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  • Washington, D.C : The World Bank  (554)
  • Cambridge [u.a.] :Cambridge Univ. Press,  (1)
  • Debt Markets  (446)
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  • 1
    Online Resource
    Online Resource
    Two Decades of Top Income Shares in Honduras (2024)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (69 pages)
    Parallel Title: Erscheint auch als Del Carmen, Giselle Two Decades of Top Income Shares in Honduras
    Keywords: Administrative Registries ; Econometrics ; Economic Development ; Honduras ; Income ; Inequality ; Macroeconomics and Economic Growth ; Top Income
    Abstract: This paper presents distributional national accounts for Honduras over 2003-2019, using survey microdata, administrative tax records, and national account aggregates. It assembles comprehensive data on formal income for high-income individuals, including information on corporate shareholders, which allows corporate profits to be assigned to their owners. The estimates suggest a high and persistent inequality in the country: the top 1 percent highest earners received approximately 30 percent of the total income over the period, placing Honduras among the most unequal countries in the world. Undistributed corporate profits are the overwhelming income source at the very top of the distribution, highlighting its importance in the measurement of income inequality. Finally, using a panel of tax records, the paper also documents that not only is inequality persistent, but the same individuals are often observed at the top, suggesting that the observed inequality has deep roots
    DOI: 10.1596/1813-9450-10722
    URL: Deutschlandweit zugänglich
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  • 2
    Online Resource
    Online Resource
    Cognitive and Socioemotional Skills in Low-Income Countries : Measurement and Associations with Schooling and Earnings (2023)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (107 pages)
    Parallel Title: Erscheint auch als Danon, Alice Cognitive and Socioemotional Skills in Low-Income Countries: Measurement and Associations with Schooling and Earnings
    Keywords: Cognitive Skills ; Education Investment Returns ; Income ; Labor Earnings ; Living Standards ; Macroeconomics and Economic Growth ; Migration ; Return on Investment in Schooling ; Socioemotional Skills
    Abstract: This paper assesses the reliability and validity of cognitive and socioemotional skills measures and investigates the correlation between schooling, skills acquisition, and labor earnings. The primary data from Pakistan incorporates two innovations related to measurement and sampling. On measurement, the paper develops and implements a battery of instruments intended to capture cognitive and socioemotional skills among young adults. On sampling, the paper uses a panel that follows respondents from their original rural locations in 2003 to their residences in 2018, a period over which 38 percent of the respondents left their native villages. In terms of their validity and reliability, our skills measures compare favorably to previous measurement attempts in low- and middle-income countries. The following are documented in the data: (a) more years of schooling are correlated with higher cognitive and socioemotional skills; (b) labor earnings are correlated with cognitive and socioemotional skills as well as years of schooling; and (c) the earnings-skills correlations depend on respondents' migration status. The magnitudes of the correlations between schooling and skills on the one hand and earnings and skills on the other are consistent with a widespread concern that such skills are underproduced in the schooling system
    DOI: 10.1596/1813-9450-10309
    URL: lizenzpflichtig
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  • 3
    Online Resource
    Online Resource
    Making the Low-Income Country Debt Sustainability Framework Fit for Purpose (2023)
    Washington, D.C : The World Bank
    Details
    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
    DOI: 10.1596/1813-9450-10602
    URL: Deutschlandweit zugänglich
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  • 4
    Online Resource
    Online Resource
    Are the Poorest Catching Up? (2023)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (47 pages)
    Parallel Title: Erscheint auch als Cust, James Are the Poorest Catching Up?
    Keywords: Convergence ; Development Economics ; Economic Growth ; Extreme Poverty ; Income ; Inequality ; Macroeconomics and Economic Growth ; Poverty Data ; Poverty Monitoring and Analysis ; Poverty Reduction
    Abstract: Are global incomes converging or diverging Despite recent empirical evidence supporting the hypothesis of unconditional beta convergence, this paper argues that such findings overlook the stark reality facing the world's poorest people. Many lower income countries, including those among the so-called "Bottom Billion," continue to slip further behind the rest of the world, while the numbers of those living in extreme poverty are beginning to rise again after decades of decline. The paper explores how these contradictions can coexist and discusses the policy importance of looking beyond global average trends. The paper identifies three confusions that can arise when analyzing trends in income convergence. First, a focus on unconditional convergence can overlook important policy questions, such as whether countries are likely to eradicate extreme poverty or to catch up with the rest of the world. Tests for convergence may yield only partial answers, especially in light of recent findings that show that unconditional beta convergence can coexist with a significant group of countries slipping ever further behind the rest of the world. Meanwhile extreme poverty numbers are increasing rather than decreasing. Second, average trends can both obscure and be distorted by underlying differences in country composition. In the extreme case, while fast-growing China was below global mean incomes between 2000 and 2020, it significantly boosted empirical support for global convergence. Now that China has passed this threshold, the finding will likely reverse in the coming years as more data is available. Third, different levels of availability of time periods and country coverage can distort and even bias empirical findings, especially where limitations to data availability is correlated with lower income or diverging economies
    DOI: 10.1596/1813-9450-10622
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  • 5
    Online Resource
    Online Resource
    (Perceptions of) Inequality, Demand for Redistribution, and Group-Specific Public Goods : A Survey Experiment in India (2023)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (34 pages)
    Parallel Title: Erscheint auch als Bussolo, Maurizio (Perceptions of) Inequality, Demand for Redistribution, and Group-Specific Public Goods: A Survey Experiment in India
    Keywords: Biased Perceptions ; Community ; Distribution ; Income ; Inequality ; Living Standards ; Macroeconomics and Economic Growth ; Personal Wealth ; Poverty Reduction ; Public Goods ; Redistribution
    Abstract: This paper uses data from a survey of 116,061 households in India to study people's beliefs about inequality and demand for redistribution. The findings show that a household's beliefs about inequality, implied by the perception of their position on the income distribution, is negatively correlated with support for reducing inequality. This is relevant since there are significant differences between where individuals believe their household stands and their actual position, with the gap between perceived and actual position exceeding two deciles on average. Despite these large differences, informing individuals of their household's position on the income distribution has no discernible effect on support for reducing inequality. The paper posits that demand for redistribution may be unresponsive to this information because it is based on exclusively on household's income and does not account for the sharing of resources within communities. In communities where group-specific public goods, such as religious and social goods, are present, class antagonism and redistribution are mitigated by community solidarity. Households benefit from these goods, and such benefits alter the individuals' beliefs of inequality. Consistent with this prediction, the average individual perceives their household as richer in districts with a greater supply of religious or social goods. The sharing of resources within religious or ethnic groups can shape perceptions of the income distribution and reduce support for redistribution within these groups, and thus requires serious consideration in studies of inequality
    DOI: 10.1596/1813-9450-10505
    URL: Deutschlandweit zugänglich
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  • 6
    Online Resource
    Online Resource
    Opening Remarks by World Bank Group President David Malpass during the Launch of the January 2023 Global Economic Prospects Report (2023)
    Washington, D.C : The World Bank
    Details
    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
    DOI: 10.1596/38512
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  • 7
    Online Resource
    Online Resource
    Myanmar : Compounding Food Security Challenges (2023)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other Agriculture Study
    Keywords: Agricultural Sector Economics ; Agriculture ; Dietary Habits ; Food Security ; Income
    Abstract: This report is a product of the World Bank's monitoring efforts in Myanmar and provides an in-depth look at the country's agricultural sector and food security status. This study examines intertwined challenges, falling crop yields, escalating food costs, deteriorating dietary habits, changing income sources, and shifting labor dynamics among farmers. In doing so, this analysis aims to illuminate the complex dynamics affecting households and communities nationwide. It offers essential insights for stakeholders seeking to address these pressing issues
    DOI: 10.1596/40794
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  • 8
    Online Resource
    Online Resource
    Effects of Data Collection Methods on Estimated Household Consumption and Survey Costs : Evidence from an Experiment in the Marshall Islands (2022)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (39 pages)
    Parallel Title: Erscheint auch als Sharp, Michael K Effects of Data Collection Methods on Estimated Household Consumption and Survey Costs: Evidence from an Experiment in the Marshall Islands
    Keywords: Bias Economic Statistics ; Computer Assisted Personal Interviewing (CAPI) ; Consumption ; Data Collection Methods ; Household Consumption ; Household Income and Expenditure ; Household Survey ; Income ; International Economics and Trade ; Macroeconomics and Economic Growth ; Survey Design ; Survey Methodology
    Abstract: In the Pacific, multitopic household surveys have historically gathered expenditure data using open form diaries completed on paper. This methodology is costly to governments, is burdensome for respondents, and takes substantial time to process the results. Noncompliance and partial compliance in diary keeping can artificially inflate poverty measures, biasing economic statistics. This paper reports findings from an experiment in the Marshall Islands comparing the cost and accuracy of several collection methodologies. Variable costs for the status quo diary survey design are between 2.8 and 4.4 times more expensive than a single-visit seven-day recall survey, with the tablet-based diary being even more costly. The highly monitored diaries give similar results to recall but at much greater cost; the status quo yields data of worse quality as effective completion rates with low monitored diaries are only two-thirds the completion rates of recall-based options. Finally, the paper discusses the implementation challenges associated with the different methods in a capacity-constrained environment
    DOI: 10.1596/1813-9450-10029
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  • 9
    Online Resource
    Online Resource
    Pathways to Sustainable Growth in Niger : A World Bank Group Country Economic Memorandum (2022)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Country Economic Memorandum
    Keywords: Conflict and Development ; Disaster Management ; Environment ; Equity and Development ; Income ; Macroeconomics and Economic Growth ; Natural Disasters ; Poverty Reduction ; Resilience
    Abstract: This country economic memorandum aims to support Niger's efforts to walk on a path conducive to a resilient and sustainable economic growth. It does so by attempting to answer the following five questions, each of which constitutes a separate chapter: (i) what were the salient structural characteristics of Niger's growth performance in the last 20 years; (ii) what are the margins to accelerate growth in the medium to long term; (iii) how can technology be a vehicle for private sector development; (iv) how can the country's large natural resource endowments be managed in a transparent way that benefits the whole population; and (v) how can the current disaster management framework be strengthened to increase resilience to natural shocks
    DOI: 10.1596/37297
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  • 10
    Online Resource
    Online Resource
    Ethiopia - Rural Income Diagnostics Study : Leveraging the Transformation in the Agri-Food System and Global Trade to Expand Rural Incomes (2022)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other Social Protection Study
    Keywords: Agricultural Growth and Rural Development ; Agricultural Trade ; Agriculture ; Income ; Labor Mobility ; Macroeconomics and Economic Growth ; Poverty Reduction ; Rural Development ; Rural Poverty Reduction
    Abstract: Ethiopia began the decade on a great run, with high economic growth and significant gains in poverty reduction nationally. But the gains were unevenly shared. Multiple shocks at the beginning of the new decade threaten to discontinue progress and possibly undo most of the gains made in the recent past. This rural income diagnostics (RID) study seeks to inform how to promote growth in rural incomes to accelerate poverty reduction. The objective of the RID is to examine how those who currently reside in rural areas can have higher incomes in the future, which can entail one or more members moving to urban areas. The focus is on income growth that results in higher incomes on average, but also income that is less volatile because of due consideration to effective risk reduction and management, and to ensuring that growth is sustainable. While the RID focuses only on income that is earned by rural households, it is much more detailed in its identification of the constraints because of this narrower focus. The diagnostic provides evidence to validate constraints and key areas of focus in ongoing agriculture and rural policy reforms and other relevant reforms under the Homegrown Economic Reform Agenda (HGERA), elevate the importance of some reforms where immediate action is required, and provide empirical arguments to support important policy interventions where consensus may be lacking or there is policy hesitation
    DOI: 10.1596/37954
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  • 11
    Online Resource
    Online Resource
    Rohingya Refugee Camps and Forest Loss in Cox's Bazar, Bangladesh : An Inquiry using Remote Sensing and Econometric Approaches (2022)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (43 pages)
    Parallel Title: Erscheint auch als Dampha, Nfamara K Rohingya Refugee Camps and Forest Loss in Cox's Bazar, Bangladesh: An Inquiry using Remote Sensing and Econometric Approaches
    Keywords: Conflict and Development ; Coronavirus ; COVID-19 ; Diseases ; Female ; Hydrology ; Income ; Male ; Mental Health ; Population ; Post Conflict Reconstruction ; Refugees ; Social Cohesion ; Social Demographics ; Social Development ; Water Resources
    Abstract: How do refugee camps impact the natural environment This paper examines the case study of Cox's Bazar, Bangladesh, a district that hosts nearly 1 million Rohingya refugees in refugee camps. Using spatially explicit data on land-use / land cover and proximity to a camp boundary, the paper quantifies land-use changes across the district over time. To evaluate the extent to which the camps triggered additional forest loss, the analysis calculates total forest loss in the district and uses a difference-in-difference model that compares areas 0-5 kilometers from a camp boundary (treatment) to areas 10-15 kilometers away (control). The findings show that the rate of forest loss intensified near camps relative to the control area. The analysis reveals that areas experiencing camp-stimulated reductions in forest cover are also experiencing faster settlement expansion relative to the control area. Settlement expansion is largely concentrated in areas outside protected areas. This enhanced settlement expansion still occurs when pixels 0-1 kilometer from the camps are omitted, which is evidence that the results are not due to camp settlements expanding beyond the official camp borders. The results suggest that camps stimulate in-migration as Bangladeshis seek new economic opportunities and improved access to resources
    DOI: 10.1596/1813-9450-9948
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  • 12
    Online Resource
    Online Resource
    Forced Displacement, Exposure to Conflict and Long-Run Education and Income Inequality : Evidence from Croatia and Bosnia and Herzegovina (2022)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (44 pages)
    Parallel Title: Erscheint auch als Kovac, Dejan Forced Displacement, Exposure to Conflict and Long-Run Education and Income Inequality: Evidence from Croatia and Bosnia and Herzegovina
    Keywords: Access and Equity in Basic Education ; Conflict ; Education ; Education Inequality ; Educational Outcome Of Displaced Persons ; Equity and Development ; Forced Displacement ; Income ; Income Inequality ; Inequality ; Internally Displaced Persons (IDP) ; Macroeconomics and Economic Growth ; Poverty Reduction ; Refugee Inclusion ; Refugees ; Social Integration
    Abstract: This paper investigates the long-term relationship between conflict-related migration and individual socioeconomic inequality. Looking at the post-conflict environments of Bosnia and Herzegovina (BiH) and Croatia, the two former Yugoslav states most heavily impacted by the conflicts of the early 1990s, the paper focuses on differences in educational performance and income between four groups: migrants, internally displaced persons, refugees, and those who did not move two decades after the conflicts. For BiH, the analysis leverages a municipality-representative survey (n = 6, 021) that captured self-reported education and income outcomes as well as migration histories. For Croatia, outcomes are measured using an anonymized education registry that captured outcomes for over half a million individuals over time. This allows an assessment of convergence between different categories of migrants. In both countries, individuals with greater exposure to conflict had systematically worse educational performance. External migrants now living in BiH have better educational and economic outcomes than those who did not migrate, but these advantages are smaller for individuals who were forced to move. In Croatia, those who moved during the conflict have worse educational outcomes, but there is a steady convergence between refugees and non-migrants. This research suggests that policies intended to address migration-related discrepancies should be targeted on the basis of individual and family experiences caused by conflict
    DOI: 10.1596/1813-9450-10021
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  • 13
    Online Resource
    Online Resource
    Capacity Building in Fiscal Incidence Analysis : Lessons and Reflections from the Field (2022)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other Poverty Study
    Keywords: Finance and Financial Sector Development ; Household Income ; Income ; Macroeconomics and Economic Growth ; Public and Municipal Finance ; Public Policy
    Abstract: Fiscal Incidence Analysis (FIA) is the study of how fiscal policies benefit (or burden, in the case of taxes) people and households at different parts of the income distribution. The objective of this note is to highlight lessons learned in capacity building and skill transfer for FIA, including Commitment to Equity (CEQ) assessment. The goal is to uncover effective strategies for transferring the skills and capacities to government officials and other fiscal experts in countries around the world to enable them to carry out this type of analysis themselves. The note is based on interviews with experts, both within and outside of the World Bank who have been conducting FIA assessments and building and using microsimulation tools, often in close collaboration with officials from the government. The rest of this note: (i) describes the common engagement models and capacity building approaches that have been taken; (ii) assesses the extent to which these have been successful and distils lessons learned from some of these efforts, and (iii) identifies a few concrete ways in which similar efforts in the future could be made more effective
    DOI: 10.1596/37270
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  • 14
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    Credit Worthy : ESG Factors and Sovereign Credit Ratings (2022)
    Washington, D.C : The World Bank
    Details
    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
    DOI: 10.1596/36866
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  • 15
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    China Economic Update - June 2022 : Between Shocks and Stimulus - Real Estate Vulnerabilities and Financial Stability in China (2022)
    Washington, D.C : The World Bank
    Details
    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
    DOI: 10.1596/37530
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  • 16
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    The Syrian Refugee Life Study : First Glance (2022)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (42 pages)
    Parallel Title: Erscheint auch als Miguel, Edward A The Syrian Refugee Life Study: First Glance
    Keywords: Coronavirus ; COVID-19 ; Diseases ; Female ; Gender ; Gender and Economic Policy ; Gender and Poverty ; Health, Nutrition and Population ; Income ; Male ; Mental Health ; Population ; Refugees ; Social Demographics
    Abstract: This paper presents descriptive statistics from the first wave of the Syrian Refugee Life Study (S-RLS), which was launched in 2020. S-RLS is a longitudinal study that tracks a representative sample of 2,500 registered Syrian refugee households in Jordan. It collects comprehensive data on socio-demographic variables as well as information on health and well-being, preferences, social capital, attitudes, and safety and crime perceptions. This study uses these novel data to document the socio-demographic characteristics of Syrian refugees in Jordan, and compare them to those of the representative Jordanian and non-Jordanian populations interviewed in the 2016 Jordan Labor Market Panel Survey. The findings point to lags in basic service access, housing quality, and educational attainment for the Syrian refugee population, relative to the non-refugee population. The impacts of the pandemic may serve to partially explain these documented disparities. The data also illustrate that most Syrian refugees have not recovered economically from the shock of COVID-19 and that this population has larger gender disparities in terms of income, employment, prevalence of child marriage, and gender attitudes than their non-refugee counterparts. Finally, mental health problems are common for Syrian refugees in 2020, with depression indicated among over 61 percent of the population
    DOI: 10.1596/1813-9450-9940
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  • 17
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    The Legal Profile of Russian Eurobonds : Engineered against Speed (2022)
    Washington, D.C : The World Bank
    Details
    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
    DOI: 10.1596/1813-9450-10030
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  • 18
    Online Resource
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    Rising Incomes, Transport Demand, and Sector Decarbonization (2022)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (61 pages)
    Parallel Title: Erscheint auch als Lebrand, Mathilde Rising Incomes, Transport Demand, and Sector Decarbonization
    Keywords: Car Ownership ; Carbon Footprint ; Carbon Policy and Trading ; Carbon-Intensive Transportation ; Climate Policy ; Decarbonization ; Effects Of Rising Income ; Elasticity Of Transport Demand ; Emissions ; Energy ; Energy and Environment ; Energy Policy ; Energy Sector Regulation ; Environment ; Income ; Income and Transport Demand ; Infrastructure Economics and Finance ; Infrastructure Regulation ; Mobility Household Survey Data ; Transport Demand
    Abstract: As income increases, people become more mobile and spend more on carbon-intensive transport goods and services. This paper estimates income elasticities of transport consumption using household survey data for 18 countries, which are then used to simulate transport carbon footprint and carbon inequality by 2035. It first shows that in low- and middle-income countries (i) many households mostly walk and do not use transport services, (ii) income elasticity of private transport expenditure is high, and (iii) many households do not own a car. Both results suggest a future steep growth of emissions as incomes expand. Using estimates of income elasticities of vehicle ownership and vehicle use, the paper shows that carbon footprint will increase on average by 52 percent for these countries as incomes reach their 2035 levels. Finally, it decomposes carbon dioxide emissions along the within-country income distribution. Car ownership and carbon dioxide emissions are highly concentrated at the top. By 2035, carbon inequality will increase in some countries but decrease in others. Such results can be used for modeling future distributional implications of climate and energy policies
    DOI: 10.1596/1813-9450-10010
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  • 19
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    Study on Nonfarm Livelihoods in Refugee-Hosting Regions in Ethiopia : Nonfarm Livelihood Subcomponent Assessment and Recommendations for DRDIP Phase II (2022)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other Social Protection Study
    Keywords: Access and Equity in Basic Education ; Access of Poor To Social Services ; Education ; Income ; Macroeconomics and Economic Growth ; Nationalities and Ethnic Groups ; Poverty Reduction ; Social Development ; Voluntary and Involuntary Resettlement
    Abstract: The Development Response to Displacement Impacts Project (DRDIP) is a World Bank-supported regional program in the Horn of Africa (Ethiopia, Uganda, Djibouti, and Kenya), which aims to improve access to social services, expand economic opportunities, and enhance environmental management for host and forcibly displaced communities. It was initiated in 2016 for a five-year period with hundred million US dollars total funding for Ethiopia provided by the government of Ethiopia and the World Bank. For Phase II, DRDIP aims to improve and strengthen the nonfarm livelihood interventions, focusing on women and youth. This study assesses the activities implemented under DRDIP's nonfarm livelihood subcomponent and provides an analysis of the nonfarm economy in Ethiopia's refugee-hosting areas to shape future DRDIP interventions. Promising nonfarm livelihood options for refugee and host communities, particularly women and youth, are identified. The study findings offer actionable recommendations with clearly identified entry points for increasing the effectiveness and impact of DRDIP's nonfarm livelihood activities on the targeted refugees and host communities
    DOI: 10.1596/37469
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    Impacts of COVID-19 on the Income and Mental Well-Being of Cismen, Ciswomen, Transgender, and Non-Binary Individuals : Evidence from the 2020 COVID-19 Disparities Survey (2022)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (43 pages)
    Parallel Title: Erscheint auch als Ahmed, Tanima Impacts of COVID-19 on the Income and Mental Well-Being of Cismen, Ciswomen, Transgender, and Non-Binary Individuals: Evidence from the 2020 COVID-19 Disparities Survey
    Keywords: 2020 COVID-19 Disparities Survey ; Consumption ; COVID-19 ; Equity and Development ; Gender ; Gender and Health ; Gender and Social Development ; Gender Informatics ; Gender Monitoring and Evaluation ; Income ; Lbgti Discrimination ; LBGTI Exclusion ; Mental Distress ; Non-Binary ; Pandemic Impact On Queer Populations ; Poverty Reduction ; Transgender
    Abstract: This paper uses the first round of the 2020 COVID-19 Disparities Survey to examine the impacts of the COVID-19 pandemic on the income and mental well-being of cismen, ciswomen, transgender, and non-binary individuals. The analysis shows that the pandemic led to high job and income loss expectations among transgender and non-binary individuals. The pandemic has also led to a disproportionate reported decrease in consumption for transgender and non-binary people compared to cismen, potentially related to a high rate of anxiety, loneliness, and depression observed in the group. The results highlight that the disproportionate economic impacts resulting from the COVID-19 pandemic might cause further declines in the economic conditions of transgender and non-binary people, thus exacerbating existing vulnerabilities in the community
    DOI: 10.1596/1813-9450-10184
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  • 21
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    The Crisis Facing Development : Speech by World Bank Group President David Malpass before the 2022 Annual Meetings (2022)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Speeches of World Bank Presidents
    Keywords: Energy ; Energy Demand ; Income ; Inflation ; Macroeconomics and Economic Growth
    Abstract: These remarks were delivered by World Bank Group President David Malpass before the 2022 Annual Meetings on the Crisis Facing Development on September 28, 2022. He spoke in detail about the following topics: (i) Human consequence of overlapping crises; and (ii) Confronting unprecedented fiscal and monetary policies
    DOI: 10.1596/38107
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    Enhancing Smallholder Incomes by Linking to High Value Markets in Pakistan's Punjab and Sindh Provinces (2022)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other Economic and Sector Work Reports
    Keywords: Agribusiness ; Agriculture ; Income ; Macroeconomics and Economic Growth
    Abstract: The first section of this report reviews the economic transformation underway in Pakistan and its alignment with the development observed in other countries that have also undergone economic change from being primarily agrarian into industrial and service-led economies. The second section provides an overview of Pakistan's agriculture sector regarding the target commodities and provinces (i.e., fruit and vegetables in Punjab, livestock, and aquaculture in Sindh) and significant trends within the markets of these commodities during the past few years. Past market integration efforts within Pakistan's agriculture sector, particularly regarding the target commodities, are also discussed in this section. The concluding section provides recommendations based on experiences and lessons learned from previous market linkage interventions. This last section also includes proposed entry points and activities for projects to implement such interventions. An overview of international experiences in collective actions, marketing, and value chain development to promote rural development and increase incomes along agriculture's supply chains is included in annex one
    DOI: 10.1596/38227
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  • 23
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    Structural Loopholes in Sustainability-Linked Bonds (2022)
    Washington, D.C : The World Bank
    Details
    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
    DOI: 10.1596/1813-9450-10200
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  • 24
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    The Impact of COVID-19 on Education in Latin America : Long-Run Implications for Poverty and Inequality (2022)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (49 pages)
    Parallel Title: Erscheint auch als Bracco, Jessica The Impact of COVID-19 on Education in Latin America: Long-Run Implications for Poverty and Inequality
    Keywords: COVID-19 Pandemic ; Education ; Education Impact of Covid ; Human Capital Formation ; Human Capital Impact of Covid ; Income ; Inequality ; Living Standards ; Pandemic Education Impact ; Poverty ; Poverty Reduction ; Primary Education ; School Closure Impact ; Social Capital ; Social Development ; Youth
    Abstract: The shock of the COVID-19 pandemic affected the human capital formation of children and youths. As a consequence of this disruption, the pandemic is likely to imply permanent lower levels of human capital. This paper provides new evidence on the impact of COVID-19 and school closures on education in Latin America by exploiting harmonized microdata from a large set of national household surveys carried out in 2020, during the pandemic. In addition, the paper uses microsimulations to assess the potential effect of changes in human capital due to the COVID-19 crisis on future income distributions. The findings show that the pandemic is likely to have significant long-run consequences in terms of incomes and poverty if strong compensatory measures are not taken soon
    DOI: 10.1596/1813-9450-10259
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  • 25
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    Unleashing Sustainable Finance in Southeast Asia (November 2022) (2022)
    Washington, D.C : The World Bank
    Details
    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
    DOI: 10.1596/38341
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  • 26
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    The Aftermath of Debt Surges (2021)
    Washington, D.C : The World Bank
    Details
    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
    DOI: 10.1596/1813-9450-9771
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  • 27
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    What has been the Impact of COVID-19 on Debt? : Turning a Wave into a Tsunami (2021)
    Washington, D.C : The World Bank
    Details
    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
    DOI: 10.1596/1813-9450-9871
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  • 28
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    Striking the Right Note : Key Performance Indicators for Sovereign Sustainability-Linked Bonds (2021)
    Washington, D.C : The World Bank
    Details
    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
    DOI: 10.1596/36805
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  • 29
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    The International Development Association's Sustainable Development Finance Policy : An Early-Stage Evaluation (2021)
    Washington, D.C : The World Bank
    Details
    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
    DOI: 10.1596/37375
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  • 30
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    Chile - Financial Sector Assessment Program, October 2021 : Technical Note - Competition in the Financial Sector (2021)
    Washington, D.C : The World Bank
    Details
    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
    DOI: 10.1596/37764
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    Nature-Related Financial Risks in Brazil (2021)
    Washington, D.C : The World Bank
    Details
    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
    DOI: 10.1596/1813-9450-9759
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    What Types of Capital Flows Help Improve International Risk Sharing? (2021)
    Washington, D.C : The World Bank
    Details
    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
    DOI: 10.1596/1813-9450-9846
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    Chile - Financial Sector Assessment Program, November 2021 : Pension System (2021)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Financial Sector Assessment Program
    Keywords: Finance and Financial Sector Development ; Financial Regulation and Supervision ; Financial Sector and Social Assistance ; Income ; Macroeconomics and Economic Growth ; Pension Reform ; Social Funds and Pensions ; Social Protections and Labor ; Social Unrest
    Abstract: The pension system in Chile is known for the 1980 establishment of a defined contribution, individual account system managed by private pension funds (AFPs). In 2008 a major reform of the system took place to address issues of low coverage and low pension rates. In 2019 the Solidarity Pension rate was raised to the poverty rate following severe social unrest which included protests against the pension system, whilst in 2020-2021 large emergency withdrawals have been allowed from the funds in the context of the Coronavirus (COVID-19) pandemic. The funded pension system has made a significant contribution to financial sector diversification and stability, while promoting sustained economic growth and development, and should be maintained. Further withdrawals should be avoided, and the contribution rate increased. An employer contribution of at least the proposed 6 percent is needed to improve pension levels and could be managed by a public entity with strong governance in a way which complements the AFP system. A non-profit AFP could be established to compete with and act as a standard setter for the private funds managing the existing 10 percent employee contributions. To contribute to long-term investment and financial stability, the multifondos investment regulation should be replaced with a 'target date' default, delineated by retirement age, along with a limited number of investment options, with switching contained and some access to funds for specific purposes strictly controlled. The risk-based supervision model of the SP should be recalibrated to further transition from a compliance approach
    DOI: 10.1596/37751
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    Debt Transparency in Developing Economies (2021)
    Washington, D.C : The World Bank
    Details
    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
    DOI: 10.1596/36505
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    International Reserves and Central Bank Independence (2021)
    Washington, D.C : The World Bank
    Details
    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
    DOI: 10.1596/1813-9450-9832
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    A Mountain of Debt : Navigating the Legacy of the Pandemic (2021)
    Washington, D.C : The World Bank
    Details
    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
    DOI: 10.1596/1813-9450-9800
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    Distributional Impacts of COVID-19 in the Middle East and North Africa Region (2021)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (278 pages)
    Series Statement: MENA Development Report
    Parallel Title: Erscheint auch als
    Keywords: COVID-19 ; Growth ; Health ; Income ; Inequality ; Labor ; Micro Simulations ; Pandemic ; Phone Surveys ; Poverty ; Unemployment ; Welfare
    Abstract: COVID-19 is one of multiple crises to have hit the Middle East and North Africa (MENA) region in the decade following the Arab Spring. War, oil price declines, economic slowdowns, and now a pandemic are tearing at the social fabric of a region characterized by high rates of unemployment, high levels of informality, and low annual economic growth. The economic costs of the pandemic are estimated at about USD 227 billion, and fiscal support packages across MENA are averaging 2.7 percent of GDP, putting pressure on already weak fiscal balances and making a quick recovery challenging. Even before the COVID-19 pandemic, MENA was the only region in the world experiencing increases in poverty and declines in life satisfaction. Distributional Impacts of COVID-19 in the Middle East and North Africa Region investigates how COVID-19 changed the welfare of individuals and households in the region. It does so by relying on phone surveys implemented across the region and complements these with microsimulation exercises to assess the impact of COVID-19 on jobs, income, poverty, and inequality. The two approaches complement and corroborate each other's results, thereby making the findings more robust and richer. This report's results show that, in the short run, poverty rates in MENA will increase significantly and inequality will widen. A group of 'new poor' is likely to emerge that may have difficulty recovering from the economic consequences of COVID-19. The report adds value by analyzing newly gathered primary data, along with projections based on newly modeled micro- and macrosimulations, and by identifying key issues that policy makers should focus on to enable a quick, inclusive, and sustained economic recovery
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    Philippines Financial Sector Assessment Program : Capital Markets Development (2019)
    Washington, D.C : The World Bank
    Details
    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
    DOI: 10.1596/36185
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  • 39
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    Economic mobility and the rise of the Latin American middle class (2012)
    Washington, D.C : The World Bank
    Details
    ISBN: 9780821396346
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank Latin American and Caribbean studies
    DDC: 305.5/5098
    Keywords: Households Economic aspects ; Income ; Middle class ; Occupational mobility ; Social mobility
    Note: Includes bibliographical references , IntroductionEconomic mobility and the middle class: concepts and measurement -- Mobility across generations -- Mobility within generations -- The rising Latin American and Caribbean middle class -- The middle class and the social contract in Latin America
    DOI: 10.1596/978-0-8213-9634-6
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    München BSB
    BSZ
    GBV
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    MPI Ethno. Forsch.
  • 40
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    Land Reforms, Poverty Reduction, And Economic Growth : Evidence From India (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (30 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Deininger, Klaus Land Reforms, Poverty Reduction, And Economic Growth
    Keywords: Asset Redistribution ; Economic Growth ; Environment ; Environmental Economics and Policies ; Income ; Income Growth ; Inequality ; Land Reform ; Land Reforms ; Macroeconomics and Economic Growth ; Municipal Housing and Land ; Political Economy ; Poverty Reduction ; Poverty Reduction ; Rural ; Rural Development ; Rural Development ; Rural Development Knowledge and Information Systems ; Rural Poverty Reduction ; Asset Redistribution ; Economic Growth ; Environment ; Environmental Economics and Policies ; Income ; Income Growth ; Inequality ; Land Reform ; Land Reforms ; Macroeconomics and Economic Growth ; Municipal Housing and Land ; Political Economy ; Poverty Reduction ; Poverty Reduction ; Rural ; Rural Development ; Rural Development ; Rural Development Knowledge and Information Systems ; Rural Poverty Reduction ; Asset Redistribution ; Economic Growth ; Environment ; Environmental Economics and Policies ; Income ; Income Growth ; Inequality ; Land Reform ; Land Reforms ; Macroeconomics and Economic Growth ; Municipal Housing and Land ; Political Economy ; Poverty Reduction ; Poverty Reduction ; Rural ; Rural Development ; Rural Development ; Rural Development Knowledge and Information Systems ; Rural Poverty Reduction
    Abstract: Recognition of the importance of institutions that provide security of property rights and relatively equal access to economic resources to a broad cross-section of society has renewed interest in the potential of asset redistribution, including land reforms. Empirical analysis of the impact of such policies is, however, scant and often contradictory. This paper uses panel household data from India, together with state-level variation in the implementation of land reform, to address some of the deficiencies of earlier studies. The results suggest that land reform had a significant and positive impact on income growth and accumulation of human and physical capital. The paper draws policy implications, especially from the fact that the observed impact of land reform seems to have declined over time
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  • 41
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    Finance, Financial Sector Policies, And Long-Run Growth (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (82 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Demirguc-Kunt, Asli Finance, Financial Sector Policies, And Long-Run Growth
    Keywords: Access to Finance ; Banks and Banking Reform ; Debt Markets ; Economic Development ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Development ; Financial Instruments ; Financial Markets ; Financial System ; Financial Systems ; International Bank ; Investment Decisions ; Macroeconomics and Economic Growth ; Private Sector Development ; Transaction ; Transaction Costs ; Access to Finance ; Banks and Banking Reform ; Debt Markets ; Economic Development ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Development ; Financial Instruments ; Financial Markets ; Financial System ; Financial Systems ; International Bank ; Investment Decisions ; Macroeconomics and Economic Growth ; Private Sector Development ; Transaction ; Transaction Costs ; Access to Finance ; Banks and Banking Reform ; Debt Markets ; Economic Development ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial Development ; Financial Instruments ; Financial Markets ; Financial System ; Financial Systems ; International Bank ; Investment Decisions ; Macroeconomics and Economic Growth ; Private Sector Development ; Transaction ; Transaction Costs
    Abstract: The first part of this paper reviews the literature on the relation between finance and growth. The second part of the paper reviews the literature on the historical and policy determinants of financial development. Governments play a central role in shaping the operation of financial systems and the degree to which large segments of the financial system have access to financial services. The paper discusses the relationship between financial sector policies and economic development
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  • 42
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    Distortions To Agricultural Incentives In Australia Since World War II (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (54 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Anderson, Kym Distortions To Agricultural Incentives In Australia Since World War II
    RVK:
    QB 910
    Keywords: Agriculture ; Banks and Banking Reform ; Economic Theory and Research ; Emerging Markets ; GdP ; GdP Per Capita ; Growth Rate ; Income ; Labor Policies ; Macroeconomics and Economic Growth ; Multilateral Trade ; Per Capita Income ; Private Sector Development ; Rural Development Knowledge and Information Systems ; Social Protections and Labor ; Total Factor Productivity ; Trade Negotiations ; Trade Policy ; Agriculture ; Banks and Banking Reform ; Economic Theory and Research ; Emerging Markets ; GdP ; GdP Per Capita ; Growth Rate ; Income ; Labor Policies ; Macroeconomics and Economic Growth ; Multilateral Trade ; Per Capita Income ; Private Sector Development ; Rural Development Knowledge and Information Systems ; Social Protections and Labor ; Total Factor Productivity ; Trade Negotiations ; Trade Policy ; Agriculture ; Banks and Banking Reform ; Economic Theory and Research ; Emerging Markets ; GdP ; GdP Per Capita ; Growth Rate ; Income ; Labor Policies ; Macroeconomics and Economic Growth ; Multilateral Trade ; Per Capita Income ; Private Sector Development ; Rural Development Knowledge and Information Systems ; Social Protections and Labor ; Total Factor Productivity ; Trade Negotiations ; Trade Policy
    Abstract: Australia's lackluster economic growth performance in the first four decades following World War II was in part due to an anti-trade, anti-primary sector bias in government assistance policies. This paper provides new annual estimates of the extent of those biases since 1946 and their gradual phase-out during the past two decades. In doing so it reveals that the timing of the sector assistance cuts was such as sometimes to improve but sometimes to worsen the distortions to incentives faced by farmers. The changes increased the variation of assistance rates within agriculture during the 1950s and 1960s, reducing the welfare contribution of those programs in that period. Although the assistance pattern within agriculture appears not to have been strongly biased against exporters, its reform has coincided with a substantial increase in the export orientation of many farm industries. The overall pattern for Australia is contrasted with that revealed by comparable new estimates for other high-income countries
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  • 43
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    Aid, Growth, And Real Exchange Rate Dynamics (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (44 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: 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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  • 44
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    Credit Chains And Sectoral Comovement : Does The Use of Trade Credit Amplify Sectoral Shocks? (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (53 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Raddatz, Claudio Credit Chains And Sectoral Comovement
    Keywords: Access to Finance ; Adverse effect ; Bankruptcy ; Bankruptcy and Resolution of Financial Distress ; Business cycles ; Central Bank ; Debt ; Debt Markets ; Economic Theory and Research ; Finance and Financial Sector Development ; Interest rate ; Investment and Investment Climate ; Liquidity ; Macroeconomics ; Macroeconomics and Economic Growth ; Risk neutral ; Value added ; Access to Finance ; Adverse effect ; Bankruptcy ; Bankruptcy and Resolution of Financial Distress ; Business cycles ; Central Bank ; Debt ; Debt Markets ; Economic Theory and Research ; Finance and Financial Sector Development ; Interest rate ; Investment and Investment Climate ; Liquidity ; Macroeconomics ; Macroeconomics and Economic Growth ; Risk neutral ; Value added ; Access to Finance ; Adverse effect ; Bankruptcy ; Bankruptcy and Resolution of Financial Distress ; Business cycles ; Central Bank ; Debt ; Debt Markets ; Economic Theory and Research ; Finance and Financial Sector Development ; Interest rate ; Investment and Investment Climate ; Liquidity ; Macroeconomics ; Macroeconomics and Economic Growth ; Risk neutral ; Value added
    Abstract: This paper provides evidence of the presence and relevance of a credit-chain amplification mechanism by looking at its implications for the correlation of industries. In particular, it tests the hypothesis that an increase in the use of trade-credit along the input-output chain linking two industries results in an increase in their correlation. The analysis uses detailed data on the correlations and input-output relations of 378 manufacturing industry-pairs across 44 countries with different degrees of use of trade credit. The results provide strong support for this hypothesis and indicate that the mechanism is quantitatively relevant
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  • 45
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    Lessons From China For Africa (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (33 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Dollar, David Lessons From China For Africa
    Keywords: Auto industry ; Banks and Banking Reform ; Debt Markets ; Driving ; Emerging Markets ; Environmental regulations ; Finance and Financial Sector Development ; Health, Nutrition and Population ; Infrastructure finance ; Infrastructure investment ; Pollution ; Population Policies ; Private Sector Development ; Rail ; Roads ; Tax ; Transport ; Transport Economics, Policy and Planning ; Trip ; Auto industry ; Banks and Banking Reform ; Debt Markets ; Driving ; Emerging Markets ; Environmental regulations ; Finance and Financial Sector Development ; Health, Nutrition and Population ; Infrastructure finance ; Infrastructure investment ; Pollution ; Population Policies ; Private Sector Development ; Rail ; Roads ; Tax ; Transport ; Transport Economics, Policy and Planning ; Trip ; Auto industry ; Banks and Banking Reform ; Debt Markets ; Driving ; Emerging Markets ; Environmental regulations ; Finance and Financial Sector Development ; Health, Nutrition and Population ; Infrastructure finance ; Infrastructure investment ; Pollution ; Population Policies ; Private Sector Development ; Rail ; Roads ; Tax ; Transport ; Transport Economics, Policy and Planning ; Trip
    Abstract: China has been the most successful developing country in this modern era of globalization. Since initiating economic reform after 1978, its economy has expanded at a steady rate over 8 percent per capita, fueling historically unprecedented poverty reduction (the poverty rate declined from over 60 percent to 7 percent in 2007). Other developing countries struggling to grow and reduce poverty are naturally interested in what has been the source of this impressive growth and what, if any, lessons they can take from China. This paper focuses on four features of modern China that have changed significantly between the pre-reform period and today. The Chinese themselves call their reform program Gai Ge Kai Feng, "change the system, open the door." "Change the system" means altering incentives and ownership, that is, shifting the economy from near total state ownership to one in which private enterprise is dominant. "Open the door" means exactly what it says, liberalizing trade and direct investment. A third lesson is the development of high-quality infrastructure: China's good roads, reliable power, world-class ports, and excellent cell phone coverage throughout the country are apparent to any visitor. What is less well known is that most of this infrastructure has been developed through a policy of "cost recovery" that prices infrastructure services at levels sufficient to finance the capital cost as well as operations and maintenance. A fourth important lesson is China's careful attention to agriculture and rural development, complemented by rural-urban migration
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  • 46
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    The Extent of The Market And Stages of Agricultural Specialization (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (40 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Emran, M. Shahe The Extent of The Market And Stages of Agricultural Specialization
    Keywords: Access to markets ; Agriculture ; Commercialization ; Crops and Crop Management Systems ; Debt Markets ; Expenditure ; Finance and Financial Sector Development ; International trade ; Macroeconomics and Economic Growth ; Marketing ; Markets and Market Access ; Political Economy ; Price risk ; Relevant market ; Sales ; Spread ; Thin market ; Transport ; Transport Economics, Policy and Planning ; Access to markets ; Agriculture ; Commercialization ; Crops and Crop Management Systems ; Debt Markets ; Expenditure ; Finance and Financial Sector Development ; International trade ; Macroeconomics and Economic Growth ; Marketing ; Markets and Market Access ; Political Economy ; Price risk ; Relevant market ; Sales ; Spread ; Thin market ; Transport ; Transport Economics, Policy and Planning ; Access to markets ; Agriculture ; Commercialization ; Crops and Crop Management Systems ; Debt Markets ; Expenditure ; Finance and Financial Sector Development ; International trade ; Macroeconomics and Economic Growth ; Marketing ; Markets and Market Access ; Political Economy ; Price risk ; Relevant market ; Sales ; Spread ; Thin market ; Transport ; Transport Economics, Policy and Planning
    Abstract: This paper provides empirical evidence of nonlinearity in the relationship between crop specialization in a village economy and the extent of the market (size of the urban market) relevant for the village. The results suggest that the portfolio of crops in a village economy becomes more diversified initially as the extent of the market increases. However, after the market size reaches a threshold, the production structure becomes specialized again. This evidence on the stages of agricultural diversification is consistent with the stages of diversification identified in the recent literature for the economy as a whole and also for the manufacturing sector. The evidence highlights the importance of improving farmers' access to markets through investment in transport infrastructure and removal of barriers to trading
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  • 47
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    Preferential Liberalization And Its Economy-Wide Effects In Honduras (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (58 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Medvedev, Denis Preferential Liberalization And Its Economy-Wide Effects In Honduras
    Keywords: Bilateral trade ; Comparative advantage ; Currencies and Exchange Rates ; Debt Markets ; Economic Theory and Research ; Economic implications ; Emerging Markets ; Finance and Financial Sector Development ; Free Trade ; Free Trade ; Income ; International Economics & Trade ; Macroeconomics and Economic Growth ; Open economy ; Private Sector Development ; Productivity ; Safety nets ; Trade liberalization ; Trade policy ; Bilateral trade ; Comparative advantage ; Currencies and Exchange Rates ; Debt Markets ; Economic Theory and Research ; Economic implications ; Emerging Markets ; Finance and Financial Sector Development ; Free Trade ; Free Trade ; Income ; International Economics & Trade ; Macroeconomics and Economic Growth ; Open economy ; Private Sector Development ; Productivity ; Safety nets ; Trade liberalization ; Trade policy ; Bilateral trade ; Comparative advantage ; Currencies and Exchange Rates ; Debt Markets ; Economic Theory and Research ; Economic implications ; Emerging Markets ; Finance and Financial Sector Development ; Free Trade ; Free Trade ; Income ; International Economics & Trade ; Macroeconomics and Economic Growth ; Open economy ; Private Sector Development ; Productivity ; Safety nets ; Trade liberalization ; Trade policy
    Abstract: This paper quantifies the likely benefits of trade and investment liberalization in a small, poor, open economy, using the accession of Honduras to the Dominican Republic-Central American Free Trade Agreement as a case study. The results show that bilateral trade liberalization with the United States is likely to have almost no effect on welfare in Honduras, while the reciprocal removal of protection vis-a-vis the rest of Central America would lead to significantly larger gains. Potential gains from increased net foreign direct investment inflows overwhelm those expected from trade reform alone, particularly if the new foreign direct investment generates productivity spillovers. However, if it is to replace Honduran investment rather than complement domestic capital formation, growth performance is unlikely to improve and may even suffer. The paper's results identify several areas for policy attention by Honduran policy makers to make the Dominican Republic-Central American Free Trade Agreement more development-friendly. These include carefully considering the budgetary implications of trade reform, widening social safety nets to counter the trends toward increasing income inequality, and sequencing the reforms to ensure a close alignment of Honduras' comparative advantage on the regional and global markets
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  • 48
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    The Fiscal Impact of Foreign Aid In Rwanda : A Theoretical And Empirical Analysis (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (35 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Ezemenari, Kene The Fiscal Impact of Foreign Aid In Rwanda
    Keywords: Debt ; Debt Markets ; Economic Theory and Research ; Expenditure ; Finance and Financial Sector Development ; Fiscal policy ; Foreign direct investment ; Government revenue ; International Bank ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Public Sector Economics and Finance ; Public Sector Expenditure Analysis and Management ; Public investment ; Public investments ; Tax ; Tax rate ; Debt ; Debt Markets ; Economic Theory and Research ; Expenditure ; Finance and Financial Sector Development ; Fiscal policy ; Foreign direct investment ; Government revenue ; International Bank ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Public Sector Economics and Finance ; Public Sector Expenditure Analysis and Management ; Public investment ; Public investments ; Tax ; Tax rate ; Debt ; Debt Markets ; Economic Theory and Research ; Expenditure ; Finance and Financial Sector Development ; Fiscal policy ; Foreign direct investment ; Government revenue ; International Bank ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Public Sector Economics and Finance ; Public Sector Expenditure Analysis and Management ; Public investment ; Public investments ; Tax ; Tax rate
    Abstract: The inflow of large quantities of foreign aid into Rwanda since 1994 can have potential adverse effects such as aid dependency via a significant negative effect on tax efforts and on public investments. This paper carries out a theoretical and empirical study to examine these issues. The theoretical part develops a model in which the recipient government decides on the optimal level of tax and optimally allocates total government revenue between current expenditure and public investment. The theoretical model makes it possible to empirically test whether an increase in aid is likely to reduce the optimal tax rate and the proportion of public expenditure allocated to public investment. The econometric analysis uses time series data on Rwanda to show, in line with other studies in the literature, a negative relationship between increased aid and the tax rate; but the magnitude of the effects are extremely small. In the case of Rwanda, reforms to the tax administration and expansion of the tax base have had mitigating effects. As far as the effect on public investment, the overall effect was negative in the past; however, since 1995 the direction of this effect has changed
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  • 49
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    Productivity Growth And Economic Reform : Evidence From Rwanda (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (35 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Coulibaly, Kalamogo Productivity Growth And Economic Reform
    Keywords: Competitiveness ; Currencies and Exchange Rates ; Debt Markets ; Development assistance ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial sector ; GDP ; Human capital ; Macroeconomics and Economic Growth ; Private Sector Development ; Production function ; Productivity ; Productivity Growth ; Total factor productivity ; Trade reforms ; Competitiveness ; Currencies and Exchange Rates ; Debt Markets ; Development assistance ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial sector ; GDP ; Human capital ; Macroeconomics and Economic Growth ; Private Sector Development ; Production function ; Productivity ; Productivity Growth ; Total factor productivity ; Trade reforms ; Competitiveness ; Currencies and Exchange Rates ; Debt Markets ; Development assistance ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial sector ; GDP ; Human capital ; Macroeconomics and Economic Growth ; Private Sector Development ; Production function ; Productivity ; Productivity Growth ; Total factor productivity ; Trade reforms
    Abstract: Trade, financial, and exchange rate reforms are shown to have exerted a positive impact on the growth of total factor productivity in Rwanda during the period 1995-2003. Based on a constant returns-to-scale Cobb-Douglas production function, this paper regresses total factor productivity on indices of trade, financial, and exchange rate reforms. The analysis determines that trade reforms and financial reforms each contributed positively to improvements in total factor productivity. The data also suggest that the allocation of official development assistance to human capital made a significant contribution to productivity. In contrast, the appreciation of the real exchange rate of the late 1980's hindered productivity or the growth of TFP. Taken together, the findings for Rwanda presented in this paper show that the strong growth of the past decade has not just been due to a "bounce back" effect following the genocide. The results support the notion that policies favorable to trade development, a deepening of the financial sector, and formation of human capital have been effective for increasing aggregate productivity of the economy and stimulating growth in Rwanda. For sustained growth, the Rwandan authorities should continue to build on these policies, while also taking care to maintain an appropriate exchange rate
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  • 50
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    Trade Remedies And Non-Market Economies : Economic Implications of The First US Countervailing Duty Case On China (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (50 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: 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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  • 51
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    Nonfarm Microenterprise Performance And The Investment Climate : Evidence From Rural Ethiopia (2008)
    Washington, D.C : The World Bank
    Details
    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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  • 52
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    The Effectiveness of Boards of Directors of State Owned Enterprises In Developing Countries (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Vagliasindi, Maria The Effectiveness of Boards of Directors of State Owned Enterprises In Developing Countries
    Keywords: Board member ; Boards of Directors ; Corporate Law ; Corporate governance ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial performance ; Firm performance ; Governance ; Governance arrangements ; Independent directors ; Law and Development ; Little attention ; Microfinance ; National Governance ; Private Partnerships ; Private Sector Development ; Private enterprises ; Board member ; Boards of Directors ; Corporate Law ; Corporate governance ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial performance ; Firm performance ; Governance ; Governance arrangements ; Independent directors ; Law and Development ; Little attention ; Microfinance ; National Governance ; Private Partnerships ; Private Sector Development ; Private enterprises ; Board member ; Boards of Directors ; Corporate Law ; Corporate governance ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial performance ; Firm performance ; Governance ; Governance arrangements ; Independent directors ; Law and Development ; Little attention ; Microfinance ; National Governance ; Private Partnerships ; Private Sector Development ; Private enterprises
    Abstract: This paper aims to shed some new light on the conditions needed to ensure the effectiveness of Boards of Directors of state owned enterprises with a focus on infrastructure sectors. In the case of developing countries, empirical studies have found evidence of positive links between the composition of the Board of Directors and financial performance. Yet the lack of solid theoretical foundations, and in some cases poor data availability, makes the conclusions of most studies weak. Several policy recommendations emerge from the review of the economic literature and evidence from case studies. First, the introduction of a sufficient number of independent directors emerges as an important corporate governance milestone. Empowering them to exercise effective monitoring of management, however, may prove to be a formidable challenge for of state owned enterprises. More attention to board procedures, particularly related to the Board selection and evaluation process, is essential, to produce the necessary insulation of Boards from government interference. Ensuring sufficient continuity of services to directors is particularly crucial to improve corporate governance. In addition, other factors that may reduce directors' ability to monitor corporate activities, such as the age profile and the number of Boards on which they sit, need to be handled more carefully
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  • 53
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    The Demographic, Economic And Financial Determinants of International Remittances In Developing Countries (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (34 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: H. Adams, Jr., Richard The Demographic, Economic And Financial Determinants of International Remittances In Developing Countries
    Keywords: Debt Markets ; Developing Countries ; Finance and Financial Sector Development ; Health, Nutrition and Population ; Level of poverty ; Macroeconomics and Economic Growth ; Migrant ; Migrants ; Migration ; Policy ReseaRch ; Policy ReseaRch WoRking PaPeR ; Population Policies ; Progress ; Remittance ; Remittances ; Remittances ; Debt Markets ; Developing Countries ; Finance and Financial Sector Development ; Health, Nutrition and Population ; Level of poverty ; Macroeconomics and Economic Growth ; Migrant ; Migrants ; Migration ; Policy ReseaRch ; Policy ReseaRch WoRking PaPeR ; Population Policies ; Progress ; Remittance ; Remittances ; Remittances ; Debt Markets ; Developing Countries ; Finance and Financial Sector Development ; Health, Nutrition and Population ; Level of poverty ; Macroeconomics and Economic Growth ; Migrant ; Migrants ; Migration ; Policy ReseaRch ; Policy ReseaRch WoRking PaPeR ; Population Policies ; Progress ; Remittance ; Remittances ; Remittances
    Abstract: What causes developing countries to receive different levels of international remittances? This paper addresses this question by using new data on such variables as the skill composition of migrants, poverty, and interest and exchange rates to examine the determinants of remittances. The paper finds that the skill composition of migrants does matter in remittance determination. Countries which export a larger share of high-skilled (educated) migrants receive less per capita remittances than countries which export a larger proportion of low-skilled migrants. It also finds that the level of poverty in a labor-sending country does not have a positive impact on the level of remittances received
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  • 54
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    Determinants of Remittances : Recent Evidence Using Data On Internal Migrants In Vietnam (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: 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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  • 55
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    Mineral-Rich Countries And Dutch Disease : Understanding The Macroeconomic Implications of Windfalls And The Development Prospects-The Case of Equatorial Guinea (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (37 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: 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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  • 56
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    Assessing Asset Indices (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (63 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Filmer, Deon Assessing Asset Indices
    Keywords: Privater Konsum ; Affiliated organizations ; Assets ; Debt Markets ; Durable goods ; Economic Theory and Research ; Expenditures ; Finance and Financial Sector Development ; Health Systems Development and Reform ; Health, Nutrition and Population ; Human Development ; Income ; Investment and Investment Climate ; Labor market ; Macroeconomics and Economic Growth ; Population Policies ; Public Disclosure ; Statements ; Yield ; Affiliated organizations ; Assets ; Debt Markets ; Durable goods ; Economic Theory and Research ; Expenditures ; Finance and Financial Sector Development ; Health Systems Development and Reform ; Health, Nutrition and Population ; Human Development ; Income ; Investment and Investment Climate ; Labor market ; Macroeconomics and Economic Growth ; Population Policies ; Public Disclosure ; Statements ; Yield ; Affiliated organizations ; Assets ; Debt Markets ; Durable goods ; Economic Theory and Research ; Expenditures ; Finance and Financial Sector Development ; Health Systems Development and Reform ; Health, Nutrition and Population ; Human Development ; Income ; Investment and Investment Climate ; Labor market ; Macroeconomics and Economic Growth ; Population Policies ; Public Disclosure ; Statements ; Yield
    Abstract: This paper compares how results using various methods to construct asset indices match results using per capita expenditures. The analysis shows that inferences about inequalities in education, health care use, fertility, child mortality, as well as labor market outcomes are quite robust to the specific economic status measure used. The measures-most significantly per capita expenditures versus the class of asset indices-do not, however, yield identical household rankings. Two factors stand out in predicting the degree of congruence in rankings between per capita expenditures and an asset index. First is the extent to which per capita expenditures can be explained by observed household and community characteristics. In settings with small transitory shocks to expenditure, or with little measurement error in expenditure, the rankings yielded by the alternative approaches are most similar. Second is the extent to which expenditures are dominated by individually consumed goods such as food. Asset indices are typically derived from indicators of goods which are effectively public at the household level, while expenditures are often dominated by food, an almost exclusively private good. In settings where private goods such as food are the main component of expenditures, asset indices and per capita consumption yield the least similar results, although adjusting for economies of scale in household expenditures reconciles the results somewhat
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  • 57
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    Beyond Aid : New Sources And Innovative Mechanisms For Financing Development In Sub-Saharan Africa (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (37 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Ratha, Dilip Beyond Aid
    Keywords: Access to Finance ; Access to capital ; Banks and Banking Reform ; Bonds ; Credit enhancement ; Creditworthiness ; Debt ; Debt Markets ; Debt relief ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Immunization ; Macroeconomics and Economic Growth ; Market access ; Private Sector Development ; Remittances ; Sovereign rating ; Access to Finance ; Access to capital ; Banks and Banking Reform ; Bonds ; Credit enhancement ; Creditworthiness ; Debt ; Debt Markets ; Debt relief ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Immunization ; Macroeconomics and Economic Growth ; Market access ; Private Sector Development ; Remittances ; Sovereign rating ; Access to Finance ; Access to capital ; Banks and Banking Reform ; Bonds ; Credit enhancement ; Creditworthiness ; Debt ; Debt Markets ; Debt relief ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Immunization ; Macroeconomics and Economic Growth ; Market access ; Private Sector Development ; Remittances ; Sovereign rating
    Abstract: Given Sub-Saharan Africa's enormous resource needs for growth, poverty reduction, and other Millennium Development Goals, the development community has little choice but to continue to explore new sources of financing, innovative private-to-private sector solutions, and public-private partnerships to mobilize additional international financing. The paper suggests several new instruments for improving access to capital. An analysis of country creditworthiness suggests that many countries in the region may be more creditworthy than previously believed. Establishing sovereign rating benchmarks and credit enhancement through guarantee instruments provided by multilateral aid agencies would facilitate market access. Creative financial structuring, such as the International Financing Facility for Immunization, would help front-load aid commitments, although these may not result in additional financing in the long run. Preliminary estimates suggest that Sub-Saharan African countries can potentially raise USD 1-3 billion by reducing the cost of international migrant remittances, USD 5-10 billion by issuing diaspora bonds, and USD 17 billion by securitizing future remittances and other future receivables. African countries that have recently received debt relief however need to be cautious when resorting to market-based borrowing
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  • 58
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    Is Migration A Good Substitute For Education Subsidies? (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (33 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: 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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  • 59
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    Migration, Sorting And Regional Inequality : Evidence From Bangladesh (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (42 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Shilpi, Forhad Migration, Sorting And Regional Inequality
    Keywords: Communities & Human Settlements ; Debt Markets ; Developing countries ; Finance and Financial Sector Development ; Health, Nutrition and Population ; Household level ; Housing and Human Habitats ; Human capital ; Important policy ; Living standards ; Migration ; Policy ReseaRch ; Policy ReseaRch WoRking PaPeR ; Population Policies ; Poverty Lines ; Poverty Reduction ; Progress ; Rural Development ; Rural Poverty Reduction ; Urban Development ; Communities & Human Settlements ; Debt Markets ; Developing countries ; Finance and Financial Sector Development ; Health, Nutrition and Population ; Household level ; Housing and Human Habitats ; Human capital ; Important policy ; Living standards ; Migration ; Policy ReseaRch ; Policy ReseaRch WoRking PaPeR ; Population Policies ; Poverty Lines ; Poverty Reduction ; Progress ; Rural Development ; Rural Poverty Reduction ; Urban Development ; Communities & Human Settlements ; Debt Markets ; Developing countries ; Finance and Financial Sector Development ; Health, Nutrition and Population ; Household level ; Housing and Human Habitats ; Human capital ; Important policy ; Living standards ; Migration ; Policy ReseaRch ; Policy ReseaRch WoRking PaPeR ; Population Policies ; Poverty Lines ; Poverty Reduction ; Progress ; Rural Development ; Rural Poverty Reduction ; Urban Development
    Abstract: Using household level data from Bangladesh, this paper examines the differences in the rates of return to household attributes over the entire welfare distribution. The empirical evidence uncovers substantial differences in returns between an integrated region contiguous to the country's main growth centers, and a less integrated region cut-off from those centers by major rivers. The evidence suggests that households with better observed and unobserved attributes (such as education and ability) are concentrated in the integrated region where returns are higher. Within each region, mobility of workers seems to equalize returns at the lower half of the distribution. The natural border created by the rivers appears to hinder migration, causing returns differences between the regions to persist. To reduce regional inequality in welfare in Bangladesh, the results highlight the need for improving connectivity between the regions, and for investing in portable assets of the poor (such as human capital)
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  • 60
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    Global Poverty And Inequality : A Review of The Evidence (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (44 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Ferreira, Francisco H.G Global Poverty And Inequality
    Keywords: Developing countries ; Distributional change ; Equity and Development ; Growth elasticity ; Household surveys ; Income ; Income inequality ; Inequality ; Inequality ; Mean income ; Policy ReseaRch ; Poverty Impact Evaluation ; Poverty Reduction ; Poverty reduction ; Pro-Poor Growth ; Services and Transfers to Poor ; Developing countries ; Distributional change ; Equity and Development ; Growth elasticity ; Household surveys ; Income ; Income inequality ; Inequality ; Inequality ; Mean income ; Policy ReseaRch ; Poverty Impact Evaluation ; Poverty Reduction ; Poverty reduction ; Pro-Poor Growth ; Services and Transfers to Poor ; Developing countries ; Distributional change ; Equity and Development ; Growth elasticity ; Household surveys ; Income ; Income inequality ; Inequality ; Inequality ; Mean income ; Policy ReseaRch ; Poverty Impact Evaluation ; Poverty Reduction ; Poverty reduction ; Pro-Poor Growth ; Services and Transfers to Poor
    Abstract: Drawing on a compilation of data from household surveys representing 130 countries, many over a period of 25 years, this paper reviews the evidence on levels and recent trends in global poverty and income inequality. It documents the negative correlations between both poverty and inequality indices, on the one hand, and mean income per capita on the other. It points to the dominant role of Asia in accounting for the bulk of the world's poverty reduction since 1981. The evolution of global inequality in the last decades is also described, with special emphasis on the different trends of inequality within and between countries. The statistical relationships between growth, inequality and poverty are discussed, as is the correlation between inequality and the growth elasticity of poverty reduction. Some of the recent literature on the drivers of distributional change in developing countries is also reviewed
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  • 61
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    Connecting The Unobserved Dots : A Decomposition Analysis of Changes In Earnings Inequality In Urban Argentina, 1980-2002 (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (40 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Demombynes, Gabriel Connecting The Unobserved Dots
    Keywords: Access and Equity in Basic Education ; Debt Markets ; Earnings Inequality ; Education ; Education for All ; Finance and Financial Sector Development ; Household Survey ; Labor Markets ; Minimum wage ; Primary Education ; Salaried employment ; Salaried workers ; Skilled workers ; Social Protections and Labor ; Union membership ; Wage distribution ; Wage employment ; Wage inequality ; Access and Equity in Basic Education ; Debt Markets ; Earnings Inequality ; Education ; Education for All ; Finance and Financial Sector Development ; Household Survey ; Labor Markets ; Minimum wage ; Primary Education ; Salaried employment ; Salaried workers ; Skilled workers ; Social Protections and Labor ; Union membership ; Wage distribution ; Wage employment ; Wage inequality ; Access and Equity in Basic Education ; Debt Markets ; Earnings Inequality ; Education ; Education for All ; Finance and Financial Sector Development ; Household Survey ; Labor Markets ; Minimum wage ; Primary Education ; Salaried employment ; Salaried workers ; Skilled workers ; Social Protections and Labor ; Union membership ; Wage distribution ; Wage employment ; Wage inequality
    Abstract: There are several possible explanations for the observed changes in inequality, the returns to education, and the gap between the wages of informal and formal salaried workers in Argentina over the period 1980-2002. Largely due to the lack of evidence for competing explanations, skill-biased technical change is the most likely explanation for the increases in the returns to education that occurred in the 1990s. Using a semi-parametric re-weighting variance decomposition technique and data from the Permanent Household Survey, the authors show that during the same period there was an increase in the returns to unobserved skill. This finding lends support to the hypothesis that skill-biased technical change has been a main driver of increases in inequality in Argentina. The pattern of changes suggests that the growth in returns to unobserved skill may have been partly responsible for the relative deterioration of informal salaried wages during the 1990s
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  • 62
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    Bank Competition And Financial Stability : Friends Or Foes? (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Beck, Thorsten Bank Competition And Financial Stability
    Keywords: Access to Finance ; Bank ; Banking ; Banking crises ; Banking sector ; Banking system ; Banks and Banking Reform ; Debt Markets ; Deposit Insurance ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Intermediation ; Financial institutions ; Financial stability ; Governments ; Labor Policies ; Markets ; Private Sector Development ; Social Protections and Labor ; Access to Finance ; Bank ; Banking ; Banking crises ; Banking sector ; Banking system ; Banks and Banking Reform ; Debt Markets ; Deposit Insurance ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Intermediation ; Financial institutions ; Financial stability ; Governments ; Labor Policies ; Markets ; Private Sector Development ; Social Protections and Labor ; Access to Finance ; Bank ; Banking ; Banking crises ; Banking sector ; Banking system ; Banks and Banking Reform ; Debt Markets ; Deposit Insurance ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Intermediation ; Financial institutions ; Financial stability ; Governments ; Labor Policies ; Markets ; Private Sector Development ; Social Protections and Labor
    Abstract: Theory makes ambiguous predictions about the relationship between market structure and competitiveness of the banking system and banking sector stability. Empirical studies focusing on individual countries provide similarly ambiguous results, while cross-country studies point mostly to a positive relationship between competition and stability in the banking system. Where liberalization and unfettered competition have resulted in fragility, this has been mostly the consequence of regulatory and supervisory failures. The advantages of competition for an efficient and inclusive financial system are strong, and regulatory and supervisory policies should focus on an incentive-compatible environment for banking rather than try to fine-tune market structure or the degree of competition
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  • 63
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    Who Gets The Credit? : And Does It Matter? (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (41 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Beck, Thorsten Who Gets The Credit?
    Keywords: Access to Finance ; Bank ; Bankruptcy and Resolution of Financial Distress ; Banks ; Banks and Banking Reform ; Credit ; Debt Markets ; Economic Theory and Research ; Enterprise ; Enterprise credit ; Finance ; Finance and Financial Sector Development ; Financial Intermediation ; Financial systems ; Household ; Households ; Macroeconomics and Economic Growth ; Regulatory policies ; Access to Finance ; Bank ; Bankruptcy and Resolution of Financial Distress ; Banks ; Banks and Banking Reform ; Credit ; Debt Markets ; Economic Theory and Research ; Enterprise ; Enterprise credit ; Finance ; Finance and Financial Sector Development ; Financial Intermediation ; Financial systems ; Household ; Households ; Macroeconomics and Economic Growth ; Regulatory policies ; Access to Finance ; Bank ; Bankruptcy and Resolution of Financial Distress ; Banks ; Banks and Banking Reform ; Credit ; Debt Markets ; Economic Theory and Research ; Enterprise ; Enterprise credit ; Finance ; Finance and Financial Sector Development ; Financial Intermediation ; Financial systems ; Household ; Households ; Macroeconomics and Economic Growth ; Regulatory policies
    Abstract: While the theoretical and empirical finance literature has focused almost exclusively on enterprise credit, about half of credit extended by banks to the private sector in a sample of 45 developing and developed countries is to households. The share of household credit in total credit increases as countries grow richer and financial systems develop. Cross-country regressions, however, suggest a positive and significant impact on gross domestic product per capita growth only of enterprise but not household credit. These two findings together partly explain why previous studies have found a small or insignificant effect of finance on growth in high-income countries. In addition, countries with a lower share of manufacturing, a higher degree of urbanization, and more market-oriented financial systems have a higher share of household credit. It is thus mostly socio-economic trends that determine credit composition, while policies influencing banking market structure and regulatory policies are not robustly related to credit composition
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  • 64
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    Assessing the Impact of Public Spending on Growth : An Empirical Analysis for Seven Fast Growing Countries (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (59 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Moreno-Dodson, Blanca Assessing the Impact of Public Spending on Growth
    Keywords: Allocation ; Composition of public spending ; Debt Markets ; Economic Theory and Research ; Finance and Financial Sector Development ; Fiscal policy ; Government expenditure ; Inequality ; Macroeconomics and Economic Growth ; Poverty Reduction ; Poverty reduction ; Pro-Poor Growth ; Public Sector Economics and Finance ; Public Sector Expenditure Analysis and Management ; Public disclosure ; Public expenditure ; Public finance ; Public spending ; Uncertaint ; Allocation ; Composition of public spending ; Debt Markets ; Economic Theory and Research ; Finance and Financial Sector Development ; Fiscal policy ; Government expenditure ; Inequality ; Macroeconomics and Economic Growth ; Poverty Reduction ; Poverty reduction ; Pro-Poor Growth ; Public Sector Economics and Finance ; Public Sector Expenditure Analysis and Management ; Public disclosure ; Public expenditure ; Public finance ; Public spending ; Uncertaint ; Allocation ; Composition of public spending ; Debt Markets ; Economic Theory and Research ; Finance and Financial Sector Development ; Fiscal policy ; Government expenditure ; Inequality ; Macroeconomics and Economic Growth ; Poverty Reduction ; Poverty reduction ; Pro-Poor Growth ; Public Sector Economics and Finance ; Public Sector Expenditure Analysis and Management ; Public disclosure ; Public expenditure ; Public finance ; Public spending ; Uncertaint
    Abstract: The goal of this paper is to understand better, at the empirical level, how public spending contributes to growth by focusing on both the level and composition of public spending, in connection to the dynamics of GDP per capita growth. It attempts to answer two specific questions: (a) What are the policy conditions under which public spending contributes positively to growth? and (b) What are the public spending components that have a stronger and longer-lasting impact on growth? The analysis is applied to a sample of seven fast-growing developing countries: Korea, Singapore, Malaysia, Thailand, Indonesia, Botswana, and Mauritius, which have been among the top performers in the world in terms of GDP per capita growth during the period (1960-2006). The rationale for this country sample selection is twofold. The first hypothesis is that, given their positive growth achievements over a relatively long time period, perhaps it is more straightforward to establish a link to public spending in those countries. Second, it is expected that the findings of the analysis will provide lessons regarding the level and composition of public spending that can be useful for other countries where growth has been less rapid. Assessing what role public spending has played in a dynamic growth context may indeed be enlightening for other cases as well. The paper is structured as follows. The first section is an introduction that provides relevant facts and information about the seven countries during the period of analysis, based on seven individual country case studies. Section II presents the theoretical background behind the empirical analysis. Section III focuses on the empirical methodology, function specification, and variables selected. Section IV is dedicated to the results obtained with the cross-country analysis and some specific country results, as well as some comparisons with previous findings by other authors. Finally, Section V draws policy implications and concludes
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  • 65
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    Currency Undervaluation And Sovereign Wealth Funds : A New Role For The World Trade Organization (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (31 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Mattoo, Aaditya Currency Undervaluation And Sovereign Wealth Funds
    Keywords: Access to Finance ; Bankruptcy and Resolution of Financial Distress ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Enforcement ; Exchange ; Exchange rate ; Exchange rates ; Finance and Financial Sector Development ; Free Trade ; Government action ; Interest ; International Economics & Trade ; Investments ; Law and Development ; Macroeconomics and Economic Growth ; Private Sector Development ; Subsidies ; Trade Law ; World trade ; Access to Finance ; Bankruptcy and Resolution of Financial Distress ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Enforcement ; Exchange ; Exchange rate ; Exchange rates ; Finance and Financial Sector Development ; Free Trade ; Government action ; Interest ; International Economics & Trade ; Investments ; Law and Development ; Macroeconomics and Economic Growth ; Private Sector Development ; Subsidies ; Trade Law ; World trade ; Access to Finance ; Bankruptcy and Resolution of Financial Distress ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Enforcement ; Exchange ; Exchange rate ; Exchange rates ; Finance and Financial Sector Development ; Free Trade ; Government action ; Interest ; International Economics & Trade ; Investments ; Law and Development ; Macroeconomics and Economic Growth ; Private Sector Development ; Subsidies ; Trade Law ; World trade
    Abstract: Two aspects of global imbalances - undervalued exchange rates and sovereign wealth funds - require a multilateral response. For reasons of inadequate leverage and eroding legitimacy, the International Monetary Fund has not been effective in dealing with undervalued exchange rates. This paper proposes new rules in the World Trade Organization to discipline cases of significant undervaluation that are clearly attributable to government action. The rationale for WTO involvement is that there are large trade consequences of undervalued exchange rates, which act as both import tariffs and export subsidies, and that the WTO's enforcement mechanism is credible and effective. The World Trade Organization would not be involved in exchange rate management, and would not displace the International Monetary Fund. Rather, the authors suggest ways to harness the comparative advantage of the two institutions, with the International Monetary Fund providing the essential technical expertise in the World Trade Organization's enforcement process. There is a bargain to be struck between countries with sovereign wealth funds, which want secure and liberal access for their capital, and capital-importing countries, which have concerns about the objectives and operations of sovereign wealth funds. The World Trade Organization is the natural place to strike this bargain. Its General Agreement on Trade in Services, already covers investments by sovereign wealth funds, and other agreements offer a precedent for designing disciplines for these funds. Placing exchange rates and sovereign wealth funds on the trade negotiating agenda may help revive the Doha Round by rekindling the interest of a wide variety of groups
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  • 66
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    The Market For Retirement Products In Australia (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (52 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Brunner, Gregory Gordon The Market For Retirement Products In Australia
    Keywords: Bankruptcy and Resolution of Financial Distress ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial markets ; Financial savings ; Financial systems ; Home ownership ; International bank ; Investment and Investment Climate ; Labor Policies ; Life insurance ; Life insurance companies ; Macroeconomics and Economic Growth ; Pension ; Pensions and Retirement Systems ; Private Sector Development ; Prudential regulation ; Safety net ; Social Protections and Labor ; Bankruptcy and Resolution of Financial Distress ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial markets ; Financial savings ; Financial systems ; Home ownership ; International bank ; Investment and Investment Climate ; Labor Policies ; Life insurance ; Life insurance companies ; Macroeconomics and Economic Growth ; Pension ; Pensions and Retirement Systems ; Private Sector Development ; Prudential regulation ; Safety net ; Social Protections and Labor ; Bankruptcy and Resolution of Financial Distress ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial markets ; Financial savings ; Financial systems ; Home ownership ; International bank ; Investment and Investment Climate ; Labor Policies ; Life insurance ; Life insurance companies ; Macroeconomics and Economic Growth ; Pension ; Pensions and Retirement Systems ; Private Sector Development ; Prudential regulation ; Safety net ; Social Protections and Labor
    Abstract: Australia introduced a mandatory retirement savings scheme in 1992. This built on pre-existing voluntary occupational plans. The new scheme has been very successful in expanding coverage and mobilizing large financial savings that are equal to close to 100 percent of GDP. However, Australia does not impose restrictions on payout options. The payout phase used to be dominated by lump sum withdrawals, which accounted for 80 percent of benefit payments as recently as 2002. But pension payments increased in recent years and now represent 45 percent of total payments. The vast majority of these pension payments take the form of term annuities and allocated annuities. The latter are similar to phased withdrawals in Chile but run for fixed terms of up to 25 years rather than for lifetime terms. The demand for life annuities and lifetime phased withdrawals is very limited. The paper discusses the factors that have shaped the pattern of demand for retirement products, including the availability of the universal age pension and the effect of clawback provisions, the impact of the high level of home ownership, and the widespread preference of retiring workers for reliance on self-annuitization. The paper also reviews the prudential regulation of superannuation funds and life insurance companies
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  • 67
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    Bailing Out The World's Poorest (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (23 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Ravallion, Martin Bailing Out The World's Poorest
    Keywords: Economic growth ; Financial crisis ; Income ; Income support ; Poor ; Poverty Reduction ; Poverty line ; Rural Development ; Rural Poverty Reduction ; Safety Nets and Transfers ; Safety net ; Safety net programs ; Services and Transfers to Poor ; Social Protections and Labor ; Social policy ; Social protection ; Economic growth ; Financial crisis ; Income ; Income support ; Poor ; Poverty Reduction ; Poverty line ; Rural Development ; Rural Poverty Reduction ; Safety Nets and Transfers ; Safety net ; Safety net programs ; Services and Transfers to Poor ; Social Protections and Labor ; Social policy ; Social protection ; Economic growth ; Financial crisis ; Income ; Income support ; Poor ; Poverty Reduction ; Poverty line ; Rural Development ; Rural Poverty Reduction ; Safety Nets and Transfers ; Safety net ; Safety net programs ; Services and Transfers to Poor ; Social Protections and Labor ; Social policy ; Social protection
    Abstract: While the 2008 financial crisis is global in nature, it is likely to have heterogeneous welfare impacts within the developing world, with some countries, and some people, more vulnerable than others. It also threatens to have lasting impacts for some of those affected, notably through the nutrition and schooling of children in poor families. These features point to the need for a differentiated social policy response, aiming to provide rapid income support to those in most need, while preserving the key physical and human assets of poor people and their communities. The paper points out some mistakes in past crisis responses and identifies key design features for safety net programs that can help compensate for the likely welfare losses in the short-term while also promoting longer-term recovery
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  • 68
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    Sovereign Rents And The Quality of Tax Policy And Administration (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (28 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Knack, Stephen Sovereign Rents And The Quality of Tax Policy And Administration
    Keywords: Banks and Banking Reform ; Bureaucratic quality ; Country risk ; Debt Markets ; Developing countries ; Development Economics and Aid Effectiveness ; Economic Theory and Research ; Economic development ; Emerging Markets ; Finance and Financial Sector Development ; Governance ; Governance Indicators ; Health, Nutrition and Population ; Human development ; International bank ; Law and Development ; Macroeconomics and Economic Growth ; Po ; Private Sector Development ; Rule of law ; Tax ; Tax Law ; Tax policy ; Tax systems ; Taxation and Subsidies ; Banks and Banking Reform ; Bureaucratic quality ; Country risk ; Debt Markets ; Developing countries ; Development Economics and Aid Effectiveness ; Economic Theory and Research ; Economic development ; Emerging Markets ; Finance and Financial Sector Development ; Governance ; Governance Indicators ; Health, Nutrition and Population ; Human development ; International bank ; Law and Development ; Macroeconomics and Economic Growth ; Po ; Private Sector Development ; Rule of law ; Tax ; Tax Law ; Tax policy ; Tax systems ; Taxation and Subsidies ; Banks and Banking Reform ; Bureaucratic quality ; Country risk ; Debt Markets ; Developing countries ; Development Economics and Aid Effectiveness ; Economic Theory and Research ; Economic development ; Emerging Markets ; Finance and Financial Sector Development ; Governance ; Governance Indicators ; Health, Nutrition and Population ; Human development ; International bank ; Law and Development ; Macroeconomics and Economic Growth ; Po ; Private Sector Development ; Rule of law ; Tax ; Tax Law ; Tax policy ; Tax systems ; Taxation and Subsidies
    Abstract: The availability of windfall revenues from natural resource exports or foreign aid potentially weakens governments' incentives to design efficient tax systems. Cross-country data for developing countries provide evidence for this hypothesis, using a World Bank indicator of "efficiency of revenue mobilization." Aid's negative effects on the quality of tax systems are robust to correcting for potential reverse causality, to changes in the sample, and to alternative estimation methods. Fuel export revenues are also associated with lower-quality tax policy and administration, but this finding is somewhat sensitive to outliers. Non-fuel resource exports, in contrast, show no relationship to the efficiency of revenue mobilization
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  • 69
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    Annuities in Switzerland (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (110 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Butler, Monika Annuities in Switzerland
    Keywords: Annuities ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Gender ; Gender and Law ; Law and Development ; Macroeconomics and Economic Growth ; Occupational Pension Plans ; Pay-As-You-Go System ; Pension ; Pension Scheme ; Pension System ; Pensions and Retirement Systems ; Private Sector Development ; Replacement Rate ; Retirement ; Social Protections and Labor ; Social Security ; Social Security System ; Annuities ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Gender ; Gender and Law ; Law and Development ; Macroeconomics and Economic Growth ; Occupational Pension Plans ; Pay-As-You-Go System ; Pension ; Pension Scheme ; Pension System ; Pensions and Retirement Systems ; Private Sector Development ; Replacement Rate ; Retirement ; Social Protections and Labor ; Social Security ; Social Security System ; Annuities ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Gender ; Gender and Law ; Law and Development ; Macroeconomics and Economic Growth ; Occupational Pension Plans ; Pay-As-You-Go System ; Pension ; Pension Scheme ; Pension System ; Pensions and Retirement Systems ; Private Sector Development ; Replacement Rate ; Retirement ; Social Protections and Labor ; Social Security ; Social Security System
    Abstract: Switzerland's pension system has attracted considerable attention, mainly due to its reliance on a three-pillar structure. A relatively small pay-as-you-go system (first pillar) is complemented by a mandatory, employer-based, fully funded occupational pension scheme (second pillar). The main goal of this paper is to provide a detailed description and analysis of the Swiss pension system. Particular emphasis is placed on the second pillar and its role in the provision of old age benefits within the Swiss social security system. The paper shows, for example, that a typical individual with an uninterrupted career can expect a net (after-tax) replacement rate of at least 70 percent. Occupational pension plans are highly regulated. Minimum interest rate requirements and minimum conversion rates (at which the accumulated retirement balances are transformed into annuity streams) introduce many elements of defined benefit plans into notionally defined contribution schemes. The resulting money's worth ratios are very high (with the exception of single males). Switzerland also has a high annuitization rate by international standards (approximately 80 percent). However, due to high fragmentation of the scheme and non-uniform accounting practices, some aspects of the system are not very transparent. The paper sheds light on the financial health of the pension system and the evolution of the regulatory framework in the past two decades
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  • 70
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    Emerging Market Liquidity And Crises (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (23 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Yeyati, Eduardo Levy Emerging Market Liquidity And Crises
    Keywords: Bid ; Debt Markets ; Emerging Economies ; Emerging Market ; Emerging Markets ; Finance and Financial Sector Development ; Illiquidity ; Levy ; Macroeconomics and Economic Growth ; Market Liquidity ; Markets and Market Access ; Mutual Funds ; Portfolio ; Private Sector Development ; Securities ; Trading ; Trading Costs ; Bid ; Debt Markets ; Emerging Economies ; Emerging Market ; Emerging Markets ; Finance and Financial Sector Development ; Illiquidity ; Levy ; Macroeconomics and Economic Growth ; Market Liquidity ; Markets and Market Access ; Mutual Funds ; Portfolio ; Private Sector Development ; Securities ; Trading ; Trading Costs ; Bid ; Debt Markets ; Emerging Economies ; Emerging Market ; Emerging Markets ; Finance and Financial Sector Development ; Illiquidity ; Levy ; Macroeconomics and Economic Growth ; Market Liquidity ; Markets and Market Access ; Mutual Funds ; Portfolio ; Private Sector Development ; Securities ; Trading ; Trading Costs
    Abstract: Whereas conventional wisdom argues that markets shut down during crises, with sellers struggling to find buyers, we find that markets continue to operate during financial turmoil, even in narrow and volatile emerging economies. Simple event studies indicate that both trading volume and trading costs increase in crisis times. Prices change more with each dollar transacted (pushing the Amihud illiquidity measure up) and bid-ask spreads widen. More generally, econometric estimates show that large price downturns, typical of crises, are associated with higher trading activity and increased trading costs, with trading activity declining only later as crises progress. Thus, while trading activity tends to be negatively related to trading costs during tranquil times (and across securities), this relation appears to break down during crises. These results are consistent with the analytical literature on portfolio rebalancing by heterogeneous agents in times of crises
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  • 71
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    Is Accra A Superstar City? (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (30 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Buckley, Robert M Is Accra A Superstar City?
    Keywords: Adverse Effects ; Banks and Banking Reform ; Communities & Human Settlements ; Development Economics ; Economic Theory and Research ; Economics ; Elasticity ; Equations ; Gross Domestic Product ; Housing and Human Habitats ; Income ; Income Groups ; Inflation Rate ; Macroeconomics and Economic Growth ; Markets and Market Access ; Public Sector Management and Reform ; Underestimates ; Adverse Effects ; Banks and Banking Reform ; Communities & Human Settlements ; Development Economics ; Economic Theory and Research ; Economics ; Elasticity ; Equations ; Gross Domestic Product ; Housing and Human Habitats ; Income ; Income Groups ; Inflation Rate ; Macroeconomics and Economic Growth ; Markets and Market Access ; Public Sector Management and Reform ; Underestimates ; Adverse Effects ; Banks and Banking Reform ; Communities & Human Settlements ; Development Economics ; Economic Theory and Research ; Economics ; Elasticity ; Equations ; Gross Domestic Product ; Housing and Human Habitats ; Income ; Income Groups ; Inflation Rate ; Macroeconomics and Economic Growth ; Markets and Market Access ; Public Sector Management and Reform ; Underestimates
    Abstract: A recent study of house price behavior in U.S. cities by Gyourko, Mayer, and Sinai (2006) raises questions about so-called superstar cities in which housing is so inelastically supplied that it becomes unaffordable, as higher-income families outbid residents. We consider the case of Accra, Ghana, in this light, estimating the elasticity of housing supply and discussing the implications for growth and income distribution. There is not a great deal of data available to examine trends in Accra, so our method is indirect. First, we use a variant of the traditional monocentric city model to calculate the elasticity of Accra's housing supply relative to those of other similarly-sized African cities. This suggests that housing supply responsiveness is much higher elsewhere. This muted supply responsiveness is consistent with the observed higher housing prices. Second, we estimate a number of traditional housing demand equations and reduced form equations. Placing a number of restrictions on the equations allows us to infer Accra's housing supply elasticity. Taken together, our approaches suggest that lower-income families in Accra have such poor housing conditions because the market is extremely unresponsive to demand. Although the outcomes we have traced-high housing prices and low quality-are not unusual relative to the other developed country superstar cities, they are extreme. The welfare costs are considerable, so much so that in addition to direct housing market effects, these policies also appear to have potentially significant implications for the achievement of more equitable growth
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  • 72
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    Aid Inflows And The Real Effective Exchange Rate In Tanzania (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (48 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Li, Ying Aid Inflows And The Real Effective Exchange Rate In Tanzania
    Keywords: Currencies and Exchange Rates ; Debt Markets ; Depreciation ; Economic Policy ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Equilibrium ; Export Competitiveness ; Finance and Financial Sector Development ; International Competitiveness ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Real Effective Exchange Rate ; Real Exchange Rate ; Trade Liberalization ; Trade Movements ; Currencies and Exchange Rates ; Debt Markets ; Depreciation ; Economic Policy ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Equilibrium ; Export Competitiveness ; Finance and Financial Sector Development ; International Competitiveness ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Real Effective Exchange Rate ; Real Exchange Rate ; Trade Liberalization ; Trade Movements ; Currencies and Exchange Rates ; Debt Markets ; Depreciation ; Economic Policy ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Equilibrium ; Export Competitiveness ; Finance and Financial Sector Development ; International Competitiveness ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Real Effective Exchange Rate ; Real Exchange Rate ; Trade Liberalization ; Trade Movements
    Abstract: Tanzania is well placed to receive a significant increase in aid inflows in coming years. Despite the potential for the additional aid inflows to raise income levels in the country, increasing them may bring about structural changes in the economy that may be unwelcome. One such change is an appreciation of the real exchange rate that leads to a contraction of traditional export sectors and a loss of export competitiveness. This paper employs a reduced-form equilibrium real exchange rate approach to explain movements in Tanzania's real effective exchange in recent decades. Particular attention is paid to the relationship between aid inflows and the real effective exchange rate. The authors find that the long-run behavior of the real effective exchange rate is influenced by terms of trade movements, the government's trade liberalization efforts, and aid inflows. Positive terms-of-trade movements are associated with an appreciation, periods of improving trade liberalization are associated with a depreciation, and increases in aid inflows are associated with a depreciation in the real effective exchange rate. Although the last result is non-standard, it is not empirically unique and does have theoretical underpinnings. A detailed analysis of this relationship over the last decade shows that the Bank of Tanzania's response to aid inflows is likely the main reason for the finding
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  • 73
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    Foreign Bank Acquisitions And Outreach : Evidence From Mexico (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (43 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Beck, Thorsten Foreign Bank Acquisitions And Outreach
    Keywords: Access to Finance ; Bank Acquisitions ; Banking Sector ; Banking Sector Development ; Banking Services ; Banking Stability ; Banks ; Banks and Banking Reform ; Corporate Law ; Debt Markets ; Finance and Financial Sector Development ; Financial Crises ; Financial Services ; Foreign Banks ; Law and Development ; Municipalities ; Access to Finance ; Bank Acquisitions ; Banking Sector ; Banking Sector Development ; Banking Services ; Banking Stability ; Banks ; Banks and Banking Reform ; Corporate Law ; Debt Markets ; Finance and Financial Sector Development ; Financial Crises ; Financial Services ; Foreign Banks ; Law and Development ; Municipalities ; Access to Finance ; Bank Acquisitions ; Banking Sector ; Banking Sector Development ; Banking Services ; Banking Stability ; Banks ; Banks and Banking Reform ; Corporate Law ; Debt Markets ; Finance and Financial Sector Development ; Financial Crises ; Financial Services ; Foreign Banks ; Law and Development ; Municipalities
    Abstract: Between 1995 and 2005, foreign bank participation in Mexico rose from 2 percent of bank assets to 83 percent, as the top five largest banks were acquired by foreigners. This paper examines the link between foreign bank acquisitions and banking outreach. Using quarterly country, bank, and bank-municipality-level data, the authors find some contrasting patterns. As foreign bank participation rose due to foreign acquisitions, the number of municipalities with bank presence increased but the number of loan and deposit accounts fell for the country as a whole and for banks after they became foreign. The drop in the number of loans, however, was partially off-set by an increase in domestic bank loans. Further, the decline in loan and deposit accounts was more pronounced in more rural and poorer areas. Finally, only very rich and urban areas experienced an increase in branches after foreign acquisition
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  • 74
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    Joseph E. Stiglitz (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (27 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Hoff, Karla Joseph E. Stiglitz
    Keywords: Adverse Selection ; Debt Markets ; Development Economics ; Economic Theory ; Economic Theory and Research ; Economics ; Efficient Outcomes ; Finance and Financial Sector Development ; Financial Intermediation ; Imperfect Information ; Incentive Problems ; Innovation ; Labor Policies ; Macroeconomics and Economic Growth ; Market Economy ; Markets and Market Access ; Perfect Information ; Social Protections and Labor ; Adverse Selection ; Debt Markets ; Development Economics ; Economic Theory ; Economic Theory and Research ; Economics ; Efficient Outcomes ; Finance and Financial Sector Development ; Financial Intermediation ; Imperfect Information ; Incentive Problems ; Innovation ; Labor Policies ; Macroeconomics and Economic Growth ; Market Economy ; Markets and Market Access ; Perfect Information ; Social Protections and Labor ; Adverse Selection ; Debt Markets ; Development Economics ; Economic Theory ; Economic Theory and Research ; Economics ; Efficient Outcomes ; Finance and Financial Sector Development ; Financial Intermediation ; Imperfect Information ; Incentive Problems ; Innovation ; Labor Policies ; Macroeconomics and Economic Growth ; Market Economy ; Markets and Market Access ; Perfect Information ; Social Protections and Labor
    Abstract: Joseph E. Stiglitz, 2001 Nobel Laureate in Economics, helped create the theory of markets with asymmetric information and was one of the founders of modern development economics. He played a leading role in an intellectual revolution that changed the characterization of a market economy. In the new paradigm, the price system only imperfectly solves the information problem of scarcity because of the many other information problems that arise in the economy: the selection over hidden characteristics, the provision of incentives for hidden behaviors and for innovation, and the coordination of choices over institutions
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  • 75
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    Bank Financing To Small And Medium-Sized Enterprises (Smes) In Colombia (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (46 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Stephanou, Constantinos Bank Financing To Small And Medium-Sized Enterprises (Smes) In Colombia
    Keywords: Access to Finance ; Bank Financing ; Bank Lending ; Bankruptcy and Resolution of Financial Distress ; Banks ; Banks and Banking Reform ; Credit Institutions ; Debt Markets ; Finance Companies ; Finance and Financial Sector Development ; International Bank ; Loan ; Microfinance ; Private Credit ; Public Policy ; Risk Management ; Access to Finance ; Bank Financing ; Bank Lending ; Bankruptcy and Resolution of Financial Distress ; Banks ; Banks and Banking Reform ; Credit Institutions ; Debt Markets ; Finance Companies ; Finance and Financial Sector Development ; International Bank ; Loan ; Microfinance ; Private Credit ; Public Policy ; Risk Management ; Access to Finance ; Bank Financing ; Bank Lending ; Bankruptcy and Resolution of Financial Distress ; Banks ; Banks and Banking Reform ; Credit Institutions ; Debt Markets ; Finance Companies ; Finance and Financial Sector Development ; International Bank ; Loan ; Microfinance ; Private Credit ; Public Policy ; Risk Management
    Abstract: The objective of this paper is to shed light on current trends and policy challenges in the financing of small- and medium-sized enterprises (SMEs) by banks in Colombia. The paper is motivated by the well-documented financing gap for SMEs, whose causes are complex and multi-dimensional. Based on data collection and interviews with the authorities, a representative sample of banks, and other relevant entities, the authors analyze the evolution and characteristics of this market in recent years. Bank financing to SMEs is becoming a strategic segment for Colombian credit institutions. The current business and risk management models for SME lending are still relatively underdeveloped, but greater sophistication is expected as the market matures. Important institutional and policy constraints to SME lending remain, but are not yet binding. In order to address these constraints before they "begin to bite", the authors identify and describe a potential policy reform agenda
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  • 76
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    Risk-Based Supervision of Pension Funds : A Review of International Experience and Preliminary Assessment of the First Outcomes (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (41 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Brunner, Gregory Risk-Based Supervision of Pension Funds
    Keywords: Banks and Banking Reform ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Systems, International Bank, investment risk, Pension, pension fund, Pension Funds, pension systems, pensions, risk management, supervision of banks ; Insurance and Risk Mitigation ; Labor Policies ; Private Sector Development ; Social Protections and Labor ; Banks and Banking Reform ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Systems, International Bank, investment risk, Pension, pension fund, Pension Funds, pension systems, pensions, risk management, supervision of banks ; Insurance and Risk Mitigation ; Labor Policies ; Private Sector Development ; Social Protections and Labor ; Banks and Banking Reform ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Systems, International Bank, investment risk, Pension, pension fund, Pension Funds, pension systems, pensions, risk management, supervision of banks ; Insurance and Risk Mitigation ; Labor Policies ; Private Sector Development ; Social Protections and Labor
    Abstract: This paper provides a review of the design and experience of risk-based pension fund supervision in several countries that have been leaders in the development of these methods. The utilization of risk-based methods originates primarily in the supervision of banks. In recent years it has increasingly been extended to other types of financial intermediaries including pension funds and insurers. The trend toward risk-based supervision of pensions is closely associated with movement toward the integration of pension supervision with that of banking and other financial services into a single national authority. Although similar in concept to the techniques developed in banking, the application to pension funds has required modifications, particularly for defined contribution funds that transfer investment risk to fund members. The countries examined provide a range of experiences that illustrate both the diversity of pension systems and approaches to risk-based supervision, but also a commonality of the focus on sound risk management and effective supervisory outcomes. The paper provides a description of pension supervision in Australia, Denmark, Mexico and the Netherlands, and an initial evaluation of the results achieved in relation to the underlying objectives
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  • 77
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    Subnational Insolvency : Cross-Country Experiences And Lessons (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (43 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Liu, Lili Subnational Insolvency
    Keywords: Access to Finance ; Bankruptcy and Resolution of Financial Distress ; Banks and Banking Reform ; Credit markets ; Debt ; Debt Markets ; Debt restructuring ; Defaults ; Finance and Financial Sector Development ; Financial distress ; Insolvency ; Insolvency law ; Insolvency mechanisms ; Insolvency procedures ; Public Disclosure ; Strategic Debt Management ; Access to Finance ; Bankruptcy and Resolution of Financial Distress ; Banks and Banking Reform ; Credit markets ; Debt ; Debt Markets ; Debt restructuring ; Defaults ; Finance and Financial Sector Development ; Financial distress ; Insolvency ; Insolvency law ; Insolvency mechanisms ; Insolvency procedures ; Public Disclosure ; Strategic Debt Management ; Access to Finance ; Bankruptcy and Resolution of Financial Distress ; Banks and Banking Reform ; Credit markets ; Debt ; Debt Markets ; Debt restructuring ; Defaults ; Finance and Financial Sector Development ; Financial distress ; Insolvency ; Insolvency law ; Insolvency mechanisms ; Insolvency procedures ; Public Disclosure ; Strategic Debt Management
    Abstract: Subnational insolvency is a reoccurring event in development, as demonstrated by historical and modern episodes of subnational defaults in both developed and developing countries. Insolvency procedures become more important as countries decentralize expenditure, taxation, and borrowing, and broaden subnational credit markets. As the first cross-country survey of procedures to resolve subnational financial distress, this paper has particular relevance for decentralizing countries. The authors explain central features and variations of subnational insolvency mechanisms across countries. They identify judicial, administrative, and hybrid procedures, and show how entry point and political factors drive their design. Like private insolvency law, subnational insolvency procedures predictably allocate default risk, while providing breathing space for orderly debt restructuring and fiscal adjustment. Policymakers' desire to mitigate the tension between creditor rights and the need to maintain essential public services, to strengthen ex ante fiscal rules, and to harden subnational budget constraints are motivations specific to the public sector
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  • 78
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    Upgrading The Investment Policy Framework of Public Pension Funds (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (68 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Vittas, Dimitri Upgrading The Investment Policy Framework of Public Pension Funds
    Keywords: Alternative asset ; Asset classes ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Systems ; International Bank ; Investment Policy ; Investment and Investment Climate ; Investment strategies ; Macroeconomics and Economic Growth ; Pension ; Pension Funds ; Private Sector Development ; Reserves ; Transparency ; Alternative asset ; Asset classes ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Systems ; International Bank ; Investment Policy ; Investment and Investment Climate ; Investment strategies ; Macroeconomics and Economic Growth ; Pension ; Pension Funds ; Private Sector Development ; Reserves ; Transparency ; Alternative asset ; Asset classes ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Systems ; International Bank ; Investment Policy ; Investment and Investment Climate ; Investment strategies ; Macroeconomics and Economic Growth ; Pension ; Pension Funds ; Private Sector Development ; Reserves ; Transparency
    Abstract: Public pension funds have the potential to benefit from low operating costs because they enjoy economies of scale and avoid large marketing costs. But this important advantage has in most countries been dissipated by poor investment performance. The latter has been attributed to a weak governance structure, lack of independence from government interference, and a low level of transparency and public accountability. Recent years have witnessed the creation of new public pension funds in several countries, and the modernization of existing ones in others, with special emphasis placed on upgrading their investment policy framework and strengthening their governance structure. This paper focuses on the experience of four new public pension funds that have been created in Norway, Canada, Ireland and New Zealand. The paper discusses the safeguards that have been introduced to ensure their independence and their insulation from political pressures. It also reviews their performance and their evolving investment strategies. All four funds started with the romantic idea of operating as 'managers of managers' and focusing on external passive management but their strategies have progressively evolved to embrace internal active management and significant investments in alternative asset classes. The paper draws lessons for other countries that wish to modernize their public pension funds
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  • 79
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    How Does Vietnam's Accession To The World Trade Organization Change The Spatial Incidence of Poverty? (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (35 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: 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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  • 80
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    Attitudes To Equality : The "Socialist Legacy" Revisited (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (28 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Murthi, Mamta Attitudes To Equality
    Keywords: Corporate Law ; Country Strategy and Performance ; Developing countries ; Equal countries ; Gender ; Gender and Law ; Gini coefficient ; Income ; Income inequality ; Income level ; Inequality ; Labor market ; Law and Development ; Macroeconomics and Economic Growth ; Policy ReseaRch ; Poverty Impact Evaluation ; Poverty Reduction ; Poverty Reduction ; Public spending ; Corporate Law ; Country Strategy and Performance ; Developing countries ; Equal countries ; Gender ; Gender and Law ; Gini coefficient ; Income ; Income inequality ; Income level ; Inequality ; Labor market ; Law and Development ; Macroeconomics and Economic Growth ; Policy ReseaRch ; Poverty Impact Evaluation ; Poverty Reduction ; Poverty Reduction ; Public spending ; Corporate Law ; Country Strategy and Performance ; Developing countries ; Equal countries ; Gender ; Gender and Law ; Gini coefficient ; Income ; Income inequality ; Income level ; Inequality ; Labor market ; Law and Development ; Macroeconomics and Economic Growth ; Policy ReseaRch ; Poverty Impact Evaluation ; Poverty Reduction ; Poverty Reduction ; Public spending
    Abstract: It is routinely assumed that residents of post-socialist countries have a preference for greater income equality, other things being equal, owing to the legacy of socialism. This proposition is examined in the context of Eastern Europe and the former Soviet Union using data from three waves of the World Values Survey. Contrary to expectations, the authors find little evidence of a 'socialist legacy' en bloc. Considering the former Soviet Union separately from other post-socialist countries, the analysis finds that as a group these countries display significantly lower preference for moving toward greater income equality than both Eastern Europe and other comparator groups (developed and developing countries). These findings hold up even when controlling for the conventional determinants of attitudes such as income level and employment status of the individual respondent, as well as national factors such as per-capita income and its distribution. Moreover, the preference for greater income inequality appears to have persisted at least since the mid-1990s and possibly since the early 1990s (data difficulties preclude a robust examination of this latter question). The results are consistent with the fairly low levels of public spending on redistribution commonly found in the former Soviet Union
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  • 81
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    Fiscal Policy For Growth And Development In Tajikistan (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (36 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: 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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  • 82
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    Risk-Based Supervision of Pension Institutions In Denmark (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (43 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: 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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  • 83
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    Expanding Taxable Capacity And Reaching Revenue Potential : Cross-Country Analysis (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (40 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Le, Tuan Minh Expanding Taxable Capacity And Reaching Revenue Potential
    Keywords: Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Economics and Finance ; Tax ; Tax Policy ; Tax administration ; Tax base ; Tax collection ; Tax expenditures ; Tax reforms ; Tax revenues ; Tax system ; Taxation ; Taxation and Subsidies ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Economics and Finance ; Tax ; Tax Policy ; Tax administration ; Tax base ; Tax collection ; Tax expenditures ; Tax reforms ; Tax revenues ; Tax system ; Taxation ; Taxation and Subsidies ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Economics and Finance ; Tax ; Tax Policy ; Tax administration ; Tax base ; Tax collection ; Tax expenditures ; Tax reforms ; Tax revenues ; Tax system ; Taxation ; Taxation and Subsidies
    Abstract: An effective tax system is fundamental for successful country development. The first step to understand public revenue systems is to establish some commonly agreed performance measurements and benchmarks. This paper employs a cross-country study to estimate tax capacity from a sample of 104 countries during 1994-2003. The estimation results are then used as benchmarks to compare taxable capacity and tax effort in different countries. Taxable capacity refers to the predicted tax-gross domestic product ratio that can be estimated with the regression, taking into account a country's specific economic, demographic, and institutional features. Tax effort is defined as an index of the ratio between the share of the actual tax collection in gross domestic product and the predicted taxable capacity. The authors classify countries into four distinct groups by their level of actual tax collection and attained tax effort. This classification is based on the benchmark of the global average of tax collection and a tax effort index of 1 (when tax collection is exactly the same as the estimated taxable capacity). The analysis provides guidance for countries with various levels of tax collection and tax effort
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  • 84
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    Labor Markets in Rural and Urban Haiti : Based on the First Household Survey for Haiti (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (29 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Verner, Dorte Labor Markets in Rural and Urban Haiti
    Keywords: Agricultural development ; Farm size ; Food security ; Household Survey ; Income ; Income poverty ; Irrigation ; Nutrition ; Poverty Reduction ; Rural ; Rural Development ; Rural Development ; Rural Poverty Reduction ; Agricultural development ; Farm size ; Food security ; Household Survey ; Income ; Income poverty ; Irrigation ; Nutrition ; Poverty Reduction ; Rural ; Rural Development ; Rural Development ; Rural Poverty Reduction ; Agricultural development ; Farm size ; Food security ; Household Survey ; Income ; Income poverty ; Irrigation ; Nutrition ; Poverty Reduction ; Rural ; Rural Development ; Rural Development ; Rural Poverty Reduction
    Abstract: This paper addresses labor markets in Haiti, including farm and nonfarm employment and income generation. The analyses are based on the first Living Conditions Survey of 7,186 households covering the whole country and representative at the regional level. The findings suggest that four key determinants of employment and productivity in nonfarm activities are education, gender, location, and migration status. This is emphasized when nonfarm activities are divided into low-return and high-return activities. The wage and producer income analyses reveal that education is key to earning higher wages and incomes. Moreover, producer incomes increase with farm size, land title, and access to tools, electricity, roads, irrigation, and other farm inputs
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  • 85
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    Assessing The Redistributive Effect of Fiscal Policy (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (72 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Essama-Nssah, B Assessing The Redistributive Effect of Fiscal Policy
    Keywords: Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Personal income tax ; Private Sector Development ; Progressive tax ; Public Sector Economics and Finance ; Tax ; Tax Shifting ; Tax incidence ; Tax liability ; Tax policy ; Tax system ; Taxation ; Taxation and Subsidies ; Taxpayers ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Personal income tax ; Private Sector Development ; Progressive tax ; Public Sector Economics and Finance ; Tax ; Tax Shifting ; Tax incidence ; Tax liability ; Tax policy ; Tax system ; Taxation ; Taxation and Subsidies ; Taxpayers ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Personal income tax ; Private Sector Development ; Progressive tax ; Public Sector Economics and Finance ; Tax ; Tax Shifting ; Tax incidence ; Tax liability ; Tax policy ; Tax system ; Taxation ; Taxation and Subsidies ; Taxpayers
    Abstract: Who benefits from public spending? Who bears the burden of taxation? How desirable is the distribution of net benefits from the operation of a tax-benefit system? This paper surveys basic concepts, methods, and modeling approaches commonly used to address these issues in the context of fiscal incidence analysis. The review covers the incidence of both taxation and public spending. Methodological points are supported by country cases. The effective distribution of benefits and burdens associated with fiscal policy depends on the size of the government, the distributive mechanisms involved, and the incentives properties of the policy under consideration. This creates a need for analytical methods to account for both individual behavior and social interaction. The approaches reviewed include simple reduced form regression analysis, microsimulation models (both the envelope and discrete choice models), computable general equilibrium modeling, and approaches that link computable general equilibrium models to microsimulation models. Explicit modeling facilitates the construction of counterfactuals to back up causal analysis. Social desirability is assessed on the basis of progressivity along with deadweight loss
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  • 86
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    Implications of Higher Global Food Prices For Poverty In Low-Income Countries (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (57 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Ivanic, Maros Implications of Higher Global Food Prices For Poverty In Low-Income Countries
    Keywords: Food Prices ; Food commodities ; Food consumers ; Impact on poverty ; Income ; Macroeconomics and Economic Growth ; Markets and Market Access ; Poor ; Poor countries ; Poor households ; Poor people ; Poverty Reduction ; Poverty rates ; Rural Development ; Rural Poverty Reduction ; Food Prices ; Food commodities ; Food consumers ; Impact on poverty ; Income ; Macroeconomics and Economic Growth ; Markets and Market Access ; Poor ; Poor countries ; Poor households ; Poor people ; Poverty Reduction ; Poverty rates ; Rural Development ; Rural Poverty Reduction ; Food Prices ; Food commodities ; Food consumers ; Impact on poverty ; Income ; Macroeconomics and Economic Growth ; Markets and Market Access ; Poor ; Poor countries ; Poor households ; Poor people ; Poverty Reduction ; Poverty rates ; Rural Development ; Rural Poverty Reduction
    Abstract: In many poor countries, the recent increases in prices of staple foods raise the real incomes of those selling food, many of whom are relatively poor, while hurting net food consumers, many of whom are also relatively poor. The impacts on poverty will certainly be very diverse, but the average impact on poverty depends upon the balance between these two effects, and can only be determined by looking at real-world data. Results using household data for ten observations on nine low-income countries show that the short-run impacts of higher staple food prices on poverty differ considerably by commodity and by country, but, that poverty increases are much more frequent, and larger, than poverty reductions. The recent large increases in food prices appear likely to raise overall poverty in low income countries substantially
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  • 87
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    The Econometrics of Finance And Growth (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (45 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Beck, Thorsten The Econometrics of Finance And Growth
    Keywords: Access to Finance ; Debt Markets ; Economic Theory and Research ; Economic development ; Economic growth ; External finance ; Finance and Financial Sector Development ; Financial development ; Financial institutions ; Financial sector development ; Information asymmetries ; International Bank ; Macroeconomics and Economic Growth ; Payment services ; Poverty Reduction ; Pro-Poor Growth ; Science and Technology Development ; Statistical and Mathematical Sciences ; Transaction costs ; Access to Finance ; Debt Markets ; Economic Theory and Research ; Economic development ; Economic growth ; External finance ; Finance and Financial Sector Development ; Financial development ; Financial institutions ; Financial sector development ; Information asymmetries ; International Bank ; Macroeconomics and Economic Growth ; Payment services ; Poverty Reduction ; Pro-Poor Growth ; Science and Technology Development ; Statistical and Mathematical Sciences ; Transaction costs ; Access to Finance ; Debt Markets ; Economic Theory and Research ; Economic development ; Economic growth ; External finance ; Finance and Financial Sector Development ; Financial development ; Financial institutions ; Financial sector development ; Information asymmetries ; International Bank ; Macroeconomics and Economic Growth ; Payment services ; Poverty Reduction ; Pro-Poor Growth ; Science and Technology Development ; Statistical and Mathematical Sciences ; Transaction costs
    Abstract: This paper reviews different econometric methodologies to assess the relationship between financial development and growth. It illustrates the identification problem, which is at the center of the finance and growth literature, using the example of a simple Ordinary Least Squares estimation. It discusses cross-sectional and panel instrumental variable approaches to overcome the identification problem. It presents the time-series approach, which focuses on the forecast capacity of financial development for future growth rates, and differences-in-differences techniques that try to overcome the identification problem by assessing the differential effect of financial sector development across states with different policies or across industries with different needs for external finance. Finally, it discusses firm-level and household approaches that allow analysts to dig deeper into the channels and mechanisms through which financial development enhances growth and welfare, but pose their own methodological challenges
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  • 88
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    The anatomy of China's export growth (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (29 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Amiti, Mary The anatomy of China's export growth
    Keywords: Agriculture ; Comparative advantage ; Debt Markets ; Economic Theory & Research ; Emerging Markets ; Export growth ; Exports ; Externalities ; Finance and Financial Sector Development ; Free Trade ; Gini coefficient ; International Economics & Trade ; Living standards ; Natural resources ; Private Sector Development ; Profit margins ; Public Sector Development ; Trade Policy ; Value added ; Agriculture ; Comparative advantage ; Debt Markets ; Economic Theory & Research ; Emerging Markets ; Export growth ; Exports ; Externalities ; Finance and Financial Sector Development ; Free Trade ; Gini coefficient ; International Economics & Trade ; Living standards ; Natural resources ; Private Sector Development ; Profit margins ; Public Sector Development ; Trade Policy ; Value added ; Agriculture ; Comparative advantage ; Debt Markets ; Economic Theory & Research ; Emerging Markets ; Export growth ; Exports ; Externalities ; Finance and Financial Sector Development ; Free Trade ; Gini coefficient ; International Economics & Trade ; Living standards ; Natural resources ; Private Sector Development ; Profit margins ; Public Sector Development ; Trade Policy ; Value added
    Abstract: Decomposing China's real export growth, of over 500 percent since 1992, reveals a number of interesting findings. First, China's export structure changed dramatically, with growing export shares in electronics and machinery and a decline in agriculture and apparel. Second, despite the shift into these more sophisticated products, the skill content of China's manufacturing exports remained unchanged, once processing trade is excluded. Third, export growth was accompanied by increasing specialization and was mainly accounted for by high export growth of existing products (the intensive margin) rather than in new varieties (the extensive margin). Fourth, consistent with an increased world supply of existing varieties, China's export prices to the United States fell by an average of 1.5 percent per year between 1997 and 2005, while export prices of these products from the rest of the world to the United States increased by 0.4 percent annually over the same period
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  • 89
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    Public Expenditure And Consumption Volatility (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (25 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Herrera, Santiago Public Expenditure And Consumption Volatility
    Keywords: Currencies and Exchange Rates ; Developing countries ; Domestic financial markets ; Economic Conditions and Volatility ; Economic Stabilization ; Economic Theory & Research ; Emerging Markets ; Finance and Financial Sector Development ; Fiscal policy ; Government spending ; Growth rates ; Income ; Instrumental variables ; Macroeconomics and Economic Growth ; Output volatility ; Private Sector Development ; Standard deviation ; Volatility ; Currencies and Exchange Rates ; Developing countries ; Domestic financial markets ; Economic Conditions and Volatility ; Economic Stabilization ; Economic Theory & Research ; Emerging Markets ; Finance and Financial Sector Development ; Fiscal policy ; Government spending ; Growth rates ; Income ; Instrumental variables ; Macroeconomics and Economic Growth ; Output volatility ; Private Sector Development ; Standard deviation ; Volatility ; Currencies and Exchange Rates ; Developing countries ; Domestic financial markets ; Economic Conditions and Volatility ; Economic Stabilization ; Economic Theory & Research ; Emerging Markets ; Finance and Financial Sector Development ; Fiscal policy ; Government spending ; Growth rates ; Income ; Instrumental variables ; Macroeconomics and Economic Growth ; Output volatility ; Private Sector Development ; Standard deviation ; Volatility
    Abstract: Recent estimates of the welfare cost of consumption volatility find that it is significant in developing nations, where it may reach an equivalent of reducing consumption by 10 percent per year. Hence, examining the determinants of consumption volatility is of utmost relevance. Based on cross-country data for the period 1960-2005, the paper explains consumption volatility using three sets of variables: one refers to the volatility of income and the persistence of income shocks; the second set of variables refers to policy volatility, considering the volatility of public spending and the size of government; while the third set captures the ability of agents to smooth shocks, and includes the depth of the domestic financial markets as well as the degree of integration to international capital markets. To allow for potential endogenous regressors, in particular the volatility of fiscal policy and the size of government, the system is estimated using the instrumental variables method. The results indicate that, besides income volatility, the variables with the largest and most robust impact on consumption volatility are government size and the volatility of public spending. Results also show that deeper and more stable domestic financial markets reduce the volatility of consumption, and that more integrated financial markets to the international capital markets are associated with lower volatility of consumption
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  • 90
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    Benchmarking Financial Development (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (47 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Beck, Thorsten Benchmarking Financial Development
    Keywords: Access to Finance ; Bond ; Bond market ; Debt Markets ; Economic Theory & Research ; Economic development ; Emerging Markets ; Finance and Financial Sector Development ; Financial development ; Financial institutions ; Financial markets ; Financial system ; Financial systems ; International bank ; Private Sector Development ; Returns ; Access to Finance ; Bond ; Bond market ; Debt Markets ; Economic Theory & Research ; Economic development ; Emerging Markets ; Finance and Financial Sector Development ; Financial development ; Financial institutions ; Financial markets ; Financial system ; Financial systems ; International bank ; Private Sector Development ; Returns ; Access to Finance ; Bond ; Bond market ; Debt Markets ; Economic Theory & Research ; Economic development ; Emerging Markets ; Finance and Financial Sector Development ; Financial development ; Financial institutions ; Financial markets ; Financial system ; Financial systems ; International bank ; Private Sector Development ; Returns
    Abstract: Capitalizing on recent improvements in the availability of cross-country financial sector data, this paper proposes a standard methodology for benchmarking the policy component of financial development. Systematic controls are introduced to isolate main structural country characteristics and a principal components analysis is used to help identify a parsimonious set of ten "core" outcome indicators from a broader set of twenty seven potential indicators covering different dimensions of development in both financial institutions and financial markets. Such a broad-based approach helps reveal important determinants and regularities of the process of financial development. The paper also identifies some of the main data gaps that will need to be filled to allow further progress in financial benchmarking looking forward
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  • 91
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    Bank Involvement With SMES : Beyond Relationship Lending (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (75 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: de la Torre, Augusto Bank Involvement With SMES
    Keywords: Access to Finance ; Bank ; Banks and Banking Reform ; Debt Markets ; Emerging markets ; Enterprises ; Finance ; Finance and Financial Sector Development ; Financial Intermediation ; Foreign banks ; Governments ; Lending ; Risk ; Risk management ; Services ; Access to Finance ; Bank ; Banks and Banking Reform ; Debt Markets ; Emerging markets ; Enterprises ; Finance ; Finance and Financial Sector Development ; Financial Intermediation ; Foreign banks ; Governments ; Lending ; Risk ; Risk management ; Services ; Access to Finance ; Bank ; Banks and Banking Reform ; Debt Markets ; Emerging markets ; Enterprises ; Finance ; Finance and Financial Sector Development ; Financial Intermediation ; Foreign banks ; Governments ; Lending ; Risk ; Risk management ; Services
    Abstract: The "conventional wisdom" in academic and policy circles argues that, while large and foreign banks are generally not interested in serving SMEs, small and niche banks have an advantage in doing so because they can overcome SME opaqueness through relationship lending. This paper shows that there is a gap between this view and what banks actually do. Banks perceive SMEs as a core and strategic business and seem well positioned to expand their links with SMEs. The recent intensification of bank involvement with SMEs in various emerging markets documented in this paper is neither led by small or niche banks nor highly dependent on relationship lending. Rather, all types of banks are catering to SMEs and larger, multiple-service banks have in fact a comparative advantage in offering a wide range of products and services on a large scale, through the use of new technologies, business models, and risk management systems
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  • 92
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    Integrating Seasonal Forecasts And Insurance For Adaptation Among Subsistence Farmers : The Case of Malawi (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (30 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Osgood, Daniel E Integrating Seasonal Forecasts And Insurance For Adaptation Among Subsistence Farmers
    Keywords: Agriculture ; Bank ; Banks and Banking Reform ; Climate change ; Crops and C ; Damages ; Debt Markets ; Drought ; Droughts ; Emerging Markets ; Farmers ; Finance and Financial Sector Development ; Financial Intermediation ; Hazard Risk Management ; Insurance ; Insurance and Risk Mitigation ; Labor Policies ; Poverty Reduction ; Private Sector Development ; Risk ; Risk reduction ; Rural Development ; Rural Poverty Reduction ; Social Protections and Labor ; Technology ; Urban Development ; Agriculture ; Bank ; Banks and Banking Reform ; Climate change ; Crops and C ; Damages ; Debt Markets ; Drought ; Droughts ; Emerging Markets ; Farmers ; Finance and Financial Sector Development ; Financial Intermediation ; Hazard Risk Management ; Insurance ; Insurance and Risk Mitigation ; Labor Policies ; Poverty Reduction ; Private Sector Development ; Risk ; Risk reduction ; Rural Development ; Rural Poverty Reduction ; Social Protections and Labor ; Technology ; Urban Development ; Agriculture ; Bank ; Banks and Banking Reform ; Climate change ; Crops and C ; Damages ; Debt Markets ; Drought ; Droughts ; Emerging Markets ; Farmers ; Finance and Financial Sector Development ; Financial Intermediation ; Hazard Risk Management ; Insurance ; Insurance and Risk Mitigation ; Labor Policies ; Poverty Reduction ; Private Sector Development ; Risk ; Risk reduction ; Rural Development ; Rural Poverty Reduction ; Social Protections and Labor ; Technology ; Urban Development
    Abstract: Climate variability poses a severe threat to subsistence farmers in southern Africa. Two different approaches have emerged in recent years to address these threats: the use of seasonal precipitation forecasts for risk reduction (for example, choosing seed varieties that can perform well for expected rainfall conditions), and the use of innovative financial instruments for risk sharing (for example, index-based weather insurance bundled to microcredit for agricultural inputs). So far these two approaches have remained entirely separated. This paper explores the integration of seasonal forecasts into an ongoing pilot insurance scheme for smallholder farmers in Malawi. The authors propose a model that adjusts the amount of high-yield agricultural inputs given to farmers to favorable or unfavorable rainfall conditions expected for the season. Simulation results - combining climatic, agricultural, and financial models - indicate that this approach substantially increases production in La Niña years (when droughts are very unlikely for the study area), and reduces losses in El Niño years (when insufficient rainfall often damages crops). Cumulative gross revenues are more than twice as large for the proposed scheme, given modeling assumptions. The resulting accumulation of wealth can reduce long-term vulnerability to drought for participating farmers. Conclusions highlight the potential of this approach for adaptation to climate variability and change in southern Africa
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  • 93
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    Procurement Efficiency For Infrastructure Development And Financial Needs Reassessed (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (44 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Estache, Antonio Procurement Efficiency For Infrastructure Development And Financial Needs Reassessed
    Keywords: Costs ; Debt Markets ; E-Business ; Economic Theory and Research ; Em ; Finance and Financial Sector Development ; Infrastructure ; Infrastructure Economics ; Infrastructure Economics and Finance ; Infrastructure development ; Infrastructure investment ; Infrastructure projects ; Investment and Investment Climate ; Investments ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Economics and Finance ; Road ; Roads ; Sanitation ; Transport ; Transport ; Transport Economics, Policy and Planning ; Costs ; Debt Markets ; E-Business ; Economic Theory and Research ; Em ; Finance and Financial Sector Development ; Infrastructure ; Infrastructure Economics ; Infrastructure Economics and Finance ; Infrastructure development ; Infrastructure investment ; Infrastructure projects ; Investment and Investment Climate ; Investments ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Economics and Finance ; Road ; Roads ; Sanitation ; Transport ; Transport ; Transport Economics, Policy and Planning ; Costs ; Debt Markets ; E-Business ; Economic Theory and Research ; Em ; Finance and Financial Sector Development ; Infrastructure ; Infrastructure Economics ; Infrastructure Economics and Finance ; Infrastructure development ; Infrastructure investment ; Infrastructure projects ; Investment and Investment Climate ; Investments ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Economics and Finance ; Road ; Roads ; Sanitation ; Transport ; Transport ; Transport Economics, Policy and Planning
    Abstract: Infrastructure is the engine for economic growth. The international donor community has spent about 70-100 billion U.S. dollars on infrastructure development in developing countries every year. However, it is arguable whether these financial resources are used efficiently, particularly whether the current infrastructure procurement prices are appropriate. Without doubt a key is competition to curb public procurement costs. This paper analyzes procurement data from multi and bilateral official development projects in three infrastructure sectors: roads, electricity, and water and sanitation. The findings show that the competition effect is underutilized. To take full advantage of competition, at least seven bidders are needed in the road and water sectors, while three may be enough in the power sector. The paper also shows that not only competition, but also auction design, especially lot division, is crucial for reducing unit costs of infrastructure. Based on the estimated efficient unit costs, the annual financial needs are estimated at approximately 360 billion U.S. dollars. By promoting competition, the developing world might be able to save at most 8.2 percent of total infrastructure development costs
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  • 94
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    The Impact of Food Inflation On Urban Poverty And Its Monetary Cost : Some Back-Of-The-Envelope Calculations (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (23 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Dessus, Sebastien The Impact of Food Inflation On Urban Poverty And Its Monetary Cost
    Keywords: Debt Markets ; Finance and Financial Sector Development ; Food and Beverage Industry ; Food prices ; Income ; Industry ; New poor ; Poor ; Poor households ; Poverty ; Poverty Reduction ; Poverty gap ; Poverty line ; Poverty threshold ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction ; Targeting ; Debt Markets ; Finance and Financial Sector Development ; Food and Beverage Industry ; Food prices ; Income ; Industry ; New poor ; Poor ; Poor households ; Poverty ; Poverty Reduction ; Poverty gap ; Poverty line ; Poverty threshold ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction ; Targeting ; Debt Markets ; Finance and Financial Sector Development ; Food and Beverage Industry ; Food prices ; Income ; Industry ; New poor ; Poor ; Poor households ; Poverty ; Poverty Reduction ; Poverty gap ; Poverty line ; Poverty threshold ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction ; Targeting
    Abstract: This paper uses a sample of 73 developing countries to estimate the change in the cost of alleviating urban poverty brought about by the recent increase in food prices. This cost is approximated by the change in the poverty deficit, that is, the variation in financial resources required to eliminate poverty under perfect targeting. The results show that, for most countries, the cost represents less than 0.1 percent of gross domestic product. However, in the most severely affected, it may exceed 3 percent. In all countries, the change in the poverty deficit is mostly due to the negative real income effect of those households that were poor before the price shock, while the cost attributable to new households falling into poverty is negligible. Thus, in countries where transfer mechanisms with effective targeting already exist, the most cost-effective strategy would be to scale up such programs rather than designing tools to identify the new poor
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  • 95
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    The Typology of Partial Credit Guarantee Funds Around The World (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Beck, Thorsten The Typology of Partial Credit Guarantee Funds Around The World
    Keywords: Access to Finance ; Bankruptcy and Resolution of Financial Distress ; Banks and Banking Reform ; Borrower ; Credit guarantee ; Debt Markets ; Deposit Insurance ; Finance and Financial Sector Development ; Financial support ; Financing obstacles ; Guarantee schemes ; International bank ; Microfinance ; Partial credit ; Risk management ; Risk-based pricing ; Transaction costs ; Access to Finance ; Bankruptcy and Resolution of Financial Distress ; Banks and Banking Reform ; Borrower ; Credit guarantee ; Debt Markets ; Deposit Insurance ; Finance and Financial Sector Development ; Financial support ; Financing obstacles ; Guarantee schemes ; International bank ; Microfinance ; Partial credit ; Risk management ; Risk-based pricing ; Transaction costs ; Access to Finance ; Bankruptcy and Resolution of Financial Distress ; Banks and Banking Reform ; Borrower ; Credit guarantee ; Debt Markets ; Deposit Insurance ; Finance and Financial Sector Development ; Financial support ; Financing obstacles ; Guarantee schemes ; International bank ; Microfinance ; Partial credit ; Risk management ; Risk-based pricing ; Transaction costs
    Abstract: This paper presents data on 76 partial credit guarantee schemes across 46 developed and developing countries. Based on theory, the authors discuss different organizational features of credit guarantee schemes and their variation across countries. They focus on the respective role of government and the private sector and different pricing and risk reduction tools and how they are correlated across countries. The findings show that government has an important role to play in funding and management, but less so in risk assessment and recovery. There is a surprisingly low use of risk-based pricing and limited use of risk management mechanisms
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  • 96
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    Bank Financing For SMEs Around The World : Drivers, Obstacles, Business Models, And Lending Practices (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (43 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Beck, Thorsten Bank Financing For SMEs Around The World
    Keywords: Access to Finance ; Banks ; Banks and Banking Reform ; Debt Markets ; Employment ; Factoring ; Finance and Financial Sector Development ; Financial Intermediation ; Financial institutions ; Interest rates ; Nonperforming loans ; Profitability ; Prudential regulations ; Risk management ; Small banks ; Access to Finance ; Banks ; Banks and Banking Reform ; Debt Markets ; Employment ; Factoring ; Finance and Financial Sector Development ; Financial Intermediation ; Financial institutions ; Interest rates ; Nonperforming loans ; Profitability ; Prudential regulations ; Risk management ; Small banks ; Access to Finance ; Banks ; Banks and Banking Reform ; Debt Markets ; Employment ; Factoring ; Finance and Financial Sector Development ; Financial Intermediation ; Financial institutions ; Interest rates ; Nonperforming loans ; Profitability ; Prudential regulations ; Risk management ; Small banks
    Abstract: Using data from a survey of 91 banks in 45 countries, the authors characterize bank financing to small and medium enterprises (SMEs) around the world. They find that banks perceive the SME segment to be highly profitable, but perceive macroeconomic instability in developing countries and competition in developed countries as the main obstacles. To serve SMEs banks have set up dedicated departments and decentralized the sale of products to the branches. However, loan approval, risk management, and loan recovery functions remain centralized. Compared with large firms, banks are less exposed to small enterprises, charge them higher interest rates and fees, and experience more non-performing loans from lending to them. Although there are some differences in SMEs financing across government, private, and foreign-owned banks - with the latter being more likely to engage in arms-length lending - the most significant differences are found between banks in developed and developing countries. Banks in developing countries tend to be less exposed to SMEs, provide a lower share of investment loans, and charge higher fees and interest rates. Overall, the evidence suggests that the lending environment is more important than firm size or bank ownership type in shaping bank financing to SMEs
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  • 97
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    Does It Pay Firms To Register For Taxes ? : The Impact of Formality On Firm Profitability (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (31 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: McKenzie, David Does It Pay Firms To Register For Taxes ?
    Keywords: Debt Markets ; E-Business ; Employment ; Entrepreneurs ; Finance and Financial Sector Development ; Firm Size ; Firms ; Macroeconomics and Economic Growth ; Medium Enterprises ; Microenterprises ; Microfinance ; Private Sector Development ; Small Enterprises ; Small Firms ; Stores ; Supplier ; Taxation and Subsidies ; Transport ; Transport Economics, Policy and Planning ; Debt Markets ; E-Business ; Employment ; Entrepreneurs ; Finance and Financial Sector Development ; Firm Size ; Firms ; Macroeconomics and Economic Growth ; Medium Enterprises ; Microenterprises ; Microfinance ; Private Sector Development ; Small Enterprises ; Small Firms ; Stores ; Supplier ; Taxation and Subsidies ; Transport ; Transport Economics, Policy and Planning ; Debt Markets ; E-Business ; Employment ; Entrepreneurs ; Finance and Financial Sector Development ; Firm Size ; Firms ; Macroeconomics and Economic Growth ; Medium Enterprises ; Microenterprises ; Microfinance ; Private Sector Development ; Small Enterprises ; Small Firms ; Stores ; Supplier ; Taxation and Subsidies ; Transport ; Transport Economics, Policy and Planning
    Abstract: This paper estimates the impact of registering for taxes on firm profits in Bolivia, the country with the highest levels of informality in Latin America. A new survey of micro and small firms enables the authors to control for a rich set of measures of owner ability and business motivations that can affect both profits and the decision to formalize. The paper identifies the impact of tax registration on business profitability using the distance of a firm from the tax office where registration occurs, conditional on the distance to the city center, as an instrument for registration. Proximity to the tax office provides firms with more information about registration, but is argued to not directly affect profits. The findings show that tax registration leads to significantly higher profits for the firms that the instrument affects. However, there is also evidence of heterogeneous effects of tax formality on profits. Tax registration is found to increase profits for the mid-size firms in the sample, but to lower profits for both the smaller and larger firms, in contrast to the standard view that formality increases profits. The analysis shows that owners of large firms who have managed to stay informal have higher entrepreneurial ability than formal firm owners, in contrast to the standard view (correct among smaller firms) that informal firm owners have low ability
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  • 98
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    Fiscal Spending And Economic Performance : Some Stylized Facts (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (49 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Carrere, Celine Fiscal Spending And Economic Performance
    Keywords: Debt Markets ; Economic Conditions and Volatility ; Finance and Financial Sector Development ; Fiscal Adjustment ; Fiscal Deficit ; Fiscal Expenditure ; Fiscal Policy ; Gross Domestic Product ; Growth Rate ; Macroeconomic Environment ; Macroeconomic Stability ; Macroeconomics and Economic Growth ; Poverty Reduction ; Poverty Reduction ; Pro-Poor Growth ; Public Disclosure ; Public Expenditure ; Public Sector Expenditure Analysis and Management ; Debt Markets ; Economic Conditions and Volatility ; Finance and Financial Sector Development ; Fiscal Adjustment ; Fiscal Deficit ; Fiscal Expenditure ; Fiscal Policy ; Gross Domestic Product ; Growth Rate ; Macroeconomic Environment ; Macroeconomic Stability ; Macroeconomics and Economic Growth ; Poverty Reduction ; Poverty Reduction ; Pro-Poor Growth ; Public Disclosure ; Public Expenditure ; Public Sector Expenditure Analysis and Management ; Debt Markets ; Economic Conditions and Volatility ; Finance and Financial Sector Development ; Fiscal Adjustment ; Fiscal Deficit ; Fiscal Expenditure ; Fiscal Policy ; Gross Domestic Product ; Growth Rate ; Macroeconomic Environment ; Macroeconomic Stability ; Macroeconomics and Economic Growth ; Poverty Reduction ; Poverty Reduction ; Pro-Poor Growth ; Public Disclosure ; Public Expenditure ; Public Sector Expenditure Analysis and Management
    Abstract: This paper complements the cross-country approach by examining the correlates of growth acceleration in per capita gross domestic product around "significant" public expenditure episodes by reorganizing the data around turning points, or events. The authors define a growth event as an increase in average per capita growth of at least 2 percentage points sustained for 5 years. A fiscal event is an increase in the annual growth rate of primary fiscal expenditure of approximately 1 percentage point sustained for 5 years and not accompanied by an aggravation of the fiscal deficit beyond 2 percent of gross domestic product. These definitions of events are applied to a database of 140 countries (118 developing countries) for 1972-2005. After controlling for the growth-inducing effects of positive terms-of-trade shocks and of trade liberalization reform, probit estimates indicate that a growth event is more likely to occur in a developing country when surrounded by a fiscal event. Moreover, the probability of occurrence of a growth event in the years following a fiscal event is greater the lower is the associated fiscal deficit, confirming that success of a growth-oriented fiscal expenditure reform hinges on a stabilized macroeconomic environment (through a limited primary fiscal deficit)
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  • 99
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    Formal Versus Informal Finance : Evidence From China (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (77 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Ayyagari, Meghana Formal Versus Informal Finance
    Keywords: Access to Finance ; Alternative Financing ; Banking System ; Bankruptcy and Resolution of Financial Distress ; Banks and Banking Reform ; Corruption ; Debt Markets ; Finance and Financial Sector Development ; Financial Development ; Financial System ; Financial Systems ; Formal Bank ; Formal Financial Institutions ; Informal Finance ; International Bank ; Access to Finance ; Alternative Financing ; Banking System ; Bankruptcy and Resolution of Financial Distress ; Banks and Banking Reform ; Corruption ; Debt Markets ; Finance and Financial Sector Development ; Financial Development ; Financial System ; Financial Systems ; Formal Bank ; Formal Financial Institutions ; Informal Finance ; International Bank ; Access to Finance ; Alternative Financing ; Banking System ; Bankruptcy and Resolution of Financial Distress ; Banks and Banking Reform ; Corruption ; Debt Markets ; Finance and Financial Sector Development ; Financial Development ; Financial System ; Financial Systems ; Formal Bank ; Formal Financial Institutions ; Informal Finance ; International Bank
    Abstract: China is often mentioned as a counterexample to the findings in the finance and growth literature since, despite the weaknesses in its banking system, it is one of the fastest growing economies in the world. The fast growth of Chinese private sector firms is taken as evidence that it is alternative financing and governance mechanisms that support China's growth. This paper takes a closer look at firm financing patterns and growth using a database of 2,400 Chinese firms. The authors find that a relatively small percentage of firms in the sample utilize formal bank finance with a much greater reliance on informal sources. However, the results suggest that despite its weaknesses, financing from the formal financial system is associated with faster firm growth, whereas fund raising from alternative channels is not. Using a selection model, the authors find no evidence that these results arise because of the selection of firms that have access to the formal financial system. Although firms report bank corruption, there is no evidence that it significantly affects the allocation of credit or the performance of firms that receive the credit. The findings suggest that the role of reputation and relationship based financing and governance mechanisms in financing the fastest growing firms in China is likely to be overestimated
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  • 100
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    Finance And Economic Opportunity (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (34 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: 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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