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  • 1
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (26 pages)
    Parallel Title: Erscheint auch als Thomas, Alastair VAT Rate Structures in Theory and Practice
    Keywords: Economic Theory and Research ; Law and Development ; Macroeconomics and Economic Growth ; Redistribution ; Reduced Rates ; Tax Law ; Tax Rate ; Tax Reform ; Value Added Tax (VAT)
    Abstract: Most countries' value-added tax (VAT) systems apply reduced VAT rates to a selection of expenditure items in order to achieve distributional goals, and (to a lesser extent) social and cultural objectives. This paper assesses the case for applying reduced VAT rates, with a particular focus on OECD countries where reduced rates feature prominently. It examines both the theoretical and empirical evidence, as well as practical considerations, and concludes that the case for reduced VAT rates is weak. In particular, the optimal indirect tax literature finds no redistributive role for reduced VAT rates when other more direct instruments are available. These theoretical findings are supported by the empirical literature that shows reduced VAT rates to be a poorly targeted means of supporting lower income households, particularly when compared to targeted cash transfer programs. Similarly, reduced VAT rates are unlikely to be a well-targeted way to encourage consumption of merit goods, while they also create significant administrative complexity. These findings have significant implications for tax reform in both developed and developing economies. In particular, where countries have the administrative capacity to implement effectively targeted cash transfer programs, they should use these programs to support poorer households instead of reduced VAT rates
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  • 2
    Language: English
    Pages: 1 Online-Ressource (34 pages)
    Parallel Title: Erscheint auch als Himelein, Kristen Implications of Choice of Second Stage Selection Method on Sampling Error and Non-Sampling Error: Evidence from an IDP Camp in South Sudan
    Keywords: Cross-Sectional Household Survey ; Displacement ; Economic Theory and Research ; Estimation ; Household Survey Design ; Macroeconomics and Economic Growth ; Microeconomic Data ; Poverty Reduction ; Social Development ; Survey and Sampling Methods ; Voluntary and Involuntary Resettlement
    Abstract: The most common sampling approach for cross-sectional household surveys in the developing world is a stratified two-stage design, where the first stage is usually a sample from a census-based area frame, and the second stage is a random sample of households from each of the areas selected in the first stage. To overcome the problem of outdated census frame information, it is common to conduct a household listing operation within these areas. However, these listing operations come with severe implications for survey costs, timeframe, as well as quality. To avoid such second-stage operations, some surveys choose alternate approaches for their second-stage operation. This paper compares five of these approaches, namely, satellite mapping, segmentation, grid square, the north method, and random walk, through simulations based on a census conducted in a refugee camp in South Sudan. The paper compares the simulated approach with the estimates derived from the actual experiment and finds that all the resulting estimates are biased. Nevertheless, in addition to their practical challenges, the satellite mapping, segmentation, and grid square approaches exhibit the smallest bias. Although random walk shows the worst performance in the simulations, it regains ground in its implementation, especially vis-a-vis the north method, where implementation adds most significantly to its bias. In conclusion, most probability-based methods perform better than non-probability methods like random walk and are therefore preferrable when no traditional household listing can take place. Although it is important to consider the theoretical properties of sampling approaches, implementation is at least as important. Training, implementation modalities, and monitoring of compliance are key factors in the overall performance
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  • 3
    ISBN: 9789811616341
    Language: English
    Pages: 1 Online-Ressource (XVII, 219 p. 43 illus., 34 illus. in color.)
    Parallel Title: Erscheint auch als
    Parallel Title: Erscheint auch als
    Parallel Title: Erscheint auch als
    Keywords: Financial services industry. ; Capital market. ; Development economics. ; International economic integration. ; Globalization. ; Private Equity ; Infrastructure Finance ; Real Estate Finance ; Staging and Syndication ; Financial Strategy ; Value Addition ; Emerging Markets ; Innovative Finance ; Development Finance
    Abstract: Introduction -- The Need for Innovative Financing -- Impact of Private Equity Financing -- Strategies of Private Equity Financing -- Value Creation of Private Equity Financing -- Conclusion.
    Abstract: This book provides a comprehensive overview of Private Equity (PE) financing in the infrastructure and real estate sectors. In doing so, it analyzes the impact of such investments in the two sectors, evaluates the types of financing strategies, and explores the value created by such investments. Infrastructure and Real Estate have emerged as a significant asset class for PE investors. In the last three decades, PE firms have invested significant amounts of capital in infrastructure and real estate – sectors which did not feature in their radar before 2000. Between 2000 and 2009, PE firms invested more than USD 200 billion in infrastructure. Real estate sector also witnessed investments of a similar scale as that of infrastructure. Fundraising for infrastructure and real estate was about USD 100 billion and USD 150 billion respectively in 2019, setting new records and reaching all-time highs. This book examines such PE investments – both at a global level and at an emerging economy level, to identify how PE firms have created an impact with their investments, to provide both ready capital and value-addition to sectors which seem to urgently need both. The book is divided into three sections – impact of PE investments, strategies used by PE firms, and value created by such investments. The findings of this research and the corresponding best practices are useful and applicable to students, academicians, researchers, financial institutions, policy makers and law makers, commercial banks and funding agencies, practitioners, the Government, and other parties who are directly or indirectly associated with the development of infrastructure and real estate; and could aid funding agencies, practitioners and policy makers who are directly responsible for creating and developing infrastructure and real estate for their economies.
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  • 4
    Language: English
    Pages: 1 Online-Ressource (45 pages)
    Parallel Title: Erscheint auch als Cavanagh, Jack A Metadata Schema for Data from Experiments in the Social Sciences
    Keywords: Data Publicaiton ; Economic Theory and Research ; Health, Nutrition and Population ; ICT Data and Statistics ; Information and Communication Technologies ; Interoperable Social Sciences Data ; Macroeconomics and Economic Growth ; Metadata ; Population Sciences ; Program Evaluation ; Randomized Control Trial ; Secondary Research ; Social Sciences Research ; Technology Innovation ; Trial Registration
    Abstract: The use of randomized controlled trials (RCTs) in the social sciences has greatly expanded, resulting in newly abundant, high-quality data that can be reused to perform methods research in program evaluation, to systematize evidence for policymakers, and for replication and training purposes. However, potential users of RCT data often face significant barriers to discovery and reuse. This paper proposes a metadata schema that standardizes RCT data documentation and can serve as the basis for one-or many, interoperable -data catalogs that make such data easily findable, searchable, and comparable, and thus more readily reusable for secondary research. The schema is designed to document the unique properties of RCT data. Its set of fields and associated encoding schemes (acceptable formats and values) can be used to describe any dataset associated with a social science RCT. The paper also makes recommendations for implementing a catalog or database based on this metadata schema
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  • 5
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: IEG Independent Evaluations and Annual Reviews
    Keywords: Case Study Review ; Case-Based Evaluation ; Economic Theory and Research ; Evaluation Design ; Intervention Effectiveness ; Interventions and Outcomes ; Macroeconomics and Economic Growth ; Poverty Impact Evaluation ; Poverty Monitoring and Analysis ; Poverty Reduction ; World Bank Support To Carbon Finance Case Study
    Abstract: Several myths persist within research and evaluation circles about the power and limitations of evaluation designs that use cases (or case studies) as their primary empirical material (case-based evaluation designs). Using a real-world application, this paper busts two myths regarding the use of case-based designs in evaluations that aim to answer effectiveness questions and unpack the relationships between interventions and observed changes in outcomes (broadly known as causal analysis): that case studies cannot be used for causal analysis and that it is impossible to generalize from case studies. Through a detailed demonstration of how the evaluation of the World Bank's support to carbon finance has been designed and implemented, the paper undoes these preconceived ideas about the inferential, explanatory, and generalizability power of case-based evaluation designs
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  • 6
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (38 pages)
    Parallel Title: Erscheint auch als Doumbia, Djeneba Issuer Composition and Stock Market Growth
    Keywords: Domestic Stock Market Growth ; Economic Growth ; Economic Outcome of Stock Issuers ; Economic Theory and Research ; Equity Issuers ; Finance and Development ; Finance and Financial Sector Development ; Issuer Composition ; Macroeconomics and Economic Growth ; Sectoral Diversity ; Stock Market
    Abstract: Does issuer composition change as stock markets grow, and, if so, how An increase in market capitalization may be driven by growth on the intensive or extensive margin. Such growth may also influence the level of market concentration and diversity among listed firms. Using a novel dataset, this paper examines how the number, concentration, and sectoral diversity of issuers change as domestic stock markets grow, with a focus on low- and middle-income countries. The results show that an increase in stock market capitalization tends to be associated with only growth on the intensive margin. Greater market activity, however, is linked to entry of new issuers and for low- and middle-income countries, also to marginally lower market concentration. However, there is no evidence that sectoral diversity changes with market size or activity. These findings have important implications for firm financing as stock markets may not necessarily become more inclusive as they grow
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  • 7
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (182 pages)
    Parallel Title: Erscheint auch als
    Keywords: Commodity Prices ; Developing Countries ; Developing Economies ; Economic Growth ; Economic Prospects ; Emerging Markets ; Global Economy ; International Trade ; Trade Protectionism
    Abstract: Global growth is projected to slow significantly in the second half of this year, with weakness continuing in 2024. Inflation pressures persist, and tight monetary policy is expected to weigh substantially on activity. The possibility of more widespread bank turmoil and tighter monetary policy could result in even weaker global growth. Rising borrowing costs in advanced economies could lead to financial dislocations in the more vulnerable emerging market and developing economies (EMDEs). In low-income countries, in particular, fiscal positions are increasingly precarious. Comprehensive policy action is needed at the global and national levels to foster macroeconomic and financial stability. Among many EMDEs, and especially in low-income countries, bolstering fiscal sustainability will require generating higher revenues, making spending more efficient, and improving debt management practices. Continued international cooperation is also necessary to tackle climate change, support populations affected by crises and hunger, and provide debt relief where needed. In the longer term, reversing a projected decline in EMDE potential growth will require reforms to bolster physical and human capital and labor-supply growth
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  • 8
    Language: English
    Pages: 1 Online-Ressource (36 pages)
    Parallel Title: Erscheint auch als Andree, Bo Pieter Johannes Machine Learning Imputation of High Frequency Price Surveys in Papua New Guinea
    Keywords: Agriculture ; Agriculture and Food Security ; Economic Shocks ; Economic Theory and Research ; Food Prices ; Inflation ; Machine Learning Advances ; Macroeconomic Monitoring ; Macroeconomics and Economic Growth ; Poverty Monitoring and Analysis ; Poverty Reduction
    Abstract: Capabilities to track fast-moving economic developments re-main limited in many regions of the developing world. This complicates prioritizing policies aimed at supporting vulnerable populations. To gain insight into the evolution of fluid events in a data scarce context, this paper explores the ability of recent machine-learning advances to produce continuous data in near-real-time by imputing multiple entries in ongoing surveys. The paper attempts to track inflation in fresh produce prices at the local market level in Papua New Guinea, relying only on incomplete and intermittent survey data. This application is made challenging by high intra-month price volatility, low cross-market price correlations, and weak price trends. The modeling approach uses chained equations to produce an ensemble prediction for multiple price quotes simultaneously. The paper runs cross-validation of the prediction strategy under different designs in terms of markets, foods, and time periods covered. The results show that when the survey is well-designed, imputations can achieve accuracy that is attractive when compared to costly-and logistically often infeasible-direct measurement. The methods have wider applicability and could help to fill crucial data gaps in data scarce regions such as the Pacific Islands, especially in conjunction with specifically designed continuous surveys
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  • 9
    Language: English
    Pages: 1 Online-Ressource (63 pages)
    Parallel Title: Erscheint auch als Ashwin, Julian Using Large Language Models for Qualitative Analysis can Introduce Serious Bias
    Keywords: Annotation ; Chatgpt ; Economic Theory and Research ; ICT Applications ; ICT Policy and Strategies ; Information and Communication Technologies ; Large Language Models (LLMS) ; LLAMA 2 ; Machine Bias ; Macroeconomics and Economic Growth ; Qualitative Analysis ; Rohingya People ; Social Science Research ; Text as Data
    Abstract: Large Language Models (LLMs) are quickly becoming ubiquitous, but the implications for social science research are not yet well understood. This paper asks whether LLMs can help us analyse large-N qualitative data from open-ended interviews, with an application to transcripts of interviews with displaced Rohingya people in Cox's Bazaar, Bangladesh. The analysis finds that a great deal of caution is needed in using LLMs to annotate text as there is a risk of introducing biases that can lead to misleading inferences. Here this refers to bias in the technical sense, that the errors that LLMs make in annotating interview transcripts are not random with respect to the characteristics of the interview subjects. Training simpler supervised models on high-quality human annotations with flexible coding leads to less measurement error and bias than LLM annotations. Therefore, given that some high quality annotations are necessary in order to asses whether an LLM introduces bias, this paper argues that it is probably preferable to train a bespoke model on these annotations than it is to use an LLM for annotation
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  • 10
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: 2201
    Keywords: Access To Finance ; Adaptation To Climate Change ; Carbon Emission Reduction ; City Development Strategies ; Climate Change Adaptation ; Climate Change Mitigation and Green House Gases ; Construction Materials ; Decarbonization ; Developing Countries ; Emerging Markets ; Environment ; Finance and Financial Sector Development ; Sustainable Construction ; Urban Development
    Abstract: How developing countries meet their rising building needs will be pivotal to the world's climate future. The good news is that the projected emissions growth in construction value chains can be reduced significantly with the application of existing technologies, new financing instruments, and the implementation of appropriate policies. Even as emerging economies meet the rising demand for residential and commercial buildings, it is possible to reduce total emissions from the sector below today's level by 2035. To avoid perpetuating the status quo, decisive action is needed by policy makers, developers, construction material producers, financiers, and international development institutions. IFC is launching this report to guide international efforts to decarbonize construction value chains. Building Green: Sustainable Construction in Emerging Markets was prepared through close collaboration between IFC economists, investment officers, and building and constructionsector specialists. The report provides a comprehensive analysis of the challenges of reducing carbon emissions from construction value chains in developing countries, but also the considerable opportunities that willcome from mobilizing the estimated USD 1.5 trillion of investment required for this transition
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  • 11
    Language: English
    Pages: 1 Online-Ressource (68 pages)
    Parallel Title: Erscheint auch als Iacovone, Leonardo Bayesian Impact Evaluation with Informative Priors: An Application to a Colombian Management and Export Improvement Program
    Keywords: Bayesian Impact Evaluation ; Competition Policy ; Competitiveness and Competition Policy ; Economic Theory and Research ; Export Competitiveness ; International Economics and Trade ; Macroeconomics and Economic Growth ; Management ; Prior Elicitation ; Private Sector Development ; Randomized Experiment ; Social Policy Evaluation Method
    Abstract: Policymakers often test expensive new programs on relatively small samples. Formally incorporating informative Bayesian priors into impact evaluation offers the promise to learn more from these experiments. A Colombian government program which aimed to increase exporting was trialed experimentally on 200 firms with this goal in mind. Priors were elicited from academics, policymakers, and firms. Contrary to these priors, frequentist estimation can not reject 0 effects in 2019, and finds some negative impacts in 2020. For binary outcomes like whether firms export, frequentist estimates are relatively precise, and Bayesian credible posterior intervals update to overlap almost completely with standard confidence intervals. For outcomes like increasing export variety, where the priors align with the data, the value of these priors is seen in posterior intervals that are considerably narrower than frequentist confidence intervals. Finally, for noisy outcomes like export value, posterior intervals show almost no updating from the priors, highlighting how uninformative the data are about such outcomes
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  • 12
    Language: English
    Pages: 1 Online-Ressource (30 pages)
    Parallel Title: Erscheint auch als Steenbergen, Victor What Makes an Investment Promotion Agency Effective? Findings from a Structural Gravity Model
    Keywords: Economic Theory and Research ; Foreign Direct Investment ; Foreign Trade Promotion and Regulation ; Gravity Model ; International Economics and Trade ; Investment and Investment Climate ; Investment Promotion ; Macroeconomics and Economic Growth ; Sectoral Foreign Investment Data
    Abstract: Although many countries have established investment promotion agencies over the past two decades, there is little evidence on what characteristics make them effective in attracting foreign direct investment into their home country. To provide new insight into this question, this paper brings together sectoral foreign direct investment data with survey data on investment promotion agency characteristics. Using a structural gravity model framework, it explores the effect of investment promotion agencies' sectoral targeting on inward foreign direct investment stocks over 2013 to 2018, across a sample of 36 middle- and high-income countries. The study finds that investment promotion agency sectoral targeting provides a significant positive effect on the sector's foreign direct investment stock in that country. Yet, a gravity model with country-interaction effects suggests that not all countries are equally effective at promoting investment. The results from the model are used to define two groups: high-performing investment promotion agencies (those with positive, significant effects in attracting foreign direct investment) and other investment promotion agencies (those with insignificant or negative significant effects). Using t-tests, the study considers which investment promotion agency characteristics significantly differ between the two groups. The findings suggest that effective investment promotion agencies are more likely to be private or semi-private agencies. Their mandate tends to be focused narrowly on foreign investment and exclude responsibilities for domestic investment promotion. Such investment promotion agencies are more likely to have a board of directors, and their staff tends to be better compensated. Finally, high-performing investment promotion agencies tend to provide more investor services, partly by engaging smart, sectoral analytics and adopting systems for identifying investor complaints or disputes
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  • 13
    Language: English
    Pages: 1 Online-Ressource (108 pages)
    Parallel Title: Erscheint auch als Kasyanenko, Sergiy The Past and Future of Regional Potential Growth: Hopes, Fears, and Realities
    Keywords: Climate Change ; Competitiveness ; Demographics ; Developing Economies ; Emerging Markets ; International Economics and Trade ; Investment ; Potential Growth ; Private Sector Development ; Total Factor Productivity
    Abstract: Potential growth slowed in most emerging market and developing economy (EMDE) regions in the past decade. The steepest slowdown occurred in the Middle East and North Africa (MNA), followed by East Asia and the Pacific (EAP), although potential growth in EAP remained one of the two highest among EMDE regions, the other being South Asia (SAR), where potential growth remained broadly unchanged. Projections of the fundamental drivers of growth suggest that, without reforms, potential growth in EMDEs will continue to weaken over the remainder of this decade. The slowdown will be most pronounced in EAP and Europe and Central Asia because of slowing labor force growth and weak investment, and least pronounced in Sub-Saharan Africa where the multiple adverse shocks over the past decade are assumed to dissipate going forward. Potential growth in Latin America and the Caribbean, MNA, and SAR is expected to be broadly steady as slowing population growth is offset by strengthening productivity. The projected declines in potential growth are not inevitable. Many EMDEs could lift potential growth by implementing reforms, with policy priorities varying across regions
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  • 14
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (60 pages)
    Parallel Title: Erscheint auch als Kilic Celik, Sinem Potential Growth Prospects: Risks, Rewards, and Policies
    Keywords: Emerging Markets ; Growth Expectations ; Human Capital Accumulation ; Labor Force Participation ; Macroeconomics and Economic Growth ; Production Function ; Slow Growth ; Social Development
    Abstract: Potential output growth around the world slowed over the past two decades. This slowdown is expected to continue in the remainder of the 2020s: global potential growth is projected to average 2.2 percent per year in 2022-30, 0.4 percentage point below its 2011-21 average. Emerging market and developing economies (EMDEs) will face an even steeper slowdown, of about 1.0 percentage point to 4.0 percent per year on average during 2022-30. The slowdown will be widespread, affecting most EMDEs and countries accounting for 70 percent of global GDP. Global potential growth over the remainder of this decade could be even slower than projected in the baseline scenario-by another 0.2-0.9 percentage point a year-if investment growth, improvements in health and education outcomes, or developments in labor markets disappoint, or if adverse events materialize. A menu of policy options is available to help reverse the trend of weakening economic growth, including policies to enhance physical and human capital accumulation; to encourage labor force participation by women and older adults; to improve the efficiency of public spending; and to mitigate and adapt to climate change, including infrastructure investment to facilitate the green transition
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  • 15
    Language: English
    Pages: 1 Online-Ressource (35 pages)
    Parallel Title: Erscheint auch als Ablaza, Christine Indonesia's Informal Economy: Measurement, Evidence, and a Research Agenda
    Keywords: Economic Theory and Research ; Employment and Unemployment ; Informal Economy Literature Review ; Informal Economy Research ; Informal Employment ; Informal Sector Policy ; Informality Literature ; Macroeconomics and Economic Growth ; Poverty Reduction ; Social Protections and Labor ; Work and Working Conditions
    Abstract: Indonesia has made remarkable economic progress since the Asian Financial Crisis. To sustain its growth and achieve high-income status by 2045, it needs to address the long-standing challenge of informality. Doing so will require a coordinated policy approach informed by robust empirical evidence on the underlying causes and consequences of informality. This paper contributes to this agenda by reviewing the state of knowledge on the informal economy in Indonesia. The study focuses on three key areas of relevance to future policies on informality, namely: (1) key definitions and measures, (2) existing data sources, and (3) findings from previous research. The paper identifies remaining gaps in the existing data and empirical literature and uses this to construct an agenda for future work on the subject
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  • 16
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Speeches of World Bank Presidents
    Keywords: Concessional Resources ; Debt Distress ; Debt Markets ; Debt Sustainability ; Debt Transparency ; Economic Forecasting ; External Debt ; Finance and Financial Sector Development ; Global Growth Outlook ; Governance Standards ; International Economics and Trade ; Investment and Investment Climate ; Investment Climate ; Macroeconomics and Economic Growth
    Abstract: These remarks were delivered by the World Bank Group President David Malpass during the Launch of the January 2023 Global Economic Prospects Report on January 10, 2023. He addressed the following topics: global growth outlook; rising levels of debt distress and possible directions to achieve debt transparency and sustainability; the need for greatly expanded resources for developing countries, including deeply concessional resources; and attractive investment climate and governance standards
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  • 17
    Language: English
    Pages: 1 Online-Ressource (42 pages)
    Parallel Title: Erscheint auch als Marioli, Francisco Arroyo Fiscal Policy Volatility and Growth in Emerging Markets and Developing Economies
    Keywords: Commodity Dependent Exporters ; Commodity Exporters ; Economic Conditions and Volatility ; Emerging Markets ; Fiscal Policy ; Growth ; Macroeconomics and Economic Growth ; Volatility
    Abstract: This paper studies the volatility of fiscal policy in a large sample of countries with a focus on emerging markets and developing economies and commodity exporters over 1990-2021. The findings show that fiscal policy has been more volatile in emerging markets and developing economies than in advanced economies, and in commodity exporters relative to non-commodity exporters over this period. The degree of commodity dependence, and institutional and policy variables can explain a large percentage of the cross-country variation in volatility. The existence of fiscal rules, a more liberalized capital account, and more flexible exchange rates are all associated with lower fiscal policy volatility. The paper also shows the negative macroeconomic consequences of this additional volatility on economic growth, finding that, over a 30-year period, it can explain 8 percent of the income gap between the emerging markets and developing economies and advanced economies in the sample
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  • 18
    Language: English
    Pages: 1 Online-Ressource (51 pages)
    Parallel Title: Erscheint auch als Kraay, Aart A New Distribution Sensitive Index for Measuring Welfare, Poverty, and Inequality
    Keywords: Economic Theory and Research ; Inequality Index ; Macroeconomics and Economic Growth ; Poverty Index ; Poverty Informatics ; Poverty Reduction ; Shared Prosperity ; Welfare Index
    Abstract: Simple welfare indices such as mean income are ubiquitous but not distribution sensitive. In contrast, existing distribution sensitive welfare indices are rarely used, often because they are difficult to explain and/or lack intuitive units. This paper proposes a simple new distribution sensitive welfare index with intuitive units: the average factor by which individual incomes must be multiplied to attain a given reference level of income. This new index is subgroup decomposable with population weights and satisfies the three main definitions of distribution sensitivity in the literature. Variants on this index can be used as distribution sensitive poverty measures and as inequality measures, with the same simple intuitive units. The properties of the new index are illustrated using the global distribution of income across individuals between 1990 and 2019, as well as with selected country comparisons. Finally, the index can be used to define the "prosperity gap" as a proposed new measure of "shared prosperity," one of the twin goals of the World Bank
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  • 19
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (39 pages)
    Parallel Title: Erscheint auch als Gill, Indermit Making the Low-Income Country Debt Sustainability Framework Fit for Purpose
    Keywords: Debt Markets ; Debt Sustainability ; Finance and Financial Sector Development ; Fiscal Deficit Flow ; Low-Income Country Debt Sustainability Framework ; Overal Public Debt ; Sustainable Development
    Abstract: The World Bank and the International Monetary Fund use the Low-Income Country Debt Sustainability Framework to assess the sustainability of sovereign debt in about 75 low- and middle-income developing countries. It is overdue for a review, and this paper recommends that it be replaced for three reasons. First, it was designed when official concessional external debt was virtually synonymous with public debt. Over the past decade, however, the marginal cost of borrowing for Low-Income Country Debt Sustainability Framework countries has been defined increasingly by domestic and external debt markets. This has rendered the framework largely obsolete. Second, the framework focuses mainly on external debt, but development outcomes in the framework countries are more closely related to overall public debt. The mission of the World Bank--and, increasingly, the International Monetary Fund--is to improve growth, stability and living standards. So public debt ought to be the principal focus of the revised Low-Income Country Debt Sustainability Framework. Third, causality in the framework countries flows from fiscal deficits to current account deficits rather than the other way around, and the public component constitutes the lion's share of total external debt. To focus on external debt distress in these circumstances is tantamount to tackling the symptom--accumulated current-account deficits--instead of the fundamental cause: fiscal deficits, or the gap between government investment and saving. The experiences of Ethiopia, Ghana and Zambia illustrate the arguments. The paper recommends a framework based on nominal public debt and its dynamics, supplemented with a thorough analysis of international liquidity. Discarding the Low-Income Country Debt Sustainability Framework could well be disruptive in the short run. However, the alternative would be worse: retaining an obsolete framework that has failed to anticipate public debt crises and is poorly aligned with the Sustainable Development Goals
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  • 20
    Language: English
    Pages: 1 Online-Ressource (66 pages)
    Parallel Title: Erscheint auch als Cortina, Juan J The Internationalization of China's Equity Markets
    Keywords: Emerging Markets ; Equity Financing ; Equity Issuance Activity ; Equity Market Liberalization ; Firm Investment ; Foreign Direct Investment ; Foreign Investors ; International Economics and Trade ; International Investors ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Private Sector Development ; Stock Connect
    Abstract: The internationalization of China's equity markets started in the early 2000s but accelerated after 2012, when Chinese firms' shares listed in Shanghai and Shenzhen gradually became available to international investors. This paper documents the effects of the post-2012 internationalization events by comparing the evolution of equity financing and investment activities for (i) domestic listed firms relative to firms that already had access to international investors and (ii) domestic listed firms that were directly connected to international markets relative to those that were not. The paper shows significant increases in financial and investment activities for domestic listed firms and connected firms, with sizable aggregate effects. The evidence also suggests that the rise in firms' equity issuances was primarily and initially financed by domestic investors. Foreign ownership of Chinese firms increased once the locally issued shares became part of the Morgan Stanley Capital International (MSCI) Emerging Markets Index in 2018
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  • 21
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (62 pages)
    Parallel Title: Erscheint auch als Ohnsorge, Franziska Trade as an Engine of Growth: Sputtering but Fixable
    Keywords: Commodity Market Disrupiton ; COVID-19 Pandemic Trade Recovery ; Developing Economies ; Emerging Markets ; Global Recession ; Impediments To Trade ; International Economics and Trade ; Trade
    Abstract: International trade has been an important engine of output and productivity growth historically. But since the global financial crisis, world trade growth has slowed, reflecting cyclical and structural forces. The COVID-19 pandemic and Russia's invasion of Ukraine have further disrupted commodity markets, global supply chains and the trade that accompanies them. A removal of impediments that raise trade costs could reinvigorate world trade. Trade costs, on average, roughly double the cost of internationally traded goods relative to domestically sold goods. Tariffs amount to only one-twentieth of average trade costs; the bulk are incurred in shipping and logistics, and trade procedures and processes at and behind the border. Despite a decline since 1995, trade costs remain about one-half higher in EMDEs than in advanced economies; about two-fifths of this gap appears to be due to higher shipping and logistics costs and a further two-fifths due to trade policy. A comprehensive reform package to lower trade costs could yield large dividends. It is estimated that among the worst-performing EMDEs, a hypothetical reform package to improve logistics and maritime connectivity to the standards of the best-performing EMDEs would halve trade costs
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  • 22
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: 2209
    Keywords: COVID-19 Impact ; Economic Theory and Research ; Equity and Development ; Household Survey Data ; Household Survey Design ; Impact of Shocks on Households ; Living Standards ; Macroeconomics and Economic Growth ; Poverty Reduction ; Questionnaire Design ; Shocks and Household Welfare
    Abstract: Beyond the COVID-19 pandemic, the world has experienced multiple global crises in the last few years. As countries adapt to a new normal, multi-topic household surveys should also be adapted to account for the impacts of shocks on household welfare. By reviewing the standard household survey questionnaires included in the guidebook, capturing what matters: essential guidelines for designing household surveys, the authors provide technical guidance on issues to consider when reviewing, designing, or updating questionnaires for household surveys during or after a major shock - relying on lessons learned from the World Bank's Living Standards Measurement Study program
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  • 23
    Language: English
    Pages: 1 Online-Ressource (11 pages)
    Parallel Title: Erscheint auch als Gajderowicz, Tomasz capturing the Educational and Economic Impacts of School Closures in Poland
    Keywords: COVID-19 Impact On Education ; COVID-19 Learning Loss ; Economic Impact of Learning Loss ; Economic Theory and Research ; Economics of Education ; Education ; Education Indicators and Statistics ; Macroeconomics and Economic Growth ; Primary Education ; School Closures ; Secondary Education
    Abstract: The effect of school closures in the spring of 2020 on the math, science, and reading skills of secondary school students in Poland is estimated. The COVID-19-induced school closures lasted 26 weeks in Poland, one of Europe's longest periods of shutdown. Comparison of the learning outcomes with pre- and post-COVID-19 samples shows that the learning loss was equal to more than one year of study. Assuming a 45-year working life of the total affected population, the economic loss in future student earnings may amount to 7.2 percent of Poland's gross domestic product
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  • 24
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other Financial Sector Study
    Keywords: Climate Change Economics ; Debt Markets ; Finance and Development ; Finance and Financial Sector Development ; Financial Structures ; Macroeconomics and Economic Growth
    Abstract: Climate change mitigation and adaptation efforts are urgently needed across Southeast Asia. The financial sector can play a critical role in supporting countries in their journey toward greater resilience and sustainability, but it must adapt to do so effectively. This report shows that while sustainable finance has experienced widespread expansion, sustainable financial markets remain small and unable to meet the funding needs of ASEAN-5 economies for their various sustainability objectives. Financial performance is a key driver of sustainable investments for financial institutions, often prioritized over sustainability considerations. This report highlights the importance of developing the financial architecture for sustainability in financial markets
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  • 25
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other Economic and Sector Work Reports
    Keywords: Business Environment ; Competitiveness and Competition Policy ; Economic Growth ; Economic Theory and Research ; Macroeconomics and Economic Growth ; Private Sector Development
    Abstract: This report provides detailed knowledge on firm-level technology sophistication in Poland, and, by identifying the main barriers and drivers to adoption, it delivers evidence-based policy recommendations to foster technology adoption across different firms and sectors. The analysis based on the TAS is divided into two parts. The main report first describes the new approach to measuring technology sophistication, the structure of the Technology Adoption Survey, and its implementation in Poland. Second, chapter 2 provides key insights from the results by linking technology adoption with productivity, managerial skills, and firms' capabilities. It also investigates heterogeneity in technology sophistication across firms with different characteristics and the main drivers and barriers to adoption. The analysis is enriched by providing an in-depth comparison of technology sophistication between Poland and Korea. Chapter 3 briefly explains the heterogeneity of technology sophistication across sectors in Poland. This report concludes with a policy recommendation chapter that is based on the results of the TAS and the assessment of current policies supporting technology adoption (chapter 4). The second separate report entitled Sectoral approach to the drivers of productivity growth in Polish sectors. A firm-level perspective on technology adoption and firm capabilities complements this report and focuses on the sectoral differences in technology adoption. Each sector, agriculture, food processing, wearing apparel, automotive, pharmaceuticals, trade, financial services, and land transport, is analyzed in detail, not only through the lens of the TAS but also from the perspective of the general economic situation in the sector. Moreover, the series also includes a policy note Do uslug (At your service) The promise of services-led development in Poland that describes the role that the service sector can play in spurring productivity growth
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  • 26
    Language: English
    Pages: 1 Online-Ressource (51 pages)
    Parallel Title: Erscheint auch als Arteta, Carlos How do Rising U.S. Interest Rates Affect Emerging and Developing Economies? It Depends
    Keywords: Economic Adjustment and Lending ; Economic Conditions and Volatility ; Economic Forecasting ; Economic Systems ; Emerging Markets ; Financial Crisis ; Fiscal and Monetary Policy ; Global Economic Interconnection ; Interest Rate Shocks ; Macroeconomics and Economic Growth ; Monetary Policy Spillovers ; Monetary Shock
    Abstract: This paper examines the implications of different types of interest rate shocks in the United States for emerging market and developing economies (EMDEs). It first classifies changes in U.S. interest rates into those caused by changes in inflation expectations ("inflation" shocks), changes in perceptions of the Federal Reserve's reaction function ("reaction" shocks), and changes in real activity ("real" shocks). The analysis attributes this year's sharp increases in U.S. interest rates almost exclusively to inflation and reaction shocks. These types of shocks are found to be associated with especially adverse effects: EMDE financial conditions tighten, consumption and investment fall, and governments cut spending to improve budget balances. By comparison, rising U.S. interest rates stemming from real shocks are not only associated with benign outcomes for EMDE financial conditions but also improvements in budget balances that reflect higher revenues as well as lower expenditures. Finally, this paper documents that rising U.S. interest rates driven by reaction shocks are especially likely to push EMDEs into financial crisis
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  • 27
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other papers
    Keywords: Adaptation To Climate Change ; Carbon Policy and Trading ; Creditworthiness ; Debt Markets ; Environment ; Finance and Financial Sector Development ; Sovereign Debt
    Abstract: The increasing role of the financial sector in the move toward a more sustainable economic model continues apace. The Coronavirus (COVID-19) shock shone a light on the need for all society to correct course, and the financial sector is responding. The pace of environmental, social, and governance (ESG) integration into investment decisions, which has become the prevalent form of sustainable finance, continues to accelerate. These developments reflect changing societal perspectives that challenge the traditionally ingrained investment approaches that have evolved over many decades. Against this backdrop, various financial sector stakeholders continue to evaluate how their role, products, and tools should adapt to this evolving landscape. This paper focuses on sovereign credit ratings and empirically assesses how broad sovereign ESG factors as well as the ESG factors specific to a country's national wealth and management of risks and opportunities related to so-called stranded assets like fossil fuel resources are manifested in sovereign credit rating assessments
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  • 28
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (236 pages)
    Series Statement: Global Economic Prospects
    Parallel Title: Erscheint auch als
    Keywords: Commodity Prices ; Developing Countries ; Developing Economies ; Economic Growth ; Economic Prospects ; Emerging Markets ; Global Economy ; International Trade ; Trade Protectionism
    Abstract: The global recovery is set to decelerate amid diminished policy support, continued COVID-19 flare-ups, and lingering supply bottlenecks. In contrast to that in advanced economies, output in emerging market and developing economies will remain markedly below pre-pandemic trends over the forecast horizon. The outlook is clouded by various downside risks, including new COVID-19 outbreaks, the possibility of de-anchored inflation expectations, and financial stress in a context of record-high debt levels. If some countries eventually require debt restructuring, this will be more difficult to achieve than in the past. Climate change may increase commodity price volatility, creating challenges for the almost two-thirds of emerging market and developing economies that rely heavily on commodity exports and highlighting the need for asset diversification. Social tensions may heighten as a result of the increase in inequality caused by the pandemic. These challenges underscore the importance of strengthened global cooperation to promote a green, resilient, and inclusive recovery path. Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing economies, on a semiannual basis (in January and June). Each edition includes analytical pieces on topical policy challenges faced by these economies
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  • 29
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other Financial Sector Study
    Keywords: Cryptocurrency ; E-Finance and E-Security ; Emerging Markets ; Finance and Financial Sector Development ; Financial Regulation and Supervision ; Information and Communication Technologies ; Private Sector Development
    Abstract: Fintech is transforming the global financial landscape. It is creating new opportunities to advance financial inclusion and development in Emerging Markets and Developing Economies (EMDEs), but also presents risks that require updated supervision policy frameworks. Fintech encompasses new financial digital products and services enabled by new technologies and policies. Although technology has long played a key role in finance, recent fintech developments are generating disruptive innovation in data collection, processing, and analytics. They are helping to introduce new relationship models and distribution channels that challenge traditional ways of finance, while creating additional risks. While most of these risks are not new, their effects and the way they materialize and spread across the system are not yet fully understood, posing new challenges to regulators and supervisors. For example, operational risk, especially cyber risk, is amplified as increasing numbers of customers access the financial network on a 24 by 7 basis. Likewise, increased reliance by financial firms on third parties for provision of digital services, such as cloud computing, may lead to new forms of systemic risks and concentration on new dominant unregulated players such as big tech firms. This note aims to provide EMDE regulators and supervisors with high-level guidance on how to approach the regulating and supervising of fintech, and more specific advice on a few topics. Preserving the stability, safety, and integrity of the financial system requires increased attention to competition and ensuring a level playing field and to emerging data privacy risks. As a general principle, policy response should be proportionate to risks posed by the fintech activity and its provider. While striking the right balance can be challenging in the absence of global standards, the IMF-World Bank Bali Fintech Agenda (BFA), along with guidance by Standard Setting Bodies, provides a good framework for reference
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  • 30
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (42 pages)
    Parallel Title: Erscheint auch als Farah Yacoub, Juan P The Legal Profile of Russian Eurobonds: Engineered against Speed
    Keywords: Debt Markets ; Debt Resolution ; Debtor Protection ; Eurobond Stock Provisions ; External Debt ; Finance and Financial Sector Development ; International Economics and Trade ; International Law ; Law and Development ; Russian Eurobonds ; Russian Federation Default History ; Sovereign Bonds ; Sovereign Debt ; Sovereign Default ; Treaties
    Abstract: This paper provides an overview of the Russian Federation's default history, the legal characteristics of the bonds, and potential issues for litigation should a default materialize. The paper's main argument is that although it is not impenetrable, this Eurobond stock is more protective of the debtor than that of the usual emerging market country. It achieves this through preservation of all the defenses available under current law and the presence of broad language in key provisions. For instance, clauses providing for payment in a different currency if "reasons beyond its control" stop the debtor from paying in the denomination currency have drawn attention. The paper analyzes this and other characteristics, providing initial assessments on how the issues could play out. While the bonds' characteristics could slow progress toward obtaining judgments when compared to other sovereign debts, they do not prevent them. Collecting on the judgments would be, as usual, the harder part. Ultimately, litigation over these debts could last a long time; other creditor versus foreign sovereign episodes involving less debtor-friendly instruments have lasted 15 years, and resolution and recovery would be highly contingent on political factors. Finally, the paper provides non-lawyers a general roadmap of debt litigation against foreign sovereigns in the United States and the United Kingdom
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  • 31
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (57 pages)
    Parallel Title: Erscheint auch als Esposito, Bruno Adaptive Experiments for Policy Choice: Phone Calls for Home Reading in Kenya
    Keywords: Adaptive Experiments ; Adaptive Sampling ; Automated Calls To Parents ; Early Literacy ; Economic Development Research ; Economic Policy Research Methods ; Economic Theory and Research ; Edtech Policy Choices ; Education ; Education Technology ; Macroeconomics and Economic Growth ; Multi-Armed Bandits ; Primary Education ; Research Design Parameters
    Abstract: Adaptive sampling in experiments with multiple waves can improve learning for "policy choice problems" where the goal is to select the optimal intervention or treatment among several options. This paper uses a real-world policy choice problem to demonstrate the advantages of adaptive sampling and propose solutions to common issues in applying the method. The application is a test of six formats for automated calls to parents in Kenya that encourage reading with children at home. The adaptive 'exploration sampling' algorithm is used to efficiently identify the call with the highest rate of engagement. Simulations show that adaptive sampling increased the posterior probability of the chosen arm being optimal from 86 to 93 percent and more than halved the posterior expected regret. The paper discusses a range of implementation aspects, including how to decide about research design parameters such as the number of experimental waves
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  • 32
    Language: English
    Pages: 1 Online-Ressource (43 pages)
    Parallel Title: Erscheint auch als Hoy, Christopher How have Formal Firms Recovered from the Pandemic? Insights from Survey and Tax Administrative Data in Zambia
    Keywords: Business Environment ; Corporate Data and Reporting ; Economic Recovery ; Emerging Markets ; Impact of Covid On Firms ; Labor Cuts ; Mining Sector ; Pandemic Economic Recovery ; Pandemic Recovery ; Pandemic Resilience ; Private Sector ; Private Sector Development ; Private Sector Economics ; Tax Administrative Data ; Industry
    Abstract: This paper examines how formal firms have been impacted by and recovered from the pandemic, by drawing on two distinct but complementary data sources. This is the first attempt to use both survey and tax administrative data to measure the initial decline and subsequent recovery of firm sales and employment in a low- or lower-middle-income country. The findings of three rounds of follow-up surveys to a standard World Bank Enterprise Survey completed immediately prior to the pandemic are compared to information contained in the universe of value-added tax and personal income tax returns filled by firms during 2020 and the first half of 2021 in Zambia. Despite substantial differences in terms of the breadth and depth of these data sources, they show a very similar pattern. The sales of formal firms recovered from the pandemic far more strongly than their employment levels. By July 2021, both the survey and tax administrative data show that most firms experienced a complete recovery in sales, while levels of employment worsened over the course of the pandemic for many firms. Two key insights emerge from this analysis. First, formal firms appear to have adjusted their operations in a way that reduced their need for as much labor to achieve the same (or higher) level of sales. Second, if formal firms' reduced reliance on labor persists, lower levels of formal employment in low- and middle-income countries may be a concerning consequence of the COVID-19 pandemic that lingers for years to come
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  • 33
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other Financial Sector Study
    Keywords: Capital Markets ; Economic Growth ; Economic Theory and Research ; Finance ; Finance and Development ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth
    Abstract: The halal economy (HE) plays an important role in Malaysia's economic growth, contributing 7.5 percent to the Gross Domestic Product (GDP) as of 2020. Under the Twelfth Malaysia Plan, 2021-2025 (12MP), one of the key strategies to boost Malaysia's economic growth is enhancing the competitiveness of the halal industry to capture a more significant share of the global halal market. The term halal refers to anything that is permissible or lawful under Islamic Law that dictates the way of life of a Muslim (a follower of the Islamic faith). Hence, the scope of the HE is broad and can be defined as an industry that is involved in the provision of halal products and services, including food, clothing and fashion, cosmetics and personal care, travel, and financial services. Consequently, Islamic finance is both parts of the broader HE (Hassan and others, 2021) and can facilitate the development of the HE. This report requested by Bank Negara Malaysia (BNM) explores the role of Islamic finance in supporting the development of Malaysia's HE with the objective of informing policy discourse on enhancing existing strategies to increase access to Islamic finance solutions to underserved HE enterprises. The report comprises the following chapters, (1) the current state of the HE; (2) the financing ecosystem of Malaysia's HE, (3) enhancing role of Islamic finance for the HE in Malaysia; and concludes in Chapter 4 with a set of recommendations for stakeholders in Malaysia. While the recommendations focus on Malaysia, they may also be relevant for other developing economies where the HE and Islamic finance are prominen
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  • 34
    Language: English
    Pages: 1 Online-Ressource (61 pages)
    Parallel Title: Erscheint auch als Xu, Gang Bureaucrats, Tournament Competition, and Performance Manipulation: Evidence from Chinese Cities
    Keywords: Amount Of Power ; Development ; Economic Development ; Economic Growth ; Economic Growth Rate ; Economic Theory and Research ; Energy ; Energy Policies and Economics ; Gender and Development ; High Population Density ; Industrial Economics ; Industry ; Labor Markets ; Local Economic Growth ; Local Government ; Local Government Budget ; Open Door ; Prior Work Experience ; Public Sector Job ; Quality Of Bureaucracy ; Real Economic Activity ; Real GDP ; Regional Economic Performance ; Social Protections and Labor
    Abstract: Tournament competition is viewed as motivating bureaucrats in promoting growth. This paper examines how this incentive leads to economic performance manipulation. Using data from Chinese cities, the analysis shows that performance exaggeration increases over the course of the first term of the top bureaucrat, peaking in the last year of his or her term. Winning a tournament competition is behind this performance manipulation: political rivals reinforce each other in exaggerating performance, and political competition intensifies the tendency for manipulation. Performance exaggeration leads to higher chances of promotion, but the ratchet effect (that is, better performance today leading to a higher target tomorrow) and the potential to blame predecessors induce restraint. A good local institutional environment also restrains performance manipulation
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  • 35
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: Carbon Emissions ; Debt Markets ; Export Competitiveness ; Finance and Financial Sector Development ; Home Ownership ; Private Sector Development ; Real Estate Development ; Trade ; Trade Facilitation
    Abstract: After a strong start in early 2022, the largest COVID-19 wave in two years and resulting mobility restrictions have disrupted China's growth normalization. The global environment has also significantly worsened following Russia's invasion of Ukraine. Real gross domestic product (GDP) growth is projected to slow sharply to 4.3 percent in 2022. In the face of domestic and external headwinds, China's policymakers should carefully calibrate its policies. In the short term, China should balance COVID-19 mitigation with supporting economic growth. Over the medium term, greater efforts are needed to shift away from the old playbook of stimulus-led investment to boost economic growth. Decisive action to encourage a shift toward consumption, tackle social inequality, and rekindle innovation and productivity growth would help achieve a more balanced, inclusive, and sustainable growth trajectory for China
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  • 36
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Private Sector Development, Privatization, and Industrial Policy
    Keywords: Access To Finance ; Agribusiness ; Agriculture ; Business Environment ; COVID-19 ; Emerging Markets ; Energy Sector ; Livestock ; Private Sector ; Private Sector Development ; Private Sector Economics ; Special Economic Zones
    Abstract: Until the onset of the coronavirus disease 2019 (SARS-CoV2) COVID-19 pandemic and despite the deteriorating security situation, Mali's economic growth averaged five percent since 2014, on par with its long-term potential. Mali's fragile state status has also taken a toll on economic activity and social welfare by reducing access to markets, threatening food security, and degrading human capital indicators. With an increasing debt burden resulting in limited fiscal space to address persistent security risks and to combat the COVID-19 pandemic, the government of Mali is compelled to refocus the role of the state and unleash the potential of the private sector to boost productivity growth, to diversify the economy away from a narrow base, and to ensure inclusive economic and social welfare for all Malians. The growth model will be readdressed around energizing investment, creating resilient markets, and building back better for a more resilient recovery via (a) improving the business environment; (b) crowding-in private participation in the delivery of infrastructure and certain public services; (c) ensuring that remaining state-owned enterprises and private firms compete on equal terms - that is, upholding competitive neutrality principles; (d) expanding public-private partnerships in key sectors, through transparent and competitive procurement; and (e) leveraging digital solutions by further enhancing digital infrastructure that would, in turn, increase the uptake of digital financial services and digital platforms for key sectors of the economy, such as agriculture, and digitize government services (e-government)
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  • 37
    Language: English
    Pages: 1 Online-Ressource (29 pages)
    Parallel Title: Erscheint auch als Khan, Nazmus Sadat Spillover Effects of China's Trade and Growth Shocks on ASEAN Countries: Evidence from a GVAR Model
    Keywords: Asean Trading Partners ; Association of Southeast Asian Nation (ASEAN) Countries ; Chinese Trade Shocks ; Consumption ; Economic Conditions and Volatility ; Economic Growth ; Economic Integration ; Economic Theory and Research ; Global Vector Autoregression (GVAR) ; Growth Shock ; Macroeconomics and Economic Growth ; Trade Shock
    Abstract: The paper uses a global vector autoregression model with quarterly time series data from 1994 to 2016 to investigate the spillover effects of Chinese trade and growth shocks on 10 Association of Southeast Asian Nations countries. Time varying trade weights are used to construct the foreign variables in individual country models and structural generalized impulse response functions are used to conduct the dynamic analysis. The results show that a positive shock to Chinese trade and growth has a positive effect on the growth of Brunei, Malaysia, the Philippines, Singapore and Thailand. The effect is much weaker and statistically insignificant for other countries
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  • 38
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (194 pages)
    Series Statement: Global Economic Prospects
    Parallel Title: Erscheint auch als
    Keywords: Commodity Prices ; Developing Countries ; Developing Economies ; Economic Growth ; Economic Prospects ; Emerging Markets ; Global Economy ; International Trade ; Trade Protectionism
    Abstract: The world economy continues to suffer from a series of destabilizing shocks. After more than two years of pandemic, Russia's invasion of Ukraine and its global effects on commodity markets, supply chains, inflation, and financial conditions have steepened the slowdown in global growth. In particular, the war is leading to soaring prices and volatility in energy markets, with improvements in activity in energy exporters more than offset by headwinds to activity in most other economies. The war has also led to a significant increase in agricultural commodity prices, which is exacerbating food insecurity and extreme poverty in many emerging market and developing economies. Numerous risks could further derail what is now a precarious recovery. Among them is, in particular, the possibility of stubbornly high global inflation accompanied by tepid growth, reminiscent of the stagflation of the 1970s. This could eventually result in a sharp tightening of monetary policy in advanced economies to rein in inflation, lead to surging borrowing costs, and possibly culminate in financial stress in some emerging market and developing economies. A forceful and wide-ranging policy response is required by policy makers and the global community to boost growth, bolster macroeconomic frameworks, reduce financial vulnerabilities, provide support to the vulnerable population groups, and attenuate the long-term impacts of the global shocks of recent years
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  • 39
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (74 pages)
    Parallel Title: Erscheint auch als Kelse, Jack Multiple Price Lists for Willingness to Pay Elicitation
    Keywords: Economic Conditions and Volatility ; Economic Theory and Research ; Macroeconomics and Economic Growth ; Multiple Price List Survey Instrument ; Multiple Price Lists ; Preference Elicitation ; Social Analysis ; Social Development ; Survey Methods ; Surveycto ; Willingness To Pay
    Abstract: Multiple price lists are a convenient tool to elicit willingness to pay in surveys and experiments, but choice patterns such as "multiple switching" and "never switching" indicate high error rates. Existing measurement approaches often do not provide accurate standard errors and cannot correct for bias due to framing and order effects. This paper proposes to combine a randomization approach with a random-effects latent utility model to detect bias and account for error. Data from a choice experiment in South Africa shows that significant order effects exist which, if uncorrected, would lead to distorted conclusions about subjects' preferences. Templates are provided to create a multiple price list survey instrument in SurveyCTO and analyze the resulting data using the proposed methods
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  • 40
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: Adaptation To Climate Change ; Carbon Policy and Trading ; Climate Change ; Climate Change Mitigation and Green House Gases ; Computable General Equilibrium ; Economic Growth ; Economic Theory and Research ; Environment ; Global Warming ; Macroeconomics and Economic Growth
    Abstract: Policymakers in developing countries face multiple challenges related to climate change. To provide policymakers with reliable recommendations on a variety of climate related policies, the WBG has a diverse and complementary set of models. The analytics range from evaluating the aggregate, sectoral, and welfare effects of mitigation measures to assessing country-specific adaptation needs, considering the impacts of extreme weather events as well as gradual global warming. Key indicators include macroeconomic outcomes, sectoral indicators, co-benefits and poverty and distributional issues. This report summarizes the range of climate and development issues addressed by each model in the WBG suite, revealing both strengths and limitations of individual models, as well as the complementarity among models
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  • 41
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other papers
    Keywords: Education ; Emerging Markets ; Export Competitiveness ; Private Sector Development ; Social Capital
    Abstract: A small open economy, Benin has seen growth that is above average for the region. The volatility of high growth spells combined with low productivity growth has translated into limited gains in income per capita. Following its transition from low-income country to lower middle income country status in 2020 Benin is at the start of a new growth path. Its challenge is to boost the structural transformation of its economy driven by new growth drivers capable of sustaining an economic acceleration, lifting labor productivity and creating quality jobs for its young labor force, including women. While Benin's economy has been spared by the worse of the Coronavirus disease 2019 (COVID 19) crisis, the shock has reinforced the need to focus on structural reforms that address long term challenges and ensure that economic recovery is sustainable and inclusive. The key conclusions that underpin this report, following the country economic memorandum (CEM) 2.0 framework suggest that investing further in human capital and closing gender gaps, particularly to accelerate the decline in fertility rates, and integrate women and youth into a higher quality labor market, should be central. Deepening market integration, connecting people and creating agglomeration economies through transport infrastructure and services should catalyze additional opportunities, taking advantage of Benin's geographical position
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  • 42
    Language: English
    Pages: 1 Online-Ressource (30 pages)
    Parallel Title: Erscheint auch als Canavire-Bacarreza, Gustavo Recovering Income Distribution in the Presence of Interval-Censored Data
    Keywords: Econometrics ; Economic Forecasting ; Economic Theory and Research ; Heteroskedastic Interval Regression ; ICT Data and Statistics ; Income Distribution ; Interval-Censored Data ; Labor Income Data ; Macroeconomics and Economic Growth ; Monte Carlo Simulation ; Poverty and Inequality Estimation ; Poverty Monitoring and Analysis ; Poverty Reduction ; Salary Data ; Wages ; Information and Communication Technologies
    Abstract: This paper proposes a method to analyze interval-censored data, using multiple imputation based on a heteroskedastic interval regression approach. The proposed model aims to obtain a synthetic data set that can be used for standard analysis, including standard linear regression, quantile regression, or poverty and inequality estimation. The paper presents two applications to show the performance of the method. First, it runs a Monte Carlo simulation to show the method's performance under the assumption of multiplicative heteroskedasticity, with and without conditional normality. Second, it uses the proposed methodology to analyze labor income data in Grenada for 2013-20, where the salary data are interval-censored according to the salary intervals prespecified in the survey questionnaire. The results obtained are consistent across both exercises
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  • 43
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Private Sector Development, Privatization, and Industrial Policy
    Keywords: Agribusiness ; Business Environment ; Emerging Markets ; Innovation ; Private Sector ; Private Sector Development ; Private Sector Economics
    Abstract: Despite a challenging transition period and a string of adverse shocks, in recent decades Albania has made major strides in raising per capita income and integrating into the world economy. A dynamic private sector has become the engine of Albania's economic development, and its increasing role continues to offer opportunities for expanding the country's economic base and promoting faster and more diversified export-oriented growth. Albania is endowed with considerable economic assets, including a strategic geographical position, exceptional natural beauty, and abundant renewable and nonrenewable resources. A politically stable environment, improving governance indicators, and a record of dependable macroeconomic policies have supported the process of European Union (EU) accession, which offers a wide array of opportunities for the development of the Albanian private sector. Because a small domestic labor pool and consumer market limit the potential for economies of scale, sustaining Albania's economic expansion will require intensifying its integration with the global economy. Despite decades of progress, Albania continues to face serious structural and policy challenges. The country's economic expansion has not been matched by commensurate improvements in productivity. In this context, the World Bank Group has prepared the following country private sector diagnostic (CPSD) to assist the authorities in their efforts to leverage Albania's geographic location, natural assets, and improved institutional and policy framework to promote diversification, competitiveness, and robust private-sector-led growth. The analysis highlights the importance of improving the business environment while stepping up investments in technology and innovation. The report explores three critical sectors for accelerating and diversifying growth: agribusiness and food processing, tourism, and automotive manufacturing
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  • 44
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (29 pages)
    Parallel Title: Erscheint auch als Ul Haq, Imtiaz Structural Loopholes in Sustainability-Linked Bonds
    Keywords: Bond Grade Issuers ; Bonds ; Debt Markets ; Emerging Markets ; Environment ; Finance and Financial Sector Development ; Green Issues ; Greenwashing ; International Financial Markets ; Late Date Penalty ; Private Sector Development ; Private Sector Sustainability ; Securities Markets Policy and Regulation ; Sustainability Performance Targets ; Sustainability-Linked Bonds
    Abstract: Sustainability-Linked Bonds-an innovative debt product that incorporates incentivized sustainability targets-are becoming increasingly popular to encourage issuers to improve their sustainability performance. However, existing Sustainability-Linked Bond structures allow issuers to weaken the link between sustainability and financial outcomes, rendering Sustainability-Linked Bonds less effective. This paper examines two potential structural loopholes on this front: late target dates and call options. The results show that Sustainability-Linked Bonds with coupon step-up penalties, which constitute the majority and benefit most from such features, are more likely to have later target dates and call options embedded. Larger penalties are associated with a greater likelihood of late target dates but not call options, which instead tend to be favored primarily by speculative grade issuers. The paper also provides evidence that issuers with high carbon dioxide emissions are more likely to resort to such structural loopholes. These findings suggest that Sustainability-Linked Bonds, despite incentivized targets, may be prone to greenwashing
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  • 45
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other papers
    Keywords: Business Cycles and Stabilization Policies ; Coronavirus ; COVID-19 ; Disease Control and Prevention ; Emerging Markets ; Gender ; Health, Nutrition and Population ; Insurance ; Macroeconomics and Economic Growth ; Private Sector Development ; Private Sector Economics ; Trade
    Abstract: Coronavirus disease 2019 (COVID-19), which began as a health crisis in early 2020, has rapidly evolved to become an unprecedented economic crisis affecting global, national, and regional economies and billions of individuals around the world. This report analyzes the widespread implications of the crisis on industry sectors, businesses, individuals, families, and communities. It closely examines evidence and data from business sectors and segments of society that may face challenging paths to recovery, including the most vulnerable firms and individuals in emerging markets that are likely to experience continuing hardship and specific difficulties coping with the crisis. And it highlights opportunities for the private sector to respond, to support a vigorous recovery and to build back better. The first section of the report, chapters 1 to 5 addresses issues that cut across sectors, as well as ways the development community can join with the private sector to help impacted communities and sectors recover and rebuild. The second section, chapters 6 to 9 focus on sector-specific responses to the crisis. The final section, chapters 10 to 12 attends to gender inequities, how they have been aggravated by the crisis, and potentially effective remedies
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  • 46
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Debt and Creditworthiness Study
    Keywords: Debt Markets ; Domestic Debt ; External Debt ; Finance and Financial Sector Development
    Abstract: Analyzing public debt in low-income developing countries (LIDCs) is like solving a puzzle with many missing pieces. Forty percent of LIDCs have not published any sovereign debt data in the last two years. Public debt data disclosed in different publications show discrepancies of up to 30 percent of GDP across sources, and relative to the records of relevant authorities. Over 15 LIDCs have outstanding collateralized debt but no details of the collateralization are provided in official statistics. Restructuring of bilateral and commercial debt is often handled privately. All these problems have different origins and implications. Yet, they all amount to a lack of transparency. The international community has become acutely aware of the importance of debt transparency after recent cases of "hidden debt" The "Tuna Bond" case in Mozambique highlighted the dangers of inadequate debt transparency. In 2016 two large previously unreported loans totaling 1.15 billion US Dollars -equal to about 9 percent of the country's GDP-were revealed. As a result, donor support was frozen, the economy plunged, and the government was forced to make deep cuts in public spending. The biggest losers were poor Mozambiquans. Nontransparent public debt can quickly alter the lives of millions of ordinary citizens. This report is the first comprehensive assessment of debt transparency in LIDCs. It presents a complete picture of the current challenges and the pending policy agenda for all stakeholders. It draws upon new databases and surveys to take stock of key gaps in debt reporting, borrowing practices and legal frameworks, offering a detailed and timely view on the current state of debt transparency in LIDCs. It also synthesizes recent studies and policy discussions on debt transparency and offers practical policy recommendations required to further improve debt transparency in LIDCs
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  • 47
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (35 pages)
    Parallel Title: Erscheint auch als Print Version: Kose, M. Ayhan The Aftermath of Debt Surges
    Keywords: Debt Burden ; Debt Markets ; Debt Restructuring ; Debt Service ; Debt Sustainability ; Economic Growth ; Economic Policy, Institutions and Governance ; Finance and Financial Sector Development ; Financial Repression ; Fiscal and Monetary Policy ; Fiscal Consolidation ; Inflation ; Macroeconomics and Economic Growth ; Public Sector Development
    Abstract: Debt in emerging market and developing economies (EMDEs) is at its highest level in half a century. In about nine out of 10 EMDEs, debt is higher now than it was in 2010 and, in half of the EMDEs, debt is more than 30 percentage points of gross domestic product higher. Historically, elevated debt levels increased the incidence of debt distress, particularly in EMDEs and particularly when financial market conditions turned less benign. This paper reviews an encompassing menu of options that have, in the past, helped lower debt burdens. Specifically, it examines orthodox options (enhancing growth, fiscal consolidation, privatization, and wealth taxation) and heterodox options (inflation, financial repression, debt default and restructuring). The mix of feasible options depends on country characteristics and the type of debt. However, none of these options comes without political, economic, and social costs. Some options may ultimately be ineffective unless vigorously implemented. Policy reversals in difficult times have been common. The challenges associated with debt reduction raise questions of global governance, including to what extent advanced economies can cast their net wider to cushion prospective shocks to EMDEs
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  • 48
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (37 pages)
    Parallel Title: Erscheint auch als Print Version: Calice, Pietro Nature-Related Financial Risks in Brazil
    Keywords: Bankruptcy and Resolution of Financial Distress ; Biodiversity ; Corporate Borrowing ; Debt Markets ; Ecosystem Services ; Ecosystems and Natural Habitats ; Environment ; Finance ; Finance and Financial Sector Development ; Financial Risk ; Insurance and Risk Mitigation ; Natural Disaster ; Natural Disasters
    Abstract: Biodiversity loss and associated economic costs are increasingly recognized as a source of financial risks. This paper explores how and to what extent Brazilian banks are exposed to the loss of biodiversity through their lending to non-financial corporates. The results suggest that such exposures are material. Forty-six percent of Brazilian banks' non-financial corporate loan portfolio is concentrated in sectors highly or very highly dependent on one or more ecosystem services. Output losses associated with the collapse in ecosystem services could translate into a cumulative long-term increase in corporate nonperforming loans of 9 percentage points. Moreover, 15 percent of Brazilian banks' corporate loan portfolio is to firms potentially operating in protected areas, which could increase to 25 percent should conservation gaps close, and 38 percent should all priority areas become protected. Finally, 7 percent of corporate loans are to firms for which environmental controversies have been recorded. While preliminary, the results have important policy implications for both Brazilian banks and Banco Central do Brasil
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  • 49
    Language: English
    Pages: 1 Online-Ressource (30 pages)
    Parallel Title: Erscheint auch als Print Version: Jolliffe, Dean Under what Conditions are Data Valuable for Development?
    Keywords: Development Data ; Economic Theory and Research ; Information and Communication Technologies ; Information Technology ; Macroeconomics and Economic Growth ; Public Sector Development ; Public Service Delivery ; Statistical and Mathematical Sciences ; Statistics
    Abstract: Data produced by the public sector can have transformational impacts on development outcomes through better targeting of resources, improved service delivery, cost savings in policy implementation, increased accountability, and more. Around the world, the amount of data produced by the public sector is increasing at a rapid pace, yet their transformational impacts have not been realized fully. Why has the full value of these data not been realized yet This paper outlines 12 conditions needed for the production and use of public sector data to generate value for development and presents case studies substantiating these conditions. The conditions are that data need to have adequate spatial and temporal coverage (are complete, frequent, and timely), are of high quality (are accurate, comparable, and granular), are easy to use (are accessible, understandable, and interoperable), and are safe to use (are impartial, confidential, and appropriate)
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  • 50
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Financial Sector Assessment Program
    Keywords: Access To Finance ; Debt Markets ; Finance and Financial Sector Development ; Financial Regulation and Supervision ; Securities Markets Policy and Regulation
    Abstract: This note assesses competitive dynamics and potential impediments in Chile's financial sector in order to provide actionable policy recommendations. This note contains both a quantitative as well as qualitative assessment of competition. The quantitative assessment explores market characteristics and dynamics, including market structure and concentration, cross-ownership and vertical integration, and customer conditions/consumer power. The quantitative assessment is complemented by a qualitative analysis of the regulatory and institutional framework to understand how private and public interventions shape market dynamics and result in specific market outcomes, including efficiency, degree of market power and consumer mobility (Figure 1). The note will focus primarily on the retail banking sector as well as payment systems and discuss competitive dynamics in other parts of the financial sector only to the extent that they affect these two areas, for example in the context of financial conglomerates
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  • 51
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Private Sector Development, Privatization, and Industrial Policy
    Keywords: Accommodation and Tourism Industry ; Emerging Markets ; Equity and Development ; Industry ; Information and Communication Technologies ; Poverty Reduction ; Private Sector Development ; Transport
    Abstract: The Jordan Country Private Sector Diagnostic (CPSD) is a joint International Finance Corporation (IFC)-World Bank report that highlights the constraints as well as the opportunities facing the private sector in Jordan. It considers three sectors-tourism, logistics, and information and communication technology (ICT) - and the potential they offer for greater private sector contributions to the Jordanian economy, as well as the obstacles that they face from general or sector-specific policies and regulations. The CPSD also offers concrete recommendations to address some of these constraints. Although this report was largely prepared prior to the COVID-19 outbreak, its analysis and recommendations remain as, if not more, valid in the context of the pandemic and of an eventual recovery. A dynamic and resilient private sector is necessary if Jordan is to break the low-growth, high-unemployment trajectory it finds itself in today. The CPSD argues that tackling some of the major obstacles facing the private sector is essential to firm performance, investment, and productivity. These actions are as critical in times of crisis and especially afterwards to pave the way for a vigorous and sustainable recovery. Similarly, the sectors assessed by the CPSD continue to hold promise for the country. The pandemic has underscored the important role that digitalization, a strong ICT infrastructure, and supportive services have in creating a resilient economy and business continuity. E-commerce and logistics capabilities and services are an area put forward by the CPSD as an opportunity for Jordan in the coming years; they have boomed during the current crisis and are expected to be one of the post-pandemic growth sectors. Conversely, tourism, which had been experiencing a strong rebound in Jordan over the past few years, is one of the sectors hardest hit across the globe by the COVID-19 crisis. In Jordan the sector accounts for about 19.2 percent of gross domestic product and 32 percent of exports. Crafting a strategy that effectively addresses the many obstacles that prevent the tourism sector from attaining its potential is a necessary investment for a strong recovery - and a good use of what is likely to be a transitional period until travel re-commences
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  • 52
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other Financial Accountability Study
    Keywords: Emerging Markets ; Finance and Development ; Finance and Financial Sector Development ; Insurance ; Insurance and Risk Mitigation ; Private Sector Development
    Abstract: This paper develops a theme identified in recent insurance sector development work: that more developed insurance markets are desirable as insurers play a more effective institutional investment role, whether this objective seeks deeper and more liquid bond or capital markets, or to see more investment in long term assets such as infrastructure or in support of climate finance. It explores the perspective of domestic insurers, summarizing positions regarding asset selection and key drivers of current and desired asset structures. The paper draws on interviews in several deep-dive countries supplemented by additional engagement for a more representative global reach. It then discusses a range of solutions that may be considered by policymakers categorized under efforts to: grow the sector so it can play a more substantive role; improve how assets are packaged and made available to insurance companies so they are more investable; review risk-based capital rules to ensure that they encourage and reward the right behavior; and check other regulations do not present unintended barriers. The paper concludes that, although domestic insurers are interested in making investments that meet these goals, they are constrained by barriers that are almost entirely external to their own operations and outside their control. With some adjustment to supply and regulatory settings, insurers should translate their interest into action, increasing their role and improving the contribution to this desirable development outcome. The paper is intended to be particularly relevant for policymakers and practitioners with less experience within insurance company operations who are looking to better understand and respond to insurance decision making
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  • 53
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other Financial Sector Study
    Keywords: Carbon Policy and Trading ; Debt Markets ; Environment ; Environmental Assessment ; Environmental Economics and Policies ; Finance and Development ; Finance and Financial Sector Development ; International Financial Markets ; Public and Municipal Finance ; Sovereign Debt
    Abstract: The framework presented in the report is intended to bridge the gap between what sovereign investors will view as appropriately ambitious actions and what issuing countries see as achievable targets. The framework is intended to help investors with their decision-making and can inform Ministries of Finance and their debt management offices (DMOs) about what investors want to know regarding their country's sustainability performance. The report findings may also inform creation of financial instruments and market analyses beyond sovereign sustainability-linked bonds (SLBs) and are relevant for a broad range of stakeholders. These include regulators, credit rating agencies, academics, as well as nongovernmental organizations (NGOs), and civil society groups which can be affected by the types of indicators selected and outcomes of government policies
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  • 54
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Private Sector Development, Privatization, and Industrial Policy
    Keywords: Agribusiness ; Business Environment ; Business in Development ; Emerging Markets ; Energy Sector ; Private Sector ; Private Sector Development ; Private Sector Economics
    Abstract: Malawi is at a turning point in its political, social, and economic trajectory. Lazarus Chakwera was sworn in as Malawi's sixth president in June 2020. This marked a historic moment: the first time in Africa that an opposition candidate won a presidential election following initial results being overturned. After widespread unrest prior to the election, Malawians, especially the youth, have been demanding greater accountability, an end to corruption, and tangible progress on eradicating persistent poverty levels that exceed 70 percent of the population. The average gross national income (GNI) of a Malawian is the third lowest in the world, just USD 380 as of 2019. The Chakwera administration will need to find a way to unify the country's fractured political landscape and deliver on development promises. On top of these challenges, the new administration must also navigate the ongoing and evolving economic shocks of the COVID-19 pandemic. Gross domestic product (GDP) growth expectations for 2020 have been lowered from 4.8 percent to 0.8 percent. Recent efforts to build fiscal and institutional resilience have helped but need to be strengthened. The pandemic's fallout has weakened the country's macroeconomic foundations, and the overall risk of debt distress is now high. Meanwhile, human capital gains are at risk. Poverty reduction is expected to stagnate, and overall poverty could potentially worsen. The pandemic will likely exacerbate existing inequalities in economic opportunities for women. Women-owned firms, for example, are primarily concentrated in informal agriculture and services, sectors that lack basic social protections to buffer against economic distress. Female farmers, for example, generally have lower access to productive inputs, information, and liquidity than male farmers, so in times of crisis, their farm productivity and food security can be hit harder
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  • 55
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (48 pages)
    Parallel Title: Erscheint auch als Print Version: Samano, Agustin International Reserves and Central Bank Independence
    Keywords: Central Bank Independence ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Exchange Rate Regime ; External Debt ; Finance and Financial Sector Development ; International Economics and Trade ; International Reserves ; Public Sector Development ; Reserve Accumulation ; Sovereign Debt
    Abstract: This paper proposes a novel theory of reserve accumulation that emphasizes the role of an independent central bank. Motivated by a positive correlation between reserve accumulation and central bank independence in Latin America, the paper develops a quantitative sovereign default model with an independent central bank that can accumulate a risk-free foreign asset. The findings show that if the central bank is more patient than the government and as patient as households are, in equilibrium, the government issues more debt than what is socially optimal, and the central bank accumulates reserves to undo government over-borrowing. A key insight is that the government can issue more debt for any level of reserves but chooses not to because doing so would increase sovereign spreads, making it more costly to borrow. Quantitatively, the analysis finds that the central bank independence channel accounts for 75 percent of the average reserve levels observed in Mexico from 1994 to 2017. Finally, the paper shows that accumulating reserves improves social welfare. Welfare gains come from reducing the costs of front-loading public spending
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  • 56
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (40 pages)
    Parallel Title: Erscheint auch als Print Version: Kose, M. Ayhan A Mountain of Debt: Navigating the Legacy of the Pandemic
    Keywords: Business Cycles and Stabilization Policies ; Coronavirus ; COVID-19 ; Debt Markets ; Deficits ; External Debt ; Finance and Financial Sector Development ; Fiscal and Monetary Policy ; Fiscal Policy ; International Economics and Trade ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Pandemic Impact ; Pandemic Response ; Private Debt ; Sovereign Debt
    Abstract: The COVID-19 pandemic has triggered a massive increase in global debt levels and exacerbated the trade-offs between the benefits and costs of accumulating government debt. This paper examines these trade-offs by putting the recent debt boom into a historical context. It reports three major findings. First, during the 2020 global recession, both global government and private debt levels rose to record highs, and at their fastest single-year pace, in five decades. Second, the debt-financed, massive fiscal support programs implemented during the pandemic supported activity and illustrated the benefits of accumulating debt. However, as the recovery gains traction, the balance of benefits and costs of debt accumulation could increasingly tilt toward costs. Third, more than two-thirds of emerging market and developing economies are currently in government debt booms. On average, the current booms have already lasted three years longer, and are accompanied by a considerably larger fiscal deterioration, than earlier booms. About half of the earlier debt booms were associated with financial crises in emerging market and developing economies
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  • 57
    Language: English
    Pages: 1 Online-Ressource (32 pages)
    Parallel Title: Erscheint auch als Timilsina, Govinda How Much does Physical Infrastructure Contribute to Economic Growth? An Empirical Analysis
    Keywords: Economic Growth ; Economic Theory and Research ; Electricity ; Growth Drivers ; Infrastructure ; Infrastructure Economics ; Infrastructure Economics and Finance ; Macroeconomics and Economic Growth ; Mobile Phone ; Telecommunications ; Transport Infrastructure
    Abstract: Existing literature on the relationship between infrastructure and economic growth is inconclusive. This study evaluates the contributions to economic growth of three main categories of infrastructure-transport, electricity, and telecommunications-using data from 87 countries over 1992-2017. Compared with existing studies, this study uses more recent data, includes new types of infrastructure such as mobile phones, and provides separate estimates for developing and developed countries. The pooled mean group estimator, which tests for the weak exogeneity of the infrastructure variables, is employed. The key finding of the study is that an increase in infrastructure, especially electricity generation capacity and telecommunications, has significant positive effects on gross domestic product. Infrastructure has a larger effect in more recent years (1992-2017) than in earlier years (1970-1991), and the effects of infrastructure are higher in developing economies than in industrialized economies
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  • 58
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Private Sector Development, Privatization, and Industrial Policy
    Keywords: Access To Finance ; Agribusiness ; Business Environment ; Emerging Markets ; Human Capital ; Private Sector Development ; Private Sector Economics
    Abstract: The report is organized as follows: the first part gives an overview of recent economic and private sector trends, followed by an in-depth review of the cross-cutting constraints that affect private sector participation. The CPSD recommends putting a special focus on resolving three types of constraints: (a) deep-rooted governance issues (especially as they relate to policy unpredictability, red tape, and the uneven playing field in key sectors of the economy); (b) infrastructure bottlenecks, focusing on transport connectivity and energy; and (c) limited and poorly functioning factor markets for human capital, access to finance, and land. The second part lays out opportunities and policy options to strengthen competitiveness in agribusiness, apparel, and tourism. The three sectors reviewed are deemed to hold a high potential for job creation and growth and have been prioritized by the PEM and by the private sector stakeholders and development partners consulted for the report. The review puts a lens on addressing gender gaps, policies to promote sustainability, and opportunities to increase the impact of information and communication technology (ICT) as an enabler for development, where relevant
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  • 59
    Language: English
    Pages: 1 Online-Ressource (38 pages)
    Parallel Title: Erscheint auch als Print Version: Kose, M. Ayhan What has been the Impact of COVID-19 on Debt? Turning a Wave into a Tsunami
    Keywords: Business Cycle ; Business Cycles and Stabilization Policies ; Coronavirus ; COVID-19 ; Debt Markets ; Disease Control and Prevention ; External Debt ; Finance and Financial Sector Development ; Fiscal Trends ; Global Recession ; Health, Nutrition and Population ; International Economics and Trade ; Macroeconomic Management ; Pandemic Impact ; Private Debt ; Public Debt
    Abstract: This paper presents a comprehensive analysis of the impact of COVID-19 on debt, puts recent debt developments and prospects in historical context, and analyzes new policy challenges associated with debt resolution. The paper reports three main results. First, even before the pandemic, a rapid buildup of debt in emerging market and developing economies-dubbed the "fourth wave" of debt-had been underway. Because of the sharp increase in debt during the pandemic-induced global recession of 2020, the fourth wave of debt has turned into a tsunami and become even more dangerous. Second, five years after past global recessions, global government debt continued to increase. In light of this historical record, and given large financing gaps and significant investment needs in many countries, debt levels will likely continue to rise in the near future. Third, debt resolution has become more complicated because of a highly fragmented creditor base, a lack of transparency in debt reporting, and a legacy stock of government debt without collective action clauses. National policy makers and the global community need to act rapidly and forcefully ensure that the fourth wave does not end with a string of debt crises in emerging market and developing economies as earlier debt waves did
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  • 60
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (23 pages)
    Parallel Title: Erscheint auch als Print Version: Islamaj, Ergys What Types of Capital Flows Help Improve International Risk Sharing?
    Keywords: Aid Flows ; Capital Flows ; Capital Markets and Capital Flows ; Concessional Finance and Global Partnerships ; Debt Flows ; Debt Markets ; Equity Capital ; Finance and Financial Sector Development ; Financial Markets ; Foreign Direct Investment ; International Economics and Trade ; International Risk Sharing ; Official Development Assistance ; Remittances
    Abstract: Cross-border capital flows are expected to lead to increased international risk sharing by facilitating borrowing and lending in global financial markets. This paper examines risk-sharing outcomes of various types of capital flows (foreign direct investment, portfolio equity, debt, remittance, and aid flows) in a large sample of emerging market and developing economies. The results suggest that remittances and aid flows are associated with increased international risk sharing. Other types of capital flows are not consistently correlated with better risk-sharing outcomes. These findings are robust to the use of different econometric specifications, country-specific characteristics, and other controls
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  • 61
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Independent Evaluation Group Studies
    Keywords: Access To Finance ; Debt Markets ; Finance and Financial Sector Development ; Multilateral Debt Relief Initiative ; United Nations Conference on Trade and Development
    Abstract: This evaluation provides an early-stage assessment of the Sustainable Development Finance Policy (SDFP) of the International Development Association (IDA), which went into effect July 1, 2020. A steep rise in debt vulnerabilities in IDA-eligible countries over the past decade highlighted weaknesses in the previous policy, the Non-Concessional Borrowing Policy (NCBP), and precipitated IDA deputies' request for adaptation in IDA's allocation and financial policies through the SDFP. The SDFP improves on the NCBP by broadening country coverage to include more countries at risk of debt distress, and it includes domestic debt, which has been an important factor in rising debt stress for IDA-eligible countries. The SDFP is intended to enhance incentives to address country-specific drivers of debt stress. This evaluation assesses whether there is scope to improve the design and implementation of the SDFP and whether potentially vulnerable countries are excluded from performing necessary performance and policy actions (PPAs), given the speed at which some IDA-eligible countries have moved to higher levels of debt distress. The evaluation also assesses whether PPAs are systematically targeting the most important country-specific drivers of debt stress and offers principles that to guide future PPAs
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  • 62
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other Financial Sector Study
    Keywords: Business Environment ; Emerging Markets ; Human Migrations and Resettlements ; Private Sector Development ; Private Sector Economics ; Social Development ; Voluntary and Involuntary Resettlement
    Abstract: The International Finance Corporation (IFC) commissioned a consumer and market study to explore economic activities, employment trends, consumption levels, and consumer preferences of refugees and host communities in Uganda's largest refugee-hosting areas in the Southwest and West Nile regions. The study covers a gap in existing research on the economic situations of forced displacement, which is often conducted from a humanitarian perspective and rarely offers the private sector view. The study presents the refugees' economic activities in their distinct roles as consumers, producers, suppliers, and salaried workers from the view of a private sector firm entering the market. It builds on earlier research conducted by the Uganda Investment Authority, in partnership with the United Nations Development Program (UNDP), which produced investment profiles for refugee-hosting districts. The report is divided into eight chapters. Chapter one introduces the study. Chapter two outlines the study methodology. Chapter three provides socioeconomic baseline data, such as educational attainment, employment, and income, comparable by region and population group (refugees versus host communities). Chapter four explores access to telecommunication and financial services. Chapter five analyzes household consumption expenditure, the volume of economic activity, consumer preferences, and access to finance and telecommunication services. Chapter six discusses findings from the business survey. Chapter seven briefly looks at agricultural value chains in the Southwest and West Nile. Chapter eight presents investment opportunities in the refugee-hosting districts for the private sector
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  • 63
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Private Sector Development, Privatization, and Industrial Policy
    Keywords: Business Environment ; Emerging Markets ; Microenterprises ; Private Sector ; Private Sector Development ; Private Sector Economics ; Sustainability
    Abstract: This country private sector diagnostic (CPSD) for the Kyrgyz Republic assesses the barriers and opportunities for a more forceful development of the private sector in the country. Between 2000 and 2019, gross domestic product (GDP) growth rate averaged 4.4 percent, enabling the Kyrgyz Republic's ascension to lower-middle-income country status by 2014. Economic growth has been unstable as its sources lacked diversity and were vulnerable to external shocks. Economic growth has been unstable as its sources lacked diversity and were vulnerable to external shocks. If the Kyrgyz Republic wants to inaugurate a new era of faster, more sustainable economic growth, it must more aggressively develop its private sector to support economic diversification and improve productivity
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  • 64
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other Financial Sector Study
    Keywords: Capital Markets ; Capital Markets and Capital Flows ; Emerging Markets ; Finance and Development ; Finance and Financial Sector Development ; Foreign Direct Investment ; Private Sector Development
    Abstract: The COVID-19 pandemic adds further challenges to the development of capital markets. For many emerging markets and developing economies challenges have intensified because of (i) the deterioration in the macroeconomic environment, including the contraction of the economies, and larger fiscal deficits, (ii) reduced investor appetite due to uncertainty, and (iii) the nature and scale of the interventions used by governments to support the economy which, while necessary, might have limited the viability of different capital markets solutions, at least in the short to medium term. That said, this does not alter the fundamental premise that it is important to develop alternative finance mechanisms for key strategic sectors. Rather, if anything, the need for capital markets solutions is more critical than ever given the much more limited space that governments, and potentially also banks, will have going forward to support new financing. This Primer will be followed by a series of practitioner papers. As part of its knowledge management agenda, the WBG is working towards deepening the understanding of the use of capital markets to finance strategic sectors, from corporate to infrastructure, housing, SME, and climate change financing. Along these lines, reports will be prepared, as appropriate, to help practitioners identify the key challenges that could prevent the mobilization of capital markets financing to these strategic sectors as well as key actions to address them
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  • 65
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other papers
    Keywords: Climate Change Economics ; Climate Change Impacts ; Debt ; Economic Growth ; Economic Recovery ; Economic Theory and Research ; Environment ; Industrial Economics ; Industry ; Macroeconomics and Economic Growth ; Natural Disasters
    Abstract: This paper provides a review and assessment of the current literature on the macroeconomic impact of natural disasters in the Caribbean, including other non-Caribbean studies that may have implications for it. It also discusses, in view of existing studies, what factors may make Caribbean economies more resilient to these extreme events, as well as whether there are damage thresholds beyond which recovery will be more difficult. Finally, recommendations are provided for future data collection and research that might provide further light on the issues
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  • 66
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other Financial Accountability Study
    Keywords: Emerging Markets ; Finance and Development ; Finance and Financial Sector Development ; Insurance and Risk Mitigation ; Life Insurance ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Development ; Taxation and Subsidies
    Abstract: Life insurance lags non-life insurance in many nascent markets. In order to develop the life insurance market, insurance companies sometimes present the introduction of tax incentives to stimulate consumers' willingness to commit to long term savings associated with life insurance. This paper examines whether insurance premiums' tax deductibility can affect life insurance penetration using regression analysis of a cross-country dataset. To complement the analysis, selected individual countries - Niger, Russia, Paraguay, and Lithuania were reviewed, looking at trends in life insurance penetration and gross domestic product (GDP) per capita in United States dollar (USD) before and after a policy change. The analysis did not conclusively demonstrate that life insurance premium fiscal relief was meaningfully correlated to life insurance penetration. On the other hand, GDP per capita is strongly correlated with life insurance penetration, which is consistent with findings of other studies. The country examples where a tax policy change was introduced in life insurance premium deductibility show mixed results. In Russia and Lithuania, premium deductions appear to have had some effect on life insurance penetration. In Niger and Paraguay, it was harder to see a meaningful impact. The impact of a premium deduction on consumers' buying behavior appears to be more complex and depends on the country context such as institutional quality and overall financial market capacity. Even if the tax deduction of insurance premiums has some positive effect, it appears that it is not a panacea but just one of a number of factors motivating consumers. If a country is considering introducing a policy which allows the tax deduction of insurance premiums, it is recommended to combine it with other interventions
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  • 67
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Financial Sector Assessment Program
    Keywords: Capital Markets ; Capital Markets and Capital Flows ; Debt Markets ; Finance and Financial Sector Development ; Financial Regulation and Supervision ; Non Bank Financial Institutions ; Securities Markets Policy and Regulation
    Abstract: The Philippines corporate debt and equity markets will need to grow to provide alternative financing sources to support the strongly growing economy and emphasis on infrastructure spend. Capital markets deepening will be an essential pre-requisite for the country's continued economic development. Well-functioning capital markets ensure the optimal allocation and pricing of capital. This enables retail and wholesale pools of capital to be efficiently deployed in a manner that maximizes returns for such owners of capital against their risk profile. Furthermore, there are a number of technical and operational issues that can be addressed, that can significantly improve the enabling environment for and functioning of the capital markets. The result of these factors has been a lack of focus in policy development and implementation that has hampered capital market development. Key issues include: a lack of commitment to reform from key stakeholders that has impeded the development of markets and market infrastructure; an onerous tax environment that has deterred issuance and investment; a continuing need to improve investor confidence by strengthening the quality of supervision and enforcement for market intermediaries and market operators; cumbersome regulatory requirements and processes around issuance, particularly debt issuance; and outdated and inefficient trading and post-trading infrastructure, and governance concerns regarding market operators. In order to effect meaningful change, a capital markets champion is required. This champion should be cognizant of the relevance of capital markets to the country and possess the will and vision to drive legislative, regulatory, and tax reforms. In addition, a commitment to initiate a change in the ownership and governance of key exchanges and enforce policy against entrenched interests will provide considerable impetus for development
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  • 68
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    ISBN: 9781464810176
    Language: English
    Pages: Online-Ressource (1 online resource (272 p.))
    Edition: Online-Ausg.
    Series Statement: Global Economic Prospects
    Series Statement: World Bank E-Library Archive
    Parallel Title: Druckausg.
    Keywords: Developing Countries ; Developing Economies ; Economic Growth ; Economic Prospects ; Emerging Markets
    Abstract: Stagnant global trade, subdued investment, and heightened policy uncertainty marked another difficult year for the world economy. A moderate recovery is expected for 2017, with receding obstacles to activity in commodity-exporting emerging market and developing economies. Weak investment is weighing on medium-term prospects across many emerging market and developing economies. Although fiscal stimulus in major economies, if implemented, may boost global growth above expectations, risks to growth forecasts remain tilted to the downside. Important downside risks stem from heightened policy uncertainty in major economies. In addition to discussing global and regional economic developments and prospects, this edition of Global Economic Prospects includes a chapter on the causes, consequences and policy implications of weak investment in emerging markets and developing economies, and a special focus on the role of the U.S. economy in the world. Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing countries, on a semiannual basis (in January and June). The January edition includes in-depth analyses of topical policy challenges faced by these economies, while the June edition contains shorter analytical pieces
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  • 69
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    ISBN: 9781464808678
    Language: Spanish
    Pages: Online-Ressource (1 online resource (60 p.))
    Edition: Online-Ausg.
    Series Statement: World Bank Annual Report
    Series Statement: World Bank E-Library Archive
    Parallel Title: Druckausg.
    Keywords: Banking Sector ; Capital Markets ; Emerging Markets ; Equity Investments ; Health Services
    Abstract: En el Informe anual 2016, que abarca el periodo comprendido entre el 1 de julio de 2015 y el 30 de junio de 2016, se describe como el Banco Mundial se asocia con los paises con el objeto de poner fin a la pobreza extrema para 2030, promover la prosperidad compartida y respaldar el programa mundial de desarrollo sostenible. Este informe anual, que abarca el periodo comprendido entre el 1 de julio de 2015 y el 30 de junio de 2016, ha sido preparado por los directores ejecutivos del Banco Internacional de Reconstruccion y Fomento (BIRF) y la Asociacion Internacional de Fomento (AIF) -denominados colectivamente "Banco Mundial", segun lo dispuesto en los reglamentos de ambas organizaciones. El Dr. Jim Yong Kim, presidente del Grupo Banco Mundial (GBM) y de los Directorios Ejecutivos y las Juntas de Directores de las instituciones que lo integran, ha presentado este informe, junto con los presupuestos administrativos y los estados financieros auditados, a la Junta de Gobernadores
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  • 70
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    ISBN: 9781464808630
    Language: French
    Pages: Online-Ressource (1 online resource (60 p.))
    Edition: Online-Ausg.
    Series Statement: World Bank Annual Report
    Series Statement: World Bank E-Library Archive
    Parallel Title: Druckausg.
    Keywords: Natural Resources ; Transition Economies ; Banking Sector ; Capital Markets ; Emerging Markets
    Abstract: Le Rapport annuel 2016, qui couvre la periode allant du 1er juillet 2015 au 30 juin 2016, passe en revue la maniere dont la Banque mondiale travaille en partenariat avec les pays pour mettre fin a l'extreme pauvrete d'ici 2030, promouvoir une prosperite partagee et soutenir le programme mondial de developpement durable. Le present rapport couvre la periode allant du 1er juillet 2015 au 30 juin 2016. Il a ete etabli par les Administrateurs de la Banque internationale pour la reconstruction et le developpement (BIRD) et de l'Association internationale de developpement (IDA) -qui, reunies, prennent le nom de Banque mondiale- conformement aux reglements respectifs de ces deux institutions. M. Jim Yong Kim, President du Groupe de la Banque mondiale et President du Conseil des Administrateurs, a soumis ce rapport, ainsi que les budgets administratifs et les etats fi nanciers verifi es, au Conseil des Gouverneurs
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  • 71
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    ISBN: 9781464807787
    Language: English
    Pages: Online-Ressource (1 online resource (190 p.))
    Edition: Online-Ausg.
    Series Statement: Global Economic Prospects
    Series Statement: World Bank E-Library Archive
    Parallel Title: Druckausg.
    Keywords: Developing Countries ; Developing Economies ; Economic Growth ; Economic Prospects ; Emerging Markets ; Global Economy
    Abstract: Global growth prospects have deteriorated in 2016. Emerging market and developing economies are facing increased external headwinds, including softer growth in advanced economies. Commodity exporters are struggling with particularly challenging conditions, while commodity importers are thus far showing greater resilience. Global growth is expected to gradually accelerate in 2017-18 but risks to the outlook are increasingly more pronounced. In addition to discussing global and regional economic developments and prospects, this edition of Global Economic Prospects includes two Special Focus essays of critical importance for emerging and developing economies: an analysis of the buildup of private debt in emerging and frontier markets and a quantitative study of uncertainties surrounding global growth. This year marks the 25th anniversary of the Global Economic Prospects. The Global Economic Prospects is a World Bank Group Flagship Report that has, since its inception in 1991, examined international economic developments and prospects, with a special focus on emerging market and developing economies. It has also included analytical essays on a wide range of topical macroeconomic, financial, and structural policy challenges faced by these economies. It is published on a semiannual basis (in January and June). The January edition includes in-depth analyses of topical policy challenges, while the June edition contains shorter analytical essays
    Note: Description based on print version record
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  • 72
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    ISBN: 9781464804830 , 9781464804854
    Language: English
    Pages: Online-Ressource (1 online resource (194 p.))
    Edition: Online-Ausg.
    Series Statement: Global Economic Prospects
    Series Statement: World Bank E-Library Archive
    Parallel Title: Druckausg.
    Keywords: Capital Flows ; Commodities ; Developing Countries ; Emerging Markets ; Financial Markets ; Global Economy ; Interest Rates ; Low Income Countries ; Oil Prices ; Poverty ; Trade ; US Economy
    Abstract: Global growth is expected to be 2.8 percent in 2015, but is expected to pick up to 3.2 percent in 2016-17. Growth in developing countries and some high-income countries is set to disappoint again this year. The prospect of rising borrowing costs will compound the challenges many developing countries are facing as they adapt to an era of low commodity prices. Risks to this outlook remain tilted to the downside. This edition of Global Economic Prospects includes two Special Features that analyze the policy challenges raised by the two transitions in developing countries: the risks associated with the first U.S. central bank interest rate increase since 2006 and the implications of persistently low commodity prices for low-income countries. Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on developing countries, on a semiannual basis (in January and June). The January edition includes in-depth analyses of topical policy challenges faced by developing countries while the June edition contains shorter analytical pieces
    Note: Description based on print version record
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  • 73
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    ISBN: 9781464805820
    Language: English
    Pages: Online-Ressource (1 online resource (60 p.))
    Edition: Online-Ausg.
    Series Statement: World Bank Annual Report
    Series Statement: World Bank E-Library Archive
    Parallel Title: Druckausg.
    Keywords: Banking Sector ; Capital Markets ; Emerging Markets ; Equity Investments ; Health Services ; Inflation ; Interest Rates ; Microfinance ; Natural Resources ; Transition Economies
    Abstract: The Annual Report is prepared by the Executive Directors of the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA)--collectively known as the World Bank--in accordance with the by-laws of the two institutions. The President of the IBRD and IDA and the Chairman of the Board of Executive Directors submits the Report, together with the accompanying administrative budgets and audited financial statements, to the Board of Governors
    Note: Description based on print version record
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  • 74
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: French
    Pages: Online-Ressource (1 online resource (60 p.))
    Edition: Online-Ausg.
    Series Statement: World Bank Annual Report
    Series Statement: World Bank E-Library Archive
    Parallel Title: Druckausg.
    Keywords: Banking Sector ; Capital Markets ; Emerging Markets ; Equity Investments ; Health Services ; Inflation ; Interest Rates ; Microfinance ; Natural Resources ; Transition Economies ; French Translation
    Abstract: Le Groupe de la Banque mondiale s'est fixe des objectifs ambitieux mais realisables sur lesquels asseoir le travail qu'il entreprend pour relever ces defis historiques. Plus precisement, l'institution fera son possible pour mettre fin a l'extreme pauvrete a l'echelle mondiale d'ici 2030 et promouvoir une prosperite partagee dans les pays en developpement, ce qui supposera favoriser la croissance des revenus pour les 40 % les plus pauvres de la population. L'institution cherchera a atteindre ces objectifs de facon viable sur le plan environnemental, social et economique afin de s'assurer que les acquis du developpement ne compromettent pas le bien-etre des generations actuelles et futures. Le present Rapport annuel couvre les activites de la Banque internationale pour la reconstruction et le developpement (BIRD) et de l'Association international de developpement (IDA) qui, reunies, prennent le nom de Banque mondiale. Nous vous exhortons a le lire pour en apprendre davantage sur le travail accompli par la Banque mondiale - les activites et les realisations qu'elle aide a promouvoir dans les six regions geographiques ou elle mene ses operations, ainsi que les resultats du travail consistant a aider a vaincre la pauvrete et creer des opportunites pour les populations des pays en developpement. The Annual Report is prepared by the Executive Directors of the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA)-collectively known as the World Bank-in accordance with the by-laws of the two institutions. The President of the IBRD and IDA and the Chairman of the Board of Executive Directors submits the Report, together with the accompanying administrative budgets and audited financial statements, to the Board of Governors
    Note: Description based on print version record
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  • 75
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: Spanish
    Pages: Online-Ressource (1 online resource (60 p.))
    Edition: Online-Ausg.
    Series Statement: World Bank Annual Report
    Series Statement: World Bank E-Library Archive
    Parallel Title: Druckausg.
    Keywords: Banking Sector ; Capital Markets ; Emerging Markets ; Equity Investments ; Health Services
    Abstract: El Grupo del Banco Mundial ha establecido objetivos ambiciosos pero alcanzables en torno a los cuales centrara la labor que desarrolla para superar estos desafios historicos. Especificamente, la institucion procurara poner fin a la pobreza extrema en todo el mundo para 2030 y promover la prosperidad compartida en los paises en desarrollo, lo que supondra fomentar el aumento de los ingresos del 40% mas pobre de la poblacion. Se procurara lograr estos objetivos de un modo sostenible en lo ambiental, social y economico, de modo de garantizar que los avances en el desarrollo no afecten el bienestar de las generaciones actuales y futuras. El presente informe anual se centra en las operaciones del Banco Internacional de Reconstruccion y Fomento (BIRF) y la Asociacion Internacional de Fomento (AIF), denominados colectivamente Banco Mundial. Lo invitamos a leer este informe para conocer mas sobre la labor del Banco Mundial, las actividades que desarrolla y los resultados que obtiene en las seis regiones donde trabaja, asi como sus logros en la superacion de la pobreza y la creacion de oportunidades para los habitantes de los paises en desarrollo. The Annual Report is prepared by the Executive Directors of the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA)-collectively known as the World Bank-in accordance with the by-laws of the two institutions. The President of the IBRD and IDA and the Chairman of the Board of Executive Directors submits the Report, together with the accompanying administrative budgets and audited financial statements, to the Board of Governors
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  • 76
    Language: English
    Pages: Online-Ressource (1 online resource (28 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Hoekman, Bernard Regulatory Cooperation, Aid For Trade And The General Agreement On Trade In Services
    Keywords: Banks and Banking Reform ; Best Market ; Business Practice ; Developing Countries ; Economic Theory and Research ; Emerging Markets ; Free Trade ; Growth Rate ; International Cooperation ; International Economics & Trade ; Liberalization ; Macroeconomics and Economic Growth ; Market Access ; Private Sector Development ; Regulators ; Technological Change ; Trade and Services ; World Trade ; Banks and Banking Reform ; Best Market ; Business Practice ; Developing Countries ; Economic Theory and Research ; Emerging Markets ; Free Trade ; Growth Rate ; International Cooperation ; International Economics & Trade ; Liberalization ; Macroeconomics and Economic Growth ; Market Access ; Private Sector Development ; Regulators ; Technological Change ; Trade and Services ; World Trade ; Banks and Banking Reform ; Best Market ; Business Practice ; Developing Countries ; Economic Theory and Research ; Emerging Markets ; Free Trade ; Growth Rate ; International Cooperation ; International Economics & Trade ; Liberalization ; Macroeconomics and Economic Growth ; Market Access ; Private Sector Development ; Regulators ; Technological Change ; Trade and Services ; World Trade
    Abstract: This paper discusses what could be done to expand services trade and investment through a multilateral agreement in the World Trade Organization. A distinction is made between market access liberalization and the regulatory preconditions for benefiting from market opening. The authors argue that prospects for multilateral services liberalization would be enhanced by making national treatment the objective of World Trade Organization services negotiations, thereby clarifying the scope of World Trade Organization commitments for regulators. Moreover, liberalization by smaller and poorer members of the World Trade Organization would be facilitated by complementary actions to strengthen regulatory capacity. If pursued as part of the operationalization of the World Trade Organization's 2006 Aid for Trade taskforce report, the World Trade Organization could become more relevant in promoting not just services liberalization but, more importantly, domestic reforms of services policies
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  • 77
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: Online-Ressource (1 online resource (34 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Demirguc-Kunt, Asli Finance And Economic Opportunity
    Keywords: Access to Finance ; Banks and Banking Reform ; Debt Markets ; Economic Opportunities ; Economic Opportunity ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Markets ; Financial Services ; Financial System ; Financial Systems ; Formal Financial Sector ; Households ; Inequality ; Macroeconomics and Economic Growth ; Private Sector Development ; Small Enterprises ; Access to Finance ; Banks and Banking Reform ; Debt Markets ; Economic Opportunities ; Economic Opportunity ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Markets ; Financial Services ; Financial System ; Financial Systems ; Formal Financial Sector ; Households ; Inequality ; Macroeconomics and Economic Growth ; Private Sector Development ; Small Enterprises ; Access to Finance ; Banks and Banking Reform ; Debt Markets ; Economic Opportunities ; Economic Opportunity ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Markets ; Financial Services ; Financial System ; Financial Systems ; Formal Financial Sector ; Households ; Inequality ; Macroeconomics and Economic Growth ; Private Sector Development ; Small Enterprises
    Abstract: An influential body of theoretical research and an emerging line of empirical work suggest that the operation of the formal financial system affects the degree to which economic opportunities are defined by talent and initiative rather than by parental wealth and social connections. This paper discusses the theory of how financial markets influence economic opportunity and reviews recent empirical work on the relation between formal financial systems and poverty, income inequality, and economic opportunity. The authors consider recent efforts to measure the ability of households and small enterprises to access financial services, the impact of this access, and the mechanisms through which finance affects poverty and inequality. The authors argue that considerably more research is needed to identify which formal financial sector policies enhance the operation of the financial system in ways that expand the economic horizons of the economically disenfranchised
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  • 78
    Language: English
    Pages: Online-Ressource (1 online resource (51 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Magnoli Bocchi, Alessandro Rising Growth, Declining Investment
    Keywords: Access to Finance ; Agriculture ; Barriers To Entry ; Debt ; Debt Markets ; Economic Growth ; Economic Theory and Research ; Environment ; Environmental Economics and Policies ; Equilibrium ; Exports ; Finance and Financial Sector Development ; GDP ; Macroeconomics and Economic Growth ; Marginal Product ; Political Economy ; Unemployment ; Wages ; Access to Finance ; Agriculture ; Barriers To Entry ; Debt ; Debt Markets ; Economic Growth ; Economic Theory and Research ; Environment ; Environmental Economics and Policies ; Equilibrium ; Exports ; Finance and Financial Sector Development ; GDP ; Macroeconomics and Economic Growth ; Marginal Product ; Political Economy ; Unemployment ; Wages ; Access to Finance ; Agriculture ; Barriers To Entry ; Debt ; Debt Markets ; Economic Growth ; Economic Theory and Research ; Environment ; Environmental Economics and Policies ; Equilibrium ; Exports ; Finance and Financial Sector Development ; GDP ; Macroeconomics and Economic Growth ; Marginal Product ; Political Economy ; Unemployment ; Wages
    Abstract: The economy of the Philippines is open to trade and capital inflows, and has grown rapidly since 2002. Over the last 10 years, however, domestic investment, while stagnant in real terms, has shrunk as a share of GDP. In an open and growing economy, why the decline? Three reasons explain the puzzle. First, the public sector cannot afford expanding its investment at GDP growth rates. Second, the capital-intensive private sector does not find it convenient to raise investment at the economy's pace. Third, fast-growing businesses in the service sector do not need to rapidly increase investment to enjoy rising profits. Yet, the economy keeps growing. On the demand-side, massive labor migration results in remittances that fuel consumption-led-growth. On the supply-side, free from rent-capturing regulations, a few non-capital-intensive manufactures and services boost exports. The economic system is in equilibrium at a low level of capital stock, where all economic agents have no incentive to unilaterally increase investment and the first mover bears short-term costs. As a consequence, growth is slower and less inclusive than it could be. To make it speedier and more sustainable, and to reduce unemployment and poverty, the economy needs to move to a "high-capital-stock" equilibrium. This would be attainable through better-performing eco-zones, a competitive exchange rate, greater government revenues, and fewer elite-capturing regulations
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  • 79
    Language: English
    Pages: Online-Ressource (1 online resource (37 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Gatti, Roberta Informality Among Formal Firms
    Keywords: Access To Credit ; Access To External Finance ; Access to Finance ; Balance Sheets ; Bankruptcy and Resolution of Financial Distress ; Banks ; Banks and Banking Reform ; Debt Markets ; Economic Theory and Research ; Exclusion ; External Finance ; Finance and Financial Sector Development ; Financial Institutions ; Financial Market ; International Bank ; Macroeconomics and Economic Growth ; Social Security ; Access To Credit ; Access To External Finance ; Access to Finance ; Balance Sheets ; Bankruptcy and Resolution of Financial Distress ; Banks ; Banks and Banking Reform ; Debt Markets ; Economic Theory and Research ; Exclusion ; External Finance ; Finance and Financial Sector Development ; Financial Institutions ; Financial Market ; International Bank ; Macroeconomics and Economic Growth ; Social Security ; Access To Credit ; Access To External Finance ; Access to Finance ; Balance Sheets ; Bankruptcy and Resolution of Financial Distress ; Banks ; Banks and Banking Reform ; Debt Markets ; Economic Theory and Research ; Exclusion ; External Finance ; Finance and Financial Sector Development ; Financial Institutions ; Financial Market ; International Bank ; Macroeconomics and Economic Growth ; Social Security
    Abstract: The authors use firm-level, cross-county data from Investment Climate surveys in 49 developing countries to investigate an important channel through which informality can affect productivity: access to credit and external finance. Informality is measured as self-reported lack of tax compliance in a sample of registered firms that also answered questions on a large set of other characteristics. The authors find that more tax compliance is significantly associated with more access to credit both in OLS and in country fixed effects estimates. In particular, the link between credit and formality is stronger in high-formality countries. This suggests that firms' balance sheets are relatively more informative for financial institutions in environments where signal extraction is a less noisy process. The authors' results are robust to the inclusion of a wide array of correlates and to two-stage estimation
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  • 80
    Language: English
    Pages: Online-Ressource (1 online resource (44 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Devarajan, Shantayanan Aid, Growth, And Real Exchange Rate Dynamics
    Keywords: Currencies and Exchange Rates ; Debt ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equilibrium ; Extreme Poverty ; Finance and Financial Sector Development ; Incentive Effects ; Macroeconomic Management ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Marginal Productivity ; Open Economy ; Private Sector Development ; Productivity ; Savings ; Side Effects ; Currencies and Exchange Rates ; Debt ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equilibrium ; Extreme Poverty ; Finance and Financial Sector Development ; Incentive Effects ; Macroeconomic Management ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Marginal Productivity ; Open Economy ; Private Sector Development ; Productivity ; Savings ; Side Effects ; Currencies and Exchange Rates ; Debt ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equilibrium ; Extreme Poverty ; Finance and Financial Sector Development ; Incentive Effects ; Macroeconomic Management ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Marginal Productivity ; Open Economy ; Private Sector Development ; Productivity ; Savings ; Side Effects
    Abstract: Devarajan, Go, Page, Robinson, and Thierfelder argued that if aid is about the future and recipients are able to plan consumption and investment decisions optimally over time, then the potential problem of an aid-induced appreciation of the real exchange rate (Dutch disease) does not occur. In their paper, "Aid, Growth and Real Exchange Rate Dynamics," this key result is derived without requiring extreme assumptions or additional productivity story. The economic framework is a standard neoclassical growth model, based on the familiar Salter-Swan characterization of an open economy, with full dynamic savings and investment decisions. It does require that the model is fully dynamic in both savings and investment decisions. An important assumption is that aid should be predictable for intertemporal smoothing to take place. If aid volatility forces recipients to be constrained and myopic, Dutch disease problems become an issue
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  • 81
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: Online-Ressource (1 online resource (46 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Porto, Guido Agro-Manufactured Export Prices, Wages And Unemployment
    Keywords: Adjustment costs ; Economic Theory and Research ; Employment probability ; Expected wages ; High unemployment ; High unemployment rates ; Labor Markets ; Labor Policies ; Labor demand ; Labor market ; Labor supply ; Macroeconomics and Economic Growth ; Markets and Market Access ; Social Protections and Labor ; Unemployment ; Unemployment rate ; Adjustment costs ; Economic Theory and Research ; Employment probability ; Expected wages ; High unemployment ; High unemployment rates ; Labor Markets ; Labor Policies ; Labor demand ; Labor market ; Labor supply ; Macroeconomics and Economic Growth ; Markets and Market Access ; Social Protections and Labor ; Unemployment ; Unemployment rate ; Adjustment costs ; Economic Theory and Research ; Employment probability ; Expected wages ; High unemployment ; High unemployment rates ; Labor Markets ; Labor Policies ; Labor demand ; Labor market ; Labor supply ; Macroeconomics and Economic Growth ; Markets and Market Access ; Social Protections and Labor ; Unemployment ; Unemployment rate
    Abstract: This paper estimates the impacts of world agricultural trade liberalization on wages, employment and unemployment in Argentina, a country with positive net agricultural exports and high unemployment rates. In the estimation of these wage and unemployment responses, the empirical model allows for individual labor supply responses and for adjustment costs in labor demand. The findings show that a 10 percent increase in the price of agricultural exports would cause an increase in the Argentine employment probability of 1.36 percentage points, matched by a decline in the unemployment probability of 0.75 percentage points and an increase in labor market participation of 0.61 percentage points. Further, the unemployment rate would decline by 1.23 percentage points (by almost 10 percent). Expected wages would increase by 10.3 percent, an effect that is mostly driven by higher employment probabilities. This indicates that the bulk of the impacts of trade reforms originates in household responses in the presence of adjustment costs, and that failure to account for them may lead to significant biases in the welfare evaluation of trade policy
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  • 82
    Language: English
    Pages: Online-Ressource (1 online resource (41 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Lopez, J. Humberto Inequality In Latin America
    Keywords: Average income ; Economic Conditions and Volatility ; Economic Theory and Research ; Gini coefficient ; Impact of inequality ; Income ; Income inequality ; Inequality ; Inequality ; Inequality trends ; Macroeconomics and Economic Growth ; Output volatility ; Policy ReseaRch ; Poverty Reduction ; Poverty levels ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction ; Average income ; Economic Conditions and Volatility ; Economic Theory and Research ; Gini coefficient ; Impact of inequality ; Income ; Income inequality ; Inequality ; Inequality ; Inequality trends ; Macroeconomics and Economic Growth ; Output volatility ; Policy ReseaRch ; Poverty Reduction ; Poverty levels ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction ; Average income ; Economic Conditions and Volatility ; Economic Theory and Research ; Gini coefficient ; Impact of inequality ; Income ; Income inequality ; Inequality ; Inequality ; Inequality trends ; Macroeconomics and Economic Growth ; Output volatility ; Policy ReseaRch ; Poverty Reduction ; Poverty levels ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction
    Abstract: Latin America is together with Sub-Saharan Africa the most unequal region of the world. This paper documents recent inequality trends in the Latin American region, going beyond traditional measures of income inequality. The paper also reviews some of the explanations that have been put forward to understand the current situation, and discusses why reducing income inequality should be an important policy priority. In particular, the authors discuss channels through which inequality can affect growth and output volatility. On the whole, the analysis suggests a two-pronged approach to reduce inequality in the region that combines policies aimed at improving the distribution of assets (especially education) with elements aimed at improving the capacity of the state to redistribute income through taxes and transfers
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  • 83
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Francisco, Manuela Measuring The Performance And Achievement of Social Objectives of Development Finance Institutions
    Keywords: Access to Finance ; Access to financial services ; Banks ; Banks and Banking Reform ; Debt Markets ; Demand for credit ; Development Finance ; Development Finance Institutions ; Development finance institution ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial intermediaries ; Financial sector development ; International Bank ; Macroeconomics and Economic Growth ; Private Sector Development ; Social welfare ; Access to Finance ; Access to financial services ; Banks ; Banks and Banking Reform ; Debt Markets ; Demand for credit ; Development Finance ; Development Finance Institutions ; Development finance institution ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial intermediaries ; Financial sector development ; International Bank ; Macroeconomics and Economic Growth ; Private Sector Development ; Social welfare ; Access to Finance ; Access to financial services ; Banks ; Banks and Banking Reform ; Debt Markets ; Demand for credit ; Development Finance ; Development Finance Institutions ; Development finance institution ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial intermediaries ; Financial sector development ; International Bank ; Macroeconomics and Economic Growth ; Private Sector Development ; Social welfare
    Abstract: This paper develops and tests a proposed methodology that puts forward a new integrated method for evaluating the performance of development finance institutions. This methodology applies assessment criteria that take into account both the social objective that the development finance institution addresses and the subsidies it received in order to achieve such an objective. This methodology is applied to two pilot case studies-Banadesa (Honduras) and Banrural (Guatemala). The authors calculate the previously tested subsidy dependence index, which measures the degree of an institution's subsidy dependence. The paper develops and estimates a new measure-the output index- which indicates the level to which the institution fulfills the social objectives of the state. The analysis integrates the subsidy dependence index and the output index to assess the effectiveness associated with meeting the social objective. The findings suggest that the integration of the two indexes can constitute the basis of a meaningful evaluation framework for the performance of development finance institutions. This new methodology can also be a useful metric for policy makers who are seeking to decide on an optimal allocation of scarce funds for development finance institutions that pursue social goals and for management that seeks improved performance outcomes
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  • 84
    Language: English
    Pages: Online-Ressource (1 online resource (21 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Angel-Urdinola, Diego F Does Participation In Productive Associations Signal Trust And Creditworthiness?
    Keywords: Collective ; Collective action ; Collective action problem ; Communities & Human Settlements ; Corporate Law ; Debt Markets ; Finance and Financial Sector Development ; Housing and Human Habitats ; Individuals ; Insurance and Risk Mitigation ; Labor Policies ; Law and Development ; Municipality ; Principal-agent ; Principal-agent problems ; Proxy ; Public firms ; Social Protections and Labor ; Unions ; Collective ; Collective action ; Collective action problem ; Communities & Human Settlements ; Corporate Law ; Debt Markets ; Finance and Financial Sector Development ; Housing and Human Habitats ; Individuals ; Insurance and Risk Mitigation ; Labor Policies ; Law and Development ; Municipality ; Principal-agent ; Principal-agent problems ; Proxy ; Public firms ; Social Protections and Labor ; Unions ; Collective ; Collective action ; Collective action problem ; Communities & Human Settlements ; Corporate Law ; Debt Markets ; Finance and Financial Sector Development ; Housing and Human Habitats ; Individuals ; Insurance and Risk Mitigation ; Labor Policies ; Law and Development ; Municipality ; Principal-agent ; Principal-agent problems ; Proxy ; Public firms ; Social Protections and Labor ; Unions
    Abstract: This article studies the extent to which participation in productive associations in Nicaragua contributes to increase individuals' access to social programs and credit services. By participating in productive associations, individuals give a good signal to firms and are rewarded with better transactions and more access to the services they provide, ceteris paribus. Estimates using 2005 data indicate that households that participate in productive associations display higher access to credit and to social programs that promote investment. Additionally, participation in productive associations is weakly associated to more favorable credit outcomes among those households that receive loans, such as lower interest rates and a lower probability of wanting more credit than what was accessible to them
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  • 85
    Language: English
    Pages: Online-Ressource (1 online resource (35 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Fujii, Tomoki How Does Vietnam's Accession To The World Trade Organization Change The Spatial Incidence of Poverty?
    Keywords: Economic Theory and Research ; Incidence of Poverty ; Income ; Income distribution ; Inequality ; Macroeconomics and Economic Growth ; Poor ; Poor areas ; Poor households ; Poor people ; Poverty Monitoring and Analysis ; Poverty Reduction ; Poverty reduction ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction ; Targeting ; Economic Theory and Research ; Incidence of Poverty ; Income ; Income distribution ; Inequality ; Macroeconomics and Economic Growth ; Poor ; Poor areas ; Poor households ; Poor people ; Poverty Monitoring and Analysis ; Poverty Reduction ; Poverty reduction ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction ; Targeting ; Economic Theory and Research ; Incidence of Poverty ; Income ; Income distribution ; Inequality ; Macroeconomics and Economic Growth ; Poor ; Poor areas ; Poor households ; Poor people ; Poverty Monitoring and Analysis ; Poverty Reduction ; Poverty reduction ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction ; Targeting
    Abstract: Trade policies can promote aggregate efficiency, but the ensuing structural adjustments generally create both winners and losers. From an incomes perspective, trade liberalization can raise gross domestic product per capita, but rates of emergence from poverty depend on individual household characteristics of economic participation and asset holding. To fully realize the growth potential of trade, while limiting the risk of rising inequality, policies need to better account for microeconomic heterogeneity. One approach to this is geographic targeting that shifts resources to poor areas. This study combines an integrated microsimulation-computable general equilibrium model with small area estimation to evaluate the spatial incidence of Vietnam's accession to the World Trade Organization. Provincial-level poverty reduction after full liberalization was heterogeneous, ranging from 2.2 percent to 14.3 percent. Full liberalization will benefit the poor on a national basis, but the northwestern area of Vietnam is likely to lag behind. Furthermore, poverty can be shown to increase under comparable scenarios
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  • 86
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: Online-Ressource (1 online resource (55 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Fafchamps, Marcel Isolation And Subjective Welfare
    DDC: 360
    Keywords: Air ; Consumption ; Economic Theory and Research ; Externalities ; Health Monitoring and Evaluation ; Health, Nutrition and Population ; Inequality ; Macroeconomics and Economic Growth ; Mobility ; Poverty Reduction ; Road ; Roads ; Transport ; Transport ; Transport Economics, Policy and Planning ; Transport costs ; Travel time ; Travel times ; True ; Air ; Consumption ; Economic Theory and Research ; Externalities ; Health Monitoring and Evaluation ; Health, Nutrition and Population ; Inequality ; Macroeconomics and Economic Growth ; Mobility ; Poverty Reduction ; Road ; Roads ; Transport ; Transport ; Transport Economics, Policy and Planning ; Transport costs ; Travel time ; Travel times ; True ; Air ; Consumption ; Economic Theory and Research ; Externalities ; Health Monitoring and Evaluation ; Health, Nutrition and Population ; Inequality ; Macroeconomics and Economic Growth ; Mobility ; Poverty Reduction ; Road ; Roads ; Transport ; Transport ; Transport Economics, Policy and Planning ; Transport costs ; Travel time ; Travel times ; True
    Abstract: Using detailed geographical and household survey data from Nepal, this article investigates the relationship between isolation and subjective welfare. This is achieved by examining how distance to markets and proximity to large urban centers are associated with responses to questions about income and consumption adequacy. Results show that isolation is associated with a significant reduction in subjective assessments of income and consumption adequacy, even after controlling for consumption expenditures and other factors. The reduction in subjective welfare associated with isolation is much larger for households that are already relatively close to markets. These findings suggest that welfare assessments based on monetary income and consumption may seriously underestimate the subjective welfare cost of isolation, and hence will tend to bias downward the assessment of benefits to isolation-reducing investments such as roads and communication infrastructure
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  • 87
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Thompson, Graeme Risk-Based Supervision of Pension Funds In Australia
    Keywords: Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Systems ; Insurance ; Insurance and Risk Mitigation ; International Bank ; Labor Policies ; Non Bank Financial Institutions ; Pension ; Pension Funds ; Pension System ; Pension fund ; Pension systems ; Private Sector Development ; Prudential Regulation ; Risk management ; Social Protections and Labor ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Systems ; Insurance ; Insurance and Risk Mitigation ; International Bank ; Labor Policies ; Non Bank Financial Institutions ; Pension ; Pension Funds ; Pension System ; Pension fund ; Pension systems ; Private Sector Development ; Prudential Regulation ; Risk management ; Social Protections and Labor ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Systems ; Insurance ; Insurance and Risk Mitigation ; International Bank ; Labor Policies ; Non Bank Financial Institutions ; Pension ; Pension Funds ; Pension System ; Pension fund ; Pension systems ; Private Sector Development ; Prudential Regulation ; Risk management ; Social Protections and Labor
    Abstract: This paper examines the development of risk-based supervision of pension funds in Australia. The large number of pension funds has meant that since the inception of pension fund supervision in the early 1990's the regulator has sought to identify high risk funds and focus its attention on these funds. However, the regulator developed a more sophisticated risk-rating model, known as PAIRS/SOARS, in 1992 in order to apply a more disciplined and consistent ratings methodology. Four reasons are given for the move towards more sophisticated risk-based supervision: 1) creation of an integrated supervisor which allowed the use of techniques used in banking and insurance to be adopted for pension fund; 2) the need to better use available supervisory resources; 3) several pension fund failures; and 4) concerns about industry weaknesses. Supervisory techniques used particularly in the banking industry, such as universal licensing, 'fit and proper' assessment, and risk management requirements were adopted for the pension sector between 2004 and 2006. The paper provides an outline of the PAIRS/SOARS risk-rating model which was also adopted. It observes that the approach provides an analytical discipline to risk assessment, strengthens the link between risk assessment and supervisory response, and allows better targeting of supervisory resources
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  • 88
    Language: English
    Pages: Online-Ressource (1 online resource (36 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Brownbridge, Martin Fiscal Policy For Growth And Development In Tajikistan
    Keywords: Access to Finance ; Banks and Banking Reform ; Debt Markets ; Economic growth ; Finance and Financial Sector Development ; Fiscal Policy ; Fiscal deficit ; Fiscal sustainability ; Poverty Reduction ; Public Disclosure ; Public Sector Economics and Finance ; Public Sector Expenditure Analysis and Management ; Public debt ; Public financial management ; Public provision ; Public spending ; Access to Finance ; Banks and Banking Reform ; Debt Markets ; Economic growth ; Finance and Financial Sector Development ; Fiscal Policy ; Fiscal deficit ; Fiscal sustainability ; Poverty Reduction ; Public Disclosure ; Public Sector Economics and Finance ; Public Sector Expenditure Analysis and Management ; Public debt ; Public financial management ; Public provision ; Public spending ; Access to Finance ; Banks and Banking Reform ; Debt Markets ; Economic growth ; Finance and Financial Sector Development ; Fiscal Policy ; Fiscal deficit ; Fiscal sustainability ; Poverty Reduction ; Public Disclosure ; Public Sector Economics and Finance ; Public Sector Expenditure Analysis and Management ; Public debt ; Public financial management ; Public provision ; Public spending
    Abstract: Tajikistan's economy has recovered strongly after the collapse of the 1990s, but sustaining rapid economic growth over the long term and reducing poverty present major challenges for policymakers. This paper contributes to the debate over the strategic role for fiscal policy to play in meeting these challenges, utilizing the "fiscal space" approach to assess the long-term potential for expanding public provision of growth-promoting goods and services and evaluating the priorities for public spending. It also analyzes the long-term risks to fiscal sustainability, from external public debt and the quasi fiscal deficit of the electricity sector. The paper contends that institutional reforms in key areas, notably public financial management, tax administration, and the energy sector, are crucial for generating fiscal space and for ensuring that higher levels of public spending are translated into stronger economic growth and poverty reduction. The priorities for government spending should be education, health, and the maintenance of the core networks of the existing infrastructure for energy and transport, rather than new public investment projects
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  • 89
    Language: English
    Pages: Online-Ressource (1 online resource (48 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Mundlak, Yair Heterogeneous Technology And Panel Data
    Keywords: Agriculture ; Economic Theory and Research ; Economic growth ; Elasticity ; Elasticity of substitution ; Environment ; Environmental Economics and Policies ; Factor demand ; Macroeconomics and Economic Growth ; Production Function ; Production functions ; Productivity ; Productivity growth ; Total factor productivity ; Agriculture ; Economic Theory and Research ; Economic growth ; Elasticity ; Elasticity of substitution ; Environment ; Environmental Economics and Policies ; Factor demand ; Macroeconomics and Economic Growth ; Production Function ; Production functions ; Productivity ; Productivity growth ; Total factor productivity ; Agriculture ; Economic Theory and Research ; Economic growth ; Elasticity ; Elasticity of substitution ; Environment ; Environmental Economics and Policies ; Factor demand ; Macroeconomics and Economic Growth ; Production Function ; Production functions ; Productivity ; Productivity growth ; Total factor productivity
    Abstract: The paper presents empirical analysis of a panel of countries to estimate an agricultural production function using a measure of capital in agriculture absent from most studies. The authors employ a heterogeneous technology framework where implemented technology is chosen jointly with inputs to interpret information obtained in the empirical analysis of panel data. The paper discusses the scope for replacing country and time effects by observed variables and the limitations of instrumental variables. The empirical results differ from those reported in the literature for cross-country studies, largely in augmenting the role of capital, in combination with productivity gains, as a driver of agricultural growth. The results indicate that total factor productivity increased at an average rate of 3.2 percent, accounting for 59 percent of overall growth. Most of the remaining gains stem from large inflows of fixed capital into agriculture. The results also suggest possible constraints to fertilizer use
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  • 90
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: Online-Ressource (1 online resource (43 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: van Dam, Rein Risk-Based Supervision of Pension Institutions In Denmark
    Keywords: Banks and Banking Reform ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Systems ; Insurance and Risk Mitigation ; Investment restrictions ; Market discipline ; Pension ; Pension funds ; Portfolios ; Private Sector Development ; Returns ; Risk control ; Solvency ; Valuation ; Banks and Banking Reform ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Systems ; Insurance and Risk Mitigation ; Investment restrictions ; Market discipline ; Pension ; Pension funds ; Portfolios ; Private Sector Development ; Returns ; Risk control ; Solvency ; Valuation ; Banks and Banking Reform ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Systems ; Insurance and Risk Mitigation ; Investment restrictions ; Market discipline ; Pension ; Pension funds ; Portfolios ; Private Sector Development ; Returns ; Risk control ; Solvency ; Valuation
    Abstract: This paper examines the move towards risk-based supervision of pension institutions in Denmark. Although Denmark has not adopted a comprehensive model to assess risk it has developed a number of building blocks which it uses for risk-based assessment. The motivations for improving risk assessment include a desire to identify emerging problems, and concerns about the solvency of pension institutions. In Denmark there is extensive use of guaranteed minimum returns in both the accumulation and payout phases which create substantial obligations on pension institutions, and focus attention on the integrity and solvency of the institutions which provide them. In conjunction with freeing up investment restrictions and moving towards market valuation of assets, the supervisor has introduced a 'traffic light' stress test model which calculates the effect of several market scenarios - the red test which is the more plausible and the yellow test which is possible but less likely. In addition to the use of the traffic light system, there has been a growing emphasis on the adequacy of internal risk control systems and greater reliance on market discipline. Pension institutions have sought to reduce their exposure to market volatility by better matching of assets and liabilities. There is a much better understanding of the risks inherent in the pension institutions' portfolios, and there has been a substantial increase in the use of hedging instruments
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  • 91
    Language: English
    Pages: Online-Ressource (1 online resource (50 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Zhao, Longyue Trade Remedies And Non-Market Economies
    Keywords: Bilateral trade ; Capacity building ; Debt Markets ; Development policies ; Dumping ; Economic Implications ; Economic Theory and Research ; Economic efficiency ; Emerging Markets ; Finance and Financial Sector Development ; ITC ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Trade Law ; Trade policy ; WTO ; World Trade Organization ; Bilateral trade ; Capacity building ; Debt Markets ; Development policies ; Dumping ; Economic Implications ; Economic Theory and Research ; Economic efficiency ; Emerging Markets ; Finance and Financial Sector Development ; ITC ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Trade Law ; Trade policy ; WTO ; World Trade Organization ; Bilateral trade ; Capacity building ; Debt Markets ; Development policies ; Dumping ; Economic Implications ; Economic Theory and Research ; Economic efficiency ; Emerging Markets ; Finance and Financial Sector Development ; ITC ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Trade Law ; Trade policy ; WTO ; World Trade Organization
    Abstract: In 2007, the United States Department of Commerce altered a 23-year old policy of not applying the countervailing duty law to non-market economies, and initiated eight countervailing and antidumping duty investigations on Chinese imports. The change brings heated debate on trade remedy policies and issues of non-market economies. This study focuses on the first countervailing duty case on imported coated free sheet paper from China and analyzes the implications of this test case for United States-China bilateral trade, and industrial policies in transitioning market economies. The paper also provides a brief review of the economics of subsidies, World Trade Organization rules on subsides and countervailing measures, and United States countervailing duty laws applied to non-market economies. While recently acceded countries should review their domestic development policies from the perspective of economic efficiency and comply with the World Trade Organization rules, it is also important to further clarify the issues of non-market economies under the multilateral trading system, and pay keen attention to the rules negotiations in the current World Trade Organization Doha Development Round
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  • 92
    Language: English
    Pages: Online-Ressource (1 online resource (31 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Timilsina, Govinda R A General Equilibrium Analysis of Demand Side Management Programs Under The Clean Development Mechanism of The Kyoto Protocol
    Keywords: Clean energy ; Climate Change ; Climate change ; Cost of electricity ; Economic Theory and Research ; Electric utilities ; Electricity savings ; Emission ; Energy ; Energy Production and Transportation ; Energy and Environment ; Energy conservation ; Energy prices ; Environment ; Environment and Energy Efficiency ; Environmental consequences ; Macroeconomics and Economic Growth ; Price of electricity ; Clean energy ; Climate Change ; Climate change ; Cost of electricity ; Economic Theory and Research ; Electric utilities ; Electricity savings ; Emission ; Energy ; Energy Production and Transportation ; Energy and Environment ; Energy conservation ; Energy prices ; Environment ; Environment and Energy Efficiency ; Environmental consequences ; Macroeconomics and Economic Growth ; Price of electricity ; Clean energy ; Climate Change ; Climate change ; Cost of electricity ; Economic Theory and Research ; Electric utilities ; Electricity savings ; Emission ; Energy ; Energy Production and Transportation ; Energy and Environment ; Energy conservation ; Energy prices ; Environment ; Environment and Energy Efficiency ; Environmental consequences ; Macroeconomics and Economic Growth ; Price of electricity
    Abstract: This paper analyzes the economic and environmental consequences of a potential demand side management program in Thailand using a general equilibrium model. The program considers replacement of less efficient electrical appliances in the household sector with more efficient counterparts. The study further examines changes in the economic and environmental effects of the program if it is implemented under the clean development mechanism of the Kyoto Protocol, which provides carbon subsidies to the program. The study finds that the demand side management program would increase economic welfare if the ratio of unit cost of electricity savings to price of electricity is 0.4 or lower even in the absence of the clean development mechanism. If the program's ratio of unit cost of electricity savings to price of electricity is greater than 0.4, registration of the program under the clean development mechanism would be needed to achieve positive welfare impacts. The level of welfare impacts would, however, depend on the price of carbon credits the program generates. For a given level of welfare impacts, the registration of the demand side management program under the clean development mechanism would increase the volume of emission reductions
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  • 93
    Language: English
    Pages: Online-Ressource (1 online resource (37 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Henson, Spencer Linking African Smallholders To High-Value Markets
    Keywords: Access to Finance ; Agricultural Knowledge and Information Systems ; Agricultural products ; Agriculture ; Development assistance ; Economic Theory and Research ; Finance and Financial Sector Development ; International Bank ; Labor Policies ; Macroeconomics and Economic Growth ; Market development ; Markets and Market Access ; Rural Development ; Smallholder ; Smallholder farmers ; Smallholder participation ; Smallholders ; Social Protections and Labor ; Supply chain ; Supply chains ; Access to Finance ; Agricultural Knowledge and Information Systems ; Agricultural products ; Agriculture ; Development assistance ; Economic Theory and Research ; Finance and Financial Sector Development ; International Bank ; Labor Policies ; Macroeconomics and Economic Growth ; Market development ; Markets and Market Access ; Rural Development ; Smallholder ; Smallholder farmers ; Smallholder participation ; Smallholders ; Social Protections and Labor ; Supply chain ; Supply chains ; Access to Finance ; Agricultural Knowledge and Information Systems ; Agricultural products ; Agriculture ; Development assistance ; Economic Theory and Research ; Finance and Financial Sector Development ; International Bank ; Labor Policies ; Macroeconomics and Economic Growth ; Market development ; Markets and Market Access ; Rural Development ; Smallholder ; Smallholder farmers ; Smallholder participation ; Smallholders ; Social Protections and Labor ; Supply chain ; Supply chains
    Abstract: This paper provides the results of an international survey of practitioners with experience in facilitating the participation of African smallholder farmers in supply chains for higher-value and/or differentiated agricultural products. It explores their perceptions about the constraints inhibiting and the impacts associated with this supply chain participation. It also examines their perceptions about the factors affecting the success of project and policy interventions in this area, about how this success is and should be measured, and about the appropriate roles for national governments, the private sector, and development assistance entities in facilitating smallholder gains in this area. The results confirm a growing 'consensus' about institutional roles, yet suggest some ambiguity regarding the impacts of smallholder participation in higher-value supply chains and the appropriateness of the indicators most commonly used to gauge such impacts. The results also suggest a need to strengthen knowledge about both the 'old' and 'new' sets of constraints (and solutions) related to remunerative smallholder inclusion, in the form of the rising role of standards alongside more long-standing concerns about infrastructure and logistical links to markets
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  • 94
    Language: English
    Pages: Online-Ressource (1 online resource (51 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Loening, Josef Nonfarm Microenterprise Performance And The Investment Climate
    Keywords: Access to Finance ; Agricultural sector ; Capital stock ; Community survey ; Debt Markets ; Economic Development ; Economic Theory and Research ; Finance and Financial Sector Development ; Financial support ; Households ; International Bank ; Job opportunities ; Labor Markets ; Labor market ; Macroeconomics and Economic Growth ; Microfinance ; Access to Finance ; Agricultural sector ; Capital stock ; Community survey ; Debt Markets ; Economic Development ; Economic Theory and Research ; Finance and Financial Sector Development ; Financial support ; Households ; International Bank ; Job opportunities ; Labor Markets ; Labor market ; Macroeconomics and Economic Growth ; Microfinance ; Access to Finance ; Agricultural sector ; Capital stock ; Community survey ; Debt Markets ; Economic Development ; Economic Theory and Research ; Finance and Financial Sector Development ; Financial support ; Households ; International Bank ; Job opportunities ; Labor Markets ; Labor market ; Macroeconomics and Economic Growth ; Microfinance
    Abstract: This paper uses uniquely matched household, enterprise and community survey data from four major regions in rural Ethiopia to characterize the performance, constraints and opportunities of nonfarm enterprises. The nonfarm enterprise sector is sizeable, particularly important for women, and plays an important role during the low season for agriculture, when alternative job opportunities are limited. Returns to nonfarm enterprise employment are low on average and especially so for female-headed enterprises. Women nevertheless have much higher participation rates than men, which attest to their marginalized position in the labor market. Most enterprises are very small and rely almost exclusively on household members to provide the required labor inputs. Few firms add to their capital stock or increase their labor inputs after startup. Local fluctuations in predicted crop performance affect the performance of nonfarm enterprises, because of the predominant role played by the agricultural sector. Enterprise performance is also affected by the localized nature of sales and limited market integration for nonfarm enterprises. The policy implications of these and other findings are discussed
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  • 95
    Language: English
    Pages: Online-Ressource (1 online resource (73 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Rutherford, Thomas Regional Household And Poverty Effects of Russia's Accession To The World Trade Organization
    Keywords: Constant returns to scale ; Debt Markets ; E-Business ; Economic Theory and Research ; Emerging Markets ; Equilibrium ; Exports ; Finance and Financial Sector Development ; Gross domestic product ; Imperfect competition ; Income ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Open economy ; Private Sector Development ; Productivity ; WTO ; World Trade Organization ; Constant returns to scale ; Debt Markets ; E-Business ; Economic Theory and Research ; Emerging Markets ; Equilibrium ; Exports ; Finance and Financial Sector Development ; Gross domestic product ; Imperfect competition ; Income ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Open economy ; Private Sector Development ; Productivity ; WTO ; World Trade Organization ; Constant returns to scale ; Debt Markets ; E-Business ; Economic Theory and Research ; Emerging Markets ; Equilibrium ; Exports ; Finance and Financial Sector Development ; Gross domestic product ; Imperfect competition ; Income ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Open economy ; Private Sector Development ; Productivity ; WTO ; World Trade Organization
    Abstract: This paper develops a seven-region comparative static computable general equilibrium model of Russia to assess the impact of accession to the World Trade Organization on these seven regions (the federal okrugs) of Russia. In order to assess poverty and distributional impacts, the model includes ten households in each of the seven federal okrugs, where household data are taken from the Household Budget Survey of Rosstat. The model allows for foreign direct investment in business services and endogenous productivity effects from additional varieties of business services and goods, which the analysis shows are crucial to the results. National welfare gains are about 4.5 percent of gross domestic product in the model, but in a constant returns to scale model they are only 0.1 percent. All deciles of the population in all seven federal okrugs can be expected to significantly gain from Russian World Trade Organization accession, but due to the capacity of their regions to attract foreign direct investment, households in the Northwest region gain the most, followed by households in the Far East and Volga regions. Households in Siberia and the Urals gain the least. Distribution impacts within regions are rather flat for the first nine deciles; but the richest decile of the population in the three regions that attract a lot of foreign investment gains significantly more than the other nine representative households in those regions
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  • 96
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: Online-Ressource (1 online resource (25 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Thorburn, Craig Insurers
    Keywords: Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Gross domestic product ; MARKET SHARE ; Macroeconomics and Economic Growth ; Market conditions ; Market development ; Market entry ; Market risk ; Market risk assessments ; Markets and Market Access ; Monopolies ; Monopoly ; Price wars ; Private Sector Development ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Gross domestic product ; MARKET SHARE ; Macroeconomics and Economic Growth ; Market conditions ; Market development ; Market entry ; Market risk ; Market risk assessments ; Markets and Market Access ; Monopolies ; Monopoly ; Price wars ; Private Sector Development ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Gross domestic product ; MARKET SHARE ; Macroeconomics and Economic Growth ; Market conditions ; Market development ; Market entry ; Market risk ; Market risk assessments ; Markets and Market Access ; Monopolies ; Monopoly ; Price wars ; Private Sector Development
    Abstract: In many markets, industry and policymakers agree that there may be too many insurers. In others, the consensus is that there could be benefit from more competition. But this broad consensus is often supported by evidence that is more qualitative, anecdotal, or judgmental despite being unanimous. What is less clear, however, is how far consolidation or liberalization will go, how fast, and when it will end. This paper presents some initial observations from a cross-country data set and proposes that individual country results can be interpreted against this data set to inform expectations regarding trends in competition, concentration and consolidation, to inform analysis of the sector, for individual firm strategic planning and wider market risk assessments. A "natural level" for measures is suggested as a starting hypothesis. Further consideration is then made of the role of absolute market size, stage of market development, and differentials between life and non life segments. Analysis of the natural level, adjusted for market conditions, can then be used to develop preliminary views on current and expected market dynamics, strategic planning, and to inform policy, regulatory and supervisory priorities
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  • 97
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: Online-Ressource (1 online resource (34 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Fofack, Hippolyte Technology Trap And Poverty Trap In Sub-Saharan Africa
    Keywords: Basic ; Components ; E-Business ; Economic Theory and Research ; Engineering ; ICT Policy and Strategies ; Industry ; Information and Communication Technologies ; Innovations ; Inventions ; Macroeconomics and Economic Growth ; New technologies ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Semiconductors ; Simulation ; Technological infrastructure ; Technological innovations ; Technology Industry ; Basic ; Components ; E-Business ; Economic Theory and Research ; Engineering ; ICT Policy and Strategies ; Industry ; Information and Communication Technologies ; Innovations ; Inventions ; Macroeconomics and Economic Growth ; New technologies ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Semiconductors ; Simulation ; Technological infrastructure ; Technological innovations ; Technology Industry ; Basic ; Components ; E-Business ; Economic Theory and Research ; Engineering ; ICT Policy and Strategies ; Industry ; Information and Communication Technologies ; Innovations ; Inventions ; Macroeconomics and Economic Growth ; New technologies ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Semiconductors ; Simulation ; Technological infrastructure ; Technological innovations ; Technology Industry
    Abstract: Since the industrial revolution, advances in science and technology have continuously accounted for most of the growth and wealth accumulation in leading industrialized economies. In recent years, the contribution of technological progress to growth and welfare improvement has increased even further, especially with the globalization process which has been characterized by exponential growth in exports of manufactured goods. This paper establishes the existence of a technology trap in Sub-Saharan Africa. It shows that the widening income and welfare gap between Sub-Saharan Africa and the rest of world is largely accounted for by the technology trap responsible for the poverty trap. This result is supported by empirical evidence which suggests that if countries in Sub-Saharan Africa were using the same level of technology enjoyed by industrialized countries income levels in Sub-Saharan Africa would be significantly higher. The result is robust, even after controlling for institutional, macroeconomic instability and volatility factors. Consistent with standard one-sector neoclassical growth models, this suggests that uniform convergence to a worldwide technology frontier may lead to income convergence in the spherical space. Overcoming the technology trap in Sub-Saharan Africa may therefore be essential to achieving the Millennium Development Goals and evolving toward global convergence in the process of economic development
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  • 98
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Niimi, Yoko Determinants of Remittances
    Keywords: Debt Markets ; Finance and Financial Sector Development ; Gender ; Gender and Development ; Health, Nutrition and Population ; Impact of migration ; Internal Migrants ; Labor market ; Macroeconomics and Economic Growth ; Migrant ; Migration ; Policy ReseaRch ; Policy ReseaRch WoRking PaPeR ; Population Policies ; Remittance ; Remittances ; Remittances ; Vulnerability ; Debt Markets ; Finance and Financial Sector Development ; Gender ; Gender and Development ; Health, Nutrition and Population ; Impact of migration ; Internal Migrants ; Labor market ; Macroeconomics and Economic Growth ; Migrant ; Migration ; Policy ReseaRch ; Policy ReseaRch WoRking PaPeR ; Population Policies ; Remittance ; Remittances ; Remittances ; Vulnerability ; Debt Markets ; Finance and Financial Sector Development ; Gender ; Gender and Development ; Health, Nutrition and Population ; Impact of migration ; Internal Migrants ; Labor market ; Macroeconomics and Economic Growth ; Migrant ; Migration ; Policy ReseaRch ; Policy ReseaRch WoRking PaPeR ; Population Policies ; Remittance ; Remittances ; Remittances ; Vulnerability
    Abstract: This paper examines the determinants of remittance behavior for Vietnam using data from the 2004 Vietnam Migration Survey on internal migrants. It considers how, among other things, the vulnerability of a migrant's life at the destination, their link to relatives back home, and the time spent at the destination affect remittances. The paper finds that migrants act as risk-averse economic agents and send remittances back to the household of origin as part of an insurance exercise in the face of economic uncertainty. Remittances are also found to be driven by a migrant's labor market earnings level. The paper highlights the important role of remittances in providing an effective means of risk-coping and mutual support within the family
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  • 99
    Language: English
    Pages: Online-Ressource (1 online resource (37 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Toto Same, Achille Mineral-Rich Countries And Dutch Disease
    Keywords: Access to Finance ; Banks and Banking Reform ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Deposits ; Economic Developments ; Economic Theory and Research ; Economic development ; Finance and Financial Sector Development ; Fiscal policy ; Gross domestic product ; International Bank ; Macroeconomics and Economic Growth ; Oil boom ; Public finance ; Transparency ; Access to Finance ; Banks and Banking Reform ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Deposits ; Economic Developments ; Economic Theory and Research ; Economic development ; Finance and Financial Sector Development ; Fiscal policy ; Gross domestic product ; International Bank ; Macroeconomics and Economic Growth ; Oil boom ; Public finance ; Transparency ; Access to Finance ; Banks and Banking Reform ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Deposits ; Economic Developments ; Economic Theory and Research ; Economic development ; Finance and Financial Sector Development ; Fiscal policy ; Gross domestic product ; International Bank ; Macroeconomics and Economic Growth ; Oil boom ; Public finance ; Transparency
    Abstract: Referring to the original context of Dutch Disease, the term refers to the fears of de-industrialization that gripped the Netherlands as a result of the appreciation of the Dutch currency that followed the discovery of natural gas deposits. Expansion of petroleum exports in the 1960s not only crowded out other exports, it actually reduced other exports disproportionately and fueled the fears of dire consequences for Dutch manufacturing. In the case of Equatorial Guinea, the secondary sector represents about 2 percent of the gross domestic product, manufacturing represents less than 1 percent, and oil represents more than 95 percent. The negative impact of the Dutch Disease in this context would be limited given the structure of the economy and on the contrary may even be a good thing because it fuels the structural transformational process of the economy, which is needed in Equatorial Guinea. This paper argues that the ongoing Dutch Disease is a natural and necessary reallocation of resources in the economy of Equatorial Guinea. The magnitude of negative macroeconomic consequences of the Dutch Disease depends on the country's economic structure and stage of development. In a country where the manufacturing sector barely exists or where the non-oil primary sector is structurally deficient, as has been the case of Equatorial Guinea, there is little to fear about the disease. The oil boom is a blessing, given that oil revenues when properly managed can play a special and critical role in overall economic development and poverty reduction in low-income countries. To promote good governance in the management of the country's oil wealth, the government may wish to adhere to clear standards of accountability and transparency; especially by complying with the Extractive Industries Transparency Initiative (EITI++)
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  • 100
    Language: English
    Pages: Online-Ressource (1 online resource (33 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Docquier, Frederic Is Migration A Good Substitute For Education Subsidies?
    Keywords: Brain drain ; Debt Markets ; Developing countries ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Health, Nutrition and Population ; Human capital ; Immigration ; Impact of migration ; International Migration ; Macroeconomics and Economic Growth ; Migration ; Policy ReseaRch ; Policy ReseaRch WoRking PaPeR ; Population Policies ; Private Sector Development ; Progress ; Skilled workers ; Social Development ; Brain drain ; Debt Markets ; Developing countries ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Health, Nutrition and Population ; Human capital ; Immigration ; Impact of migration ; International Migration ; Macroeconomics and Economic Growth ; Migration ; Policy ReseaRch ; Policy ReseaRch WoRking PaPeR ; Population Policies ; Private Sector Development ; Progress ; Skilled workers ; Social Development ; Brain drain ; Debt Markets ; Developing countries ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Health, Nutrition and Population ; Human capital ; Immigration ; Impact of migration ; International Migration ; Macroeconomics and Economic Growth ; Migration ; Policy ReseaRch ; Policy ReseaRch WoRking PaPeR ; Population Policies ; Private Sector Development ; Progress ; Skilled workers ; Social Development
    Abstract: Assuming a given educational policy, the recent brain drain literature reveals that skilled migration can boost the average level of schooling in developing countries. This paper introduces educational subsidies determined by governments concerned by the number of skilled workers remaining in the country. The theoretical analysis shows that developing countries can benefit from skilled emigration when educational subsidies entail high .fiscal distortions. However when taxes are not too distortionary, it is desirable to impede emigration and subsidize education. The authors investigate the empirical relationship between educational subsidies and migration prospects, obtaining a negative relationship for 105 countries. Based on this result, the analysis revisits the country specific effects of skilled migration upon human capital. The findings show that the endogeneity of public subsidies reduces the number of winners and increases the magnitude of the losses
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