economic Growth ; Political economy ; Poverty Reduction ; Private Sector Development ; Rapid industrialization ; Rural Development ; Rural Poverty Reduction ; Social Protections and Labor
    Abstract: Policies to tax farmers in low-income countries and policies to subsidize them in high-income countries have been identified as a major source of the disequilibrium of world agriculture. Recently, as many high-performing economies in Asia advanced from the low-income to the middle-income stage through successful industrialization, they have been confronted with the problem of a widening income gap between farm and non-farm workers corresponding to rapid shifts in comparative advantage from agriculture to manufacturing. In order to prevent this disparity from culminating in serious social and political instability, policies have been reoriented toward supporting the income of farmers. At the same time, governments in middle-income countries must continue to secure low-cost food for the urban poor who are still large in number. The need to achieve the two conflicting goals under the still weak fiscal capacity of governments tends to make agricultural policies in the middle-income stage tinkering and ineffective. Greater research inputs in this area are called for in order to prevent the growth momentum of high-performing economies in Asia from being disrupted by political crises
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  • 138
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    Developing Economies And International Investors : Do Investment Promotion Agencies Bring Them Together ? (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (52 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Harding, Torfinn Developing Economies And International Investors
    Keywords: Affiliated organizations ; Debt Markets ; Domestic investment ; Emerging Markets ; Finance and Financial Sector Development ; Foreign Direct Investment ; Foreign direct investment ; Foreign investors ; Income ; International Economics & Trade ; International Investors ; Investment Promotion ; Investment and Investment Climate ; Investment incentives ; Macroeconomics and Economic Growth ; Non Bank Financial Institutions ; Private Sector Development ; Public Disclosure ; Tax rates ; Affiliated organizations ; Debt Markets ; Domestic investment ; Emerging Markets ; Finance and Financial Sector Development ; Foreign Direct Investment ; Foreign direct investment ; Foreign investors ; Income ; International Economics & Trade ; International Investors ; Investment Promotion ; Investment and Investment Climate ; Investment incentives ; Macroeconomics and Economic Growth ; Non Bank Financial Institutions ; Private Sector Development ; Public Disclosure ; Tax rates ; Affiliated organizations ; Debt Markets ; Domestic investment ; Emerging Markets ; Finance and Financial Sector Development ; Foreign Direct Investment ; Foreign direct investment ; Foreign investors ; Income ; International Economics & Trade ; International Investors ; Investment Promotion ; Investment and Investment Climate ; Investment incentives ; Macroeconomics and Economic Growth ; Non Bank Financial Institutions ; Private Sector Development ; Public Disclosure ; Tax rates
    Abstract: Many countries spend significant resources on investment promotion agencies in the hope of attracting inflows of foreign direct investment. Despite the importance of this question for public policy choices, little is known about the effectiveness of investment promotion efforts. This study uses newly collected data on national investment promotion agencies in 109 countries to examine the effects of investment promotion on foreign direct investment inflows. The empirical analysis follows two approaches. First, it tests whether sectors explicitly targeted by investment promotion agencies receive more foreign direct investment in the post-targeting period relative to the pre-targeting period and non-targeted sectors. Second, it examines whether the existence of an investment promotion agency is correlated with higher foreign direct investment inflows. Results from both approaches point to the same conclusion. Investment promotion efforts appear to increase foreign direct investment inflows to developing countries. Moreover, agency characteristics, such as the agency's legal status and reporting structure, affect the effectiveness of investment promotion. There is also evidence of diversion of foreign direct investment due to investment incentives offered by other countries in the same geographic region
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  • 139
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    The Growing Role of The Euro In Emerging Market Finance (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (27 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Masson, Paul R The Growing Role of The Euro In Emerging Market Finance
    Keywords: Currencies and Exchange Rates ; Debt ; Debt Issuance ; Debt Markets ; Developing Countries ; Emerging Market ; Emerging Markets ; Finance and Financial Sector Development ; Fiscal and Monetary Policy ; Foreign Exchange ; Foreign Exchange Reserve ; Holdings ; Home Currency ; International Finance ; Macroeconomics and Economic Growth ; Market Finance ; Private Sector Development ; Public Sector Development ; Currencies and Exchange Rates ; Debt ; Debt Issuance ; Debt Markets ; Developing Countries ; Emerging Market ; Emerging Markets ; Finance and Financial Sector Development ; Fiscal and Monetary Policy ; Foreign Exchange ; Foreign Exchange Reserve ; Holdings ; Home Currency ; International Finance ; Macroeconomics and Economic Growth ; Market Finance ; Private Sector Development ; Public Sector Development ; Currencies and Exchange Rates ; Debt ; Debt Issuance ; Debt Markets ; Developing Countries ; Emerging Market ; Emerging Markets ; Finance and Financial Sector Development ; Fiscal and Monetary Policy ; Foreign Exchange ; Foreign Exchange Reserve ; Holdings ; Home Currency ; International Finance ; Macroeconomics and Economic Growth ; Market Finance ; Private Sector Development ; Public Sector Development
    Abstract: More than eight years after the introduction of the euro, impacts on developing countries have been relatively modest. Overall, the euro has become much more important in debt issuance than in official foreign exchange reserve holdings. The former has benefited from the creation of a large set of investors for which the euro is the home currency, while demand for euro reserves has been held back by the dominance of the dollar as a vehicle and intervention currency, and the greater liquidity of the market for US treasury securities. Fears of further dollar decline may fuel some shifts out of dollars into euros, however, with the potential for a period of financial instability
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  • 140
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    Cote d'Ivoire : From Success To Failure A Story of Growth, Specialization, And The Terms of Trade (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (45 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Bogetic, Zeljko Cote d'Ivoire
    Keywords: Banks and Banking Reform ; Economic Growth ; Economic History ; Economic Theory and Research ; Emerging Markets ; Exports ; GDP ; GDP Per Capita ; Human Capital ; Macroeconomics and Economic Growth ; Overvaluation ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Productivity ; Real GDP ; Total Factor Productivity ; Total Factor Productivity Analysis ; Banks and Banking Reform ; Economic Growth ; Economic History ; Economic Theory and Research ; Emerging Markets ; Exports ; GDP ; GDP Per Capita ; Human Capital ; Macroeconomics and Economic Growth ; Overvaluation ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Productivity ; Real GDP ; Total Factor Productivity ; Total Factor Productivity Analysis ; Banks and Banking Reform ; Economic Growth ; Economic History ; Economic Theory and Research ; Emerging Markets ; Exports ; GDP ; GDP Per Capita ; Human Capital ; Macroeconomics and Economic Growth ; Overvaluation ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Productivity ; Real GDP ; Total Factor Productivity ; Total Factor Productivity Analysis
    Abstract: Real GDP per capita and capital stock in Cote d'Ivoire grew strongly from 1960 to 1979, but have declined ever since, for twenty-five years. As a result, the country has traveled a full circle from economic success to failure in little more than a generation. What are the long-term factors behind this dismal growth story? Are the Ivorian development problems mostly of recent origin? Or there are more fundamental, economic factors that explain its long term performance? Four principal conclusions are as follows: First, Cote d'Ivoire's long-term growth performance is not fully explained by temporary factors (e.g., CFA overvaluation or recent conflict). Longer term factors such as capital accumulation, productivity, and terms of trade are key to understanding the country's performance as is the policy of specialization in a single commodity--cocoa. Second, the long-term decline in per capita output started well before the currency overvaluation, and at a time of political stability, and is related to a major, secular deterioration in terms of trade that started after 1976. Third, total factor productivity estimates indicate that TFP per capita also grew until it hit a plateau in 1976-78, and then shrank thereafter, despite gains in human capital accumulation. Fourth, Cote d'Ivoire has pursued a policy of specialization in cocoa beans but this bet on a single commodity has ultimately failed. The strategy that brought prosperity during the 1970s resulted in a growth failure when cocoa prices began declining since 1976
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  • 141
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    Russian WTO Accession : What Has Been Accomplished, What Can Be Expected (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (20 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Tarr, David Russian WTO Accession
    Keywords: Accession Negotiations ; Debt Markets ; Economic Development ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Foreign Investors ; Free Trade ; International Economics & Trade ; Macroeconomics and Economic Growth ; Member Countries ; Poverty Reduction ; Private Sector Development ; WTO ; WTO Accession ; WTO Members ; World Trade ; World Trade Organization ; World Trade Organization ; Accession Negotiations ; Debt Markets ; Economic Development ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Foreign Investors ; Free Trade ; International Economics & Trade ; Macroeconomics and Economic Growth ; Member Countries ; Poverty Reduction ; Private Sector Development ; WTO ; WTO Accession ; WTO Members ; World Trade ; World Trade Organization ; World Trade Organization ; Accession Negotiations ; Debt Markets ; Economic Development ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Foreign Investors ; Free Trade ; International Economics & Trade ; Macroeconomics and Economic Growth ; Member Countries ; Poverty Reduction ; Private Sector Development ; WTO ; WTO Accession ; WTO Members ; World Trade ; World Trade Organization ; World Trade Organization
    Abstract: This paper summarizes the principal reform commitments that Russia has undertaken as part of its World Trade Organization (WTO) accession negotiations, providing detailed assessments in banking, insurance, and agriculture. The paper assesses the gains to the Russian economy from these commitments, based on a summary of several modeling efforts undertaken by the author and his colleagues. The author compares Russian commitments with those of other countries that have recently acceded to the WTO to assess the claim that the demands on Russia are excessive due to political considerations. He explains why Russian WTO accession will result in the elimination of the Jackson-Vanik Amendment against Russia. Finally, he discusses the remaining issues in the negotiations and the time frame for Russian accession as of the fall of 2007
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  • 142
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    Corporate Governance And Regulation : Can There Be Too Much of A Good Thing ? (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (50 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Bruno, Valentina G Corporate Governance And Regulation
    Keywords: Capital Markets ; Company Behavior ; Corporate Governance ; Corporate Governance Regime ; Corporate Law ; Debt Markets ; Economic Policy, Institutions and Governance ; Emerging Markets ; Exchange ; External Financing ; Finance and Financial Sector Development ; Financial Markets ; Governance ; Governance ; Governance Indicators ; Governance Measures ; Governance Practice ; Governance and Financial Sector ; Law and Development ; Macroeconomics and Economic Growth ; Microfinance ; National Governance ; Private Sector Development ; Public Sector Development ; Small Sector ; Capital Markets ; Company Behavior ; Corporate Governance ; Corporate Governance Regime ; Corporate Law ; Debt Markets ; Economic Policy, Institutions and Governance ; Emerging Markets ; Exchange ; External Financing ; Finance and Financial Sector Development ; Financial Markets ; Governance ; Governance ; Governance Indicators ; Governance Measures ; Governance Practice ; Governance and Financial Sector ; Law and Development ; Macroeconomics and Economic Growth ; Microfinance ; National Governance ; Private Sector Development ; Public Sector Development ; Small Sector ; Capital Markets ; Company Behavior ; Corporate Governance ; Corporate Governance Regime ; Corporate Law ; Debt Markets ; Economic Policy, Institutions and Governance ; Emerging Markets ; Exchange ; External Financing ; Finance and Financial Sector Development ; Financial Markets ; Governance ; Governance ; Governance Indicators ; Governance Measures ; Governance Practice ; Governance and Financial Sector ; Law and Development ; Macroeconomics and Economic Growth ; Microfinance ; National Governance ; Private Sector Development ; Public Sector Development ; Small Sector
    Abstract: For a large number of companies from different countries, the authors analyze how company corporate governance practices and country regulatory regimes interact in terms of company valuation. They confirm that corporate governance plays a crucial role in efficient company monitoring and shareholder protection, and consequently positively impacts valuation. They find substitution in valuation impact between corporate governance measures at the company and country level, with a possibility of over-regulation. Corporate governance appears more valuable for companies that rely heavily on external financing, consistent with the hypothesis that the main role of corporate governance is to protect external financiers
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  • 143
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    Trade And Human Capital Accumulation : Evidence From U.S. Immigrants (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (54 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Domeland, Dorte Trade And Human Capital Accumulation
    Keywords: Capital Accumulation ; Comparative Advantage ; Cost ; Country Strategy and Performance ; Debt Markets ; Demand ; Economic Growth ; Economic Theory and Research ; Economics ; Education ; Educational Sciences ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Free Trade ; GDP ; Gross Domestic Product ; Health, Nutrition and Population ; Home Country ; Human Capital ; International ; Labor Markets ; Macroeconomics and Economic Growth ; Political Economy ; Population Policies ; Poverty Reduction ; Private Sector Development ; Social Protections and Labor ; Capital Accumulation ; Comparative Advantage ; Cost ; Country Strategy and Performance ; Debt Markets ; Demand ; Economic Growth ; Economic Theory and Research ; Economics ; Education ; Educational Sciences ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Free Trade ; GDP ; Gross Domestic Product ; Health, Nutrition and Population ; Home Country ; Human Capital ; International ; Labor Markets ; Macroeconomics and Economic Growth ; Political Economy ; Population Policies ; Poverty Reduction ; Private Sector Development ; Social Protections and Labor ; Capital Accumulation ; Comparative Advantage ; Cost ; Country Strategy and Performance ; Debt Markets ; Demand ; Economic Growth ; Economic Theory and Research ; Economics ; Education ; Educational Sciences ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Free Trade ; GDP ; Gross Domestic Product ; Health, Nutrition and Population ; Home Country ; Human Capital ; International ; Labor Markets ; Macroeconomics and Economic Growth ; Political Economy ; Population Policies ; Poverty Reduction ; Private Sector Development ; Social Protections and Labor
    Abstract: This study provides empirical evidence that trade increases on-the-job human capital accumulation by estimating the effect of home country openness on estimated returns to home country experience of U.S. immigrants. The positive effect of trade on on-the-job human capital accumulation remains significant when controlling for GDP, educational attainment, and institutional quality. It is not the result of self-selection, heterogeneity in returns to experience, English-speaking origin, or cultural background. The effect persists when restricting the sample to non-OECD countries, thereby resolving the theoretical ambiguity of whether trade increases or decreases learning-by-doing. The role of trade in generating economic growth is therefore likely to be more important than generally considered
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  • 144
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    Market Structure And Market Access (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (27 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Francois, Joseph Market Structure And Market Access
    Keywords: Access to Markets ; Competition ; Currencies and Exchange Rates ; Debt Markets ; Distribution ; Domestic Market ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Free Trade ; International Economics & Trade ; International Trade ; International Trade ; Law and Development ; Macroeconomics and Economic Growth ; Market ; Market Access ; Market Power ; Market Structure ; Markets ; Markets and Market Access ; Monopoly ; Price ; Prices ; Private Sector Development ; Public Sector Development ; Retail ; Trade Law ; Trade Policy ; Access to Markets ; Competition ; Currencies and Exchange Rates ; Debt Markets ; Distribution ; Domestic Market ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Free Trade ; International Economics & Trade ; International Trade ; International Trade ; Law and Development ; Macroeconomics and Economic Growth ; Market ; Market Access ; Market Power ; Market Structure ; Markets ; Markets and Market Access ; Monopoly ; Price ; Prices ; Private Sector Development ; Public Sector Development ; Retail ; Trade Law ; Trade Policy ; Access to Markets ; Competition ; Currencies and Exchange Rates ; Debt Markets ; Distribution ; Domestic Market ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Free Trade ; International Economics & Trade ; International Trade ; International Trade ; Law and Development ; Macroeconomics and Economic Growth ; Market ; Market Access ; Market Power ; Market Structure ; Markets ; Markets and Market Access ; Monopoly ; Price ; Prices ; Private Sector Development ; Public Sector Development ; Retail ; Trade Law ; Trade Policy
    Abstract: The authors examine an issue at the nexus of domestic competition policy and international trade, the interaction between goods trade and market power in domestic trade and distribution sectors. Theory suggests a set of linkages between service-sector competition and goods trade supported by econometrics involving imports of 22 OECD countries compared with 69 exporters. Competition in services affects the volume of goods trade. Additionally, because of interaction between tariffs and competition, the market structure of the domestic service sector becomes increasingly important as tariffs are reduced. Empirically service competition apparently matters most for exporters in smaller, poorer countries. The results also suggest that while negotiated agreements leading to cross-border services liberalization may boost goods trade as well, they may also lead to a fall in goods trade when such liberalization involves foreign direct investment leading to increased service sector concentration
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  • 145
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    Capital Market Development : Whither Latin America ? (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (27 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Schmukler, Sergio L Capital Market Development
    Keywords: Bank Policy ; Bond ; Bond Market ; Bond Market Development ; Capital Market ; Capital Market Development ; Capital Market Reforms ; Capital Markets ; Debt Markets ; Domestic Capital ; Domestic Capital Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Bank Policy ; Bond ; Bond Market ; Bond Market Development ; Capital Market ; Capital Market Development ; Capital Market Reforms ; Capital Markets ; Debt Markets ; Domestic Capital ; Domestic Capital Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Bank Policy ; Bond ; Bond Market ; Bond Market Development ; Capital Market ; Capital Market Development ; Capital Market Reforms ; Capital Markets ; Debt Markets ; Domestic Capital ; Domestic Capital Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development
    Abstract: Over the past decades, many countries have implemented significant reforms to foster capital market development. Latin American countries were at the forefront of this process. The authors analyze where Latin American capital markets stand after these reforms. They find that despite the intense reform effort, capital markets in Latin America remain underdeveloped relative to markets in other regions. Furthermore, stock markets are below what can be expected, given Latin America's economic and institutional fundamentals. The authors discuss alternative ways of interpreting this evidence. They argue that it is difficult to pinpoint which policies Latin American countries should pursue to overcome their poor capital market development. Moreover, they argue that expectations about the outcome of the reform process may need to be revisited to take into account intrinsic characteristics of emerging economies. The latter may limit the scope for developing deep domestic capital markets in a context of international financial integration
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  • 146
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    Trade Integration In East Asia : The Role of China And Production Networks (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (36 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Haddad, Mona Trade Integration In East Asia
    Keywords: Capital ; Costs ; Development ; Economic Growth ; Economic Integration ; Economic Theory and Research ; Emerging Markets ; Exports ; Free Trade ; Goods ; Income ; Increasing Returns ; Increasing Returns To Scale ; Industrialization ; Industry ; Inputs ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Development ; Technology Industry ; Trade Law ; Trade Policy ; Capital ; Costs ; Development ; Economic Growth ; Economic Integration ; Economic Theory and Research ; Emerging Markets ; Exports ; Free Trade ; Goods ; Income ; Increasing Returns ; Increasing Returns To Scale ; Industrialization ; Industry ; Inputs ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Development ; Technology Industry ; Trade Law ; Trade Policy ; Capital ; Costs ; Development ; Economic Growth ; Economic Integration ; Economic Theory and Research ; Emerging Markets ; Exports ; Free Trade ; Goods ; Income ; Increasing Returns ; Increasing Returns To Scale ; Industrialization ; Industry ; Inputs ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Development ; Technology Industry ; Trade Law ; Trade Policy
    Abstract: Production networks have been at the heart of the recent growth in trade among East Asian countries. Fragmentation trade, reflected mainly in the trade in parts and components, is expanding more rapidly than the conventional trade in final goods. This is mainly due to the relatively more favorable policy setting for international production, agglomeration benefits arising from the early entry into this new form of specialization, considerable intercountry wage differentials in the region, lower trade and transport costs, and specialization in products exhibiting increasing returns to scale. The economic integration of China has deepened production fragmentation in East Asia, countering fears of crowding out other countries for international specialization. International production fragmentation in East Asia has intensified intraregional trade but has depended heavily on extraregional trade in final goods. While production networks centered on China have contributed significantly to growth in East Asia, they also breed vulnerabilities. They have not automatically led to technology spillovers and have led to an extreme interdependence across East Asian countries
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  • 147
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    Controls On Capital Inflows And External Shocks (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (26 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: David, Antonio C Controls On Capital Inflows And External Shocks
    Keywords: Bank Policy ; Capital Account ; Capital Flows ; Capital Inflows ; Credit Expansion ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Domestic Interest Rates ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Literacy ; Financial Shocks ; Interest ; International Rates ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development ; Bank Policy ; Capital Account ; Capital Flows ; Capital Inflows ; Credit Expansion ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Domestic Interest Rates ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Literacy ; Financial Shocks ; Interest ; International Rates ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development ; Bank Policy ; Capital Account ; Capital Flows ; Capital Inflows ; Credit Expansion ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Domestic Interest Rates ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Literacy ; Financial Shocks ; Interest ; International Rates ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development
    Abstract: The author attempts to analyze whether price-based controls on capital inflows are successful in insulating economies against external shocks. He presents results from vector auto regressive (VAR) models that indicate that Chile and Colombia, countries that adopted controls on capital inflows, seem to have been relatively well insulated against external disturbances. Subsequently, he uses the auto regressive distributed lag (ARDL) approach to co-integration to isolate the effects of the capital controls on the pass-through of external disturbances to domestic interest rates in those economies. The author concludes that there is evidence that the capital controls allowed for greater policy autonomy
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  • 148
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    Stock Market Development Under Globalization : Whither The Gains From Reforms ? (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Schmukler, Sergio L Stock Market Development Under Globalization
    Keywords: Bank Policy ; Capital Market Development ; Capital Market Reforms ; Capital Markets ; Capital Raising ; Debt Markets ; Domestic Capital ; Domestic Capital Market ; Domestic Market ; Domestic Markets ; Emerging Markets ; Equity ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Bank Policy ; Capital Market Development ; Capital Market Reforms ; Capital Markets ; Capital Raising ; Debt Markets ; Domestic Capital ; Domestic Capital Market ; Domestic Market ; Domestic Markets ; Emerging Markets ; Equity ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Bank Policy ; Capital Market Development ; Capital Market Reforms ; Capital Markets ; Capital Raising ; Debt Markets ; Domestic Capital ; Domestic Capital Market ; Domestic Market ; Domestic Markets ; Emerging Markets ; Equity ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development
    Abstract: Over the past decades, many countries have implemented significant reforms to foster domestic capital market development. These reforms included stock market liberalization, privatization programs, and the establishment of regulatory and supervisory frameworks. Despite the intense reform efforts, the performance of capital markets in several countries has been disappointing. To study whether reforms have had the intended effects on capital markets, the authors analyze the impact of six capital market reforms on domestic stock market development and internationalization using event studies. They find that reforms tend to be followed by significant increases in domestic market capitalization, trading, and capital raising. Reforms are also followed by an increase in the share of activity in international equity markets, with potential negative spillover effects on domestic markets
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  • 149
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    Post-Conflict Aid, Real Exchange Rate Adjustment, And Catch-Up Growth (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (44 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Schmidt-Hebbel, Klaus Post-Conflict Aid, Real Exchange Rate Adjustment, And Catch-Up Growth
    Keywords: Absorptive Capacities ; Assets ; Conflict and Development ; Currencies and Exchange Rates ; Current Account ; Debt Markets ; Depreciation ; Development Economics and Aims ; Domestic-Currency ; Dutch Disease ; Economic Growth ; Economic Theory and Research ; Economies ; Economy ; Emerging Markets ; Equilibrium ; Equilibrium Level ; Export ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Post Conflict Reconstruction ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Social Conflict and Violence ; Social Development ; Absorptive Capacities ; Assets ; Conflict and Development ; Currencies and Exchange Rates ; Current Account ; Debt Markets ; Depreciation ; Development Economics and Aims ; Domestic-Currency ; Dutch Disease ; Economic Growth ; Economic Theory and Research ; Economies ; Economy ; Emerging Markets ; Equilibrium ; Equilibrium Level ; Export ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Post Conflict Reconstruction ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Social Conflict and Violence ; Social Development ; Absorptive Capacities ; Assets ; Conflict and Development ; Currencies and Exchange Rates ; Current Account ; Debt Markets ; Depreciation ; Development Economics and Aims ; Domestic-Currency ; Dutch Disease ; Economic Growth ; Economic Theory and Research ; Economies ; Economy ; Emerging Markets ; Equilibrium ; Equilibrium Level ; Export ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Post Conflict Reconstruction ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Social Conflict and Violence ; Social Development
    Abstract: Post-conflict countries receive substantial aid flows after the start of peace. While post-conflict countries' capacity to absorb aid (that is, the quality of their policies and institutions) is built up only gradually after the onset of peace, the evidence suggests that aid tends to peak immediately after peace is attained and decline thereafter. Aid composition broadly reflects post-conflict priorities, with large parts of aid financing social expenditure and infrastructure investment. Aid has significant short-term effects on the real exchange rate (RER), as inferred from the behavior of RER in the world. While moderate RER overvaluation is observed in post-conflicts, it cannot be traced down to the aid flows. The empirical evidence on world growth reveals new findings about the pattern of catch-up growth during post-conflicts and the role of key growth determinants on post-conflict growth. Aid is an important determinant of growth, both generally and more strongly during post-conflict periods. Because RER misalignment reduces growth, RER overvaluation during post-conflicts reduces catch-up growth. Aid and RER overvaluation combined also lower growth. But the negative growth effect of RER overvaluation declines with financial development
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  • 150
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    Price Structure And Network Externalities In The Telecommunications Industry : Evidence From Sub-Saharan Africa (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (43 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Iimi, Atsushi Price Structure And Network Externalities In The Telecommunications Industry
    Keywords: Access to Markets ; Data ; Debt Markets ; E-Business ; Economic Theory and Research ; Electricity ; Emerging Markets ; Fax ; Finance and Financial Sector Development ; Infrastructure Development ; International Economics & Trade ; International Telecommunication ; Macroeconomics and Economic Growth ; Markets and Market Access ; Mobile Phone ; Mobile Phone Subscribers ; Mobile Telephone ; Network ; Penetration Rate ; Private Sector Development ; Telecommunications Infrastructure ; Access to Markets ; Data ; Debt Markets ; E-Business ; Economic Theory and Research ; Electricity ; Emerging Markets ; Fax ; Finance and Financial Sector Development ; Infrastructure Development ; International Economics & Trade ; International Telecommunication ; Macroeconomics and Economic Growth ; Markets and Market Access ; Mobile Phone ; Mobile Phone Subscribers ; Mobile Telephone ; Network ; Penetration Rate ; Private Sector Development ; Telecommunications Infrastructure ; Access to Markets ; Data ; Debt Markets ; E-Business ; Economic Theory and Research ; Electricity ; Emerging Markets ; Fax ; Finance and Financial Sector Development ; Infrastructure Development ; International Economics & Trade ; International Telecommunication ; Macroeconomics and Economic Growth ; Markets and Market Access ; Mobile Phone ; Mobile Phone Subscribers ; Mobile Telephone ; Network ; Penetration Rate ; Private Sector Development ; Telecommunications Infrastructure
    Abstract: Many developing countries have experienced significant developments in their telecommunications network. Countries in Africa are no exception to this. The paper examines what factor facilitates most network expansion using micro data from 45 fixed-line and mobile telephone operators in 18 African countries. In theory the telecommunications sector has two sector-specific characteristics: network externalities and discriminatory pricing. It finds that many telephone operators in the region use peak and off-peak prices and termination-based price discrimination, but are less likely to rely on strategic fee schedules such as tie-in arrangements. The estimated demand function based on a discreet consumer choice model indicates that termination-based discriminatory pricing can facilitate network expansion. It also shows that the implied price-cost margins are significantly high. Thus, price liberalization could be conducive to development of the telecommunications network led by the private sector. Some countries in Africa are still imposing certain price restrictions. But more important, it remains a policy issue how the authorities should ensure reciprocal access between operators at reasonable cost
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  • 151
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    Does Uncertainty Matter ? : A Stochastic Dynamic Analysis of Bankable Emission Permit Trading For Global Climate Change Policy (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (53 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Zhang, Fan Does Uncertainty Matter ?
    Keywords: Abatement Costs ; Carbon Market ; Carbon Policy and Trading ; Clean Air ; Climate Change ; Climate Change Policy ; Demand For Energy ; Electricity ; Electricity Price ; Emerging Markets ; Emission ; Emission Cap ; Emissions ; Energy ; Energy Production and Transportation ; Energy and Environment ; Environment ; Environment and Energy Efficiency ; Environmental Economics and Policies ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Public Sector Development ; Abatement Costs ; Carbon Market ; Carbon Policy and Trading ; Clean Air ; Climate Change ; Climate Change Policy ; Demand For Energy ; Electricity ; Electricity Price ; Emerging Markets ; Emission ; Emission Cap ; Emissions ; Energy ; Energy Production and Transportation ; Energy and Environment ; Environment ; Environment and Energy Efficiency ; Environmental Economics and Policies ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Public Sector Development ; Abatement Costs ; Carbon Market ; Carbon Policy and Trading ; Clean Air ; Climate Change ; Climate Change Policy ; Demand For Energy ; Electricity ; Electricity Price ; Emerging Markets ; Emission ; Emission Cap ; Emissions ; Energy ; Energy Production and Transportation ; Energy and Environment ; Environment ; Environment and Energy Efficiency ; Environmental Economics and Policies ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Public Sector Development
    Abstract: Emission permit trading is a centerpiece of the Kyoto Protocol which allows participating nations to trade and bank greenhouse gas permits under the Framework Convention on Climate Change. When market conditions evolve stochastically, emission trading produces a dynamic problem, in which anticipation about the future economic environment affects current banking decisions. In this paper, the author explores the effect of increased uncertainty over future output prices and input costs on the temporal distribution of emissions. In a dynamic programming setting, a permit price is a convex function of stochastic prices of electricity and fuel. Increased uncertainty about future market conditions increases the expected permit price and causes a risk-neutral firm to reduce ex ante emissions so as to smooth out marginal abatement costs over time. The convexity results from the asymmetric impact of changes in counterfactual emissions on the change of marginal abatement costs. Empirical analysis corroborates the theoretical prediction. The author finds that a 1 percent increase in electricity price volatility measured by the annualized standard deviation of percentage price change is associated with an average decrease in the annual emission rate by 0.88 percent. Numerical simulation suggests that high uncertainty could induce substantially early abatements, as well as large compliance costs, therefore imposing a tradeoff between environmental benefits and economic efficiency. The author discusses policy implications for designing an effective and efficient global carbon market
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  • 152
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    The Mexican Pension Annuity Market (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (47 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Impavido, Gregorio The Mexican Pension Annuity Market
    Keywords: Asset liability management ; Bank Policy ; Debt Markets ; Derivatives ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Sector Development ; Insurance and Risk Mitigation ; Liability ; Life insurance ; Life insurance companies ; Macroeconomics and Economic Growth ; Pension ; Pension Reforms ; Pension reform ; Private Sector Development ; Asset liability management ; Bank Policy ; Debt Markets ; Derivatives ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Sector Development ; Insurance and Risk Mitigation ; Liability ; Life insurance ; Life insurance companies ; Macroeconomics and Economic Growth ; Pension ; Pension Reforms ; Pension reform ; Private Sector Development ; Asset liability management ; Bank Policy ; Debt Markets ; Derivatives ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Sector Development ; Insurance and Risk Mitigation ; Liability ; Life insurance ; Life insurance companies ; Macroeconomics and Economic Growth ; Pension ; Pension Reforms ; Pension reform ; Private Sector Development
    Abstract: This paper analyzes the performance and development of the Mexican pension annuity market established as a consequence of the 1997 pension reform. The Mexican experience displays interesting characteristics providing lessons for other countries that still need to design the decumulation phase of their newly established second pillars. At the same, time it raises some technical and policy concerns that need addressing as they could hamper, in the future, the healthy development of the market. The paper concludes that: 1) general life insurance companies may better hedge longevity risk than specialized annuity companies; 2) competition should be based on prices rather than additional products; 3) better disclosure of options under the 1973 and 1997 social security laws should be given to disability and life annuitants; and 4) various measures should be taken to improve asset liability management including allowing companies to trade over the counter derivatives and substituting over time the regulatory asset liability management framework with an economic asset liability management framework
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  • 153
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    The Size And Effectiveness of Automatic Fiscal Stabilizers In Latin America (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (54 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Suescun, Rodrigo The Size And Effectiveness of Automatic Fiscal Stabilizers In Latin America
    Keywords: Bank Policy ; Business cycle ; Capital market ; Currencies and Exchange Rates ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Fiscal policy ; Government spending ; Macroeconomic volatility ; Macroeconomics and Economic Growth ; Open economy ; Private Sector Development ; Tax ; Tax code ; Tax system ; Taxation and Subsidies ; Bank Policy ; Business cycle ; Capital market ; Currencies and Exchange Rates ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Fiscal policy ; Government spending ; Macroeconomic volatility ; Macroeconomics and Economic Growth ; Open economy ; Private Sector Development ; Tax ; Tax code ; Tax system ; Taxation and Subsidies ; Bank Policy ; Business cycle ; Capital market ; Currencies and Exchange Rates ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Fiscal policy ; Government spending ; Macroeconomic volatility ; Macroeconomics and Economic Growth ; Open economy ; Private Sector Development ; Tax ; Tax code ; Tax system ; Taxation and Subsidies
    Abstract: This paper measures the size of automatic fiscal revenue stabilizers and evaluates their role in Latin America. It introduces a relatively rich tax structure into a dynamic, stochastic, multi-sector small open economy inhabited by rule-of-thumb consumers (who consume their wages and do not save or borrow) and Ricardian households to study the stabilizing properties of different parameters of the tax code. The economy faces multiple sources of business cycle fluctuations: (1) world capital market shocks; (2) world business cycle shocks; (3) terms of trade shocks; (4) government spending shocks; and (5) nontradable and (6) tradable sector technology innovations. Calibrating the model economy to a typical Latin American economy allows the evaluation of its ability to mimic the region's observed business cycle frequency properties and the assessment of the quantitative relationship between tax code parameters, business cycle forcing variables, and business cycle behavior. The model captures many of the salient features of Latin America's business cycle facts and finds that the degree of smoothing provided by the automatic revenue stabilizers-described by various properties of the tax system-is negligible. Simulation results seem to suggest an invariance property for middle-income countries: the amplitude of the business cycle is independent of the tax structure. And government size-measured by the GDP ratio of government spending-plays the role of an automatic stabilizer, but its smoothing effect is very weak
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  • 154
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    Monetary Policy, Structural Break, And The Monetary Transmission Mechanism In Thailand (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (24 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Hesse, Heiko Monetary Policy, Structural Break, And The Monetary Transmission Mechanism In Thailand
    Keywords: Central bank ; Currencies and Exchange Rates ; Debt Markets ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange rate ; Finance and Financial Sector Development ; Foreign interest rate ; Interest rates ; Macroeconomics and Economic Growth ; Monetary expansion ; Monetary policy ; Monetary shocks ; Money supply ; Private Sector Development ; Transmission mechanism ; Transmission mechanisms ; Central bank ; Currencies and Exchange Rates ; Debt Markets ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange rate ; Finance and Financial Sector Development ; Foreign interest rate ; Interest rates ; Macroeconomics and Economic Growth ; Monetary expansion ; Monetary policy ; Monetary shocks ; Money supply ; Private Sector Development ; Transmission mechanism ; Transmission mechanisms ; Central bank ; Currencies and Exchange Rates ; Debt Markets ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange rate ; Finance and Financial Sector Development ; Foreign interest rate ; Interest rates ; Macroeconomics and Economic Growth ; Monetary expansion ; Monetary policy ; Monetary shocks ; Money supply ; Private Sector Development ; Transmission mechanism ; Transmission mechanisms
    Abstract: The paper studies monetary policy and the monetary transmission mechanism in Thailand in light of the Asian crisis in 1997. Existing studies that adopt structural vector auto-regression (VAR) approaches do not give a clear and agreed-upon view how monetary shocks are transmitted to the Thai economy that is subject to structural breaks. This study explicitly models a pre-crisis and post-crisis cointegrated VAR model. This analysis supports arguments that the trinity of open capital markets, pegged exchange rate regime, and monetary policy autonomy is inconsistent in the pre-crisis period. In contrast, the model points to an effective monetary policy in the post-crisis period. Further, the author analyzes the common driving trends of the model
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  • 155
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    Financial Intermediation In The Pre-Consolidated Banking Sector In Nigeria (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (36 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Hesse, Heiko Financial Intermediation In The Pre-Consolidated Banking Sector In Nigeria
    Keywords: Access to Finance ; Bank Policy ; Bank Spreads ; Bank balance sheet ; Banking Sector ; Banks and Banking Reform ; Central Bank ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Holdings ; Liquidity ; Macroeconomic environment ; Macroeconomics and Economic Growth ; Overhead costs ; Private Sector Development ; Productive investments ; Access to Finance ; Bank Policy ; Bank Spreads ; Bank balance sheet ; Banking Sector ; Banks and Banking Reform ; Central Bank ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Holdings ; Liquidity ; Macroeconomic environment ; Macroeconomics and Economic Growth ; Overhead costs ; Private Sector Development ; Productive investments ; Access to Finance ; Bank Policy ; Bank Spreads ; Bank balance sheet ; Banking Sector ; Banks and Banking Reform ; Central Bank ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Holdings ; Liquidity ; Macroeconomic environment ; Macroeconomics and Economic Growth ; Overhead costs ; Private Sector Development ; Productive investments
    Abstract: This paper uses unique bank-by-bank balance sheet and income statement information to investigate the intermediation efficiency in the Nigerian pre-consolidated banking sector during 2000-05. The author analyzes whether the Central Bank of Nigeria's policy of recent banking consolidation can be justified and rationalized by looking at the determinants of spreads. A spread decomposition and panel estimations show that the reform of the banking sector could be the first step to raise the intermediation efficiency of the Nigerian banking sector. The author finds that larger banks have enjoyed lower overhead costs, increased concentration in the banking sector has not been detrimental to the spreads, both increased holdings of liquidity and capital might have led to lower spreads in 2005, and a stable macroeconomic environment is conducive to a more efficient channeling of savings to productive investments
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  • 156
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    Watching More Than The Discovery Channel : Export Cycles And Diversification In Development (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Brenton, Paul Watching More Than The Discovery Channel
    Keywords: Barriers to entry ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Export market ; Export markets ; Finance and Financial Sector Development ; Free Trade ; International Economics & Trade ; International Trade ; Macroeconomics and Economic Growth ; Market failure ; Market failures ; Market penetration ; Market share ; Markets and Market Access ; Potential demand ; Private Sector Development ; Volatility ; Barriers to entry ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Export market ; Export markets ; Finance and Financial Sector Development ; Free Trade ; International Economics & Trade ; International Trade ; Macroeconomics and Economic Growth ; Market failure ; Market failures ; Market penetration ; Market share ; Markets and Market Access ; Potential demand ; Private Sector Development ; Volatility ; Barriers to entry ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Export market ; Export markets ; Finance and Financial Sector Development ; Free Trade ; International Economics & Trade ; International Trade ; Macroeconomics and Economic Growth ; Market failure ; Market failures ; Market penetration ; Market share ; Markets and Market Access ; Potential demand ; Private Sector Development ; Volatility
    Abstract: This paper examines the export performance of 99 countries over 1995-2004 to understand the relative roles of export growth through "discovery" of new products and growth during post-discovery phases of the export product cycle -- acceleration and maturation -- in existing markets and expansion into new geographic markets. The authors find that expanding existing products in existing markets (growth at the intensive margin) has greater weight in export growth than diversification into new products and new geographic markets (growth at the extensive margin). Moreover, growth into new geographic markets appears to be more important than discovery of new export products in explaining export growth. Of particular importance is whether an exporting country succeeds in reaching more national markets that are already importing the product it makes. This geographic index of market penetration is a powerful explanatory variable of export performance. This suggests that governments should not focus solely or even primarily on the discovery channel, but also seek to identify and address market failures that are constraining exporters in subsequent phases of the export cycle
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  • 157
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    Innovative Experiences In Access To Finance : Market Friendly Roles For The Visible Hand ? (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (82 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: de la Torre, Augusto Innovative Experiences In Access To Finance
    Keywords: Access to Finance ; Banks and Banking Reform ; Credit Guarantee ; Debt Markets ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Financial development ; Financial markets ; International Bank ; Investment projects ; Market Infrastructure ; Private Sector Development ; Public banks ; Return ; Transaction ; Transaction Cost ; Access to Finance ; Banks and Banking Reform ; Credit Guarantee ; Debt Markets ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Financial development ; Financial markets ; International Bank ; Investment projects ; Market Infrastructure ; Private Sector Development ; Public banks ; Return ; Transaction ; Transaction Cost ; Access to Finance ; Banks and Banking Reform ; Credit Guarantee ; Debt Markets ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Financial development ; Financial markets ; International Bank ; Investment projects ; Market Infrastructure ; Private Sector Development ; Public banks ; Return ; Transaction ; Transaction Cost
    Abstract: Interest in access to finance has increased significantly in recent years, as growing evidence suggests that lack of access to credit prevents lower-income households and small firms from financing high return investment projects, having an adverse effect on growth and poverty alleviation. This study describes some recent innovative experiences to broaden access to credit. These experiences are consistent with an emerging new view that recognizes a limited role for the public sector in financial markets, but contends that there might be room for well-designed, restricted interventions in collaboration with the private sector to foster financial development and broaden access. The authors illustrate this view with several recent experiences in Latin America and then discuss some open policy questions about the role of the public and private sectors in driving these financial innovations
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  • 158
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    Oil Spills On Other Commodities (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (26 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Baffes, John Oil Spills On Other Commodities
    Keywords: Agricultural commodities ; Commodities ; Crude oil ; Crude oil price ; E-Business ; Emerging Markets ; Energy ; Energy Production and Transportation ; Fuel ; International Economics & Trade ; Macroeconomics and Economic Growth ; Markets and Market Access ; Oil ; Oil Spills ; Oil importing countries ; Oil prices ; Price of oil ; Private Sector Development ; Raw materials ; Agricultural commodities ; Commodities ; Crude oil ; Crude oil price ; E-Business ; Emerging Markets ; Energy ; Energy Production and Transportation ; Fuel ; International Economics & Trade ; Macroeconomics and Economic Growth ; Markets and Market Access ; Oil ; Oil Spills ; Oil importing countries ; Oil prices ; Price of oil ; Private Sector Development ; Raw materials ; Agricultural commodities ; Commodities ; Crude oil ; Crude oil price ; E-Business ; Emerging Markets ; Energy ; Energy Production and Transportation ; Fuel ; International Economics & Trade ; Macroeconomics and Economic Growth ; Markets and Market Access ; Oil ; Oil Spills ; Oil importing countries ; Oil prices ; Price of oil ; Private Sector Development ; Raw materials
    Abstract: This paper examines the effect of crude oil prices on the prices of 35 internationally traded primary commodities for the 1960-2005 period. It finds that the pass-through of crude oil price changes to the overall non-energy commodity index is 0.16. At a more disaggregated level, the fertilizer index had the highest pass-through (0.33), followed by agriculture (0.17), and metals (0.11). The prices of precious metals also exhibited a strong response to the crude oil price. In terms of individual commodities, the estimates of the food group exhibited remarkable similarity while those of raw materials and metals gave a mixed picture. The implication is that if crude oil prices remain high for some time, as most analysts expect, then the recent commodity price boom is likely to last much longer than earlier booms, at least for food commodities. The other commodities, however, are likely to follow diverging paths. On the methodological side, the results show that price indices, while providing useful summary statistics, need to be supplemented by individual commodity analysis
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  • 159
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    Clothing And Export Diversification : Still A Route To Growth For Low-Income Countries ? (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (35 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Brenton, Paul Clothing And Export Diversification
    Keywords: Economic Theory and Research ; Emerging Markets ; Export growth ; Exports ; Free Trade ; Imperfect competition ; Income ; Industrialization ; International Economics & Trade ; International Trade ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Public Sector Development ; Quotas ; Tariff barriers ; Trade Policy ; Trade policy ; Value added ; Economic Theory and Research ; Emerging Markets ; Export growth ; Exports ; Free Trade ; Imperfect competition ; Income ; Industrialization ; International Economics & Trade ; International Trade ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Public Sector Development ; Quotas ; Tariff barriers ; Trade Policy ; Trade policy ; Value added ; Economic Theory and Research ; Emerging Markets ; Export growth ; Exports ; Free Trade ; Imperfect competition ; Income ; Industrialization ; International Economics & Trade ; International Trade ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Public Sector Development ; Quotas ; Tariff barriers ; Trade Policy ; Trade policy ; Value added
    Abstract: Can the clothing sector be a driver of export diversification and growth for today's low-income countries as it was in the past for countries that have graduated into middle income? This paper assesses this issue taking into account key changes to the market for clothing: the emergence of India and especially China as exporting countries; the rise of global production chains; the removal of quotas from the global trading regime but the continued presence of high tariffs and substantial trade preferences; the increasing importance of large buyers in developed countries and their concerns regarding risk and reputation; and the increasing importance of time in defining sourcing decisions. To assess the importance of the factors shaping the global clothing market, the authors estimate a gravity model to explain jointly the propensity to export clothing and the magnitude of exports from developing countries to the E U and US markets. This analysis identifies the quality of governance as an important determinant of sourcing decisions and that there appears to be a general bias against sourcing apparel from African countries, which is only partially overcome by trade preferences
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  • 160
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    Do Regulation And Institutional Design Matter For Infrastructure Sector Performance ? (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (56 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Andres, Luis Do Regulation And Institutional Design Matter For Infrastructure Sector Performance ?
    Keywords: Debt Markets ; Developing economies ; Emerging Markets ; Finance and Financial Sector Development ; Financial returns ; Gross domestic product ; Infrastructure Economics ; Infrastructure Economics and Finance ; Infrastructure Regulation ; Infrastructure projects ; Private Participation in Infrastructure ; Private Sector Development ; Private infrastructure ; Private investment ; Private investments ; Privatization ; Regulatory frameworks ; Sustainable Development ; Debt Markets ; Developing economies ; Emerging Markets ; Finance and Financial Sector Development ; Financial returns ; Gross domestic product ; Infrastructure Economics ; Infrastructure Economics and Finance ; Infrastructure Regulation ; Infrastructure projects ; Private Participation in Infrastructure ; Private Sector Development ; Private infrastructure ; Private investment ; Private investments ; Privatization ; Regulatory frameworks ; Sustainable Development ; Debt Markets ; Developing economies ; Emerging Markets ; Finance and Financial Sector Development ; Financial returns ; Gross domestic product ; Infrastructure Economics ; Infrastructure Economics and Finance ; Infrastructure Regulation ; Infrastructure projects ; Private Participation in Infrastructure ; Private Sector Development ; Private infrastructure ; Private investment ; Private investments ; Privatization ; Regulatory frameworks ; Sustainable Development
    Abstract: This paper evaluates the impact of economic regulation on infrastructure sector outcomes. It tests the impact of regulation from three different angles: aligning costs with tariffs and firm profitability; reducing opportunistic renegotiation; and measuring the effects on productivity, quality of service, coverage, and prices. The analysis uses an extensive data set of about 1,000 infrastructure concessions granted in Latin America from the late 1980s to the early 2000s. The analysis finds that as the theory indicates, regulation matters. The empirical work here reported shows that in three relevant economic aspects-aligning costs and tariffs; dissuading renegotiations; and improving productivity, quality of service, coverage, and tariffs-the structure, institutions, and procedures of regulation matter. Thus, significant efforts should continue to be made to improve the structure, quality, and institutionality of regulation. Regulation matters for protecting both consumers and investors, for aligning closely financial returns and the costs of capital, and for capturing higher levels of benefits from the provision of infrastructure services by the private sector
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  • 161
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    Fear of Appreciation (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (39 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Levy-Yeyati, Eduardo Fear of Appreciation
    Keywords: Capital Accumulation ; Central Bank ; Currencies and Exchange Rates ; Debt Markets ; Depreciations ; Domestic Savings ; Economic Theory and Research ; Emerging Markets ; Exchange Rate ; Exchange Rate Regimes ; Exchange Rates ; Finance and Financial Sector Development ; Growth Performance ; Import ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development ; Real Exchange Rate ; Capital Accumulation ; Central Bank ; Currencies and Exchange Rates ; Debt Markets ; Depreciations ; Domestic Savings ; Economic Theory and Research ; Emerging Markets ; Exchange Rate ; Exchange Rate Regimes ; Exchange Rates ; Finance and Financial Sector Development ; Growth Performance ; Import ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development ; Real Exchange Rate ; Capital Accumulation ; Central Bank ; Currencies and Exchange Rates ; Debt Markets ; Depreciations ; Domestic Savings ; Economic Theory and Research ; Emerging Markets ; Exchange Rate ; Exchange Rate Regimes ; Exchange Rates ; Finance and Financial Sector Development ; Growth Performance ; Import ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Private Sector Development ; Real Exchange Rate
    Abstract: In recent years the term "fear of floating" has been used to describe exchange rate regimes that, while officially flexible, in practice intervene heavily to avoid sudden or large depreciations. However, the data reveals that in most cases (and increasingly so in the 2000s) intervention has been aimed at limiting appreciations rather than depreciations, often motivated by the neo-mercantilist view of a depreciated real exchange rate as protection for domestic industries. As a first step to address the broader question of whether this view delivers on its promise, the authors examine whether this "fear of appreciation" has a positive impact on growth performance in developing economies. The authors show that depreciated exchange rates appear to induce higher growth, but that the effect, rather than through import substitution or export booms as argued by the mercantilist view, works largely through the deepening of domestic savings and capital accumulation
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  • 162
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    Growth Diagnostics For A Resource-Rich Transition Economy : The Case of Mongolia (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (39 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Ianchovichina, Elena Growth Diagnostics For A Resource-Rich Transition Economy
    Keywords: Access to Finance ; Bottlenecks ; Debt Markets ; Economic Theory and Research ; Elasticity ; Emerging Markets ; Externalities ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Population Growth ; Private Sector Development ; Property Rights ; Tax ; Transit ; Transport ; Transport Economics, Policy and Planning ; Transportation ; Transportation Services ; Wealth ; Access to Finance ; Bottlenecks ; Debt Markets ; Economic Theory and Research ; Elasticity ; Emerging Markets ; Externalities ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Population Growth ; Private Sector Development ; Property Rights ; Tax ; Transit ; Transport ; Transport Economics, Policy and Planning ; Transportation ; Transportation Services ; Wealth ; Access to Finance ; Bottlenecks ; Debt Markets ; Economic Theory and Research ; Elasticity ; Emerging Markets ; Externalities ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Population Growth ; Private Sector Development ; Property Rights ; Tax ; Transit ; Transport ; Transport Economics, Policy and Planning ; Transportation ; Transportation Services ; Wealth
    Abstract: This paper uses a growth diagnostics approach à la Hausmann, Rodrik, and Velasco (HRV) to identify the most 'binding' constraints to private sector growth in Mongolia - a small, low-income, mineral-rich, transition economy. The approach of applying the HRV methodology is useful in those cases where a lack of data prevents us from estimating shadow prices to identify the most 'binding' constraint to growth. We find that although Mongolia is not liquidity constrained and has grown rapidly in recent years, economic growth has been narrowly based. Investment has flowed mainly into a small number of firms operating in mining and construction. The low level of private investment in sectors outside mining and construction has been due to low returns - a result of costly and unreliable transportation services; lengthy and complex transit procedures, including customs and trade rules; distortionary taxes; coordination failures, at both domestic and international levels; and growing corruption. Poor financial intermediation is also a problem that has kept the cost of finance high, although lower than in previous years. Alleviating these binding constraints will ensure that Mongolia maintains the path towards sustained, broad-based growth
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  • 163
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    Bank Privatization In Sub-Saharan Africa : The Case of Uganda Commercial Bank (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (46 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Clarke, George R.G Bank Privatization In Sub-Saharan Africa
    Keywords: Access to Finance ; Bank Privatization ; Banking Sector ; Bankruptcy and Resolution of Financial Distress ; Banks ; Banks and Banking Reform ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Crises ; Financial Services ; Financial Systems ; Income Statements ; Private Banks ; Private Sector Development ; Productivity ; Profitability ; Access to Finance ; Bank Privatization ; Banking Sector ; Bankruptcy and Resolution of Financial Distress ; Banks ; Banks and Banking Reform ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Crises ; Financial Services ; Financial Systems ; Income Statements ; Private Banks ; Private Sector Development ; Productivity ; Profitability ; Access to Finance ; Bank Privatization ; Banking Sector ; Bankruptcy and Resolution of Financial Distress ; Banks ; Banks and Banking Reform ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Crises ; Financial Services ; Financial Systems ; Income Statements ; Private Banks ; Private Sector Development ; Productivity ; Profitability
    Abstract: Previous empirical analyses have found that bank privatizations are more successful when the government fully relinquishes control, when the bank is privatized to a strategic investor, and when foreign-owned banks are allowed to participate in the bidding. The privatization of Uganda Commercial Bank (UCB) to the South African bank Stanbic met all these criteria, suggesting that it is a likely candidate for success. But other features suggest reasons for caution: UCB dominated the Ugandan banking sector prior to privatization and the institutional environment in Uganda was less favorable than in many of the middle-income countries looked at in earlier empirical studies. Despite these concerns, the privatization appears to have been relatively successful. The portfolio of the privatized bank, which was cleaned prior to sale, remains relatively strong and profitability and credit growth are now on par with other Ugandan banks. Though market segmentation remains a concern since Stanbic faces little or no direct competition in many remote areas, some early results suggest that access to credit has improved for some hard-to-serve groups
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  • 164
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    Cote D'ivoire Volatility, Shocks And Growth (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (37 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Bogetic, Zeljko Cote D'ivoire Volatility, Shocks And Growth
    Keywords: Access to Markets ; Agriculture ; Cocoa Price ; Cocoa Prices ; Coffee Prices ; Commodity Prices ; Cotton Prices ; Crops and Crop Management Systems ; Economic Theory and Research ; Emerging Markets ; Inflation ; International Economics & Trade ; Macroeconomics and Economic Growth ; Market Power ; Markets and Market Access ; Price Indices ; Private Sector Development ; Volatility ; World Markets ; Access to Markets ; Agriculture ; Cocoa Price ; Cocoa Prices ; Coffee Prices ; Commodity Prices ; Cotton Prices ; Crops and Crop Management Systems ; Economic Theory and Research ; Emerging Markets ; Inflation ; International Economics & Trade ; Macroeconomics and Economic Growth ; Market Power ; Markets and Market Access ; Price Indices ; Private Sector Development ; Volatility ; World Markets ; Access to Markets ; Agriculture ; Cocoa Price ; Cocoa Prices ; Coffee Prices ; Commodity Prices ; Cotton Prices ; Crops and Crop Management Systems ; Economic Theory and Research ; Emerging Markets ; Inflation ; International Economics & Trade ; Macroeconomics and Economic Growth ; Market Power ; Markets and Market Access ; Price Indices ; Private Sector Development ; Volatility ; World Markets
    Abstract: Key economic variables in Cote d'Ivoire vary widely from their long-run trends, moving in multi-year cyclical patterns. Cocoa prices move with cycles in growth rates, capital stock, real exchange rates, terms of trade, cocoa production, and coffee production and output. These patterns have become more pronounced since the 1970s as volatility increased. This paper characterize these cycles, estimates the cocoa price-quantity relationship, and analyzes co-movements due to shocks generate a forecast. Three key conclusions follow. First, the economy of Cote d'Ivoire has experienced two fundamental transitions, one in 1976 related to cocoa, and another in 1994 related to exchange rates. From 1960 to 1976, world cocoa prices grew steadily, and then fell in real terms. The country's growth showed a similar pattern. An econometric model indicates that the relationship between cocoa price and quantity experienced a break in 1976 and provides evidence of Cote d'Ivoire's significant influence on world cocoa prices. Second, cocoa price shocks affect growth rates and trade indicators, and are important sources of volatility in the Cote d'Ivoire. The terms of trade and real exchange rate are also sources of volatility for growth and productivity. Third, a forecast of per-worker output based on these variables predicts continued declines in GDP per worker in Cote d'Ivoire for the near future. This dismal forecast implies the need for a radical and rapid improvement on political, security, and economic management to reverse the two and a half decades of economic decline
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  • 165
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    Statistical Analysis of Rainfall Insurance Payouts In Southern India (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (20 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Gine, Xavier Statistical Analysis of Rainfall Insurance Payouts In Southern India
    Keywords: Debt Markets ; Deposit Insurance ; Emerging Markets ; Federal Reserve ; Federal Reserve Bank ; Federal Reserve System ; Finance and Financial Sector Development ; Financial Institution ; Financial Support ; Hazard Risk Management ; Insurance ; Insurance Policies ; International Bank ; Labor Policies ; Microinsurance ; Private Sector Development ; Risk Factors ; Social Protections and Labor ; Urban Development ; Debt Markets ; Deposit Insurance ; Emerging Markets ; Federal Reserve ; Federal Reserve Bank ; Federal Reserve System ; Finance and Financial Sector Development ; Financial Institution ; Financial Support ; Hazard Risk Management ; Insurance ; Insurance Policies ; International Bank ; Labor Policies ; Microinsurance ; Private Sector Development ; Risk Factors ; Social Protections and Labor ; Urban Development ; Debt Markets ; Deposit Insurance ; Emerging Markets ; Federal Reserve ; Federal Reserve Bank ; Federal Reserve System ; Finance and Financial Sector Development ; Financial Institution ; Financial Support ; Hazard Risk Management ; Insurance ; Insurance Policies ; International Bank ; Labor Policies ; Microinsurance ; Private Sector Development ; Risk Factors ; Social Protections and Labor ; Urban Development
    Abstract: Using 40 years of historical rainfall data, this paper estimates a distribution for payouts on rainfall insurance policies offered to farmers in the State of Andhra Pradesh, India, in 2006. The authors find that the contracts primarily protect households against extreme tail events; half the expected value of indemnities paid by the insurance are generated by only 2 percent of rainfall realizations. Contract payouts are significantly correlated cross-sectionally, and also inversely associated with real GDP growth. The paper discusses the implications of these findings for the potential benefits of insurance to households, the risks facing a financial institution underwriting rainfall insurance contracts, and pricing
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  • 166
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    Institutions, Infrastructure, And Trade (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Francois, Joseph Institutions, Infrastructure, And Trade
    Keywords: Air ; Air Transport ; Common Carriers Industry ; Driving ; Economic Theory and Research ; Emerging Markets ; Free Trade ; Freight ; Industry ; Infrastructure ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Policies ; Private Sector Development ; Property Rights ; Public Sector Development ; Roads ; Tax ; Taxes ; Trade Law ; Trade Policy ; Training ; Trains ; Transp ; Transparency ; Transport ; Transport ; Transport Economics, Policy and Planning ; Transport and Trade Logistics ; Air ; Air Transport ; Common Carriers Industry ; Driving ; Economic Theory and Research ; Emerging Markets ; Free Trade ; Freight ; Industry ; Infrastructure ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Policies ; Private Sector Development ; Property Rights ; Public Sector Development ; Roads ; Tax ; Taxes ; Trade Law ; Trade Policy ; Training ; Trains ; Transp ; Transparency ; Transport ; Transport ; Transport Economics, Policy and Planning ; Transport and Trade Logistics ; Air ; Air Transport ; Common Carriers Industry ; Driving ; Economic Theory and Research ; Emerging Markets ; Free Trade ; Freight ; Industry ; Infrastructure ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Policies ; Private Sector Development ; Property Rights ; Public Sector Development ; Roads ; Tax ; Taxes ; Trade Law ; Trade Policy ; Training ; Trains ; Transp ; Transparency ; Transport ; Transport ; Transport Economics, Policy and Planning ; Transport and Trade Logistics
    Abstract: The authors examine the influence of infrastructure, institutional quality, colonial and geographic context, and trade preferences on the pattern of bilateral trade. They are interested in threshold effects, and so emphasize those cases where bilateral country pairs do not actually trade. The authors depart from the institutions and infrastructure literature in this respect, using selection-based gravity modeling of trade flows. They also depart from this literature by mixing principal components (to condense the institutional and infrastructure measures) with a focus on deviations in the resulting indexes from expected values for given income cohorts to control for multicollinearity. The authors work with a panel of 284,049 bilateral trade flows from 1988 to 2002. Matching bilateral trade and tariff data and controlling for tariff preferences, level of development, and standard distance measures, they find that infrastructure and institutional quality are significant determinants not only of export levels, but also of the likelihood exports will take place at all. Their results support the notion that export performance, and the propensity to take part in the trading system at all, depends on institutional quality and access to well-developed transport and communications infrastructure. Indeed, this dependence is far more important, empirically, than variations in tariffs in explaining sample variations in North-South trade
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  • 167
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    Dollarization And Exchange Rate Fluctuations (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (24 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Honohan, Patrick Dollarization And Exchange Rate Fluctuations
    Keywords: Bank Deposits ; Bank Policy ; Central Bank ; Central Banks ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Depositors ; Emerging Markets ; Exchange ; Exchange Rate ; Exchange Rate Movements ; Exchange Rates ; Finance and Financial Sector Development ; Holding ; Inflation ; Private Sector Development ; Bank Deposits ; Bank Policy ; Central Bank ; Central Banks ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Depositors ; Emerging Markets ; Exchange ; Exchange Rate ; Exchange Rate Movements ; Exchange Rates ; Finance and Financial Sector Development ; Holding ; Inflation ; Private Sector Development ; Bank Deposits ; Bank Policy ; Central Bank ; Central Banks ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Depositors ; Emerging Markets ; Exchange ; Exchange Rate ; Exchange Rate Movements ; Exchange Rates ; Finance and Financial Sector Development ; Holding ; Inflation ; Private Sector Development
    Abstract: Although the worldwide growth in dollarization of bank deposits has recently slowed, it has already reached very high levels in dozens of countries. Building on earlier findings that allowed the main cross-country variations in the share of dollars to be explained in terms of national policies and institutions, this paper turns to analysis of short-run variations, particularly the response of dollarization to exchange rate changes, which is shown to be too small to warrant "fear of floating" by dollarized economies. But high dollarization is shown to increase the risk of depreciation and even suspension, as indicated by interest rate spreads. While specific policy is needed to deal with the risks associated with dollarization, the underlying causes of unwanted dollarization should also be tackled
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  • 168
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    Identifying Supply-Side Constraints To Export Performance In Ecuador : An Exercise With Investment Climate Survey Data (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (34 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Francisco, Manuela Identifying Supply-Side Constraints To Export Performance In Ecuador
    Keywords: Business Environment ; Competitors ; Currency ; Debt Markets ; Dominant Firms ; E-Business ; Economic Theory and Research ; Emerging Markets ; Employment ; Enterprises ; Entrepreneurs ; Expansion ; Finance and Financial Sector Development ; Firm ; Firm Size ; Firms ; Foreign Direct Investment ; Foreign Market ; Free Trade ; Infrastructure Economics and Finance ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Microfinance ; Private Participation in Infrastructure ; Private Sector Development ; Small Scale Enterprises ; Trade Law ; Business Environment ; Competitors ; Currency ; Debt Markets ; Dominant Firms ; E-Business ; Economic Theory and Research ; Emerging Markets ; Employment ; Enterprises ; Entrepreneurs ; Expansion ; Finance and Financial Sector Development ; Firm ; Firm Size ; Firms ; Foreign Direct Investment ; Foreign Market ; Free Trade ; Infrastructure Economics and Finance ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Microfinance ; Private Participation in Infrastructure ; Private Sector Development ; Small Scale Enterprises ; Trade Law ; Business Environment ; Competitors ; Currency ; Debt Markets ; Dominant Firms ; E-Business ; Economic Theory and Research ; Emerging Markets ; Employment ; Enterprises ; Entrepreneurs ; Expansion ; Finance and Financial Sector Development ; Firm ; Firm Size ; Firms ; Foreign Direct Investment ; Foreign Market ; Free Trade ; Infrastructure Economics and Finance ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Microfinance ; Private Participation in Infrastructure ; Private Sector Development ; Small Scale Enterprises ; Trade Law
    Abstract: The authors apply a Heckman selection model to the 2003 Investment Climate Survey (ICS) to investigate supply-side constraints to export performance at the firm level in Ecuador. To correct for the non-random truncation problems, they use the Heckman selection model to estimate the probability of exporting (export propensity) and the share of total sales that are exported (export intensity) by Ecuadorian firms. They develop a baseline model with 12 independent variables divided into three categories-idiosyncratic characteristics, technology, and business environment. The authors develop three other models with the addition of variables related to trade integration, business environment, and infrastructure. Results corroborate with the hypothesis implicit in the Heckman model, which considers both decisions made by a firm-whether to export, and how much of its sales to export-to be interdependent. In the Ecuadorian case, they find three important results for the firm's export performance: technology matters; infrastructure does not; and trade orientation is significant, with specialized firms tending to have smaller export intensity when their main trade partners are countries of the Andean Community, and the opposite happening if the United States is their main trade partner. The authors find a robust and stable relationship for export propensity and intensity with size, import of inputs, labor regulations, in-house research and development, quality certification, web-use, and foreign ownership. Also, capacity utilization and trade with the United States positively affect export intensity, while trade within the Andean Community has the opposite effect in the outcome variable. But they find no significant relationship for the infrastructure variables
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  • 169
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    Substitutability And Protectionism : Latin America's Trade Policy And Imports From China And India (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (33 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Willmann, Gerald Substitutability And Protectionism
    Keywords: Consumption ; Currencies and Exchange Rates ; Debt Markets ; Demands ; Domestic Prices ; Economic Growth ; Economic Theory and Research ; Economies ; Emerging Markets ; Equilibrium ; Exogenous Shocks ; Export Growth ; Finance and Financial Sector Development ; Fixed Effects ; Free Trade ; Import ; Imports ; International Economics & Trade ; International Trade and Trade Rules ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Public Sector Development ; Quotas ; Rapid Grow ; Trade Policy ; Consumption ; Currencies and Exchange Rates ; Debt Markets ; Demands ; Domestic Prices ; Economic Growth ; Economic Theory and Research ; Economies ; Emerging Markets ; Equilibrium ; Exogenous Shocks ; Export Growth ; Finance and Financial Sector Development ; Fixed Effects ; Free Trade ; Import ; Imports ; International Economics & Trade ; International Trade and Trade Rules ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Public Sector Development ; Quotas ; Rapid Grow ; Trade Policy ; Consumption ; Currencies and Exchange Rates ; Debt Markets ; Demands ; Domestic Prices ; Economic Growth ; Economic Theory and Research ; Economies ; Emerging Markets ; Equilibrium ; Exogenous Shocks ; Export Growth ; Finance and Financial Sector Development ; Fixed Effects ; Free Trade ; Import ; Imports ; International Economics & Trade ; International Trade and Trade Rules ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Public Sector Development ; Quotas ; Rapid Grow ; Trade Policy
    Abstract: The authors examine the trade policy response of Latin American governments to the rapid growth of China and India in world markets. To explain higher protection in sectors where a large share is imported from these countries, they extend the "protection for sale" model to allow for different degrees of substitutability between domestically produced and imported varieties. The extension suggests that higher levels of protection toward Chinese goods can be explained by high substitutability between domestically produced goods and Chinese goods, whereas lower levels of protection toward goods imported from India can be explained by low substitutability with domestically produced goods. The data support the extension to the "protection for sale" model, which performs better than the original specification in terms of explaining Latin America's structure of protection
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  • 170
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    India Rising : Faster Growth, Lower Indebtedness (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (33 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Wes, Marina India Rising
    Keywords: Access to Finance ; Banks and Banking Reform ; Budget constraints ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Entry barriers ; Expenditure ; Expenditures ; Finance and Financial Sector Development ; Government debt ; Government indebtedness ; Indebtedness ; Macroeconomics and Economic Growth ; Private Sector Development ; Private investment ; Public finances ; Tax ; Access to Finance ; Banks and Banking Reform ; Budget constraints ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Entry barriers ; Expenditure ; Expenditures ; Finance and Financial Sector Development ; Government debt ; Government indebtedness ; Indebtedness ; Macroeconomics and Economic Growth ; Private Sector Development ; Private investment ; Public finances ; Tax ; Access to Finance ; Banks and Banking Reform ; Budget constraints ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Entry barriers ; Expenditure ; Expenditures ; Finance and Financial Sector Development ; Government debt ; Government indebtedness ; Indebtedness ; Macroeconomics and Economic Growth ; Private Sector Development ; Private investment ; Public finances ; Tax
    Abstract: Over the past 25 years, India's economy grew at an average real rate of close to 6 percent, with growth rates in recent years accelerating to 9 percent. Yet by 2005-06, the general government debt-to-GDP ratio was 34 percentage points higher than in the 1980s. The authors examine the links between public finances and growth in the post-1991 period. They argue that the main factor in the deterioration of government debt dynamics after the mid-1990s was a reform-induced loss in trade, customs, and financial repression taxes. Over time, these very factors plus lower entry barriers have contributed to stronger microfoundations for growth by increasing competition and hardening budget constraints for firms and financial sector institutions. The authors suggest that the impressive growth acceleration of the past few years, which is now lowering government indebtedness, can be attributed to the lagged effects of these factors, which have taken time to attain a critical mass in view of India's gradual reforms. Similarly, the worsening of public finances during the late 1990s can be attributed to the cumulative effects of tax losses, the negative growth effects of cuts in capital expenditure that were made to offset the tax losses, and a pullback in private investment (hence, growth and taxes), a situation which is now turning around. Insufficient capital expenditures have contributed to the infrastructure gap, which is seen as a constraint especially for rapid growth in manufacturing. The authors discuss ongoing reforms in revenue mobilization and fiscal adjustment at the state level, which if successfully implemented, will result in a better alignment of public finances with growth by generating further fiscal space for infrastructure and other development spending
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  • 171
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    Choosing The Currency Structure For Sovereign Debt : A Review of Current Approaches (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (36 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Melecky, Martin Choosing The Currency Structure For Sovereign Debt
    Keywords: Bank Policy ; Currencies and Exchange Rates ; Currency ; Debt Management ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Exchange rate ; External Debt ; Finance and Financial Sector Development ; Foreign Exchange ; Foreign Exchange Risk ; Foreign currencies ; International Economics & Trade ; Macroeconomics and Economic Growth ; Monetary policy ; Private Sector Development ; Risk Management ; Sovereign Debt ; Bank Policy ; Currencies and Exchange Rates ; Currency ; Debt Management ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Exchange rate ; External Debt ; Finance and Financial Sector Development ; Foreign Exchange ; Foreign Exchange Risk ; Foreign currencies ; International Economics & Trade ; Macroeconomics and Economic Growth ; Monetary policy ; Private Sector Development ; Risk Management ; Sovereign Debt ; Bank Policy ; Currencies and Exchange Rates ; Currency ; Debt Management ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Exchange rate ; External Debt ; Finance and Financial Sector Development ; Foreign Exchange ; Foreign Exchange Risk ; Foreign currencies ; International Economics & Trade ; Macroeconomics and Economic Growth ; Monetary policy ; Private Sector Development ; Risk Management ; Sovereign Debt
    Abstract: This paper acknowledges the fact that some countries have to borrow in foreign currencies due to the various constraints they face. Starting from this point, the author reviews approaches for trying to determine the currency structure for sovereign debt, and discusses some issues inherent in these approaches. The analysis mainly focuses on the correlations of domestic fundamentals with the actual versus equilibrium exchange rate in light of the long-term perspective of a debt manager and changing exchange rate regimes. In addition, the author makes some observations on the characterization of exchange rate volatilities in the existing approaches
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  • 172
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    Financing of The Private Sector In Mexico, 2000-05 : Evolution, Composition, And Determinants (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (44 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Munoz, Emanuel Salinas Financing of The Private Sector In Mexico, 2000-05
    Keywords: Access to Finance ; Accessibility ; Affordability ; Bank loan ; Bankruptcy and Resolution of Financial Distress ; Banks and Banking Reform ; Commercial banks ; Consumer credit ; Debt ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial system ; Loan portfolios ; Private Sector Development ; Private sector financing ; Supply of financing ; Access to Finance ; Accessibility ; Affordability ; Bank loan ; Bankruptcy and Resolution of Financial Distress ; Banks and Banking Reform ; Commercial banks ; Consumer credit ; Debt ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial system ; Loan portfolios ; Private Sector Development ; Private sector financing ; Supply of financing ; Access to Finance ; Accessibility ; Affordability ; Bank loan ; Bankruptcy and Resolution of Financial Distress ; Banks and Banking Reform ; Commercial banks ; Consumer credit ; Debt ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial system ; Loan portfolios ; Private Sector Development ; Private sector financing ; Supply of financing
    Abstract: The objective of this paper is to describe the evolution, composition, and determinants of financing to the nonfinancial private sector in Mexico between 2000 and 2005. Supported by the macroeconomic environment and financial system reforms, total financing to the private sector (particularly consumer credit) increased relative to GDP, while accessibility and affordability generally improved. Equity issuance did not play an important role during the period under consideration. Although the supply of financing shifted toward domestic nonbank providers, commercial banks remain the primary source of funding. Significant progress was made in cleaning up bank loan portfolios and in strengthening financial system soundness and infrastructure. The prospects for continued private sector financing growth remain very positive, but financing is not spread out evenly across all market segments. The authors conclude with some policy implications to further facilitate deeper and broader financing of the private sector
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  • 173
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    Human capital, trade liberalization, and income risk (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (28 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Maloney, William Human capital, trade liberalization, and income risk
    Keywords: Economic Theory and Research ; Elasticity ; Emerging Markets ; Foreign competition ; Free Trade ; Human Capital ; Income ; Incomplete Markets ; Inequality ; International Economics & Trade ; International trade ; Labor Policies ; Lowering trade barriers ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Social Protections and Labor ; Trade Liberalization ; Trade policy ; Wages ; Economic Theory and Research ; Elasticity ; Emerging Markets ; Foreign competition ; Free Trade ; Human Capital ; Income ; Incomplete Markets ; Inequality ; International Economics & Trade ; International trade ; Labor Policies ; Lowering trade barriers ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Social Protections and Labor ; Trade Liberalization ; Trade policy ; Wages ; Economic Theory and Research ; Elasticity ; Emerging Markets ; Foreign competition ; Free Trade ; Human Capital ; Income ; Incomplete Markets ; Inequality ; International Economics & Trade ; International trade ; Labor Policies ; Lowering trade barriers ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Social Protections and Labor ; Trade Liberalization ; Trade policy ; Wages
    Abstract: Using data from Mexico, the authors study empirically the link between trade policy and individual income risk and the extent to which this varies across workers of different human capital (education) levels. They use longitudinal income data on workers to estimate time-varying individual income risk parameters in different manufacturing sectors in Mexico between 1987 and 1998, a period in which the Mexican economy experienced substantial changes in trade policy. In a second step, they use the variations in trade policy across different sectors and over time to estimate the link between trade policy and income risk for workers of varying education levels. The authors' findings are as follows. The level of openness of an economy is not found to be related to income risk for workers of any type. Furthermore, changes in trade policy (that is, trade policy reforms) are not found to have any effect on the risk to income faced by workers with either low or high levels of human capital. But workers with intermediate levels of human capital are found to experience a statistically and economically significant increase in income risk immediately following liberalization of trade. The findings thus point to an interesting non-monotonicity in the interaction between human capital, income risk and trade policy changes
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  • 174
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    Development Finance Via Diaspora Bonds Track Record And Potential (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (23 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Ketkar, Suhas L Development Finance Via Diaspora Bonds Track Record And Potential
    Keywords: Balance of payments ; Bond ; Bonds ; Debt ; Debt Markets ; Debt instrument ; Development Finance ; Emerging Markets ; Finance and Financial Sector Development ; International capital ; Issuance ; Private Sector Development ; Remittances ; Sovereign entity ; Balance of payments ; Bond ; Bonds ; Debt ; Debt Markets ; Debt instrument ; Development Finance ; Emerging Markets ; Finance and Financial Sector Development ; International capital ; Issuance ; Private Sector Development ; Remittances ; Sovereign entity ; Balance of payments ; Bond ; Bonds ; Debt ; Debt Markets ; Debt instrument ; Development Finance ; Emerging Markets ; Finance and Financial Sector Development ; International capital ; Issuance ; Private Sector Development ; Remittances ; Sovereign entity
    Abstract: A diaspora bond is a debt instrument issued by a country - or potentially, a sub-sovereign entity or a private corporation - to raise financing from its overseas diaspora. Israel and India have raised
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    Exploring Lebanon's Growth Prospects (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Berthelemy, Jean-Claude Exploring Lebanon's Growth Prospects
    Keywords: Access to Finance ; Barriers to entry ; Competitiveness ; Currencies and Exchange Rates ; Damages ; Debt ; Debt Markets ; Economic Theory and Research ; Economic activity ; Emerging Markets ; Equilibrium ; Finance and Financial Sector Development ; GDP ; Growth potential ; Macroeconomics and Economic Growth ; Private Sector Development ; Private property ; Real GDP ; Access to Finance ; Barriers to entry ; Competitiveness ; Currencies and Exchange Rates ; Damages ; Debt ; Debt Markets ; Economic Theory and Research ; Economic activity ; Emerging Markets ; Equilibrium ; Finance and Financial Sector Development ; GDP ; Growth potential ; Macroeconomics and Economic Growth ; Private Sector Development ; Private property ; Real GDP ; Access to Finance ; Barriers to entry ; Competitiveness ; Currencies and Exchange Rates ; Damages ; Debt ; Debt Markets ; Economic Theory and Research ; Economic activity ; Emerging Markets ; Equilibrium ; Finance and Financial Sector Development ; GDP ; Growth potential ; Macroeconomics and Economic Growth ; Private Sector Development ; Private property ; Real GDP
    Abstract: This paper attempts to identify Lebanon's greatest constraints to economic growth, following a growth diagnosis approach. It concludes that fiscal imbalances and barriers to entry are most binding on long-term growth. Macroeconomic imbalances and related perceived risks affect the nature of investment decisions in Lebanon, in favor of liquid instruments rather than longer-term productive investments. Further, many barriers to entry discourage agents from investing in a number of markets: legal impediments to competition, corruption, and a set of fiscal incentives favoring the allocation of resources to non-tradable sectors, where potential demand and investment opportunities are scarcer. In turn, using a steady-state computable general equilibrium model, the paper assesses the long-term growth impact of a selected set of policy reforms envisaged to lift such constraints. Results suggest that 1 to 2 percentage points of additional GDP growth per year could be gained through public expenditure reform, greater domestic competition, and tax harmonization
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  • 176
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    The Growth In Government Domestic Debt : Changing Burdens And Risks (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (41 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Hanson, James A The Growth In Government Domestic Debt
    Keywords: Bank debt ; Bankruptcy and Resolution of Financial Distress ; Banks and Banking Reform ; Capital market ; Central bank ; Debt Markets ; Developing countries ; Domestic Debt ; Emerging Markets ; External Debt ; Finance and Financial Sector Development ; Financial crises ; Financial systems ; Foreign debt ; Government debt ; International Economics & Trade ; Private Sector Development ; Private capital ; Bank debt ; Bankruptcy and Resolution of Financial Distress ; Banks and Banking Reform ; Capital market ; Central bank ; Debt Markets ; Developing countries ; Domestic Debt ; Emerging Markets ; External Debt ; Finance and Financial Sector Development ; Financial crises ; Financial systems ; Foreign debt ; Government debt ; International Economics & Trade ; Private Sector Development ; Private capital ; Bank debt ; Bankruptcy and Resolution of Financial Distress ; Banks and Banking Reform ; Capital market ; Central bank ; Debt Markets ; Developing countries ; Domestic Debt ; Emerging Markets ; External Debt ; Finance and Financial Sector Development ; Financial crises ; Financial systems ; Foreign debt ; Government debt ; International Economics & Trade ; Private Sector Development ; Private capital
    Abstract: This paper analyzes the recent growth of government domestic debt, including central bank debt, using a new data base on government domestic debt in developing countries with large, open financial systems. On average, government domestic debt grew much faster than GDP between 1994 and 2004 and became larger than foreign debt. The rapid growth of domestic debt reflects financial crises, the growth of central bank debt and the greater attractiveness to governments of issuing domestic debt as well as the recent increase in demands for it. Both its attractiveness and the increased demands for it reflect the current benign international environment to some degree. The main risk of government debt, domestic or foreign, remains its overall size relative to a country's fiscal, financial, and political institutions. While government domestic debt can help the domestic private capital market, large domestic debt, like large external debt, has risks. For example, there can be "sudden stops" in the demand for domestic debt as well as in foreign lending. Governments need to be aware of the risks and burdens in domestic debt issue-crowding out small borrowers, transferring risks to banks when issuing longer maturity, fixed-interest domestic debt and reducing returns, and imposing risks on holders of pensions, annuities, and life insurance policies. Growth of central bank debt can divert central banks from pursuit of the objective of price stability
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  • 177
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    Global Growth And Distribution : Are China And India Reshaping The World? (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (33 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Bussolo, Maurizio Global Growth And Distribution
    Keywords: Development Economics ; Economic Theory and Research ; Emerging Markets ; General Equilibrium Model ; Growth Rates ; High Growth ; Income ; Income Distribution ; Incomes ; Inequality ; Inequality ; Macroeconomics and Economic Growth ; Middle Class ; Policy Research ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction ; Development Economics ; Economic Theory and Research ; Emerging Markets ; General Equilibrium Model ; Growth Rates ; High Growth ; Income ; Income Distribution ; Incomes ; Inequality ; Inequality ; Macroeconomics and Economic Growth ; Middle Class ; Policy Research ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction ; Development Economics ; Economic Theory and Research ; Emerging Markets ; General Equilibrium Model ; Growth Rates ; High Growth ; Income ; Income Distribution ; Incomes ; Inequality ; Inequality ; Macroeconomics and Economic Growth ; Middle Class ; Policy Research ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction
    Abstract: Over the past 20 years, aggregate measures of global inequality have changed little even if significant structural changes have been observed. High growth rates of China and India lifted millions out of poverty, while the stagnation in many African countries caused them to fall behind. Using the World Bank's LINKAGE global general equilibrium model and the newly developed Global Income Distribution Dynamics (GIDD) tool, this paper assesses the distribution and poverty effects of a scenario where these trends continue in the future. Even by anticipating a deceleration, growth in China and India is a key force behind the expected convergence of per-capita incomes at the global level. Millions of Chinese and Indian consumers will enter into a rapidly emerging global middle class-a group of people who can afford, and demand access to, the standards of living previously reserved mainly for the residents of developed countries. Notwithstanding these positive developments, fast growth is often characterized by high urbanization and growing demand for skills, both of which result in widening of income distribution within countries. These opposing distributional effects highlight the importance of analyzing global disparities by taking into account - as the GIDD does - income dynamics between and within countries
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  • 178
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    Product Market Regulation In Romania : A Comparison With OECD Countries (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (61 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Fay, Marianne Product Market Regulation In Romania
    Keywords: Commerce ; Competitiveness ; E-Business ; Emerging Markets ; International Trade ; Macroeconomics and Economic Growth ; Market Access ; Market Structure ; Markets and Market Access ; Price Controls ; Private Sector Development ; Product Market ; Product Markets ; Public Sector Regulation ; Retail ; Sale ; Transport ; Transport Economics, Policy and Planning ; Commerce ; Competitiveness ; E-Business ; Emerging Markets ; International Trade ; Macroeconomics and Economic Growth ; Market Access ; Market Structure ; Markets and Market Access ; Price Controls ; Private Sector Development ; Product Market ; Product Markets ; Public Sector Regulation ; Retail ; Sale ; Transport ; Transport Economics, Policy and Planning ; Commerce ; Competitiveness ; E-Business ; Emerging Markets ; International Trade ; Macroeconomics and Economic Growth ; Market Access ; Market Structure ; Markets and Market Access ; Price Controls ; Private Sector Development ; Product Market ; Product Markets ; Public Sector Regulation ; Retail ; Sale ; Transport ; Transport Economics, Policy and Planning
    Abstract: Less restrictive product market policies are crucial in promoting convergence to higher levels of GDP per capita. This paper benchmarks product market policies in Romania to those of OECD countries by estimating OECD indicators of Product Market Regulation (PMR). The PMR indicators allow a comprehensive mapping of policies affecting competition in product markets. Comparison with OECD countries reveals that Romania's product market policies are less restrictive of competition than most direct comparators from the region and not far from the OECD average. Nonetheless, this achievement should be interpreted in light of the fact that PMR approach measures officially adopted policies. It does not capture implementation and enforcement, the area where future reform efforts should be directed if less restrictive policies are to have an effective impact on long-term growth prospects
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  • 179
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    Cote d'Ivoire : Competitiveness, Cocoa, And The Real Exchange Rate (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (30 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Bogetic, Zeljko Cote d'Ivoire
    Keywords: Competitiveness ; Consumer Price Indices ; Currencies and Exchange Rates ; Deflators ; Economic Theory and Research ; Emerging Markets ; Exports ; Finance and Financial Sector Development ; GDP ; GDP Deflator ; Gross Domestic Product ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Trade Competitiveness ; Value Added ; Wages ; Competitiveness ; Consumer Price Indices ; Currencies and Exchange Rates ; Deflators ; Economic Theory and Research ; Emerging Markets ; Exports ; Finance and Financial Sector Development ; GDP ; GDP Deflator ; Gross Domestic Product ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Trade Competitiveness ; Value Added ; Wages ; Competitiveness ; Consumer Price Indices ; Currencies and Exchange Rates ; Deflators ; Economic Theory and Research ; Emerging Markets ; Exports ; Finance and Financial Sector Development ; GDP ; GDP Deflator ; Gross Domestic Product ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Trade Competitiveness ; Value Added ; Wages
    Abstract: This paper explores competitiveness of Cote d'Ivoire's economy over a long period of 1960-2003 and its link with cocoa prices. The main conclusions are as follows. First, using four measures of real effective exchange rate (REER) for the 1960-2002 period, we track the evolution of REER and conclude, inter alia, that until 2003, REER remained well below its 1994 level. Second, we find that based on our measure of the multilateral REER with dynamic weights, which covers most recorded trade, France no longer dominates Cote d'Ivoire's trade. Instead, Cote d'Ivoire has diversified its set of trading partners. Unfortunately, it has also specialized in one export product, raw cocoa. This paper aims to contribute to the question to what extent do cocoa prices affect Cote d'Ivoire's competitiveness in world trade? Third, the answer to this question is that cocoa prices are an important determinant of Cote d'Ivoire's competitiveness. Similar to the case of a classic "Dutch Disease," increases in the real world price of a "natural resource" (i.e., cocoa) tend to result in the appreciation of the CFA franc and a loss in competitiveness. Econometric tests further confirm that 1994 was a "break-point" not only for growth and productivity (as documented in the two related papers) but also for trade competitiveness. Recent productivity per worker trends versus wages also seem to indicate slow growth in 1996-2000, without major improvement in competitiveness
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  • 180
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    Location Decisions of Foreign Banks And Competitive Advantage (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (21 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Claessens, Stijn Location Decisions of Foreign Banks And Competitive Advantage
    Keywords: Affiliates ; Bank ; Banking ; Banking Sector ; Banks and Banking Reform ; Consolidation ; Country Strategy and Performance ; Debt Markets ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Integration ; Financial Literacy ; Financial Markets ; Financial Services ; Foreign Banks ; Foreign Direct Investment ; Foreign Entry ; Internation ; International Economics & Trade ; Macroeconomics and Economic Growth ; Private Sector Development ; Affiliates ; Bank ; Banking ; Banking Sector ; Banks and Banking Reform ; Consolidation ; Country Strategy and Performance ; Debt Markets ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Integration ; Financial Literacy ; Financial Markets ; Financial Services ; Foreign Banks ; Foreign Direct Investment ; Foreign Entry ; Internation ; International Economics & Trade ; Macroeconomics and Economic Growth ; Private Sector Development ; Affiliates ; Bank ; Banking ; Banking Sector ; Banks and Banking Reform ; Consolidation ; Country Strategy and Performance ; Debt Markets ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Integration ; Financial Literacy ; Financial Markets ; Financial Services ; Foreign Banks ; Foreign Direct Investment ; Foreign Entry ; Internation ; International Economics & Trade ; Macroeconomics and Economic Growth ; Private Sector Development
    Abstract: While institutional differences have been found to affect country growth patterns, much has remained unexplained, including how economic actors "overcome" institutional weaknesses and how internationalization helps or hinders development. Banking is an institutionally-intensive activity and the location decision of foreign banks provides a good test of how institutional differences are dealt with and how they may affect economic choices. Specifically, the authors examine whether banks seek out those markets where institutional familiarity provides them with a competitive advantage over other foreign competitor banks. Using bilateral data on banking sector foreign direct investment in all developing countries and controlling for other factors, they find that competitive advantage is an important factor in driving foreign banks' location decisions. The findings suggest that high institutional quality is not necessarily a prerequisite to attract foreign direct investment in banking and that there are specific benefits, as well as risks, to international financial integration between developing countries
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  • 181
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    Corporate Governance And Stakeholders' Financial Interests In Institutions Offering Islamic Financial Services (2006)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Grais, Wafik Corporate Governance And Stakeholders' Financial Interests In Institutions Offering Islamic Financial Services
    Keywords: Account Holders ; Accounting ; Accounting Standards ; Bank Policy ; Banks and Banking Reform ; Central Bank ; Conflict of Interest ; Corporate Governance ; Debt Markets ; Deposit Exchange ; Emerging Markets ; Federal Deposit Insurance ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Private Sector Development ; Account Holders ; Accounting ; Accounting Standards ; Bank Policy ; Banks and Banking Reform ; Central Bank ; Conflict of Interest ; Corporate Governance ; Debt Markets ; Deposit Exchange ; Emerging Markets ; Federal Deposit Insurance ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Private Sector Development ; Account Holders ; Accounting ; Accounting Standards ; Bank Policy ; Banks and Banking Reform ; Central Bank ; Conflict of Interest ; Corporate Governance ; Debt Markets ; Deposit Exchange ; Emerging Markets ; Federal Deposit Insurance ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Private Sector Development
    Abstract: This paper focuses on the corporate governance arrangements of institutions offering Islamic financial services (IIFS) aimed at protecting stakeholders' financial interests. Many IIFS corporate governance issues are common with those of their conventional counterparts. Others are distinctive. In particular they offer unrestricted investment accounts that share risks with shareholders but without a voting right. This paper first reviews internal and external arrangements put in place by IIFS to protect stakeholders' financial interests. It discusses shortcomings notably in terms of potential conflict of interest between shareholders and holders of unrestricted investment accounts. It then suggests a corporate governance framework that combines internal and external arrangements to provide safeguards to unrestricted investment account holders without overburdening IIFS' financial performance. The paper uses a review of 13 IIFS and regulatory information from countries where IIFS have developed the most
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  • 182
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    Deposit Insurance And Banking Reform In Russia (2006)
    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: Camara, Modibo K Deposit Insurance And Banking Reform In Russia
    Keywords: Bank ; Banking ; Banking Reform ; Banking System ; Banks and Banking Reform ; Commercial Banks ; Cred Deposit Insurance ; Debt Markets ; Deposits ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Financial Deepening ; Financial Institutions ; Financial Intermediation ; Financial Literacy ; Industry ; Legal Finance ; Private Sector Development ; Bank ; Banking ; Banking Reform ; Banking System ; Banks and Banking Reform ; Commercial Banks ; Cred Deposit Insurance ; Debt Markets ; Deposits ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Financial Deepening ; Financial Institutions ; Financial Intermediation ; Financial Literacy ; Industry ; Legal Finance ; Private Sector Development ; Bank ; Banking ; Banking Reform ; Banking System ; Banks and Banking Reform ; Commercial Banks ; Cred Deposit Insurance ; Debt Markets ; Deposits ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Financial Deepening ; Financial Institutions ; Financial Intermediation ; Financial Literacy ; Industry ; Legal Finance ; Private Sector Development
    Abstract: The objective of this paper is not to review the pros and cons of deposit insurance systems, but to focus, rather narrowly, on the recent adoption of a deposit insurance system (DIS) in Russia, the rationale offered, and the potential impact it might have on the stability and development of the Russian banking system. An attempt is made to draw some lessons from the implementation experience in Russia. The paper starts with a brief description of the Russian DIS, followed by an overview of the banking system's structure and some observations on the sequencing followed for adopting the DIS and the political economy of its adoption. It concludes with a discussion of areas requiring attention
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  • 183
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    An Essay On Economic Reforms And Social Change In China (2006)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (98 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Lindbeck, Assar An Essay On Economic Reforms And Social Change In China
    Keywords: Agriculture ; Banks and Banking Reform ; Capital ; Cred Development ; Debt Markets ; Economic Performance ; Economic Reforms ; Economic Systems ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; GDP ; Growth Rate ; Health, Nutrition and Population ; Income ; Industrial Economics ; Influence ; Interest ; Investment and Investment Climate ; Labor Policies ; Macroeconomics and Economic Growth ; Microfinance ; Population Policies ; Poverty Reduction ; Private Sector Development ; Social Protections and Labor ; Agriculture ; Banks and Banking Reform ; Capital ; Cred Development ; Debt Markets ; Economic Performance ; Economic Reforms ; Economic Systems ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; GDP ; Growth Rate ; Health, Nutrition and Population ; Income ; Industrial Economics ; Influence ; Interest ; Investment and Investment Climate ; Labor Policies ; Macroeconomics and Economic Growth ; Microfinance ; Population Policies ; Poverty Reduction ; Private Sector Development ; Social Protections and Labor ; Agriculture ; Banks and Banking Reform ; Capital ; Cred Development ; Debt Markets ; Economic Performance ; Economic Reforms ; Economic Systems ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; GDP ; Growth Rate ; Health, Nutrition and Population ; Income ; Industrial Economics ; Influence ; Interest ; Investment and Investment Climate ; Labor Policies ; Macroeconomics and Economic Growth ; Microfinance ; Population Policies ; Poverty Reduction ; Private Sector Development ; Social Protections and Labor
    Abstract: The author applies a systems-oriented "holistic" approach to China's radical economic reforms during the past quarter of a century. He characterizes China's economic reforms in terms of a multidimensional classification of economic systems. When looking at the economic consequences of China's change of economic system, he deals with both the impressive growth performance and its economic costs. The author also studies the consequences of the economic reforms for the previous social arrangements in the country, which were tied to individual work units-agriculture communes, collective firms, and state-owned enterprises. He continues with the social development during the reform period, reflecting a complex mix of social advances, mainly in terms of poverty reduction, and regresses for large population groups in terms of income security and human services, such as education and, in particular, health care. Next, the author discusses China's future policy options in the social field, whereby he draws heavily on relevant experiences in industrial countries over the years. The future options are classified into three broad categories: policies influencing the level and distribution of factor income, income transfers including social insurance, and the provision of human services
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  • 184
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    Corporate Governance In Institutions Offering Islamic Financial Services : Issues And Options (2006)
    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: Grais, Wafik Corporate Governance In Institutions Offering Islamic Financial Services
    Keywords: Account Holders ; Accounting ; Agency Problem ; Bank Policy ; Banks and Banking Reform ; Central Bank ; Corporate Governance ; Corporate Law ; Debt Markets ; Depos Depositors ; Emerging Markets ; Exchange ; Federal Deposit Insurance ; Finance and Financial Sector Development ; Financial Literacy ; Holding ; Interests ; Islamic Finance ; Labor Policies ; Law and Development ; Private Sector Development ; Social Protections and Labor ; Account Holders ; Accounting ; Agency Problem ; Bank Policy ; Banks and Banking Reform ; Central Bank ; Corporate Governance ; Corporate Law ; Debt Markets ; Depos Depositors ; Emerging Markets ; Exchange ; Federal Deposit Insurance ; Finance and Financial Sector Development ; Financial Literacy ; Holding ; Interests ; Islamic Finance ; Labor Policies ; Law and Development ; Private Sector Development ; Social Protections and Labor ; Account Holders ; Accounting ; Agency Problem ; Bank Policy ; Banks and Banking Reform ; Central Bank ; Corporate Governance ; Corporate Law ; Debt Markets ; Depos Depositors ; Emerging Markets ; Exchange ; Federal Deposit Insurance ; Finance and Financial Sector Development ; Financial Literacy ; Holding ; Interests ; Islamic Finance ; Labor Policies ; Law and Development ; Private Sector Development ; Social Protections and Labor
    Abstract: This paper reviews institutions offering Islamic financial services (IIFS) corporate governance challenges and suggests options to address them. It first points out the importance of corporate governance for IIFS, where it would require a distinct treatment from conventional corporate governance and highlights three cases of distress of IIFS. It then dwells on prevailing corporate governance arrangements addressing IIFS' needs to ensure the consistency of their operations with Islamic finance principles and the protection of the financial interests of a stakeholders' category, namely depositors holding unrestricted investment accounts. It raises the issues of independence, confidentiality, competence, consistency, and disclosure that may bear on pronouncements of consistency with Islamic finance principles. It also discusses the agency problem of depositors holding unrestricted investment accounts. The paper argues for a governance framework that combines internal and external arrangements and relies significantly on transparency and disclosure of market relevant information
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  • 185
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    The Investment Climate In Post-Conflict Situations (2006)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (35 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Mills, Rob The Investment Climate In Post-Conflict Situations
    Keywords: Bank Policy ; Capacity Enhancement ; Conflict and Development ; Contract ; Contract Enforcement ; Debt Markets ; E-Business ; Emerging Markets ; Enabling Environment ; Exchange ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Good ; International Economics ; Investment ; Investment Climate ; Labor Markets ; Local Capacity ; Macroeconomic ; Macroeconomics and Economic Growth ; Political Economy ; Post Conflict Reconstruction ; Private Sector Development ; Social Conflict and Violence ; Social Development ; Social Protections and Labor ; Trade and Regional Integration ; Bank Policy ; Capacity Enhancement ; Conflict and Development ; Contract ; Contract Enforcement ; Debt Markets ; E-Business ; Emerging Markets ; Enabling Environment ; Exchange ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Good ; International Economics ; Investment ; Investment Climate ; Labor Markets ; Local Capacity ; Macroeconomic ; Macroeconomics and Economic Growth ; Political Economy ; Post Conflict Reconstruction ; Private Sector Development ; Social Conflict and Violence ; Social Development ; Social Protections and Labor ; Trade and Regional Integration ; Bank Policy ; Capacity Enhancement ; Conflict and Development ; Contract ; Contract Enforcement ; Debt Markets ; E-Business ; Emerging Markets ; Enabling Environment ; Exchange ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Good ; International Economics ; Investment ; Investment Climate ; Labor Markets ; Local Capacity ; Macroeconomic ; Macroeconomics and Economic Growth ; Political Economy ; Post Conflict Reconstruction ; Private Sector Development ; Social Conflict and Violence ; Social Development ; Social Protections and Labor ; Trade and Regional Integration
    Abstract: This paper is a policy review of the role of investment climate in post-conflict situations. It summarizes the broad range of ways in which conflict negatively affects the investment climate, from macroeconomic instability to a degraded regulatory framework. It stresses that attention needs to be paid to the broader "enabling environment," including institutions, governance, capacity, and social capital. It suggests that a vibrant private sector underpinned by a good investment climate is particularly important in the post-conflict recovery phase for three reasons: it generates employment, provides public services where the state has retrenched, and builds social capital. By addressing these important "greed and grievance" factors, the private sector helps reduce the likelihood of a return to conflict. The paper concludes by distilling key lessons relating to the management of the post-conflict reform process. Despite the importance of a good investment climate, greater effort is needed to ensure that private sector development reforms are included in the first round of post-conflict policymaking. Local ownership of reforms and enhanced local capacity to implement them is key to sustainable improvements in the investment climate. Development partners have an important role to play in facilitating dialogue and promoting partnerships between public and private sector stakeholders. At the same time, development partners need to ensure that their presence in fragile post-conflict economies does not damage the very sector they are trying to support
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  • 186
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    Distributional Effects of WTO Agricultural Reforms In Rich And Poor Countries (2006)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (61 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Hertel, Thomas W Distributional Effects of WTO Agricultural Reforms In Rich And Poor Countries
    Keywords: Agricultural Liberalization ; Agricultural Products ; Agricultural Support ; Debt Markets ; Distributional Effects ; Economic Policies ; Economic Theory and Research ; Emerging Markets ; Farm Households ; Farm Income ; Farm Incomes ; Farm Sector ; Finance and Financial Sector Development ; Financial Literacy ; Food Price ; Free Trade ; Health, Nutrition and Population ; International Economics & Trade ; Macroeconomics and Economic Growth ; Population Policies ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction ; Agricultural Liberalization ; Agricultural Products ; Agricultural Support ; Debt Markets ; Distributional Effects ; Economic Policies ; Economic Theory and Research ; Emerging Markets ; Farm Households ; Farm Income ; Farm Incomes ; Farm Sector ; Finance and Financial Sector Development ; Financial Literacy ; Food Price ; Free Trade ; Health, Nutrition and Population ; International Economics & Trade ; Macroeconomics and Economic Growth ; Population Policies ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction ; Agricultural Liberalization ; Agricultural Products ; Agricultural Support ; Debt Markets ; Distributional Effects ; Economic Policies ; Economic Theory and Research ; Emerging Markets ; Farm Households ; Farm Income ; Farm Incomes ; Farm Sector ; Finance and Financial Sector Development ; Financial Literacy ; Food Price ; Free Trade ; Health, Nutrition and Population ; International Economics & Trade ; Macroeconomics and Economic Growth ; Population Policies ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction
    Abstract: Rich countries' agricultural trade policies are the battleground on which the future of the WTO's troubled Doha Round will be determined. Subject to widespread criticism, they nonetheless appear to be almost immune to serious reform, and one of their most common defenses is that they protect poor farmers. The authors' findings reject this claim. The analysis uses detailed data on farm incomes to show that major commodity programs are highly regressive in the United States, and that the only serious losses under trade reform are among large, wealthy farmers in a few heavily protected subsectors. In contrast, analysis using household data from 15 developing countries indicates that reforming rich countries' agricultural trade policies would lift large numbers of developing country farm households out of poverty. In the majority of cases these gains are not outweighed by the poverty-increasing effects of higher food prices among other households. Agricultural reforms that appear feasible, even under an ambitious Doha Round, achieve only a fraction of the benefits for developing countries that full liberalization promises, but protect U.S. large farms from most of the rigors of adjustment. Finally, the analysis indicates that maximal trade-led poverty reductions occur when developing countries participate more fully in agricultural trade liberalization
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  • 187
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    Beyond Trade : The Impact of Preferential Trade Agreements On Foreign Direct Investment Inflows (2006)
    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: Medvedev, Denis Beyond Trade
    Keywords: Barriers ; Common Market ; Competition ; Currencies and Exchange Rates ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Foreign Direct Investment ; Foreign Direct Investment ; Foreign Investment ; Free Trade ; Harmonization ; Income ; Intellectual Property ; Interest ; International Capital ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Development ; Trade Law ; Trade Policy ; Trade and Regional Integration ; Barriers ; Common Market ; Competition ; Currencies and Exchange Rates ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Foreign Direct Investment ; Foreign Direct Investment ; Foreign Investment ; Free Trade ; Harmonization ; Income ; Intellectual Property ; Interest ; International Capital ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Development ; Trade Law ; Trade Policy ; Trade and Regional Integration ; Barriers ; Common Market ; Competition ; Currencies and Exchange Rates ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Foreign Direct Investment ; Foreign Direct Investment ; Foreign Investment ; Free Trade ; Harmonization ; Income ; Intellectual Property ; Interest ; International Capital ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Development ; Trade Law ; Trade Policy ; Trade and Regional Integration
    Abstract: The author investigates the effects of preferential trade agreements (PTAs) on the net foreign direct investment (FDI) inflows of member countries using a comprehensive database of PTAs in a panel setting. He finds that PTA membership is associated with a positive change in net FDI inflows, and the FDI gains are increasing in the market size of the PTA partners and their proximity to the host country. The author identifies several different channels through which preferential trade liberalization may affect FDI, and confirms that both threshold effects (signing the agreement) and market size effects (joining a larger and faster-growing common market) are important determinants of net FDI inflows, although the latter seem to dominate. The estimated relationship is largely driven by North-South PTAs, and is most pronounced in the late 1990s and early 2000s, the period when the majority of "deep integration" PTAs had been advanced
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  • 188
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    Development And The Interaction of Enforcement Institutions (2006)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (21 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Dhillon, Amrita Development And The Interaction of Enforcement Institutions
    Keywords: Adverse Selection ; Asymmetric Information ; Competitiveness and Competition Policies ; Consumers ; Cred Economic Performance ; Debt Markets ; E-Business ; Economic Theory and Research ; Emerging Markets ; Equilibrium ; Expected Utility ; Finance and Financial Sector Development ; Financial Literacy ; Fixed Costs ; Incentives ; Influence ; Insurance and Risk Mitigation ; Investment ; Labor Policies ; Macroeconomics and Economic Growth ; Marginal Costs ; Microfinance ; Private Sector Development ; Public Sector Development ; Social Protections and Labor ; Adverse Selection ; Asymmetric Information ; Competitiveness and Competition Policies ; Consumers ; Cred Economic Performance ; Debt Markets ; E-Business ; Economic Theory and Research ; Emerging Markets ; Equilibrium ; Expected Utility ; Finance and Financial Sector Development ; Financial Literacy ; Fixed Costs ; Incentives ; Influence ; Insurance and Risk Mitigation ; Investment ; Labor Policies ; Macroeconomics and Economic Growth ; Marginal Costs ; Microfinance ; Private Sector Development ; Public Sector Development ; Social Protections and Labor ; Adverse Selection ; Asymmetric Information ; Competitiveness and Competition Policies ; Consumers ; Cred Economic Performance ; Debt Markets ; E-Business ; Economic Theory and Research ; Emerging Markets ; Equilibrium ; Expected Utility ; Finance and Financial Sector Development ; Financial Literacy ; Fixed Costs ; Incentives ; Influence ; Insurance and Risk Mitigation ; Investment ; Labor Policies ; Macroeconomics and Economic Growth ; Marginal Costs ; Microfinance ; Private Sector Development ; Public Sector Development ; Social Protections and Labor
    Abstract: The authors examine how institutions that enforce contracts between two parties-producers and consumers-interact in a competitive market with one-sided asymmetric information and productivity shocks. They compare an informal enforcement mechanism, reputation, the efficacy of which is enhanced by consumers investing in "connectedness," with a formal mechanism, legal enforcement, the effectiveness of which can be reduced by producers by means of bribes. When legal enforcement is poor, consumers connect more with one another to improve informal enforcement. In contrast, a well-connected network of consumers reduces producers' incentives to bribe. In equilibrium, the model predicts a positive relationship between the frequency of productivity shocks, bribing, and the use of informal enforcement, providing a physical explanation of why developing countries often fail to have efficient legal systems. Firm-level estimations confirm the partial equilibrium implications of the model
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  • 189
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    Fiscal And Social Impact of A Nominal Exchange Rate Devaluation In Djibouti (2006)
    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: Anos Casero, Paloma Fiscal And Social Impact of A Nominal Exchange Rate Devaluation In Djibouti
    Keywords: Accounting ; Bank Policy ; Currencies and Exchange Rates ; Currency Devaluation ; Debt Markets ; Devaluation ; Developing Countries ; Economic Development ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; Exchange Rate ; Expenditures ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal and Monetary Policy ; Foreign Currency ; Goods ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Public Sector Development ; Rural Development ; Rural Poverty Reduction ; Accounting ; Bank Policy ; Currencies and Exchange Rates ; Currency Devaluation ; Debt Markets ; Devaluation ; Developing Countries ; Economic Development ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; Exchange Rate ; Expenditures ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal and Monetary Policy ; Foreign Currency ; Goods ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Public Sector Development ; Rural Development ; Rural Poverty Reduction ; Accounting ; Bank Policy ; Currencies and Exchange Rates ; Currency Devaluation ; Debt Markets ; Devaluation ; Developing Countries ; Economic Development ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Exchange ; Exchange Rate ; Expenditures ; Finance and Financial Sector Development ; Financial Literacy ; Fiscal and Monetary Policy ; Foreign Currency ; Goods ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Public Sector Development ; Rural Development ; Rural Poverty Reduction
    Abstract: Limited fiscal space limits Djibouti's ability to meet the Millennium Development Goals and improve the living conditions of its population. Djibouti's fiscal structure is unique in that almost 70 percent of government revenue is denominated in foreign currency (import taxes, foreign aid grants, and military revenue) while over 50 percent of government expenditure is denominated in local currency (wages, salaries, and social transfers). Djibouti's economic structure is also unusual in that merchandise exports of local origin are insignificant, and the country relies heavily on imported goods (food, medicines, consumer and capital goods). A currency devaluation, by reducing real wages, could potentially generate additional fiscal space that would help meet Djibouti's fundamental development goals. Using macroeconomic and household level data, the authors quantify the impact of a devaluation of the nominal exchange rate on fiscal savings, real public sector wages, real income, and poverty under various hypothetical scenarios of exchange-rate pass-through and magnitude of devaluation. They find that a currency devaluation could generate fiscal savings in the short-term, but it would have an adverse effect on poverty and income distribution. A 30 percent nominal exchange rate devaluation could generate fiscal savings amounting between 3 and 7 percent of GDP. At the same time, a 30 percent nominal devaluation could cause nearly a fifth of the poorest households to fall below the extreme poverty line and pull the same fraction of upper middle-income households below the national poverty line. The authors also find that currency devaluation could generate net fiscal savings even after accounting for the additional social transfers needed to compensate the poor for their real income loss. However, the absence of formal social safety nets limits the government's readiness to provide well-targeted and timely social transfers to the poor
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  • 190
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    The Macro Financing of Natural Hazards In Developing Countries (2006)
    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: Mahul, Olivier The Macro Financing of Natural Hazards In Developing Countries
    Keywords: Bank Policy ; Banks and Banking Reform ; Contingent Debt ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Economic Risk ; Emerging Markets ; Environment ; Exchange ; Finance and Financial Sector Development ; Financial Instruments ; Financial Intermediation ; Financial Literacy ; Financial Markets ; Hazard Risk Management ; Insurance ; Insurance Markets ; Insurance Markets ; Insurance Penetration ; Insurance and Risk Mitigation ; Private Sector Development ; Urban Development ; Bank Policy ; Banks and Banking Reform ; Contingent Debt ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Economic Risk ; Emerging Markets ; Environment ; Exchange ; Finance and Financial Sector Development ; Financial Instruments ; Financial Intermediation ; Financial Literacy ; Financial Markets ; Hazard Risk Management ; Insurance ; Insurance Markets ; Insurance Markets ; Insurance Penetration ; Insurance and Risk Mitigation ; Private Sector Development ; Urban Development ; Bank Policy ; Banks and Banking Reform ; Contingent Debt ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Economic Risk ; Emerging Markets ; Environment ; Exchange ; Finance and Financial Sector Development ; Financial Instruments ; Financial Intermediation ; Financial Literacy ; Financial Markets ; Hazard Risk Management ; Insurance ; Insurance Markets ; Insurance Markets ; Insurance Penetration ; Insurance and Risk Mitigation ; Private Sector Development ; Urban Development
    Abstract: The authors propose a financial model to address the design of efficient risk financing strategies against natural disasters at the country level. It is simple enough to shed analytical light on some of the key issues but flexible and realistic enough to provide some quantitative guidance on the ex ante financing of catastrophic losses. The risk financing problem is decomposed into two steps. First, the resource gap, defined as the difference between losses and available ex-post resources (such as post-disaster aid), is identified. It determines the losses to be financed by ex ante financial instruments (reserves, catastrophe insurance, and contingent debt). Second, the cost-minimizing financial arrangements are derived from the marginal costs of the financial instruments. The model is solved through a series of graphical analyses that make this complex financial problem easier to apprehend. This model captures and explains the main impacts of financial parameters (such as insurance premium, cost of capital) on efficient risk financing structures
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  • 191
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    Export Promotion Agencies : What Works And What Doesn't (2006)
    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: Lederman, Daniel Export Promotion Agencies
    Keywords: Asymmetric Information ; Budgetary Support ; Capacity Building ; Consumer Preferences ; Country Strategy and Performance ; Debt Markets ; Development ; Diminishing Returns ; E-Business ; Economic Justification ; Economic Theory and Research ; Emerging Markets ; Export Competitiveness ; Exports ; Externalities ; Failures ; Finance and Financial Sector Development ; Financial Literacy ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Marketing ; Private Sector Development ; Public Sector Development ; Tax Law ; Trade Policy ; Asymmetric Information ; Budgetary Support ; Capacity Building ; Consumer Preferences ; Country Strategy and Performance ; Debt Markets ; Development ; Diminishing Returns ; E-Business ; Economic Justification ; Economic Theory and Research ; Emerging Markets ; Export Competitiveness ; Exports ; Externalities ; Failures ; Finance and Financial Sector Development ; Financial Literacy ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Marketing ; Private Sector Development ; Public Sector Development ; Tax Law ; Trade Policy ; Asymmetric Information ; Budgetary Support ; Capacity Building ; Consumer Preferences ; Country Strategy and Performance ; Debt Markets ; Development ; Diminishing Returns ; E-Business ; Economic Justification ; Economic Theory and Research ; Emerging Markets ; Export Competitiveness ; Exports ; Externalities ; Failures ; Finance and Financial Sector Development ; Financial Literacy ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Marketing ; Private Sector Development ; Public Sector Development ; Tax Law ; Trade Policy
    Abstract: The number of national export promotion agencies (EPAs) has tripled over the past two decades. While more countries have made them part of their national export strategy, studies have criticized their efficiency in developing countries. Partly in reaction to these critiques, EPAs have been retooled (see ITC 1998 or 2000, for example). This paper studies the impact of existing EPAs and their strategies based on a new data set covering 104 industrial and developing countries. Results suggest that on average they have a strong and statistically significant impact on exports. For each
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  • 192
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    Banking Sector Openness And Economic Growth (2006)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Bayraktar, Nihal Banking Sector Openness And Economic Growth
    Keywords: Accounting ; Auditing ; Bank ; Banking ; Banking Sector ; Banking Services ; Banks and Banking Reform ; Borrowing ; Capital ; Currencies and Exchange Rates ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Integration ; Financial Intermediation ; Financial Literacy ; Financial Markets ; Financial Services ; Foreign Banks ; Labor Pollution ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Social Protections and Labor ; Accounting ; Auditing ; Bank ; Banking ; Banking Sector ; Banking Services ; Banks and Banking Reform ; Borrowing ; Capital ; Currencies and Exchange Rates ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Integration ; Financial Intermediation ; Financial Literacy ; Financial Markets ; Financial Services ; Foreign Banks ; Labor Pollution ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Social Protections and Labor ; Accounting ; Auditing ; Bank ; Banking ; Banking Sector ; Banking Services ; Banks and Banking Reform ; Borrowing ; Capital ; Currencies and Exchange Rates ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Integration ; Financial Intermediation ; Financial Literacy ; Financial Markets ; Financial Services ; Foreign Banks ; Labor Pollution ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Social Protections and Labor
    Abstract: Banking sector openness may directly affect growth by improving the access to financial services and indirectly by improving the efficiency of financial intermediaries, both of which reduce the cost of financing, and in turn, stimulate capital accumulation and economic growth. The objective of the paper is to empirically reinvestigate these direct and indirect links using a more advanced econometric technique (GMM dynamic panel estimators). An illustrative model is presented to link financial market development with investment. The empirical results confirm the presence of direct and indirect links, and thus provide support for countries planning to open their banking sector for international competition
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  • 193
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    Are Lives A Substitute For Livelihoods ? : Terrorism, Security, And U.S. Bilateral Imports (2006)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (45 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Mirza, Daniel Are Lives A Substitute For Livelihoods ?
    Keywords: Attack ; Attacks ; Car Bomb ; Conflict and Development ; Counter-Terrorism ; Counter-Terrorism Measures ; Country Strategy and Performance ; Debt Markets ; E-Business ; E-Finance and E-Security ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Homeland Security ; Industry ; Information ; International Terrorism and Counterterrorism ; International Trade ; Logistical Support ; Macroeconomics and Economic Growth ; Private Sector Development ; Security ; Terrorism ; Transport ; Transport Security ; Urban Development ; Attack ; Attacks ; Car Bomb ; Conflict and Development ; Counter-Terrorism ; Counter-Terrorism Measures ; Country Strategy and Performance ; Debt Markets ; E-Business ; E-Finance and E-Security ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Homeland Security ; Industry ; Information ; International Terrorism and Counterterrorism ; International Trade ; Logistical Support ; Macroeconomics and Economic Growth ; Private Sector Development ; Security ; Terrorism ; Transport ; Transport Security ; Urban Development ; Attack ; Attacks ; Car Bomb ; Conflict and Development ; Counter-Terrorism ; Counter-Terrorism Measures ; Country Strategy and Performance ; Debt Markets ; E-Business ; E-Finance and E-Security ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Homeland Security ; Industry ; Information ; International Terrorism and Counterterrorism ; International Trade ; Logistical Support ; Macroeconomics and Economic Growth ; Private Sector Development ; Security ; Terrorism ; Transport ; Transport Security ; Urban Development
    Abstract: What is the impact of terrorism on trade through higher security at the borders? The authors set up a theory which shows that the impact goes not only from terrorism to trade. Higher trade with a partner might, in turn, increase the probability of terrorism acts and make security measures more costly for total welfare. To identify the true impact of terrorism, their theory allows for a strategy to condition out the latter mechanism. The authors show in particular how past incidents perpetrated in third countries (anywhere in the world except the origin or targeted country) constitute good exogenous factors for current security measures at the borders. Their tests suggest that terrorist incidents have a small effect on U.S. imports on average, but a much higher effect for those origin countries at the top of the distribution of incidents. In addition, the level of the impact is up to three times higher when the acts result in a relatively high number of victims, the products are sensitive to shipping time, and the size of the partner is small. The authors further show how terrorism affects the number of business visas given by the United States, thereby affecting significantly U.S. imports in differentiated products. These results suggest that security to prevent terrorism does matter for trade
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  • 194
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    Regional Impacts of Russia's Accession To The World Trade Organization (2006)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (83 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Rutherford, Thomas Regional Impacts of Russia's Accession To The World Trade Organization
    Keywords: Competitiveness ; Consumption ; Currencies and Exchange Rates ; Debt Markets ; E-Business ; Economic Theory ; Economic Theory and Research ; Economy ; Emerging Markets ; Equilibrium ; Exchange ; Finance and Financial Sector Development ; Free Trade ; Goods ; Imperfect Competition ; Information and Communication Technologies ; International Economics & Trade ; International Trade ; Investment ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Markets ; Markets and Market Access ; Prices ; Private Sector Development ; Production ; Public Sector Development ; Competitiveness ; Consumption ; Currencies and Exchange Rates ; Debt Markets ; E-Business ; Economic Theory ; Economic Theory and Research ; Economy ; Emerging Markets ; Equilibrium ; Exchange ; Finance and Financial Sector Development ; Free Trade ; Goods ; Imperfect Competition ; Information and Communication Technologies ; International Economics & Trade ; International Trade ; Investment ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Markets ; Markets and Market Access ; Prices ; Private Sector Development ; Production ; Public Sector Development ; Competitiveness ; Consumption ; Currencies and Exchange Rates ; Debt Markets ; E-Business ; Economic Theory ; Economic Theory and Research ; Economy ; Emerging Markets ; Equilibrium ; Exchange ; Finance and Financial Sector Development ; Free Trade ; Goods ; Imperfect Competition ; Information and Communication Technologies ; International Economics & Trade ; International Trade ; Investment ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Markets ; Markets and Market Access ; Prices ; Private Sector Development ; Production ; Public Sector Development
    Abstract: In this paper we develop a computable general equilibrium model of the regions of Russia to assess the impact of accession to the World Trade Organization (WTO) on the regions of Russia. We estimate that the average gain in welfare as a percentage of consumption for the whole country is 7.8 percent (or 4.3 percent of consumption); we estimate that three regions will gain considerably more: Northwest (11.2 percent), St. Petersburg (10.6 percent) and Far East (9.7 percent). We estimate that the Urals will gain only 6.2 percent of consumption, considerably less than the national average. The principal explanation in our central analysis for the differences across regions is the ability of the different regions to benefit from a reduction in barriers against foreign direct investment. The three regions with the largest welfare gains are clearly the regions with the estimated largest shares of multinational investment. But the Urals has attracted relatively little FDI in the service sectors. An additional reason for differences across regions is quantified in our sensitivity analysis: regions may gain more from WTO accession if they can succeed in creating a good investment climate
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  • 195
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    The Structural Determinants of External Vulnerability (2006)
    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: Loayza, Norman V The Structural Determinants of External Vulnerability
    Keywords: Aggregate Output ; Business Cycle ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Economic Conditions and Volatility ; Economic Fluctuations ; Economic Growth ; Economic Theory and Research ; Emerging Markets ; Exchange Rate ; External Shocks ; Finance and Financial Sector Development ; Financial Depth ; Foreign Exchange ; Free Trade ; Growth ; International Economics & Trade ; Labor ; Labor Management ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Social Protections and Labor ; Aggregate Output ; Business Cycle ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Economic Conditions and Volatility ; Economic Fluctuations ; Economic Growth ; Economic Theory and Research ; Emerging Markets ; Exchange Rate ; External Shocks ; Finance and Financial Sector Development ; Financial Depth ; Foreign Exchange ; Free Trade ; Growth ; International Economics & Trade ; Labor ; Labor Management ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Social Protections and Labor ; Aggregate Output ; Business Cycle ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Economic Conditions and Volatility ; Economic Fluctuations ; Economic Growth ; Economic Theory and Research ; Emerging Markets ; Exchange Rate ; External Shocks ; Finance and Financial Sector Development ; Financial Depth ; Foreign Exchange ; Free Trade ; Growth ; International Economics & Trade ; Labor ; Labor Management ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Social Protections and Labor
    Abstract: The authors examine empirically how domestic structural characteristics related to openness and product- and factor-market flexibility influence the impact that terms-of-trade shocks can have on aggregate output. For this purpose, they apply an econometric methodology based on semi-structural vector auto-regressions to a panel of 90 countries with annual observations for the period 1974-2000. Using this methodology, the authors isolate and standardize the shocks, estimate their impact on GDP, and examine how this impact depends on the domestic conditions outlined above. They find that larger trade openness magnifies the output impact of external shocks, particularly the negative ones, while improvements in labor market flexibility and financial openness reduce their impact. Domestic financial depth has a more nuanced role in stabilizing the economy. It helps reduce the impact of external shocks particularly in environments of high exposure-that is, when trade and financial openness are high, firm entry is unrestricted, and labor markets are rigid
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  • 196
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    Reducing Distortions To Agricultural Incentives : Progress, Pitfalls, And Prospects (2006)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (35 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Anderson, Kym Reducing Distortions To Agricultural Incentives
    Keywords: Agribusiness ; Agriculture ; Agriculture ; Comparative Advantage ; Currencies and Exchange Rates ; Debt Markets ; Development ; Economic Theory and Research ; Economics ; Emerging Markets ; Exports ; Finance and Financial Sector Development ; Free Trade ; Human Capital ; Import Barriers ; Incentives ; Income ; International Economics & Trade ; Macroeconomics and Economic Growth ; Multilateral Trade ; Prices ; Private Sector Development ; Protectionism ; Public Sector Development ; Rural Development Knowledge and Information Systems ; Trade Policy ; Agribusiness ; Agriculture ; Agriculture ; Comparative Advantage ; Currencies and Exchange Rates ; Debt Markets ; Development ; Economic Theory and Research ; Economics ; Emerging Markets ; Exports ; Finance and Financial Sector Development ; Free Trade ; Human Capital ; Import Barriers ; Incentives ; Income ; International Economics & Trade ; Macroeconomics and Economic Growth ; Multilateral Trade ; Prices ; Private Sector Development ; Protectionism ; Public Sector Development ; Rural Development Knowledge and Information Systems ; Trade Policy ; Agribusiness ; Agriculture ; Agriculture ; Comparative Advantage ; Currencies and Exchange Rates ; Debt Markets ; Development ; Economic Theory and Research ; Economics ; Emerging Markets ; Exports ; Finance and Financial Sector Development ; Free Trade ; Human Capital ; Import Barriers ; Incentives ; Income ; International Economics & Trade ; Macroeconomics and Economic Growth ; Multilateral Trade ; Prices ; Private Sector Development ; Protectionism ; Public Sector Development ; Rural Development Knowledge and Information Systems ; Trade Policy
    Abstract: Most of the world's poorest people depend on farming for their livelihood. Earnings from farming in low-income countries are depressed partly due to a pro-urban bias in own-country policies, and partly because richer countries (including some developing countries) favor their farmers with import barriers and subsidies. Both sets of policies reduce national and global economic growth and add to inequality and poverty in developing countries. Acknowledgement of that since the 1980s has given rise to greater pressures for reform, both internal and external. Over the past two decades numerous developing country governments have reduced their sectoral and trade policy distortions, while many high-income countries continue with protectionist policies that harm developing country exports of farm products. Recent research suggests that the agricultural protectionist policies of high-income countries reduce welfare in many developing countries. Most of those studies also suggest that full global liberalization of merchandise trade would raise value added in agriculture in developing country regions, and that much of the benefit from global reform would come not just from reform in high-income countries but also from liberalization among developing countries, including in many cases own-country reform. These findings raise three key questions that are addressed in this paper: To what extent have the reforms of the past two decades succeeded in reducing distortions to agricultural incentives? Do current policy distortions still discriminate against farmers in low-income countries? And what are the prospects for further reform in the next decade or so?
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  • 197
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    Banking Services For Everyone ? : Barriers To Bank Access And Use Around The World (2006)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (60 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Beck, Thorsten Banking Services For Everyone ?
    Keywords: Bank ; Bank Accounts ; Banking Services ; Banks ; Banks and Banking Reform ; Checking Account ; Customers ; Debt Markets ; Demand ; Depos Deposits ; Emerging Markets ; Finance and Financial Sector Development ; Financial Institutions ; Financial Literacy ; Financial Services ; Financial Transaction ; Housing ; Private Sector Development ; Bank ; Bank Accounts ; Banking Services ; Banks ; Banks and Banking Reform ; Checking Account ; Customers ; Debt Markets ; Demand ; Depos Deposits ; Emerging Markets ; Finance and Financial Sector Development ; Financial Institutions ; Financial Literacy ; Financial Services ; Financial Transaction ; Housing ; Private Sector Development ; Bank ; Bank Accounts ; Banking Services ; Banks ; Banks and Banking Reform ; Checking Account ; Customers ; Debt Markets ; Demand ; Depos Deposits ; Emerging Markets ; Finance and Financial Sector Development ; Financial Institutions ; Financial Literacy ; Financial Services ; Financial Transaction ; Housing ; Private Sector Development
    Abstract: Using information from 193 banks in 58 countries, the authors develop and analyze indicators of physical access, affordability, and eligibility barriers to deposit, loan, and payment services. They find substantial cross-country variation in barriers to banking and show that in many countries these barriers can potentially exclude a significant share of the population from using banking services. Correlations with bank- and country-level variables show that bank size and the availability of physical infrastructure are the most robust predictors of barriers. Further, the authors find evidence that in more competitive, open, and transparent economies, and in countries with better contractual and informational frameworks, banks impose lower barriers. Finally, though foreign banks seem to charge higher fees than other banks, in foreign dominated banking systems fees are lower and it is easier to open bank accounts and to apply for loans. On the other hand, in systems that are predominantly government-owned, customers pay lower fees but also face greater restrictions in terms of where to apply for loans and how long it takes to have applications processed. These findings have important implications for policy reforms to broaden access
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  • 198
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    An Assessment of Reform Options For The Public Service Pension Fund In Uganda (2006)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (108 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Bogomolova, Tatiana An Assessment of Reform Options For The Public Service Pension Fund In Uganda
    Keywords: Bank ; Capital Market ; Contribution ; Contribution Scheme ; Debt Markets ; Economic Development ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Economist ; Financial Literacy ; Insurance ; Liabilities ; Pension ; Pension Fund ; Pension Reform ; Pensions and Retirement Systems ; Private Sector Development ; Social Protections and Labor ; Bank ; Capital Market ; Contribution ; Contribution Scheme ; Debt Markets ; Economic Development ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Economist ; Financial Literacy ; Insurance ; Liabilities ; Pension ; Pension Fund ; Pension Reform ; Pensions and Retirement Systems ; Private Sector Development ; Social Protections and Labor ; Bank ; Capital Market ; Contribution ; Contribution Scheme ; Debt Markets ; Economic Development ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Economist ; Financial Literacy ; Insurance ; Liabilities ; Pension ; Pension Fund ; Pension Reform ; Pensions and Retirement Systems ; Private Sector Development ; Social Protections and Labor
    Abstract: This paper analyzes the future liabilities that the Ugandan Public Service Pensions Fund might accumulate under the provisions of the Pensions Act (CAP 286) unless it is reformed. It then discusses alternative reform options that can be used in designing an educated homegrown reform of the fund. The paper supports a hybrid (two-pillar) reform option composed of a small defined benefit scheme and a complementary defined contribution scheme, instead of a pure defined contribution (monopillar) reform option discussed by policymakers in the country. The main reason for this is related to the fact that hybrid and pure defined contribution reforms will have the same impact on reducing pension expenditure (for the same grandfathering rules and surplus in the first pillar). In addition, everything else being equal, the hybrid reform is likely to produce higher average replacement rates due to the redistributive and pooling properties of the small defined benefit pillar
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  • 199
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    Does Insurance Market Activity Promote Economic Growth ? : Country Study For Industrial And Developing Countries (2006)
    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: Arena, Marco Does Insurance Market Activity Promote Economic Growth ?
    Keywords: Bank Policy ; Banking Sector ; Banks and Banking Reform ; Bond ; Debt Markets ; Developing Countries ; Economic Theory and Research ; Emerging Markets ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Intermediation ; Financial Literacy ; Financial Systems ; Insurance ; Insurance Law ; Insurance Market ; Insurance Markets ; Insurance Premiums ; Insurance and Risk Mitigation ; Law and Development ; Macroeconomics and Economic Growth ; Private Sector Development ; Bank Policy ; Banking Sector ; Banks and Banking Reform ; Bond ; Debt Markets ; Developing Countries ; Economic Theory and Research ; Emerging Markets ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Intermediation ; Financial Literacy ; Financial Systems ; Insurance ; Insurance Law ; Insurance Market ; Insurance Markets ; Insurance Premiums ; Insurance and Risk Mitigation ; Law and Development ; Macroeconomics and Economic Growth ; Private Sector Development ; Bank Policy ; Banking Sector ; Banks and Banking Reform ; Bond ; Debt Markets ; Developing Countries ; Economic Theory and Research ; Emerging Markets ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Intermediation ; Financial Literacy ; Financial Systems ; Insurance ; Insurance Law ; Insurance Market ; Insurance Markets ; Insurance Premiums ; Insurance and Risk Mitigation ; Law and Development ; Macroeconomics and Economic Growth ; Private Sector Development
    Abstract: Insurance market activity, both as a financial intermediary and a provider of risk transfer and indemnification, may contribute to economic growth by allowing different risks to be managed more efficiently and by mobilizing domestic savings. During the past decade, there has been faster growth in insurance market activity, particularly in emerging markets given the process of liberalization and financial integration, which raises questions about its impact on economic growth. The author tests whether there is a causal relationship between insurance market activity (life and nonlife insurance) and economic growth. Using the generalized method of moments for dynamic models of panel data for 56 countries and for the 1976-2004 period, he finds robust evidence of a causal relationship between insurance market activity and economic growth. Both life and nonlife insurance have a positive and significant causal effect on economic growth. High-income countries drive the results in the case of life insurance. On the other hand, both high-income and developing countries drive the results in the case of nonlife insurance
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  • 200
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    Online Resource
    Governance And Private Investment In The Middle East And North Africa (2006)
    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: Nabli, Mustapha Kamel Governance And Private Investment In The Middle East And North Africa
    Keywords: Accountability ; Bureaucratic Quality ; Civil Liberties ; Corruption ; Debt Markets ; Democratic Institutions ; Economic Activity ; Economic Policies ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Development ; Financial Literacy ; Governance ; Governance Indicators ; Governance Institutions ; Governance Quality ; Human Development ; Investment Climate ; Investment and Investment Climate ; Labor Policies ; Macroeconomics and Economic Growth ; National Governance ; Non Bank Financial Institutions ; Participation ; Political Economy ; Political Instability ; Political Rights ; Political Stability ; Private Sector Development ; Property Rights ; Rule of Law ; Security ; Social Protections and Labor ; Accountability ; Bureaucratic Quality ; Civil Liberties ; Corruption ; Debt Markets ; Democratic Institutions ; Economic Activity ; Economic Policies ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Development ; Financial Literacy ; Governance ; Governance Indicators ; Governance Institutions ; Governance Quality ; Human Development ; Investment Climate ; Investment and Investment Climate ; Labor Policies ; Macroeconomics and Economic Growth ; National Governance ; Non Bank Financial Institutions ; Participation ; Political Economy ; Political Instability ; Political Rights ; Political Stability ; Private Sector Development ; Property Rights ; Rule of Law ; Security ; Social Protections and Labor ; Accountability ; Bureaucratic Quality ; Civil Liberties ; Corruption ; Debt Markets ; Democratic Institutions ; Economic Activity ; Economic Policies ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Development ; Financial Literacy ; Governance ; Governance Indicators ; Governance Institutions ; Governance Quality ; Human Development ; Investment Climate ; Investment and Investment Climate ; Labor Policies ; Macroeconomics and Economic Growth ; National Governance ; Non Bank Financial Institutions ; Participation ; Political Economy ; Political Instability ; Political Rights ; Political Stability ; Private Sector Development ; Property Rights ; Rule of Law ; Security ; Social Protections and Labor
    Abstract: This paper addresses the issue of the low level of private investment in the Middle East and North Africa (MENA) region, with special emphasis on the role of governance. Based on the existing literature, the authors categorize what types of governance institutions are more detrimental to entrepreneurial investments. They then estimate a simultaneous model of private investment and governance quality where economic policies concurrently explain both variables. The empirical results show that governance plays a significant role in private investment decisions. This result is particularly true in the case of "administrative quality" in the form of control of corruption, bureaucratic quality, investment-friendly profile of administration, and law and order, as well as for "political stability." Evidence in favor of "public accountability" seems, however, less robust. The estimations also stress that structural reforms-such as financial development and trade openness-and human development affect private investment decisions directly, and/or through their positive impact on governance. These findings bring new empirical evidence on the subject of private investment in the developing world and in MENA countries in particular
    URL: Volltext  (Deutschlandweit zugänglich)
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    MPI Ethno. Forsch.
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