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  • Washington, D.C : The World Bank  (382)
  • Emerging Markets  (382)
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  • 1
    Online Resource
    Online Resource
    The Past and Future of Regional Potential Growth : Hopes, Fears, and Realities (2023)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (108 pages)
    Parallel Title: Erscheint auch als Kasyanenko, Sergiy The Past and Future of Regional Potential Growth: Hopes, Fears, and Realities
    Keywords: Climate Change ; Competitiveness ; Demographics ; Developing Economies ; Emerging Markets ; International Economics and Trade ; Investment ; Potential Growth ; Private Sector Development ; Total Factor Productivity
    Abstract: Potential growth slowed in most emerging market and developing economy (EMDE) regions in the past decade. The steepest slowdown occurred in the Middle East and North Africa (MNA), followed by East Asia and the Pacific (EAP), although potential growth in EAP remained one of the two highest among EMDE regions, the other being South Asia (SAR), where potential growth remained broadly unchanged. Projections of the fundamental drivers of growth suggest that, without reforms, potential growth in EMDEs will continue to weaken over the remainder of this decade. The slowdown will be most pronounced in EAP and Europe and Central Asia because of slowing labor force growth and weak investment, and least pronounced in Sub-Saharan Africa where the multiple adverse shocks over the past decade are assumed to dissipate going forward. Potential growth in Latin America and the Caribbean, MNA, and SAR is expected to be broadly steady as slowing population growth is offset by strengthening productivity. The projected declines in potential growth are not inevitable. Many EMDEs could lift potential growth by implementing reforms, with policy priorities varying across regions
    DOI: 10.1596/1813-9450-10368
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  • 2
    Online Resource
    Online Resource
    Potential Growth Prospects : Risks, Rewards, and Policies (2023)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (60 pages)
    Parallel Title: Erscheint auch als Kilic Celik, Sinem Potential Growth Prospects: Risks, Rewards, and Policies
    Keywords: Emerging Markets ; Growth Expectations ; Human Capital Accumulation ; Labor Force Participation ; Macroeconomics and Economic Growth ; Production Function ; Slow Growth ; Social Development
    Abstract: Potential output growth around the world slowed over the past two decades. This slowdown is expected to continue in the remainder of the 2020s: global potential growth is projected to average 2.2 percent per year in 2022-30, 0.4 percentage point below its 2011-21 average. Emerging market and developing economies (EMDEs) will face an even steeper slowdown, of about 1.0 percentage point to 4.0 percent per year on average during 2022-30. The slowdown will be widespread, affecting most EMDEs and countries accounting for 70 percent of global GDP. Global potential growth over the remainder of this decade could be even slower than projected in the baseline scenario-by another 0.2-0.9 percentage point a year-if investment growth, improvements in health and education outcomes, or developments in labor markets disappoint, or if adverse events materialize. A menu of policy options is available to help reverse the trend of weakening economic growth, including policies to enhance physical and human capital accumulation; to encourage labor force participation by women and older adults; to improve the efficiency of public spending; and to mitigate and adapt to climate change, including infrastructure investment to facilitate the green transition
    DOI: 10.1596/1813-9450-10355
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  • 3
    Online Resource
    Online Resource
    Fiscal Policy Volatility and Growth in Emerging Markets and Developing Economies (2023)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (42 pages)
    Parallel Title: Erscheint auch als Marioli, Francisco Arroyo Fiscal Policy Volatility and Growth in Emerging Markets and Developing Economies
    Keywords: Commodity Dependent Exporters ; Commodity Exporters ; Economic Conditions and Volatility ; Emerging Markets ; Fiscal Policy ; Growth ; Macroeconomics and Economic Growth ; Volatility
    Abstract: This paper studies the volatility of fiscal policy in a large sample of countries with a focus on emerging markets and developing economies and commodity exporters over 1990-2021. The findings show that fiscal policy has been more volatile in emerging markets and developing economies than in advanced economies, and in commodity exporters relative to non-commodity exporters over this period. The degree of commodity dependence, and institutional and policy variables can explain a large percentage of the cross-country variation in volatility. The existence of fiscal rules, a more liberalized capital account, and more flexible exchange rates are all associated with lower fiscal policy volatility. The paper also shows the negative macroeconomic consequences of this additional volatility on economic growth, finding that, over a 30-year period, it can explain 8 percent of the income gap between the emerging markets and developing economies and advanced economies in the sample
    DOI: 10.1596/1813-9450-10409
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  • 4
    Online Resource
    Online Resource
    Global Economic Prospects, June 2023 (2023)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (182 pages)
    Parallel Title: Erscheint auch als
    Keywords: Commodity Prices ; Developing Countries ; Developing Economies ; Economic Growth ; Economic Prospects ; Emerging Markets ; Global Economy ; International Trade ; Trade Protectionism
    Abstract: Global growth is projected to slow significantly in the second half of this year, with weakness continuing in 2024. Inflation pressures persist, and tight monetary policy is expected to weigh substantially on activity. The possibility of more widespread bank turmoil and tighter monetary policy could result in even weaker global growth. Rising borrowing costs in advanced economies could lead to financial dislocations in the more vulnerable emerging market and developing economies (EMDEs). In low-income countries, in particular, fiscal positions are increasingly precarious. Comprehensive policy action is needed at the global and national levels to foster macroeconomic and financial stability. Among many EMDEs, and especially in low-income countries, bolstering fiscal sustainability will require generating higher revenues, making spending more efficient, and improving debt management practices. Continued international cooperation is also necessary to tackle climate change, support populations affected by crises and hunger, and provide debt relief where needed. In the longer term, reversing a projected decline in EMDE potential growth will require reforms to bolster physical and human capital and labor-supply growth
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  • 5
    Online Resource
    Online Resource
    Building Green : Sustainable Construction in Emerging Markets (2023)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: 2201
    Keywords: Access To Finance ; Adaptation To Climate Change ; Carbon Emission Reduction ; City Development Strategies ; Climate Change Adaptation ; Climate Change Mitigation and Green House Gases ; Construction Materials ; Decarbonization ; Developing Countries ; Emerging Markets ; Environment ; Finance and Financial Sector Development ; Sustainable Construction ; Urban Development
    Abstract: How developing countries meet their rising building needs will be pivotal to the world's climate future. The good news is that the projected emissions growth in construction value chains can be reduced significantly with the application of existing technologies, new financing instruments, and the implementation of appropriate policies. Even as emerging economies meet the rising demand for residential and commercial buildings, it is possible to reduce total emissions from the sector below today's level by 2035. To avoid perpetuating the status quo, decisive action is needed by policy makers, developers, construction material producers, financiers, and international development institutions. IFC is launching this report to guide international efforts to decarbonize construction value chains. Building Green: Sustainable Construction in Emerging Markets was prepared through close collaboration between IFC economists, investment officers, and building and constructionsector specialists. The report provides a comprehensive analysis of the challenges of reducing carbon emissions from construction value chains in developing countries, but also the considerable opportunities that willcome from mobilizing the estimated USD 1.5 trillion of investment required for this transition
    DOI: 10.1596/40561
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  • 6
    Online Resource
    Online Resource
    Trade as an Engine of Growth : Sputtering but Fixable (2023)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (62 pages)
    Parallel Title: Erscheint auch als Ohnsorge, Franziska Trade as an Engine of Growth: Sputtering but Fixable
    Keywords: Commodity Market Disrupiton ; COVID-19 Pandemic Trade Recovery ; Developing Economies ; Emerging Markets ; Global Recession ; Impediments To Trade ; International Economics and Trade ; Trade
    Abstract: International trade has been an important engine of output and productivity growth historically. But since the global financial crisis, world trade growth has slowed, reflecting cyclical and structural forces. The COVID-19 pandemic and Russia's invasion of Ukraine have further disrupted commodity markets, global supply chains and the trade that accompanies them. A removal of impediments that raise trade costs could reinvigorate world trade. Trade costs, on average, roughly double the cost of internationally traded goods relative to domestically sold goods. Tariffs amount to only one-twentieth of average trade costs; the bulk are incurred in shipping and logistics, and trade procedures and processes at and behind the border. Despite a decline since 1995, trade costs remain about one-half higher in EMDEs than in advanced economies; about two-fifths of this gap appears to be due to higher shipping and logistics costs and a further two-fifths due to trade policy. A comprehensive reform package to lower trade costs could yield large dividends. It is estimated that among the worst-performing EMDEs, a hypothetical reform package to improve logistics and maritime connectivity to the standards of the best-performing EMDEs would halve trade costs
    DOI: 10.1596/1813-9450-10356
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  • 7
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    Online Resource
    The Internationalization of China's Equity Markets (2023)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (66 pages)
    Parallel Title: Erscheint auch als Cortina, Juan J The Internationalization of China's Equity Markets
    Keywords: Emerging Markets ; Equity Financing ; Equity Issuance Activity ; Equity Market Liberalization ; Firm Investment ; Foreign Direct Investment ; Foreign Investors ; International Economics and Trade ; International Investors ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Private Sector Development ; Stock Connect
    Abstract: The internationalization of China's equity markets started in the early 2000s but accelerated after 2012, when Chinese firms' shares listed in Shanghai and Shenzhen gradually became available to international investors. This paper documents the effects of the post-2012 internationalization events by comparing the evolution of equity financing and investment activities for (i) domestic listed firms relative to firms that already had access to international investors and (ii) domestic listed firms that were directly connected to international markets relative to those that were not. The paper shows significant increases in financial and investment activities for domestic listed firms and connected firms, with sizable aggregate effects. The evidence also suggests that the rise in firms' equity issuances was primarily and initially financed by domestic investors. Foreign ownership of Chinese firms increased once the locally issued shares became part of the Morgan Stanley Capital International (MSCI) Emerging Markets Index in 2018
    DOI: 10.1596/1813-9450-10513
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  • 8
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    Online Resource
    How do Rising U.S. Interest Rates Affect Emerging and Developing Economies? : It Depends (2022)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (51 pages)
    Parallel Title: Erscheint auch als Arteta, Carlos How do Rising U.S. Interest Rates Affect Emerging and Developing Economies? It Depends
    Keywords: Economic Adjustment and Lending ; Economic Conditions and Volatility ; Economic Forecasting ; Economic Systems ; Emerging Markets ; Financial Crisis ; Fiscal and Monetary Policy ; Global Economic Interconnection ; Interest Rate Shocks ; Macroeconomics and Economic Growth ; Monetary Policy Spillovers ; Monetary Shock
    Abstract: This paper examines the implications of different types of interest rate shocks in the United States for emerging market and developing economies (EMDEs). It first classifies changes in U.S. interest rates into those caused by changes in inflation expectations ("inflation" shocks), changes in perceptions of the Federal Reserve's reaction function ("reaction" shocks), and changes in real activity ("real" shocks). The analysis attributes this year's sharp increases in U.S. interest rates almost exclusively to inflation and reaction shocks. These types of shocks are found to be associated with especially adverse effects: EMDE financial conditions tighten, consumption and investment fall, and governments cut spending to improve budget balances. By comparison, rising U.S. interest rates stemming from real shocks are not only associated with benign outcomes for EMDE financial conditions but also improvements in budget balances that reflect higher revenues as well as lower expenditures. Finally, this paper documents that rising U.S. interest rates driven by reaction shocks are especially likely to push EMDEs into financial crisis
    DOI: 10.1596/1813-9450-10258
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  • 9
    Online Resource
    Online Resource
    Global Economic Prospects, June 2022 (2022)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (194 pages)
    Series Statement: Global Economic Prospects
    Parallel Title: Erscheint auch als
    Keywords: Commodity Prices ; Developing Countries ; Developing Economies ; Economic Growth ; Economic Prospects ; Emerging Markets ; Global Economy ; International Trade ; Trade Protectionism
    Abstract: The world economy continues to suffer from a series of destabilizing shocks. After more than two years of pandemic, Russia's invasion of Ukraine and its global effects on commodity markets, supply chains, inflation, and financial conditions have steepened the slowdown in global growth. In particular, the war is leading to soaring prices and volatility in energy markets, with improvements in activity in energy exporters more than offset by headwinds to activity in most other economies. The war has also led to a significant increase in agricultural commodity prices, which is exacerbating food insecurity and extreme poverty in many emerging market and developing economies. Numerous risks could further derail what is now a precarious recovery. Among them is, in particular, the possibility of stubbornly high global inflation accompanied by tepid growth, reminiscent of the stagflation of the 1970s. This could eventually result in a sharp tightening of monetary policy in advanced economies to rein in inflation, lead to surging borrowing costs, and possibly culminate in financial stress in some emerging market and developing economies. A forceful and wide-ranging policy response is required by policy makers and the global community to boost growth, bolster macroeconomic frameworks, reduce financial vulnerabilities, provide support to the vulnerable population groups, and attenuate the long-term impacts of the global shocks of recent years
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  • 10
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    Online Resource
    How have Formal Firms Recovered from the Pandemic? : Insights from Survey and Tax Administrative Data in Zambia (2022)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (43 pages)
    Parallel Title: Erscheint auch als Hoy, Christopher How have Formal Firms Recovered from the Pandemic? Insights from Survey and Tax Administrative Data in Zambia
    Keywords: Business Environment ; Corporate Data and Reporting ; Economic Recovery ; Emerging Markets ; Impact of Covid On Firms ; Labor Cuts ; Mining Sector ; Pandemic Economic Recovery ; Pandemic Recovery ; Pandemic Resilience ; Private Sector ; Private Sector Development ; Private Sector Economics ; Tax Administrative Data ; Industry
    Abstract: This paper examines how formal firms have been impacted by and recovered from the pandemic, by drawing on two distinct but complementary data sources. This is the first attempt to use both survey and tax administrative data to measure the initial decline and subsequent recovery of firm sales and employment in a low- or lower-middle-income country. The findings of three rounds of follow-up surveys to a standard World Bank Enterprise Survey completed immediately prior to the pandemic are compared to information contained in the universe of value-added tax and personal income tax returns filled by firms during 2020 and the first half of 2021 in Zambia. Despite substantial differences in terms of the breadth and depth of these data sources, they show a very similar pattern. The sales of formal firms recovered from the pandemic far more strongly than their employment levels. By July 2021, both the survey and tax administrative data show that most firms experienced a complete recovery in sales, while levels of employment worsened over the course of the pandemic for many firms. Two key insights emerge from this analysis. First, formal firms appear to have adjusted their operations in a way that reduced their need for as much labor to achieve the same (or higher) level of sales. Second, if formal firms' reduced reliance on labor persists, lower levels of formal employment in low- and middle-income countries may be a concerning consequence of the COVID-19 pandemic that lingers for years to come
    DOI: 10.1596/1813-9450-10139
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  • 11
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    Online Resource
    Creating Markets in Albania : Taking Advantage of New Trade and Investment Opportunities for a More Robust Private Sector - Country Private Sector Diagnostic (2022)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Private Sector Development, Privatization, and Industrial Policy
    Keywords: Agribusiness ; Business Environment ; Emerging Markets ; Innovation ; Private Sector ; Private Sector Development ; Private Sector Economics
    Abstract: Despite a challenging transition period and a string of adverse shocks, in recent decades Albania has made major strides in raising per capita income and integrating into the world economy. A dynamic private sector has become the engine of Albania's economic development, and its increasing role continues to offer opportunities for expanding the country's economic base and promoting faster and more diversified export-oriented growth. Albania is endowed with considerable economic assets, including a strategic geographical position, exceptional natural beauty, and abundant renewable and nonrenewable resources. A politically stable environment, improving governance indicators, and a record of dependable macroeconomic policies have supported the process of European Union (EU) accession, which offers a wide array of opportunities for the development of the Albanian private sector. Because a small domestic labor pool and consumer market limit the potential for economies of scale, sustaining Albania's economic expansion will require intensifying its integration with the global economy. Despite decades of progress, Albania continues to face serious structural and policy challenges. The country's economic expansion has not been matched by commensurate improvements in productivity. In this context, the World Bank Group has prepared the following country private sector diagnostic (CPSD) to assist the authorities in their efforts to leverage Albania's geographic location, natural assets, and improved institutional and policy framework to promote diversification, competitiveness, and robust private-sector-led growth. The analysis highlights the importance of improving the business environment while stepping up investments in technology and innovation. The report explores three critical sectors for accelerating and diversifying growth: agribusiness and food processing, tourism, and automotive manufacturing
    DOI: 10.1596/37868
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  • 12
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    Creating Markets in Mali : Mobilizing the Private Sector for Economic Resilience and Recovery - Country Private Sector Diagnostic (2022)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Private Sector Development, Privatization, and Industrial Policy
    Keywords: Access To Finance ; Agribusiness ; Agriculture ; Business Environment ; COVID-19 ; Emerging Markets ; Energy Sector ; Livestock ; Private Sector ; Private Sector Development ; Private Sector Economics ; Special Economic Zones
    Abstract: Until the onset of the coronavirus disease 2019 (SARS-CoV2) COVID-19 pandemic and despite the deteriorating security situation, Mali's economic growth averaged five percent since 2014, on par with its long-term potential. Mali's fragile state status has also taken a toll on economic activity and social welfare by reducing access to markets, threatening food security, and degrading human capital indicators. With an increasing debt burden resulting in limited fiscal space to address persistent security risks and to combat the COVID-19 pandemic, the government of Mali is compelled to refocus the role of the state and unleash the potential of the private sector to boost productivity growth, to diversify the economy away from a narrow base, and to ensure inclusive economic and social welfare for all Malians. The growth model will be readdressed around energizing investment, creating resilient markets, and building back better for a more resilient recovery via (a) improving the business environment; (b) crowding-in private participation in the delivery of infrastructure and certain public services; (c) ensuring that remaining state-owned enterprises and private firms compete on equal terms - that is, upholding competitive neutrality principles; (d) expanding public-private partnerships in key sectors, through transparent and competitive procurement; and (e) leveraging digital solutions by further enhancing digital infrastructure that would, in turn, increase the uptake of digital financial services and digital platforms for key sectors of the economy, such as agriculture, and digitize government services (e-government)
    DOI: 10.1596/37862
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  • 13
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    Online Resource
    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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  • 14
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    Benin Country Economic Memorandum 2.0 (Vol. 4) : Increasing Diversification and Integration for Economic Transformation - Chapter 4 (2022)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other papers
    Keywords: Education ; Emerging Markets ; Export Competitiveness ; Private Sector Development ; Social Capital
    Abstract: A small open economy, Benin has seen growth that is above average for the region. The volatility of high growth spells combined with low productivity growth has translated into limited gains in income per capita. Following its transition from low-income country to lower middle income country status in 2020 Benin is at the start of a new growth path. Its challenge is to boost the structural transformation of its economy driven by new growth drivers capable of sustaining an economic acceleration, lifting labor productivity and creating quality jobs for its young labor force, including women. While Benin's economy has been spared by the worse of the Coronavirus disease 2019 (COVID 19) crisis, the shock has reinforced the need to focus on structural reforms that address long term challenges and ensure that economic recovery is sustainable and inclusive. The key conclusions that underpin this report, following the country economic memorandum (CEM) 2.0 framework suggest that investing further in human capital and closing gender gaps, particularly to accelerate the decline in fertility rates, and integrate women and youth into a higher quality labor market, should be central. Deepening market integration, connecting people and creating agglomeration economies through transport infrastructure and services should catalyze additional opportunities, taking advantage of Benin's geographical position
    DOI: 10.1596/37176
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  • 15
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    Global Economic Prospects, January 2022 (2022)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (236 pages)
    Series Statement: Global Economic Prospects
    Parallel Title: Erscheint auch als
    Keywords: Commodity Prices ; Developing Countries ; Developing Economies ; Economic Growth ; Economic Prospects ; Emerging Markets ; Global Economy ; International Trade ; Trade Protectionism
    Abstract: The global recovery is set to decelerate amid diminished policy support, continued COVID-19 flare-ups, and lingering supply bottlenecks. In contrast to that in advanced economies, output in emerging market and developing economies will remain markedly below pre-pandemic trends over the forecast horizon. The outlook is clouded by various downside risks, including new COVID-19 outbreaks, the possibility of de-anchored inflation expectations, and financial stress in a context of record-high debt levels. If some countries eventually require debt restructuring, this will be more difficult to achieve than in the past. Climate change may increase commodity price volatility, creating challenges for the almost two-thirds of emerging market and developing economies that rely heavily on commodity exports and highlighting the need for asset diversification. Social tensions may heighten as a result of the increase in inequality caused by the pandemic. These challenges underscore the importance of strengthened global cooperation to promote a green, resilient, and inclusive recovery path. Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing economies, on a semiannual basis (in January and June). Each edition includes analytical pieces on topical policy challenges faced by these economies
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  • 16
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    Regulation and Supervision of FintechFintech and the Future of Finance Flagship Technical Note : Considerations for EMDE Policymakers (2022)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other Financial Sector Study
    Keywords: Cryptocurrency ; E-Finance and E-Security ; Emerging Markets ; Finance and Financial Sector Development ; Financial Regulation and Supervision ; Information and Communication Technologies ; Private Sector Development
    Abstract: Fintech is transforming the global financial landscape. It is creating new opportunities to advance financial inclusion and development in Emerging Markets and Developing Economies (EMDEs), but also presents risks that require updated supervision policy frameworks. Fintech encompasses new financial digital products and services enabled by new technologies and policies. Although technology has long played a key role in finance, recent fintech developments are generating disruptive innovation in data collection, processing, and analytics. They are helping to introduce new relationship models and distribution channels that challenge traditional ways of finance, while creating additional risks. While most of these risks are not new, their effects and the way they materialize and spread across the system are not yet fully understood, posing new challenges to regulators and supervisors. For example, operational risk, especially cyber risk, is amplified as increasing numbers of customers access the financial network on a 24 by 7 basis. Likewise, increased reliance by financial firms on third parties for provision of digital services, such as cloud computing, may lead to new forms of systemic risks and concentration on new dominant unregulated players such as big tech firms. This note aims to provide EMDE regulators and supervisors with high-level guidance on how to approach the regulating and supervising of fintech, and more specific advice on a few topics. Preserving the stability, safety, and integrity of the financial system requires increased attention to competition and ensuring a level playing field and to emerging data privacy risks. As a general principle, policy response should be proportionate to risks posed by the fintech activity and its provider. While striking the right balance can be challenging in the absence of global standards, the IMF-World Bank Bali Fintech Agenda (BFA), along with guidance by Standard Setting Bodies, provides a good framework for reference
    DOI: 10.1596/37345
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  • 17
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    Creating Markets in the Kyrgyz Republic : Unleashing the Private Sector to Rebuild Development Success - Country Private Sector Diagnostic (2021)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Private Sector Development, Privatization, and Industrial Policy
    Keywords: Business Environment ; Emerging Markets ; Microenterprises ; Private Sector ; Private Sector Development ; Private Sector Economics ; Sustainability
    Abstract: This country private sector diagnostic (CPSD) for the Kyrgyz Republic assesses the barriers and opportunities for a more forceful development of the private sector in the country. Between 2000 and 2019, gross domestic product (GDP) growth rate averaged 4.4 percent, enabling the Kyrgyz Republic's ascension to lower-middle-income country status by 2014. Economic growth has been unstable as its sources lacked diversity and were vulnerable to external shocks. Economic growth has been unstable as its sources lacked diversity and were vulnerable to external shocks. If the Kyrgyz Republic wants to inaugurate a new era of faster, more sustainable economic growth, it must more aggressively develop its private sector to support economic diversification and improve productivity
    DOI: 10.1596/37850
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  • 18
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    Creating Markets in Jordan : Volume II, Sector Assessments - Country Private Sector Diagnostic (2021)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Private Sector Development, Privatization, and Industrial Policy
    Keywords: Accommodation and Tourism Industry ; Emerging Markets ; Equity and Development ; Industry ; Information and Communication Technologies ; Poverty Reduction ; Private Sector Development ; Transport
    Abstract: The Jordan Country Private Sector Diagnostic (CPSD) is a joint International Finance Corporation (IFC)-World Bank report that highlights the constraints as well as the opportunities facing the private sector in Jordan. It considers three sectors-tourism, logistics, and information and communication technology (ICT) - and the potential they offer for greater private sector contributions to the Jordanian economy, as well as the obstacles that they face from general or sector-specific policies and regulations. The CPSD also offers concrete recommendations to address some of these constraints. Although this report was largely prepared prior to the COVID-19 outbreak, its analysis and recommendations remain as, if not more, valid in the context of the pandemic and of an eventual recovery. A dynamic and resilient private sector is necessary if Jordan is to break the low-growth, high-unemployment trajectory it finds itself in today. The CPSD argues that tackling some of the major obstacles facing the private sector is essential to firm performance, investment, and productivity. These actions are as critical in times of crisis and especially afterwards to pave the way for a vigorous and sustainable recovery. Similarly, the sectors assessed by the CPSD continue to hold promise for the country. The pandemic has underscored the important role that digitalization, a strong ICT infrastructure, and supportive services have in creating a resilient economy and business continuity. E-commerce and logistics capabilities and services are an area put forward by the CPSD as an opportunity for Jordan in the coming years; they have boomed during the current crisis and are expected to be one of the post-pandemic growth sectors. Conversely, tourism, which had been experiencing a strong rebound in Jordan over the past few years, is one of the sectors hardest hit across the globe by the COVID-19 crisis. In Jordan the sector accounts for about 19.2 percent of gross domestic product and 32 percent of exports. Crafting a strategy that effectively addresses the many obstacles that prevent the tourism sector from attaining its potential is a necessary investment for a strong recovery - and a good use of what is likely to be a transitional period until travel re-commences
    DOI: 10.1596/37877
    URL: lizenzpflichtig
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  • 19
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    Creating Markets in Madagascar : For Inclusive Growth - Country Private Sector Diagnostic (2021)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Private Sector Development, Privatization, and Industrial Policy
    Keywords: Access To Finance ; Agribusiness ; Business Environment ; Emerging Markets ; Human Capital ; Private Sector Development ; Private Sector Economics
    Abstract: The report is organized as follows: the first part gives an overview of recent economic and private sector trends, followed by an in-depth review of the cross-cutting constraints that affect private sector participation. The CPSD recommends putting a special focus on resolving three types of constraints: (a) deep-rooted governance issues (especially as they relate to policy unpredictability, red tape, and the uneven playing field in key sectors of the economy); (b) infrastructure bottlenecks, focusing on transport connectivity and energy; and (c) limited and poorly functioning factor markets for human capital, access to finance, and land. The second part lays out opportunities and policy options to strengthen competitiveness in agribusiness, apparel, and tourism. The three sectors reviewed are deemed to hold a high potential for job creation and growth and have been prioritized by the PEM and by the private sector stakeholders and development partners consulted for the report. The review puts a lens on addressing gender gaps, policies to promote sustainability, and opportunities to increase the impact of information and communication technology (ICT) as an enabler for development, where relevant
    DOI: 10.1596/37845
    URL: lizenzpflichtig
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  • 20
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    Creating Markets in Malawi : The Road to Recovery; Turning Crisis into Economic Opportunity - Country Private Sector Diagnostic (2021)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Private Sector Development, Privatization, and Industrial Policy
    Keywords: Agribusiness ; Business Environment ; Business in Development ; Emerging Markets ; Energy Sector ; Private Sector ; Private Sector Development ; Private Sector Economics
    Abstract: Malawi is at a turning point in its political, social, and economic trajectory. Lazarus Chakwera was sworn in as Malawi's sixth president in June 2020. This marked a historic moment: the first time in Africa that an opposition candidate won a presidential election following initial results being overturned. After widespread unrest prior to the election, Malawians, especially the youth, have been demanding greater accountability, an end to corruption, and tangible progress on eradicating persistent poverty levels that exceed 70 percent of the population. The average gross national income (GNI) of a Malawian is the third lowest in the world, just USD 380 as of 2019. The Chakwera administration will need to find a way to unify the country's fractured political landscape and deliver on development promises. On top of these challenges, the new administration must also navigate the ongoing and evolving economic shocks of the COVID-19 pandemic. Gross domestic product (GDP) growth expectations for 2020 have been lowered from 4.8 percent to 0.8 percent. Recent efforts to build fiscal and institutional resilience have helped but need to be strengthened. The pandemic's fallout has weakened the country's macroeconomic foundations, and the overall risk of debt distress is now high. Meanwhile, human capital gains are at risk. Poverty reduction is expected to stagnate, and overall poverty could potentially worsen. The pandemic will likely exacerbate existing inequalities in economic opportunities for women. Women-owned firms, for example, are primarily concentrated in informal agriculture and services, sectors that lack basic social protections to buffer against economic distress. Female farmers, for example, generally have lower access to productive inputs, information, and liquidity than male farmers, so in times of crisis, their farm productivity and food security can be hit harder
    DOI: 10.1596/37847
    URL: lizenzpflichtig
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  • 21
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    Online Resource
    Consumer and Market Study in Southwest and West Nile Refugee-Hosting Areas in Uganda (2021)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other Financial Sector Study
    Keywords: Business Environment ; Emerging Markets ; Human Migrations and Resettlements ; Private Sector Development ; Private Sector Economics ; Social Development ; Voluntary and Involuntary Resettlement
    Abstract: The International Finance Corporation (IFC) commissioned a consumer and market study to explore economic activities, employment trends, consumption levels, and consumer preferences of refugees and host communities in Uganda's largest refugee-hosting areas in the Southwest and West Nile regions. The study covers a gap in existing research on the economic situations of forced displacement, which is often conducted from a humanitarian perspective and rarely offers the private sector view. The study presents the refugees' economic activities in their distinct roles as consumers, producers, suppliers, and salaried workers from the view of a private sector firm entering the market. It builds on earlier research conducted by the Uganda Investment Authority, in partnership with the United Nations Development Program (UNDP), which produced investment profiles for refugee-hosting districts. The report is divided into eight chapters. Chapter one introduces the study. Chapter two outlines the study methodology. Chapter three provides socioeconomic baseline data, such as educational attainment, employment, and income, comparable by region and population group (refugees versus host communities). Chapter four explores access to telecommunication and financial services. Chapter five analyzes household consumption expenditure, the volume of economic activity, consumer preferences, and access to finance and telecommunication services. Chapter six discusses findings from the business survey. Chapter seven briefly looks at agricultural value chains in the Southwest and West Nile. Chapter eight presents investment opportunities in the refugee-hosting districts for the private sector
    DOI: 10.1596/37876
    URL: lizenzpflichtig
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  • 22
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    Developing Insurance Markets : Motivations and Initiatives to Grow the Institutional Investment Role of Emerging Market Insurers (2021)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other Financial Accountability Study
    Keywords: Emerging Markets ; Finance and Development ; Finance and Financial Sector Development ; Insurance ; Insurance and Risk Mitigation ; Private Sector Development
    Abstract: This paper develops a theme identified in recent insurance sector development work: that more developed insurance markets are desirable as insurers play a more effective institutional investment role, whether this objective seeks deeper and more liquid bond or capital markets, or to see more investment in long term assets such as infrastructure or in support of climate finance. It explores the perspective of domestic insurers, summarizing positions regarding asset selection and key drivers of current and desired asset structures. The paper draws on interviews in several deep-dive countries supplemented by additional engagement for a more representative global reach. It then discusses a range of solutions that may be considered by policymakers categorized under efforts to: grow the sector so it can play a more substantive role; improve how assets are packaged and made available to insurance companies so they are more investable; review risk-based capital rules to ensure that they encourage and reward the right behavior; and check other regulations do not present unintended barriers. The paper concludes that, although domestic insurers are interested in making investments that meet these goals, they are constrained by barriers that are almost entirely external to their own operations and outside their control. With some adjustment to supply and regulatory settings, insurers should translate their interest into action, increasing their role and improving the contribution to this desirable development outcome. The paper is intended to be particularly relevant for policymakers and practitioners with less experience within insurance company operations who are looking to better understand and respond to insurance decision making
    DOI: 10.1596/36354
    URL: Deutschlandweit zugänglich
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  • 23
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    How Firms are Responding and Adapting During COVID-19 and Recovery : Opportunities for Accelerated Inclusion in Emerging Markets (2021)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other papers
    Keywords: Business Cycles and Stabilization Policies ; Coronavirus ; COVID-19 ; Disease Control and Prevention ; Emerging Markets ; Gender ; Health, Nutrition and Population ; Insurance ; Macroeconomics and Economic Growth ; Private Sector Development ; Private Sector Economics ; Trade
    Abstract: Coronavirus disease 2019 (COVID-19), which began as a health crisis in early 2020, has rapidly evolved to become an unprecedented economic crisis affecting global, national, and regional economies and billions of individuals around the world. This report analyzes the widespread implications of the crisis on industry sectors, businesses, individuals, families, and communities. It closely examines evidence and data from business sectors and segments of society that may face challenging paths to recovery, including the most vulnerable firms and individuals in emerging markets that are likely to experience continuing hardship and specific difficulties coping with the crisis. And it highlights opportunities for the private sector to respond, to support a vigorous recovery and to build back better. The first section of the report, chapters 1 to 5 addresses issues that cut across sectors, as well as ways the development community can join with the private sector to help impacted communities and sectors recover and rebuild. The second section, chapters 6 to 9 focus on sector-specific responses to the crisis. The final section, chapters 10 to 12 attends to gender inequities, how they have been aggravated by the crisis, and potentially effective remedies
    DOI: 10.1596/36265
    URL: Deutschlandweit zugänglich
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  • 24
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    Developing Insurance Markets : Do Fiscal Incentives Help Long Term Life Insurance Development? (2020)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other Financial Accountability Study
    Keywords: Emerging Markets ; Finance and Development ; Finance and Financial Sector Development ; Insurance and Risk Mitigation ; Life Insurance ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Development ; Taxation and Subsidies
    Abstract: Life insurance lags non-life insurance in many nascent markets. In order to develop the life insurance market, insurance companies sometimes present the introduction of tax incentives to stimulate consumers' willingness to commit to long term savings associated with life insurance. This paper examines whether insurance premiums' tax deductibility can affect life insurance penetration using regression analysis of a cross-country dataset. To complement the analysis, selected individual countries - Niger, Russia, Paraguay, and Lithuania were reviewed, looking at trends in life insurance penetration and gross domestic product (GDP) per capita in United States dollar (USD) before and after a policy change. The analysis did not conclusively demonstrate that life insurance premium fiscal relief was meaningfully correlated to life insurance penetration. On the other hand, GDP per capita is strongly correlated with life insurance penetration, which is consistent with findings of other studies. The country examples where a tax policy change was introduced in life insurance premium deductibility show mixed results. In Russia and Lithuania, premium deductions appear to have had some effect on life insurance penetration. In Niger and Paraguay, it was harder to see a meaningful impact. The impact of a premium deduction on consumers' buying behavior appears to be more complex and depends on the country context such as institutional quality and overall financial market capacity. Even if the tax deduction of insurance premiums has some positive effect, it appears that it is not a panacea but just one of a number of factors motivating consumers. If a country is considering introducing a policy which allows the tax deduction of insurance premiums, it is recommended to combine it with other interventions
    DOI: 10.1596/36356
    URL: Deutschlandweit zugänglich
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  • 25
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    Capital Markets Development : A Primer for Policymakers (2020)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other Financial Sector Study
    Keywords: Capital Markets ; Capital Markets and Capital Flows ; Emerging Markets ; Finance and Development ; Finance and Financial Sector Development ; Foreign Direct Investment ; Private Sector Development
    Abstract: The COVID-19 pandemic adds further challenges to the development of capital markets. For many emerging markets and developing economies challenges have intensified because of (i) the deterioration in the macroeconomic environment, including the contraction of the economies, and larger fiscal deficits, (ii) reduced investor appetite due to uncertainty, and (iii) the nature and scale of the interventions used by governments to support the economy which, while necessary, might have limited the viability of different capital markets solutions, at least in the short to medium term. That said, this does not alter the fundamental premise that it is important to develop alternative finance mechanisms for key strategic sectors. Rather, if anything, the need for capital markets solutions is more critical than ever given the much more limited space that governments, and potentially also banks, will have going forward to support new financing. This Primer will be followed by a series of practitioner papers. As part of its knowledge management agenda, the WBG is working towards deepening the understanding of the use of capital markets to finance strategic sectors, from corporate to infrastructure, housing, SME, and climate change financing. Along these lines, reports will be prepared, as appropriate, to help practitioners identify the key challenges that could prevent the mobilization of capital markets financing to these strategic sectors as well as key actions to address them
    DOI: 10.1596/36058
    URL: Deutschlandweit zugänglich
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  • 26
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    Global Economic Prospects, January 2017 : Weak Investment in Uncertain Times (2017)
    Washington, D.C : The World Bank
    Details
    ISBN: 9781464810176
    Language: English
    Pages: Online-Ressource (1 online resource (272 p.))
    Edition: Online-Ausg.
    Series Statement: Global Economic Prospects
    Series Statement: World Bank E-Library Archive
    Parallel Title: Druckausg.
    Keywords: Developing Countries ; Developing Economies ; Economic Growth ; Economic Prospects ; Emerging Markets
    Abstract: Stagnant global trade, subdued investment, and heightened policy uncertainty marked another difficult year for the world economy. A moderate recovery is expected for 2017, with receding obstacles to activity in commodity-exporting emerging market and developing economies. Weak investment is weighing on medium-term prospects across many emerging market and developing economies. Although fiscal stimulus in major economies, if implemented, may boost global growth above expectations, risks to growth forecasts remain tilted to the downside. Important downside risks stem from heightened policy uncertainty in major economies. In addition to discussing global and regional economic developments and prospects, this edition of Global Economic Prospects includes a chapter on the causes, consequences and policy implications of weak investment in emerging markets and developing economies, and a special focus on the role of the U.S. economy in the world. Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing countries, on a semiannual basis (in January and June). The January edition includes in-depth analyses of topical policy challenges faced by these economies, while the June edition contains shorter analytical pieces
    Note: Description based on print version record
    DOI: 10.1596/978-1-4648-1016-9
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 27
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    Global Economic Prospects, June 2016 : Divergences and Risks (2016)
    Washington, D.C : The World Bank
    Details
    ISBN: 9781464807787
    Language: English
    Pages: Online-Ressource (1 online resource (190 p.))
    Edition: Online-Ausg.
    Series Statement: Global Economic Prospects
    Series Statement: World Bank E-Library Archive
    Parallel Title: Druckausg.
    Keywords: Developing Countries ; Developing Economies ; Economic Growth ; Economic Prospects ; Emerging Markets ; Global Economy
    Abstract: Global growth prospects have deteriorated in 2016. Emerging market and developing economies are facing increased external headwinds, including softer growth in advanced economies. Commodity exporters are struggling with particularly challenging conditions, while commodity importers are thus far showing greater resilience. Global growth is expected to gradually accelerate in 2017-18 but risks to the outlook are increasingly more pronounced. In addition to discussing global and regional economic developments and prospects, this edition of Global Economic Prospects includes two Special Focus essays of critical importance for emerging and developing economies: an analysis of the buildup of private debt in emerging and frontier markets and a quantitative study of uncertainties surrounding global growth. This year marks the 25th anniversary of the Global Economic Prospects. The Global Economic Prospects is a World Bank Group Flagship Report that has, since its inception in 1991, examined international economic developments and prospects, with a special focus on emerging market and developing economies. It has also included analytical essays on a wide range of topical macroeconomic, financial, and structural policy challenges faced by these economies. It is published on a semiannual basis (in January and June). The January edition includes in-depth analyses of topical policy challenges, while the June edition contains shorter analytical essays
    Note: Description based on print version record
    DOI: 10.1596/978-1-4648-0777-0
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 28
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    Informe Anual 2016 del Banco Mundial (2016)
    Washington, D.C : The World Bank
    Details
    ISBN: 9781464808678
    Language: Spanish
    Pages: Online-Ressource (1 online resource (60 p.))
    Edition: Online-Ausg.
    Series Statement: World Bank Annual Report
    Series Statement: World Bank E-Library Archive
    Parallel Title: Druckausg.
    Keywords: Banking Sector ; Capital Markets ; Emerging Markets ; Equity Investments ; Health Services
    Abstract: En el Informe anual 2016, que abarca el periodo comprendido entre el 1 de julio de 2015 y el 30 de junio de 2016, se describe como el Banco Mundial se asocia con los paises con el objeto de poner fin a la pobreza extrema para 2030, promover la prosperidad compartida y respaldar el programa mundial de desarrollo sostenible. Este informe anual, que abarca el periodo comprendido entre el 1 de julio de 2015 y el 30 de junio de 2016, ha sido preparado por los directores ejecutivos del Banco Internacional de Reconstruccion y Fomento (BIRF) y la Asociacion Internacional de Fomento (AIF) -denominados colectivamente "Banco Mundial", segun lo dispuesto en los reglamentos de ambas organizaciones. El Dr. Jim Yong Kim, presidente del Grupo Banco Mundial (GBM) y de los Directorios Ejecutivos y las Juntas de Directores de las instituciones que lo integran, ha presentado este informe, junto con los presupuestos administrativos y los estados financieros auditados, a la Junta de Gobernadores
    Note: Description based on print version record
    DOI: 10.1596/978-1-4648-0859-3
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 29
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    Banque Mondiale - Rapport Annuel 2016 (2016)
    Washington, D.C : The World Bank
    Details
    ISBN: 9781464808630
    Language: French
    Pages: Online-Ressource (1 online resource (60 p.))
    Edition: Online-Ausg.
    Series Statement: World Bank Annual Report
    Series Statement: World Bank E-Library Archive
    Parallel Title: Druckausg.
    Keywords: Natural Resources ; Transition Economies ; Banking Sector ; Capital Markets ; Emerging Markets
    Abstract: Le Rapport annuel 2016, qui couvre la periode allant du 1er juillet 2015 au 30 juin 2016, passe en revue la maniere dont la Banque mondiale travaille en partenariat avec les pays pour mettre fin a l'extreme pauvrete d'ici 2030, promouvoir une prosperite partagee et soutenir le programme mondial de developpement durable. Le present rapport couvre la periode allant du 1er juillet 2015 au 30 juin 2016. Il a ete etabli par les Administrateurs de la Banque internationale pour la reconstruction et le developpement (BIRD) et de l'Association internationale de developpement (IDA) -qui, reunies, prennent le nom de Banque mondiale- conformement aux reglements respectifs de ces deux institutions. M. Jim Yong Kim, President du Groupe de la Banque mondiale et President du Conseil des Administrateurs, a soumis ce rapport, ainsi que les budgets administratifs et les etats fi nanciers verifi es, au Conseil des Gouverneurs
    Note: Description based on print version record
    DOI: 10.1596/978-1-4648-0855-5
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 30
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    The World Bank Annual Report 2015 (2015)
    Washington, D.C : The World Bank
    Details
    ISBN: 9781464805820
    Language: English
    Pages: Online-Ressource (1 online resource (60 p.))
    Edition: Online-Ausg.
    Series Statement: World Bank Annual Report
    Series Statement: World Bank E-Library Archive
    Parallel Title: Druckausg.
    Keywords: Banking Sector ; Capital Markets ; Emerging Markets ; Equity Investments ; Health Services ; Inflation ; Interest Rates ; Microfinance ; Natural Resources ; Transition Economies
    Abstract: The Annual Report is prepared by the Executive Directors of the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA)--collectively known as the World Bank--in accordance with the by-laws of the two institutions. The President of the IBRD and IDA and the Chairman of the Board of Executive Directors submits the Report, together with the accompanying administrative budgets and audited financial statements, to the Board of Governors
    Note: Description based on print version record
    DOI: 10.1596/978-1-4648-0574-5
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 31
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    Informe Anual 2015 del Banco Mundial (2015)
    Washington, D.C : The World Bank
    Details
    Language: Spanish
    Pages: Online-Ressource (1 online resource (60 p.))
    Edition: Online-Ausg.
    Series Statement: World Bank Annual Report
    Series Statement: World Bank E-Library Archive
    Parallel Title: Druckausg.
    Keywords: Banking Sector ; Capital Markets ; Emerging Markets ; Equity Investments ; Health Services
    Abstract: El Grupo del Banco Mundial ha establecido objetivos ambiciosos pero alcanzables en torno a los cuales centrara la labor que desarrolla para superar estos desafios historicos. Especificamente, la institucion procurara poner fin a la pobreza extrema en todo el mundo para 2030 y promover la prosperidad compartida en los paises en desarrollo, lo que supondra fomentar el aumento de los ingresos del 40% mas pobre de la poblacion. Se procurara lograr estos objetivos de un modo sostenible en lo ambiental, social y economico, de modo de garantizar que los avances en el desarrollo no afecten el bienestar de las generaciones actuales y futuras. El presente informe anual se centra en las operaciones del Banco Internacional de Reconstruccion y Fomento (BIRF) y la Asociacion Internacional de Fomento (AIF), denominados colectivamente Banco Mundial. Lo invitamos a leer este informe para conocer mas sobre la labor del Banco Mundial, las actividades que desarrolla y los resultados que obtiene en las seis regiones donde trabaja, asi como sus logros en la superacion de la pobreza y la creacion de oportunidades para los habitantes de los paises en desarrollo. The Annual Report is prepared by the Executive Directors of the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA)-collectively known as the World Bank-in accordance with the by-laws of the two institutions. The President of the IBRD and IDA and the Chairman of the Board of Executive Directors submits the Report, together with the accompanying administrative budgets and audited financial statements, to the Board of Governors
    Note: Description based on print version record
    DOI: 10.1596/978-1-4648-0581-3
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  • 32
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    Global Economic Prospects, June 2015 : The Global Economy in Transition (2015)
    Washington, D.C : The World Bank
    Details
    ISBN: 9781464804830 , 9781464804854
    Language: English
    Pages: Online-Ressource (1 online resource (194 p.))
    Edition: Online-Ausg.
    Series Statement: Global Economic Prospects
    Series Statement: World Bank E-Library Archive
    Parallel Title: Druckausg.
    Keywords: Capital Flows ; Commodities ; Developing Countries ; Emerging Markets ; Financial Markets ; Global Economy ; Interest Rates ; Low Income Countries ; Oil Prices ; Poverty ; Trade ; US Economy
    Abstract: Global growth is expected to be 2.8 percent in 2015, but is expected to pick up to 3.2 percent in 2016-17. Growth in developing countries and some high-income countries is set to disappoint again this year. The prospect of rising borrowing costs will compound the challenges many developing countries are facing as they adapt to an era of low commodity prices. Risks to this outlook remain tilted to the downside. This edition of Global Economic Prospects includes two Special Features that analyze the policy challenges raised by the two transitions in developing countries: the risks associated with the first U.S. central bank interest rate increase since 2006 and the implications of persistently low commodity prices for low-income countries. Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on developing countries, on a semiannual basis (in January and June). The January edition includes in-depth analyses of topical policy challenges faced by developing countries while the June edition contains shorter analytical pieces
    Note: Description based on print version record
    DOI: 10.1596/978-1-4648-0483-0
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 33
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    Banque Mondiale - Rapport Annuel 2015 (2015)
    Washington, D.C : The World Bank
    Details
    Language: French
    Pages: Online-Ressource (1 online resource (60 p.))
    Edition: Online-Ausg.
    Series Statement: World Bank Annual Report
    Series Statement: World Bank E-Library Archive
    Parallel Title: Druckausg.
    Keywords: Banking Sector ; Capital Markets ; Emerging Markets ; Equity Investments ; Health Services ; Inflation ; Interest Rates ; Microfinance ; Natural Resources ; Transition Economies ; French Translation
    Abstract: Le Groupe de la Banque mondiale s'est fixe des objectifs ambitieux mais realisables sur lesquels asseoir le travail qu'il entreprend pour relever ces defis historiques. Plus precisement, l'institution fera son possible pour mettre fin a l'extreme pauvrete a l'echelle mondiale d'ici 2030 et promouvoir une prosperite partagee dans les pays en developpement, ce qui supposera favoriser la croissance des revenus pour les 40 % les plus pauvres de la population. L'institution cherchera a atteindre ces objectifs de facon viable sur le plan environnemental, social et economique afin de s'assurer que les acquis du developpement ne compromettent pas le bien-etre des generations actuelles et futures. Le present Rapport annuel couvre les activites de la Banque internationale pour la reconstruction et le developpement (BIRD) et de l'Association international de developpement (IDA) qui, reunies, prennent le nom de Banque mondiale. Nous vous exhortons a le lire pour en apprendre davantage sur le travail accompli par la Banque mondiale - les activites et les realisations qu'elle aide a promouvoir dans les six regions geographiques ou elle mene ses operations, ainsi que les resultats du travail consistant a aider a vaincre la pauvrete et creer des opportunites pour les populations des pays en developpement. The Annual Report is prepared by the Executive Directors of the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA)-collectively known as the World Bank-in accordance with the by-laws of the two institutions. The President of the IBRD and IDA and the Chairman of the Board of Executive Directors submits the Report, together with the accompanying administrative budgets and audited financial statements, to the Board of Governors
    Note: Description based on print version record
    DOI: 10.1596/978-1-4648-0577-6
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 34
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    Pension Institutions and Annuities in Denmark (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (73 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Andersen, Carsten Pension Institutions and Annuities in Denmark
    Keywords: Asset Liability Matching ; Bonds ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Systems ; Investment Policies ; Liability ; Pension ; Pension System ; Pension Systems ; Pensions ; Pensions and Retirement Systems ; Private Sector Development ; Social Protections and Labor ; Swap ; Asset Liability Matching ; Bonds ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Systems ; Investment Policies ; Liability ; Pension ; Pension System ; Pension Systems ; Pensions ; Pensions and Retirement Systems ; Private Sector Development ; Social Protections and Labor ; Swap ; Asset Liability Matching ; Bonds ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Systems ; Investment Policies ; Liability ; Pension ; Pension System ; Pension Systems ; Pensions ; Pensions and Retirement Systems ; Private Sector Development ; Social Protections and Labor ; Swap
    Abstract: This paper considers the overall structure of the Danish pension system, reviews the relative role of different types of pension institutions, and discusses their asset allocation strategies and investment performance. The paper also examines the regulation and supervision of providers of pension services, the growing reliance on risk-based supervision, and the application of the so-called contribution principle. The Danish pension system includes a modest universal social pension with a supplement for low-income pensioners and near universal participation in occupational and personal pensions that are primarily based on defined contribution plans. The annuity market is well developed: 50 percent of annual contributions are allocated to the purchase of deferred annuities, while immediate annuities are also purchased at or even after retirement. However, detailed comprehensive data on the rate of annuitization are lacking. Distinct features of the Danish pension system include the widespread use of profit participating contracts with minimum guaranteed benefits and regular provision of bonuses, covering both the accumulation and payout phases, and extensive use of group deferred annuity contracts. A new traffic light system with periodic stress testing has resulted in greater emphasis on asset liability matching and hedging strategies by pension institutions and a shift in investment policies in favor of foreign bonds and long-term swap contracts
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  • 35
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    Developing Countries And Enforcement of Trade Agreements : Why Dispute Settlement Is Not Enough (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: Bown, Chad P Developing Countries And Enforcement of Trade Agreements
    Keywords: Dumping ; Economic Theory and Research ; Economics Literature ; Emerging Markets ; Externality ; Free Trade ; Generalized System Of Preferences ; International Economics & Trade ; International Trade ; LDCS ; Law and Development ; Macroeconomics and Economic Growth ; Private Sector Development ; Trade Law ; Trade Liberalization ; Transparency ; WTO ; World Trade Organization ; World Trade Organization ; Dumping ; Economic Theory and Research ; Economics Literature ; Emerging Markets ; Externality ; Free Trade ; Generalized System Of Preferences ; International Economics & Trade ; International Trade ; LDCS ; Law and Development ; Macroeconomics and Economic Growth ; Private Sector Development ; Trade Law ; Trade Liberalization ; Transparency ; WTO ; World Trade Organization ; World Trade Organization ; Dumping ; Economic Theory and Research ; Economics Literature ; Emerging Markets ; Externality ; Free Trade ; Generalized System Of Preferences ; International Economics & Trade ; International Trade ; LDCS ; Law and Development ; Macroeconomics and Economic Growth ; Private Sector Development ; Trade Law ; Trade Liberalization ; Transparency ; WTO ; World Trade Organization ; World Trade Organization
    Abstract: Poor countries are rarely challenged in formal World Trade Organization trade disputes for failing to live up to commitments, reducing the benefits of their participation in international trade agreements. This paper examines the political-economic causes of the failure to challenge poor countries, and discusses the static and dynamic costs and externality implications of this failure. Given the weak incentives to enforce World Trade Organization rules and disciplines against small and poor members, bolstering the transparency function of the World Trade Organization is important for making trade agreements more relevant to trade constituencies in developing countries. Although the paper focuses on the World Trade Organization system, the arguments also apply to reciprocal North-South trade agreements
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  • 36
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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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  • 37
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    Fiscal Redistribution And Income Inequality In Latin America (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: Goni, Edwin Fiscal Redistribution And Income Inequality In Latin America
    Keywords: Debt Markets ; Economic Theory and Research ; Effective tax rates ; Emerging Markets ; Finance and Financial Sector Development ; Indirect taxation ; Macroeconomics and Economic Growth ; Poverty Impact Evaluation ; Poverty Reduction ; Private Sector Development ; Tax ; Tax collection ; Tax incidence ; Tax rate ; Tax rates ; Tax revenue ; Tax revenues ; Tax system ; Taxation and Subsidies ; Debt Markets ; Economic Theory and Research ; Effective tax rates ; Emerging Markets ; Finance and Financial Sector Development ; Indirect taxation ; Macroeconomics and Economic Growth ; Poverty Impact Evaluation ; Poverty Reduction ; Private Sector Development ; Tax ; Tax collection ; Tax incidence ; Tax rate ; Tax rates ; Tax revenue ; Tax revenues ; Tax system ; Taxation and Subsidies ; Debt Markets ; Economic Theory and Research ; Effective tax rates ; Emerging Markets ; Finance and Financial Sector Development ; Indirect taxation ; Macroeconomics and Economic Growth ; Poverty Impact Evaluation ; Poverty Reduction ; Private Sector Development ; Tax ; Tax collection ; Tax incidence ; Tax rate ; Tax rates ; Tax revenue ; Tax revenues ; Tax system ; Taxation and Subsidies
    Abstract: Income inequality in Latin America ranks among the highest in the world. It can be traced back to the unequal distribution of assets (especially land and education) in the region. But the extent to which asset inequality translates into income inequality depends on the redistributive capacity of the state. This paper documents the performance of Latin American fiscal systems from the perspective of income redistribution using newly-available information on the incidence of taxes and transfers across the region. The findings indicate that: (i) the differences in income inequality before taxes and transfers between Latin America and Western Europe are much more modest than those after taxes and transfers; (ii) the key reason is that, in contrast with industrial countries, in most Latin American countries the fiscal system is of little help in reducing income inequality; and (iii) in countries where fiscal redistribution is significant, it is achieved mostly through transfers rather than taxes. These facts stress the need for fiscal reforms across the region to further the goal of social equity. However, different countries need to place different relative emphasis on raising tax collection, restructuring the tax system, and improving the targeting of expenditures
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  • 38
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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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  • 39
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    Regulatory Governance And Sector Performance : Methodology And Evaluation For Electricity Distribution In Latin America (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: Andres, Luis Regulatory Governance And Sector Performance
    Keywords: Accountability ; Banks and Banking Reform ; Disclosure ; Emerging Markets ; Governance ; Governance Indicators ; Governance indicators ; Infrastructure Economics and Finance ; Infrastructure Regulation ; Institutional development ; Judiciary ; Legal framework ; National Governance ; Private Sector Development ; Regulatory agency ; Regulatory instruments ; Regulatory policy ; Transparency ; Accountability ; Banks and Banking Reform ; Disclosure ; Emerging Markets ; Governance ; Governance Indicators ; Governance indicators ; Infrastructure Economics and Finance ; Infrastructure Regulation ; Institutional development ; Judiciary ; Legal framework ; National Governance ; Private Sector Development ; Regulatory agency ; Regulatory instruments ; Regulatory policy ; Transparency ; Accountability ; Banks and Banking Reform ; Disclosure ; Emerging Markets ; Governance ; Governance Indicators ; Governance indicators ; Infrastructure Economics and Finance ; Infrastructure Regulation ; Institutional development ; Judiciary ; Legal framework ; National Governance ; Private Sector Development ; Regulatory agency ; Regulatory instruments ; Regulatory policy ; Transparency
    Abstract: This paper contributes to the literature that explores the link between regulatory governance and sector performance. The paper develops an index of regulatory governance and estimates its impact on sector performance, showing that indeed regulation and its governance matter. The authors use two unique databases: (i) the World Bank Performance Database, which contains detailed annual data for 250 private and public electricity companies in Latin America and the Caribbean; and (ii) the Electricity Regulatory Governance Database, which contains data on several aspects of the governance of electricity agencies in the region. The authors run different models to explain the impacts of change in ownership and different characteristics of the regulatory agency on the performance of the utilities. The results suggest that the mere existence of a regulatory agency, regardless of the utilities' ownership, has a significant impact on performance. Furthermore, after controlling for the existence of a regulatory agency, the ownership dummies are still significant and with the expected signs. The authors propose an experience measure in order to identify the gradual impact of the regulatory agency on utility performance. The results confirm this hypothesis. In addition, the paper explores two different measures of governance, an aggregate measure of regulatory governance, and an index based on principal components, including autonomy, transparency, and accountability. The findings show that the governance of regulatory agencies matters and has significant effects on performance
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  • 40
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    Risk-Based Supervision of Pension Funds In Australia (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: Thompson, Graeme Risk-Based Supervision of Pension Funds In Australia
    Keywords: Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Systems ; Insurance ; Insurance and Risk Mitigation ; International Bank ; Labor Policies ; Non Bank Financial Institutions ; Pension ; Pension Funds ; Pension System ; Pension fund ; Pension systems ; Private Sector Development ; Prudential Regulation ; Risk management ; Social Protections and Labor ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Systems ; Insurance ; Insurance and Risk Mitigation ; International Bank ; Labor Policies ; Non Bank Financial Institutions ; Pension ; Pension Funds ; Pension System ; Pension fund ; Pension systems ; Private Sector Development ; Prudential Regulation ; Risk management ; Social Protections and Labor ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Systems ; Insurance ; Insurance and Risk Mitigation ; International Bank ; Labor Policies ; Non Bank Financial Institutions ; Pension ; Pension Funds ; Pension System ; Pension fund ; Pension systems ; Private Sector Development ; Prudential Regulation ; Risk management ; Social Protections and Labor
    Abstract: This paper examines the development of risk-based supervision of pension funds in Australia. The large number of pension funds has meant that since the inception of pension fund supervision in the early 1990's the regulator has sought to identify high risk funds and focus its attention on these funds. However, the regulator developed a more sophisticated risk-rating model, known as PAIRS/SOARS, in 1992 in order to apply a more disciplined and consistent ratings methodology. Four reasons are given for the move towards more sophisticated risk-based supervision: 1) creation of an integrated supervisor which allowed the use of techniques used in banking and insurance to be adopted for pension fund; 2) the need to better use available supervisory resources; 3) several pension fund failures; and 4) concerns about industry weaknesses. Supervisory techniques used particularly in the banking industry, such as universal licensing, 'fit and proper' assessment, and risk management requirements were adopted for the pension sector between 2004 and 2006. The paper provides an outline of the PAIRS/SOARS risk-rating model which was also adopted. It observes that the approach provides an analytical discipline to risk assessment, strengthens the link between risk assessment and supervisory response, and allows better targeting of supervisory resources
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  • 41
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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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  • 42
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    Regional Household And Poverty Effects of Russia's Accession To The World Trade Organization (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (73 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Rutherford, Thomas Regional Household And Poverty Effects of Russia's Accession To The World Trade Organization
    Keywords: Constant returns to scale ; Debt Markets ; E-Business ; Economic Theory and Research ; Emerging Markets ; Equilibrium ; Exports ; Finance and Financial Sector Development ; Gross domestic product ; Imperfect competition ; Income ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Open economy ; Private Sector Development ; Productivity ; WTO ; World Trade Organization ; Constant returns to scale ; Debt Markets ; E-Business ; Economic Theory and Research ; Emerging Markets ; Equilibrium ; Exports ; Finance and Financial Sector Development ; Gross domestic product ; Imperfect competition ; Income ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Open economy ; Private Sector Development ; Productivity ; WTO ; World Trade Organization ; Constant returns to scale ; Debt Markets ; E-Business ; Economic Theory and Research ; Emerging Markets ; Equilibrium ; Exports ; Finance and Financial Sector Development ; Gross domestic product ; Imperfect competition ; Income ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Open economy ; Private Sector Development ; Productivity ; WTO ; World Trade Organization
    Abstract: This paper develops a seven-region comparative static computable general equilibrium model of Russia to assess the impact of accession to the World Trade Organization on these seven regions (the federal okrugs) of Russia. In order to assess poverty and distributional impacts, the model includes ten households in each of the seven federal okrugs, where household data are taken from the Household Budget Survey of Rosstat. The model allows for foreign direct investment in business services and endogenous productivity effects from additional varieties of business services and goods, which the analysis shows are crucial to the results. National welfare gains are about 4.5 percent of gross domestic product in the model, but in a constant returns to scale model they are only 0.1 percent. All deciles of the population in all seven federal okrugs can be expected to significantly gain from Russian World Trade Organization accession, but due to the capacity of their regions to attract foreign direct investment, households in the Northwest region gain the most, followed by households in the Far East and Volga regions. Households in Siberia and the Urals gain the least. Distribution impacts within regions are rather flat for the first nine deciles; but the richest decile of the population in the three regions that attract a lot of foreign investment gains significantly more than the other nine representative households in those regions
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  • 43
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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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  • 44
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    The Challenge of Reducing International Trade And Migration Barriers (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (69 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Anderson, Kym The Challenge of Reducing International Trade And Migration Barriers
    RVK:
    QB 910
    Keywords: Agriculture ; Air pollution ; Economic Theory and Research ; Economic benefits ; Emerging Markets ; Free Trade ; Free Trade ; Government subsidies ; International Economics & Trade ; International Trade ; Law and Development ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Development ; Trade Law ; Trade Policy ; Trade policies ; Trade policy ; WTO ; World Trade Organization ; Agriculture ; Air pollution ; Economic Theory and Research ; Economic benefits ; Emerging Markets ; Free Trade ; Free Trade ; Government subsidies ; International Economics & Trade ; International Trade ; Law and Development ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Development ; Trade Law ; Trade Policy ; Trade policies ; Trade policy ; WTO ; World Trade Organization ; Agriculture ; Air pollution ; Economic Theory and Research ; Economic benefits ; Emerging Markets ; Free Trade ; Free Trade ; Government subsidies ; International Economics & Trade ; International Trade ; Law and Development ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Development ; Trade Law ; Trade Policy ; Trade policies ; Trade policy ; WTO ; World Trade Organization
    Abstract: While barriers to trade in most goods and some services including capital flows have been reduced considerably over the past two decades, many remain. Such policies harm most the economies imposing them, but the worst of the merchandise barriers (in agriculture and textiles) are particularly harmful to the world's poorest people, as are barriers to worker migration across borders. This paper focuses on how costly those anti-poor trade policies are, and examines possible strategies to reduce remaining distortions. Two opportunities in particular are addressed: completing the Doha Development Agenda process at the World Trade Organization (WTO), and freeing up the international movement of workers. A review of the economic benefits and adjustment costs associated with these opportunities provides the foundation to undertake benefit/cost analysis required to rank this set of opportunities against those aimed at addressing the world's other key challenges as part of the Copenhagen Consensus project. The paper concludes with key caveats and suggests that taking up these opportunities could generate huge social benefit/cost ratios that are considerably higher than the direct economic ones quantified in this study, even without factoring in their contribution to alleviating several of the other challenges identified by that project, including malnutrition, disease, poor education and air pollution
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  • 45
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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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  • 46
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    Economic Partnership Agreements And The Export Competitiveness of Africa (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: Brenton, Paul Economic Partnership Agreements And The Export Competitiveness of Africa
    Keywords: Competitiveness ; Development assistance ; Development strategies ; Economic Theory & Research ; Emerging Markets ; Export growth ; Free Trade ; International Economics & Trade ; International trade ; Law and Development ; Private Sector Development ; Productivity ; Public Sector Development ; Tariff barriers ; Trade Law ; Trade Policy ; Trade competitiveness ; Trade diversion ; Trade policy ; Competitiveness ; Development assistance ; Development strategies ; Economic Theory & Research ; Emerging Markets ; Export growth ; Free Trade ; International Economics & Trade ; International trade ; Law and Development ; Private Sector Development ; Productivity ; Public Sector Development ; Tariff barriers ; Trade Law ; Trade Policy ; Trade competitiveness ; Trade diversion ; Trade policy ; Competitiveness ; Development assistance ; Development strategies ; Economic Theory & Research ; Emerging Markets ; Export growth ; Free Trade ; International Economics & Trade ; International trade ; Law and Development ; Private Sector Development ; Productivity ; Public Sector Development ; Tariff barriers ; Trade Law ; Trade Policy ; Trade competitiveness ; Trade diversion ; Trade policy
    Abstract: Trade can be a key driver of growth for African countries, as it has been for those countries, particularly in East Asia, that have experienced high and sustained rates of growth. Economic partnership agreements with the European Union could be instrumental in a competitiveness framework, but to do so they would have to be designed carefully in a way that supports integration into the global economy and is consistent with national development strategies. Interim agreements have focused on reciprocal tariff removal and less restrictive rules of origin. To be fully effective, economic partnership agreements will have to address constraints to regional integration, including both tariff and non-tariff barriers; improve trade facilitation; and define appropriate most favored nation services liberalization. At the same time, African countries will need to reduce external tariff peak barriers on a most favored nation basis to ensure that when preferences for the European Union are implemented after transitional periods, they do not lead to substantial losses from trade diversion. This entails an ambitious agenda of policy reform that must be backed up by development assistance in the form of "aid for trade
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  • 47
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    Real Exchange Rates, Saving And Growth : Is There A Link? (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: Montiel, Peter J Real Exchange Rates, Saving And Growth
    Keywords: Currencies and Exchange Rates ; Debt Markets ; Economic Stabilization ; Economic growth ; Emerging Markets ; Exchange rate depreciation ; Finance and Financial Sector Development ; Growth rate ; Macroeconomic Management ; Macroeconomic impact ; Macroeconomics and Economic Growth ; Policy research ; Private Sector Development ; Real exchange ; Real exchange rate ; Real exchange rate volatility ; Real exchange rates ; Currencies and Exchange Rates ; Debt Markets ; Economic Stabilization ; Economic growth ; Emerging Markets ; Exchange rate depreciation ; Finance and Financial Sector Development ; Growth rate ; Macroeconomic Management ; Macroeconomic impact ; Macroeconomics and Economic Growth ; Policy research ; Private Sector Development ; Real exchange ; Real exchange rate ; Real exchange rate volatility ; Real exchange rates ; Currencies and Exchange Rates ; Debt Markets ; Economic Stabilization ; Economic growth ; Emerging Markets ; Exchange rate depreciation ; Finance and Financial Sector Development ; Growth rate ; Macroeconomic Management ; Macroeconomic impact ; Macroeconomics and Economic Growth ; Policy research ; Private Sector Development ; Real exchange ; Real exchange rate ; Real exchange rate volatility ; Real exchange rates
    Abstract: The view that policies directed at the real exchange rate can have an important effect on economic growth has been gaining adherents in recent years. Unlike the traditional "misalignment" view that temporary departures of the real exchange rate from its equilibrium level harm growth by distorting a key relative price in the economy, the recent literature stresses the growth effects of the equilibrium real exchange rate itself, with the claim being that a depreciated equilibrium real exchange rate promotes economic growth. While there is no consensus on the precise channels through which this effect is generated, an increasingly common view in policy circles points to saving as the channel of transmission, with the claim that a depreciated real exchange rate raises the domestic saving rate -- which in turn stimulates growth by increasing the rate of capital accumulation. This paper offers a preliminary exploration of this claim. Drawing from standard analytical models, stylized facts on saving and real exchange rates, and existing empirical research on saving determinants, the paper assesses the link between the real exchange rate and saving. Overall, the conclusion is that saving is unlikely to provide the mechanism through which the real exchange rate affects growth
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  • 48
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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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  • 49
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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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  • 50
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    Reform And Inequality During The Transition : An Analysis Using Panel Household Survey Data, 1990-2005 (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: Milanovic, Branko Reform And Inequality During The Transition
    Keywords: Country fixed effects ; Debt Markets ; Distribution of income ; Economic Theory and Research ; Economic reform ; Emerging Markets ; Finance and Financial Sector Development ; Globalization ; Income ; Inequality ; Investment and Investment Climate ; Labor markets ; Liberalization ; Macroeconomics and Economic Growth ; Market economy ; Poverty Impact Evaluation ; Poverty Reduction ; Private Sector Development ; Privatization ; Pro-Poor Growth ; Services and Transfers to Poor ; Transition countries ; Country fixed effects ; Debt Markets ; Distribution of income ; Economic Theory and Research ; Economic reform ; Emerging Markets ; Finance and Financial Sector Development ; Globalization ; Income ; Inequality ; Investment and Investment Climate ; Labor markets ; Liberalization ; Macroeconomics and Economic Growth ; Market economy ; Poverty Impact Evaluation ; Poverty Reduction ; Private Sector Development ; Privatization ; Pro-Poor Growth ; Services and Transfers to Poor ; Transition countries ; Country fixed effects ; Debt Markets ; Distribution of income ; Economic Theory and Research ; Economic reform ; Emerging Markets ; Finance and Financial Sector Development ; Globalization ; Income ; Inequality ; Investment and Investment Climate ; Labor markets ; Liberalization ; Macroeconomics and Economic Growth ; Market economy ; Poverty Impact Evaluation ; Poverty Reduction ; Private Sector Development ; Privatization ; Pro-Poor Growth ; Services and Transfers to Poor ; Transition countries
    Abstract: Using for the first time household survey data from 26 post-Communist countries, covering the period 1990-2005, this paper examines correlates of unprecedented increases in inequality registered by most of the economies. The analysis shows, after controlling for country fixed effects and type of survey used, that economic reform is strongly negatively associated with the income share of the bottom decile, and positively with the income shares of the top two deciles. However, breaking economic reform into its component parts, the picture is more nuanced. Large-scale privatization and infrastructure reform (mostly consisting of privatization and higher fees) are responsible for the pro-inequality effect; small-scale privatization tends to raise the income shares of the bottom deciles. Acceleration in growth is also pro-rich. But democratization is strongly pro-poor, as is lower inflation. Somewhat surprisingly, the analysis finds no evidence that greater government spending as share of gross domestic income reduces inequality
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  • 51
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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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  • 52
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    An Alternative Framework For Foreign Exchange Risk Management of Sovereign Debt (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: Melecky, Martin An Alternative Framework For Foreign Exchange Risk Management of Sovereign Debt
    Keywords: Currencies and Exchange Rates ; Currency ; Debt Management ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Exchange Rate ; Finance and Financial Sector Development ; Fiscal and Monetary Policy ; Foreign Debt ; Foreign Exchange ; Foreign Exchange Risk ; Inflation ; Interest Rate ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Development ; Risk Management ; Sovereign Debt ; Currencies and Exchange Rates ; Currency ; Debt Management ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Exchange Rate ; Finance and Financial Sector Development ; Fiscal and Monetary Policy ; Foreign Debt ; Foreign Exchange ; Foreign Exchange Risk ; Inflation ; Interest Rate ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Development ; Risk Management ; Sovereign Debt ; Currencies and Exchange Rates ; Currency ; Debt Management ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Exchange Rate ; Finance and Financial Sector Development ; Fiscal and Monetary Policy ; Foreign Debt ; Foreign Exchange ; Foreign Exchange Risk ; Inflation ; Interest Rate ; Macroeconomics and Economic Growth ; Private Sector Development ; Public Sector Development ; Risk Management ; Sovereign Debt
    Abstract: This paper proposes a measure of synchronization in the movements of relevant domestic and foreign fundamentals for choosing suitable currency for denomination of foreign debt. The selection of explanatory variables for exchange rate volatility is motivated using a New Keynesian Policy model. The model predicts that not only traditional optimal currency area variables, but also variables considered by the literature on currency preferences, such as money velocity, should be relevant for explaining exchange rate volatility. The findings show that measures of inflation synchronization, money velocity synchronization, and interest rate synchronization can be useful indicators for decisions on the currency denomination of foreign debt
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  • 53
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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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  • 54
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    Patterns of Export Diversification In Developing Countries : Intensive And Extensive Margins (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: Amurgo-Pacheco, Alberto Patterns of Export Diversification In Developing Countries
    Keywords: Econometric Analysis ; Economic Structure ; Economic Theory and Research ; Emerging Markets ; Export Growth ; Exports ; Free Trade ; Free Trade ; Future Research ; GDP ; Industrialization ; International Economics & Trade ; International Trade ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Public Sector Development ; Trade Policy ; Underestimates ; Econometric Analysis ; Economic Structure ; Economic Theory and Research ; Emerging Markets ; Export Growth ; Exports ; Free Trade ; Free Trade ; Future Research ; GDP ; Industrialization ; International Economics & Trade ; International Trade ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Public Sector Development ; Trade Policy ; Underestimates ; Econometric Analysis ; Economic Structure ; Economic Theory and Research ; Emerging Markets ; Export Growth ; Exports ; Free Trade ; Free Trade ; Future Research ; GDP ; Industrialization ; International Economics & Trade ; International Trade ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Public Sector Development ; Trade Policy ; Underestimates
    Abstract: This paper uses highly disaggregated trade data to investigate geographic and product diversification patterns across a group of developing nations for the period from 1990 to 2005. The econometric investigation shows that the gravity equation fits the observed differences in diversification across nations. The analysis shows that exports at the intensive margin account for the most important share of overall trade growth. At the extensive margin, geographic diversification is more important than product diversification, especially for developing countries. Taking part in free trade agreements, thereby reducing trade costs, and trading with countries in the North are also found to have positive impacts on export diversification for developing countries
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  • 55
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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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  • 56
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    Measuring The Performance And Achievement of Social Objectives of Development Finance Institutions (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: Francisco, Manuela Measuring The Performance And Achievement of Social Objectives of Development Finance Institutions
    Keywords: Access to Finance ; Access to financial services ; Banks ; Banks and Banking Reform ; Debt Markets ; Demand for credit ; Development Finance ; Development Finance Institutions ; Development finance institution ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial intermediaries ; Financial sector development ; International Bank ; Macroeconomics and Economic Growth ; Private Sector Development ; Social welfare ; Access to Finance ; Access to financial services ; Banks ; Banks and Banking Reform ; Debt Markets ; Demand for credit ; Development Finance ; Development Finance Institutions ; Development finance institution ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial intermediaries ; Financial sector development ; International Bank ; Macroeconomics and Economic Growth ; Private Sector Development ; Social welfare ; Access to Finance ; Access to financial services ; Banks ; Banks and Banking Reform ; Debt Markets ; Demand for credit ; Development Finance ; Development Finance Institutions ; Development finance institution ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Financial intermediaries ; Financial sector development ; International Bank ; Macroeconomics and Economic Growth ; Private Sector Development ; Social welfare
    Abstract: This paper develops and tests a proposed methodology that puts forward a new integrated method for evaluating the performance of development finance institutions. This methodology applies assessment criteria that take into account both the social objective that the development finance institution addresses and the subsidies it received in order to achieve such an objective. This methodology is applied to two pilot case studies-Banadesa (Honduras) and Banrural (Guatemala). The authors calculate the previously tested subsidy dependence index, which measures the degree of an institution's subsidy dependence. The paper develops and estimates a new measure-the output index- which indicates the level to which the institution fulfills the social objectives of the state. The analysis integrates the subsidy dependence index and the output index to assess the effectiveness associated with meeting the social objective. The findings suggest that the integration of the two indexes can constitute the basis of a meaningful evaluation framework for the performance of development finance institutions. This new methodology can also be a useful metric for policy makers who are seeking to decide on an optimal allocation of scarce funds for development finance institutions that pursue social goals and for management that seeks improved performance outcomes
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  • 57
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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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  • 58
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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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  • 59
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    Latin America And The Social Contract : Patterns of Social Spending And Taxation (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: Breceda, Karla Latin America And The Social Contract
    Keywords: Economic Theory and Research ; Economic performance ; Emerging Markets ; Housing ; Housing subsidies ; Income taxes ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Public ; Public Sector Economics and Finance ; Public resources ; Public spending ; Services and Transfers to Poor ; Tax ; Tax revenues ; Taxation ; Taxation and Subsidies ; Economic Theory and Research ; Economic performance ; Emerging Markets ; Housing ; Housing subsidies ; Income taxes ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Public ; Public Sector Economics and Finance ; Public resources ; Public spending ; Services and Transfers to Poor ; Tax ; Tax revenues ; Taxation ; Taxation and Subsidies ; Economic Theory and Research ; Economic performance ; Emerging Markets ; Housing ; Housing subsidies ; Income taxes ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Public ; Public Sector Economics and Finance ; Public resources ; Public spending ; Services and Transfers to Poor ; Tax ; Tax revenues ; Taxation ; Taxation and Subsidies
    Abstract: This paper presents an incidence analysis of both social spending and taxation for seven Latin American countries, the United Kingdom, and the United States. The analysis shows that Latin American countries are headed de facto toward a minimalist welfare state similar to the one in the United States, rather than toward a stronger, European-like welfare state. Specifically, both in Latin America and in the United States, social spending remains fairly flat across income quintiles. On the taxation side, high income inequality causes the rich to bear most of the taxation burden. This causes a vicious cycle where the rich oppose the expansion of the welfare state (as they bear most of its burden without receiving much back), which in turn maintains long-term inequalities. The recent increased socioeconomic instability in many Latin American countries shows nonetheless a real need for a stronger welfare state, which, if unanswered, may degenerate into short-term and unsustainable policies. The case of Chile suggests that a way out from this apparent dead end can be found, as elites may be willing to raise their contribution to social spending if this can lead to a more stable social contract
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  • 60
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    Microfinance Meets The Market (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: Cull, Robert Microfinance Meets The Market
    Keywords: Access to Finance ; Access to financial services ; Asymmetric information ; Banking services ; Banks & Banking Reform ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial markets ; International bank ; Loan ; Loan repayment ; Microfinance ; Microfinance institutions ; Private Sector Development ; Transactio ; Access to Finance ; Access to financial services ; Asymmetric information ; Banking services ; Banks & Banking Reform ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial markets ; International bank ; Loan ; Loan repayment ; Microfinance ; Microfinance institutions ; Private Sector Development ; Transactio ; Access to Finance ; Access to financial services ; Asymmetric information ; Banking services ; Banks & Banking Reform ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial markets ; International bank ; Loan ; Loan repayment ; Microfinance ; Microfinance institutions ; Private Sector Development ; Transactio
    Abstract: Microfinance institutions have proved the possibility of providing reliable banking services to poor customers. Their second aim is to do so in a commercially-viable way. This paper analyzes the tensions and opportunities of microfinance as it embraces the market, drawing on a data set that includes 346 of the world's leading microfinance institutions and covers nearly 18 million active borrowers. The data show remarkable successes in maintaining high rates of loan repayment, but the data also suggest that profit-maximizing investors would have limited interest in most of the institutions that are focusing on the poorest customers and women. Those institutions, as a group, charge their customers the highest fees in the sample but also face particularly high transaction costs, in part due to small transaction sizes. Innovations to overcome the well-known problems of asymmetric information in financial markets were a triumph, but further innovation is needed to overcome the challenges of high costs
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  • 61
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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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  • 62
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    Broadening The Offering Choice of Corporate Bonds In Emerging Markets : Cost-Effective Access To Debt Capital (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: Endo, Tadashi Broadening The Offering Choice of Corporate Bonds In Emerging Markets
    Keywords: Capital markets ; Corporate bond ; Corporate bonds ; Corporate governance ; Debt ; Debt Markets ; Debt capital ; Development of corporate bond markets ; Emerging Markets ; Emerging economies ; Emerging markets ; Finance and Financial Sector Development ; Mutual Funds ; Private Sector Development ; Public offering ; Capital markets ; Corporate bond ; Corporate bonds ; Corporate governance ; Debt ; Debt Markets ; Debt capital ; Development of corporate bond markets ; Emerging Markets ; Emerging economies ; Emerging markets ; Finance and Financial Sector Development ; Mutual Funds ; Private Sector Development ; Public offering ; Capital markets ; Corporate bond ; Corporate bonds ; Corporate governance ; Debt ; Debt Markets ; Debt capital ; Development of corporate bond markets ; Emerging Markets ; Emerging economies ; Emerging markets ; Finance and Financial Sector Development ; Mutual Funds ; Private Sector Development ; Public offering
    Abstract: The development of corporate bond markets has been constrained in many emerging economies, partly because the regulatory model is implicitly designed for stand-alone public offerings. Corporate bonds are intrinsically more suitable for non-retail investors than for retail investors. Nonetheless, the prevailing regulatory model puts an excessive emphasis on disclosure and investor protection as well as government oversight, regardless of targeted investors. Such a non-differentiating regulatory approach disconnects issuers from investors by considerably raising opportunity costs to issuers. Broadening the choice of offering methods would lower corporate bond issuance costs, thereby allowing more issuers to finance their investments with bond issues. Additional forms of offerings are traditional private placements, institutional offerings, and shelf registration facilitated by integrated disclosure
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  • 63
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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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  • 64
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    Factors Affecting Levels of International Cooperation In Carbon Abatement Projects (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: Dinar, Ariel Factors Affecting Levels of International Cooperation In Carbon Abatement Projects
    Keywords: Abatement ; C ; Carbon ; Carbon dioxide ; Clean development mechanism ; Climate change ; Debt Markets ; Economic Theory and Research ; Economic development ; Economics ; Emerging Markets ; Emission reductions ; Emissions ; Energy ; Energy Production and Transportation ; Energy and Environment ; Environment ; Environment and Energy Efficiency ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Information and Communication Technologies ; Macroeconomics and Economic Growth ; Private Sector Development ; Sustainable development ; Abatement ; C ; Carbon ; Carbon dioxide ; Clean development mechanism ; Climate change ; Debt Markets ; Economic Theory and Research ; Economic development ; Economics ; Emerging Markets ; Emission reductions ; Emissions ; Energy ; Energy Production and Transportation ; Energy and Environment ; Environment ; Environment and Energy Efficiency ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Information and Communication Technologies ; Macroeconomics and Economic Growth ; Private Sector Development ; Sustainable development ; Abatement ; C ; Carbon ; Carbon dioxide ; Clean development mechanism ; Climate change ; Debt Markets ; Economic Theory and Research ; Economic development ; Economics ; Emerging Markets ; Emission reductions ; Emissions ; Energy ; Energy Production and Transportation ; Energy and Environment ; Environment ; Environment and Energy Efficiency ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Information and Communication Technologies ; Macroeconomics and Economic Growth ; Private Sector Development ; Sustainable development
    Abstract: The Clean Development Mechanism, a provision of The Kyoto Protocol, allows countries that have pledged to reduce their greenhouse gas emissions to gain credit toward their treaty obligations by investing in projects located in developing (host) countries. Such projects are expected to benefit both parties by providing low-cost abatement opportunities for the investor-country, while facilitating capital and technology flows to the host country. This paper analyzes the Clean Development Mechanism market, emphasizing the cooperation aspects between host and investor countries. The analysis uses a dichotomous (yes/no) variable and three continuous variants to measure the level of cooperation, namely the number of joint projects, the volume of carbon dioxide abatement, and the volume of investment in the projects. The results suggest that economic development, institutional development, the energy structure of the economies, the level of country vulnerability to various climate change effects, and the state of international relations between the host and investor countries are good predictors of the level of cooperation in Clean Development Mechanism projects. The main policy conclusions include the importance of simplifying the project regulation/clearance cycle; improving the governance structure host and investor countries; and strengthening trade or other long-term economic activities that engage the countries
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    MPI Ethno. Forsch.
  • 65
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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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  • 66
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    What Matters to African Firms? : The Relevance of Perceptions Data (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: Gelb, Alan What Matters to African Firms?
    Keywords: Access To Credit ; Access To Finance ; Access to Finance ; Corruption ; Discrimination ; Earnings ; Economic Cooperation ; Emerging Markets ; Entrepreneurs ; Environment ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Governance ; Governance Indicators ; International Bank ; Microfinance ; Multinationals ; Private Sector Development ; Sales Growth ; Access To Credit ; Access To Finance ; Access to Finance ; Corruption ; Discrimination ; Earnings ; Economic Cooperation ; Emerging Markets ; Entrepreneurs ; Environment ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Governance ; Governance Indicators ; International Bank ; Microfinance ; Multinationals ; Private Sector Development ; Sales Growth ; Access To Credit ; Access To Finance ; Access to Finance ; Corruption ; Discrimination ; Earnings ; Economic Cooperation ; Emerging Markets ; Entrepreneurs ; Environment ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Governance ; Governance Indicators ; International Bank ; Microfinance ; Multinationals ; Private Sector Development ; Sales Growth
    Abstract: Can perceptions data help us understand investment climate constraints facing the private sector? Or do firms simply complain about everything? In this paper, the authors provide a picture of how firms' views on constraints differ across countries in Sub-Saharan Africa. Using the World Bank's Enterprise Surveys database, they find that reported constraints reflect country characteristics and vary systematically by level of income-the most elemental constraints to doing business (power, access to finance, ability to plan ahead) appear to be most binding at low levels of income. As countries develop and these elemental constraints are relaxed, governance-related constraints become more problematic. As countries move further up the income scale and the state becomes more capable, labor regulation is perceived to be more of a problem-business is just one among several important constituencies. The authors also consider whether firm-level characteristics-such as size, ownership, exporter status, and firms' own experience-affect firms' views on the severity of constraints. They find that, net of country and sector fixed effects and firm characteristics, firms' views do reflect their experience as evidenced by responses to other questions in surveys. The results suggest that there are both country-level and firm-level variations in the investment climate. Turning to the concept of "binding constraints," the Enterprise Surveys do not generally suggest one single binding constraint facing firms in difficult business climates. However, there do appear to be groups of constraints that matter more at different income levels, with a few elemental constraints being especially important at low levels and a few regulatory constraints at high levels, but a difficult range of governance-related constraints at intermediate levels. Adjusting to a constraint does not mean that firms then do not recognize it-for example, generator-owning firms are not distinguishable from other firms when ranking electricity as a constraint. Overall, firms do appear to discriminate between constraints in a reasonable way. Their views can provide a useful first step in the business-government consultative process and help in prioritizing more specific behavioral analysis and policy reforms
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  • 67
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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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  • 68
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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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  • 69
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    A Short Note On The ATP Fund of Denmark (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: Vittas, Dimitri A Short Note On The ATP Fund of Denmark
    Keywords: Debt Markets ; Emerging Markets ; Euro markets ; Finance and Financial Sector Development ; Financial Systems ; Investment and Investment Climate ; Investment policies ; Labor Market ; Macroeconomics and Economic Growth ; Mutual Funds ; Pension ; Pension fund ; Pension funds ; Pensions and Retirement Systems ; Private Sector Development ; Returns ; Social Protections and Labor ; Swaps ; Tax ; Debt Markets ; Emerging Markets ; Euro markets ; Finance and Financial Sector Development ; Financial Systems ; Investment and Investment Climate ; Investment policies ; Labor Market ; Macroeconomics and Economic Growth ; Mutual Funds ; Pension ; Pension fund ; Pension funds ; Pensions and Retirement Systems ; Private Sector Development ; Returns ; Social Protections and Labor ; Swaps ; Tax ; Debt Markets ; Emerging Markets ; Euro markets ; Finance and Financial Sector Development ; Financial Systems ; Investment and Investment Climate ; Investment policies ; Labor Market ; Macroeconomics and Economic Growth ; Mutual Funds ; Pension ; Pension fund ; Pension funds ; Pensions and Retirement Systems ; Private Sector Development ; Returns ; Social Protections and Labor ; Swaps ; Tax
    Abstract: The Danish ATP (Arbejdmarkedets TillaegsPension or Labor Market Supplementary Pension) fund is a public pension fund that was created in 1964 to complement the universal pension benefit that is financed from general tax revenues and is paid to all old-age residents. When it was created, participation in ATP was compulsory on most working people. But over the last decade or so compulsory coverage has been expanded to most recipients of transfer income. Contribution amounts are set in absolute terms, but are low relative to earnings (less than 1 percent of average earnings). ATP has benefited from scale economies and compulsory worker participation and has been able to operate with high efficiency and low costs. Its investment performance has been uneven over the years, reflecting the applied investment policies and rules as well as prevailing financial conditions. In recent years, it has been a leader among Danish pension institutions in adopting innovative investment policies and has enjoyed an enviable record of high investment returns and low operating costs. In addition, it has long offered deferred group annuities with guaranteed benefits and periodic bonuses (with profits policies). However, ATP also suffers from several weaknesses and shortcomings. It has a cumbersome governance structure, rooted in labor market relations and the role of social partners, while its group annuities have been based on rather 'idiosyncratic' risk-sharing arrangements. Nevertheless, it took the lead in using long-dated interest-rate swaps in euro markets and recently created a department that specializes in hedging its pension liabilities. And it is in the process of adopting a new plan for guaranteed benefits that aims to enhance the management of both investment and longevity risks
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  • 70
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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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  • 71
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    Integration of Markets Vs. Integration By Agreements (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: Aminian, Nathalie Integration of Markets Vs. Integration By Agreements
    Keywords: Emerging Markets ; Free Trade ; International Bank ; International Economics & Trade ; International Trade ; Law and Development ; Policy ReseaRch ; Private Sector Development ; Public Sector Development ; Regional Agreements ; Regional integration ; Regional trade ; Regional trade agreements ; Trade Law ; Trade Policy ; Trade and Regional Integration ; Trade policy ; Treaties ; World Trade Organization ; Emerging Markets ; Free Trade ; International Bank ; International Economics & Trade ; International Trade ; Law and Development ; Policy ReseaRch ; Private Sector Development ; Public Sector Development ; Regional Agreements ; Regional integration ; Regional trade ; Regional trade agreements ; Trade Law ; Trade Policy ; Trade and Regional Integration ; Trade policy ; Treaties ; World Trade Organization ; Emerging Markets ; Free Trade ; International Bank ; International Economics & Trade ; International Trade ; Law and Development ; Policy ReseaRch ; Private Sector Development ; Public Sector Development ; Regional Agreements ; Regional integration ; Regional trade ; Regional trade agreements ; Trade Law ; Trade Policy ; Trade and Regional Integration ; Trade policy ; Treaties ; World Trade Organization
    Abstract: This paper provides an analysis of the two channels of regional integration: integration via markets and integration via agreements. Given that East Asia and Latin America are two fertile regions where both forms of integrations have taken place, the authors examine the experiences of these two areas. There are four related results. First, East Asia had been integrating via markets long before formal agreements were in vogue in the region. Latin America, by contrast, has primarily used formal regional trade treaties as the main channel of integration. Second, despite the relative lack of formal regional trade treaties until recently, East Asia is more integrated among itself than Latin America. Third, from a purely economic and trade standpoint, the proper sequence of integrations seems to be first integrating via markets and subsequently via formal regional trade agreements. Fourth, regional trade agreements often serve multiple constituents. The reason why integrating via markets first can be helpful is because this can give stronger political bargaining power to the outward-looking economic-oriented forces within the country
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  • 72
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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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  • 73
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    Insurers : Too Many, Too Few, Or "Just Right"? (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: Thorburn, Craig Insurers
    Keywords: Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Gross domestic product ; MARKET SHARE ; Macroeconomics and Economic Growth ; Market conditions ; Market development ; Market entry ; Market risk ; Market risk assessments ; Markets and Market Access ; Monopolies ; Monopoly ; Price wars ; Private Sector Development ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Gross domestic product ; MARKET SHARE ; Macroeconomics and Economic Growth ; Market conditions ; Market development ; Market entry ; Market risk ; Market risk assessments ; Markets and Market Access ; Monopolies ; Monopoly ; Price wars ; Private Sector Development ; Debt Markets ; Emerging Markets ; Finance and Financial Sector Development ; Gross domestic product ; MARKET SHARE ; Macroeconomics and Economic Growth ; Market conditions ; Market development ; Market entry ; Market risk ; Market risk assessments ; Markets and Market Access ; Monopolies ; Monopoly ; Price wars ; Private Sector Development
    Abstract: In many markets, industry and policymakers agree that there may be too many insurers. In others, the consensus is that there could be benefit from more competition. But this broad consensus is often supported by evidence that is more qualitative, anecdotal, or judgmental despite being unanimous. What is less clear, however, is how far consolidation or liberalization will go, how fast, and when it will end. This paper presents some initial observations from a cross-country data set and proposes that individual country results can be interpreted against this data set to inform expectations regarding trends in competition, concentration and consolidation, to inform analysis of the sector, for individual firm strategic planning and wider market risk assessments. A "natural level" for measures is suggested as a starting hypothesis. Further consideration is then made of the role of absolute market size, stage of market development, and differentials between life and non life segments. Analysis of the natural level, adjusted for market conditions, can then be used to develop preliminary views on current and expected market dynamics, strategic planning, and to inform policy, regulatory and supervisory priorities
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  • 74
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    Intertemporal Adjustment And Fiscal Policy Under A Fixed Exchange Rate Regime (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: Aloy, Marcel Intertemporal Adjustment And Fiscal Policy Under A Fixed Exchange Rate Regime
    Keywords: Currencies and Exchange Rates ; Currency ; Currency board ; Debt Markets ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Fiscal Policy ; Fixed Exchange Rate ; Fixed Exchange Rate Regime ; Macroeconomic stability ; Macroeconomics and Economic Growth ; Monetary policy ; Open economies ; Poverty Reduction ; Private Sector Development ; Real exchange rate ; Currencies and Exchange Rates ; Currency ; Currency board ; Debt Markets ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Fiscal Policy ; Fixed Exchange Rate ; Fixed Exchange Rate Regime ; Macroeconomic stability ; Macroeconomics and Economic Growth ; Monetary policy ; Open economies ; Poverty Reduction ; Private Sector Development ; Real exchange rate ; Currencies and Exchange Rates ; Currency ; Currency board ; Debt Markets ; Economic Stabilization ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Fiscal Policy ; Fixed Exchange Rate ; Fixed Exchange Rate Regime ; Macroeconomic stability ; Macroeconomics and Economic Growth ; Monetary policy ; Open economies ; Poverty Reduction ; Private Sector Development ; Real exchange rate
    Abstract: The paper presents a dynamic model for small to medium open economies operating under a fixed exchange rate regime. The model provides a partial explanation of the channels through which fiscal and monetary policy affects the real exchange rate. An empirical investigation is conducted for the case of Argentina during the currency board period of 1991-2001. Empirical estimates show that fiscal policy may indeed be an efficient instrument for promoting macroeconomic stability insofar as it encourages convergence toward long-run equilibrium and alters the long-term balance between exports and consumption, both private and public. The simulation applied to Argentina shows that if the share of public spending in the economy is higher than the share of imports, an increase in the tax rate will stimulate capital stock slightly, at least in the short term, and depreciate the real effective exchange rate. In the long run, the fiscal policy affects the value of the real exchange rate and consequently external competitiveness
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  • 75
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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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  • 76
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    Measuring Distortions To Agricultural Incentives, Revisited (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: Anderson, Kym Measuring Distortions To Agricultural Incentives, Revisited
    Keywords: Agribusiness ; Agricultural Incentives ; Agricultural markets ; Agricultural policy ; Agriculture ; Agriculture ; Currencies and Exchange Rates ; Economic Theory and Research ; Emerging Markets ; Export ; Farm ; Farm products ; Farmers ; Finance and Financial Sector Development ; Import tariffs ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Quantitative restrictions ; Agribusiness ; Agricultural Incentives ; Agricultural markets ; Agricultural policy ; Agriculture ; Agriculture ; Currencies and Exchange Rates ; Economic Theory and Research ; Emerging Markets ; Export ; Farm ; Farm products ; Farmers ; Finance and Financial Sector Development ; Import tariffs ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Quantitative restrictions ; Agribusiness ; Agricultural Incentives ; Agricultural markets ; Agricultural policy ; Agriculture ; Agriculture ; Currencies and Exchange Rates ; Economic Theory and Research ; Emerging Markets ; Export ; Farm ; Farm products ; Farmers ; Finance and Financial Sector Development ; Import tariffs ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Quantitative restrictions
    Abstract: Notwithstanding the tariffication component of the Uruguay Round Agreement on Agriculture, import tariffs on farm products continue to provide an incomplete indication of the extent to which agricultural producer and consumer incentives are distorted in national markets. Especially in developing countries, non-agricultural policies indirectly impact agricultural and food markets. Empirical analysis aimed at monitoring distortions to agricultural incentives thus need to examine both agricultural and non-agricultural policy measures including import or export taxes, subsidies and quantitative restrictions, plus domestic taxes or subsidies on farm outputs or inputs and consumer subsidies for food staples. This paper addresses the practical methodological issues that need to be faced when attempting to undertake such a measurement task in developing countries. The approach is illustrated in two ways: by presenting estimates of nominal and relative rates of assistance to farmers in China for the period 1981 to 2005; and by summarizing estimates from an economy-wide computable general equilibrium model of the effects on agricultural versus non-agricultural markets of the project's measured distortions globally as of 2004
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  • 77
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    The Process of Financial Development : A Statistical View From The FSAP Program (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: Ize, Alain The Process of Financial Development
    Keywords: Banks & Banking Reform ; Corporate governance ; Debt Markets ; Economic development ; Emerging Markets ; Finance and Financial Sector Development ; Financial development ; Financial system ; Financial systems ; Income level ; International bank ; Labor Policies ; Moral hazard ; Private Sector Development ; Property rights ; Social Protections and Labor ; Trading ; Banks & Banking Reform ; Corporate governance ; Debt Markets ; Economic development ; Emerging Markets ; Finance and Financial Sector Development ; Financial development ; Financial system ; Financial systems ; Income level ; International bank ; Labor Policies ; Moral hazard ; Private Sector Development ; Property rights ; Social Protections and Labor ; Trading ; Banks & Banking Reform ; Corporate governance ; Debt Markets ; Economic development ; Emerging Markets ; Finance and Financial Sector Development ; Financial development ; Financial system ; Financial systems ; Income level ; International bank ; Labor Policies ; Moral hazard ; Private Sector Development ; Property rights ; Social Protections and Labor ; Trading
    Abstract: This paper uses a simple statistical approach to exploit some of the wealth of information contained in FSAP reports. The authors classify and count FSAP recommendations along a logical grid that reflects the fabric of financial activity and the ways in which states organize their policies in support of financial development. With some caveats reflecting the inherent limitations of the exercise, this analysis provides a simple monitoring tool to help understand the nature and evolution of the FSAP program. At the same time, it throws light on the nuts and bolts of the process of financial development and its inter-linkages with economic development. While many of the findings conform well to what one would expect, others are more surprising and also potentially more useful for understanding the inner workings of financial development
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    MPI Ethno. Forsch.
  • 78
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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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  • 79
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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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    MPI Ethno. Forsch.
  • 80
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    Regulatory Cooperation, Aid For Trade And The General Agreement On Trade In Services (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: Hoekman, Bernard Regulatory Cooperation, Aid For Trade And The General Agreement On Trade In Services
    Keywords: Banks and Banking Reform ; Best Market ; Business Practice ; Developing Countries ; Economic Theory and Research ; Emerging Markets ; Free Trade ; Growth Rate ; International Cooperation ; International Economics & Trade ; Liberalization ; Macroeconomics and Economic Growth ; Market Access ; Private Sector Development ; Regulators ; Technological Change ; Trade and Services ; World Trade ; Banks and Banking Reform ; Best Market ; Business Practice ; Developing Countries ; Economic Theory and Research ; Emerging Markets ; Free Trade ; Growth Rate ; International Cooperation ; International Economics & Trade ; Liberalization ; Macroeconomics and Economic Growth ; Market Access ; Private Sector Development ; Regulators ; Technological Change ; Trade and Services ; World Trade ; Banks and Banking Reform ; Best Market ; Business Practice ; Developing Countries ; Economic Theory and Research ; Emerging Markets ; Free Trade ; Growth Rate ; International Cooperation ; International Economics & Trade ; Liberalization ; Macroeconomics and Economic Growth ; Market Access ; Private Sector Development ; Regulators ; Technological Change ; Trade and Services ; World Trade
    Abstract: This paper discusses what could be done to expand services trade and investment through a multilateral agreement in the World Trade Organization. A distinction is made between market access liberalization and the regulatory preconditions for benefiting from market opening. The authors argue that prospects for multilateral services liberalization would be enhanced by making national treatment the objective of World Trade Organization services negotiations, thereby clarifying the scope of World Trade Organization commitments for regulators. Moreover, liberalization by smaller and poorer members of the World Trade Organization would be facilitated by complementary actions to strengthen regulatory capacity. If pursued as part of the operationalization of the World Trade Organization's 2006 Aid for Trade taskforce report, the World Trade Organization could become more relevant in promoting not just services liberalization but, more importantly, domestic reforms of services policies
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  • 81
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    Services Trade And Growth (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: Hoekman, Bernard Services Trade And Growth
    Keywords: Banks and Banking Reform ; Comparative Advantage ; Competitiveness ; Economic Growth ; Economic Theory and Research ; Emerging Markets ; GDP ; ICT Policy and Strategies ; Information and Communication Technologies ; Macroeconomics and Economic Growth ; National Income ; Open Economies ; Per Capita Income ; Private Sector Development ; Productivity ; Structural Change ; Telecommunications ; Transport ; Transport Economics, Policy and Planning ; Banks and Banking Reform ; Comparative Advantage ; Competitiveness ; Economic Growth ; Economic Theory and Research ; Emerging Markets ; GDP ; ICT Policy and Strategies ; Information and Communication Technologies ; Macroeconomics and Economic Growth ; National Income ; Open Economies ; Per Capita Income ; Private Sector Development ; Productivity ; Structural Change ; Telecommunications ; Transport ; Transport Economics, Policy and Planning ; Banks and Banking Reform ; Comparative Advantage ; Competitiveness ; Economic Growth ; Economic Theory and Research ; Emerging Markets ; GDP ; ICT Policy and Strategies ; Information and Communication Technologies ; Macroeconomics and Economic Growth ; National Income ; Open Economies ; Per Capita Income ; Private Sector Development ; Productivity ; Structural Change ; Telecommunications ; Transport ; Transport Economics, Policy and Planning
    Abstract: The competitiveness of firms in open economies is increasingly determined by access to low-cost and high-quality producer services - telecommunications, transport and distribution services, financial intermediation, etc. This paper discusses the role of services in economic growth, focusing in particular on channels through which openness to trade in services may increase productivity at the level of the economy as a whole, industries and the firm. The authors explore what recent empirical work suggests could be done to enhance comparative advantage in the production and export of services and how to design policy reforms to open services markets to greater foreign participation in a way that ensures not just greater efficiency but also greater equity in terms of access to services
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  • 82
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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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  • 83
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    Regulatory Agencies : Impact On Firm Performance And Social Welfare (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: Estache, Antonio Regulatory Agencies
    Keywords: Electric utilities ; Electricity sector ; Emerging Markets ; Energy ; Energy Production and Transportation ; Independent regulators ; Independent regulatory ; Infrastructure Economics and Finance ; Infrastructure Regulation ; Infrastructure industries ; Private Sector Development ; Private ownership ; Privatization ; Public Sector Economics and Finance ; Regulatory Agencies ; Regulatory agency ; Regulatory reforms ; Service delivery ; Electric utilities ; Electricity sector ; Emerging Markets ; Energy ; Energy Production and Transportation ; Independent regulators ; Independent regulatory ; Infrastructure Economics and Finance ; Infrastructure Regulation ; Infrastructure industries ; Private Sector Development ; Private ownership ; Privatization ; Public Sector Economics and Finance ; Regulatory Agencies ; Regulatory agency ; Regulatory reforms ; Service delivery ; Electric utilities ; Electricity sector ; Emerging Markets ; Energy ; Energy Production and Transportation ; Independent regulators ; Independent regulatory ; Infrastructure Economics and Finance ; Infrastructure Regulation ; Infrastructure industries ; Private Sector Development ; Private ownership ; Privatization ; Public Sector Economics and Finance ; Regulatory Agencies ; Regulatory agency ; Regulatory reforms ; Service delivery
    Abstract: The authors explore the relation between the establishment of a regulatory agency and the performance of the electricity sector. The authors exploit a unique dataset comprising firm-level information on a representative sample of 220 electric utilities from 51 development and transition countries for the years 1985 to 2005. Their results indicate that regulatory agencies are associated with more efficient firms and with higher social welfare
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  • 84
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    Competition And Demographics (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: Amin, Mohammad Competition And Demographics
    Keywords: Economic Theory and Research ; Education ; Emerging Markets ; Knowledge for Development ; Labor Policies ; Labor market ; Macroeconomics and Economic Growth ; Market competition ; Markets and Market Access ; Price setting ; Private Sector Development ; Product markets ; Retail ; Retail stores ; Retailing ; Social Protections and Labor ; Spread ; Suppliers ; Tying ; Economic Theory and Research ; Education ; Emerging Markets ; Knowledge for Development ; Labor Policies ; Labor market ; Macroeconomics and Economic Growth ; Market competition ; Markets and Market Access ; Price setting ; Private Sector Development ; Product markets ; Retail ; Retail stores ; Retailing ; Social Protections and Labor ; Spread ; Suppliers ; Tying ; Economic Theory and Research ; Education ; Emerging Markets ; Knowledge for Development ; Labor Policies ; Labor market ; Macroeconomics and Economic Growth ; Market competition ; Markets and Market Access ; Price setting ; Private Sector Development ; Product markets ; Retail ; Retail stores ; Retailing ; Social Protections and Labor ; Spread ; Suppliers ; Tying
    Abstract: Mainstream economics views demographic changes in the structure of households as of little relevance for the behavior of firms or the functioning of markets. The present paper dispels this view by arguing that changes in the number of non-workers could affect the intensity with which consumers search for best prices and therefore the level of competition. The author also analyzes the relationship between income and competition, which some studies suggest is negative. The author argues that the negative relationship is most likely due to the demographic factors discussed
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  • 85
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    Is Africa's Economy at a Turning Point? (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: Arbache, Jorge Is Africa's Economy at a Turning Point?
    Keywords: Economic Conditions and Volatility ; Economic Theory and Research ; Emerging Markets ; Governance ; Governance Indicators ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; economic expansion, economic growth, economic performance, External Shocks, growth performance, growth rates, income, inflation, low-income countries, middle-income economies ; Economic Conditions and Volatility ; Economic Theory and Research ; Emerging Markets ; Governance ; Governance Indicators ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; economic expansion, economic growth, economic performance, External Shocks, growth performance, growth rates, income, inflation, low-income countries, middle-income economies ; Economic Conditions and Volatility ; Economic Theory and Research ; Emerging Markets ; Governance ; Governance Indicators ; Macroeconomics and Economic Growth ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; economic expansion, economic growth, economic performance, External Shocks, growth performance, growth rates, income, inflation, low-income countries, middle-income economies
    Abstract: In this paper, Arbache, Go, and Page examine the recent acceleration of growth in Africa. Unlike the past, the performance is now registered broadly across several types of countries-particularly the oil-exporting and resource-intensive countries and, in more recent years, the large- and middle-income economies, as well as coastal and low-income countries. The analysis confirms a trend break in the mid-1990s, identifying a growth acceleration that is due not only to favorable terms of trade and greater aid, but also to better policy. Indeed, the growth diagnostics show that more and more African countries have been able to avoid mistakes with better macropolicy, better governance, and fewer conflicts; as a result, the likelihood of growth decelerations has declined significantly. Nonetheless, the sustainability of that growth is fragile, because economic fundamentals, such as savings, investment, productivity, and export diversification, remain stagnant. The good news in the story is that African economies appear to have learned how to avoid the mistakes that led to the frequent growth collapses between 1975 and 1995. The bad news is that much less is known about the recipes for long-term success in development, such as developing the right institutions and the policies to raise savings and diversify exports, than about how to avoid economic bad times
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  • 86
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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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  • 87
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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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  • 88
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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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    MPI Ethno. Forsch.
  • 89
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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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    MPI Ethno. Forsch.
  • 90
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    Migration And Education Decisions In A Dynamic General Equilibrium Framework (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: Dessus, Sebastien Migration And Education Decisions In A Dynamic General Equilibrium Framework
    Keywords: Currencies and Exchange Rates ; Debt Markets ; Dependency ratios ; Economic Theory and Research ; Education ; Emerging Markets ; Finance and Financial Sector Development ; Health, Nutrition and Population ; Human capital ; Inequality ; Investm ; Labor Markets ; Labor Policies ; Labor supply ; Macroeconomics and Economic Growth ; Migrant ; Migration ; Policy research ; Policy research working paper ; Population Policies ; Poverty Reduction ; Private Sector Development ; Progress ; Remittances ; Skilled workers ; Social Protections and Labor ; Tertiary Education ; Currencies and Exchange Rates ; Debt Markets ; Dependency ratios ; Economic Theory and Research ; Education ; Emerging Markets ; Finance and Financial Sector Development ; Health, Nutrition and Population ; Human capital ; Inequality ; Investm ; Labor Markets ; Labor Policies ; Labor supply ; Macroeconomics and Economic Growth ; Migrant ; Migration ; Policy research ; Policy research working paper ; Population Policies ; Poverty Reduction ; Private Sector Development ; Progress ; Remittances ; Skilled workers ; Social Protections and Labor ; Tertiary Education ; Currencies and Exchange Rates ; Debt Markets ; Dependency ratios ; Economic Theory and Research ; Education ; Emerging Markets ; Finance and Financial Sector Development ; Health, Nutrition and Population ; Human capital ; Inequality ; Investm ; Labor Markets ; Labor Policies ; Labor supply ; Macroeconomics and Economic Growth ; Migrant ; Migration ; Policy research ; Policy research working paper ; Population Policies ; Poverty Reduction ; Private Sector Development ; Progress ; Remittances ; Skilled workers ; Social Protections and Labor ; Tertiary Education
    Abstract: With growing international skilled labor mobility, education and migration decisions have become increasingly inter-related, and potentially have a large impact on the growth trajectories of source countries, through their effects on labor supply, savings, or the cost of education. The authors develop a generic dynamic general equilibrium model to analyze the education-migration nexus in a consistent framework. They use the model as a laboratory to test empirical conditions for the existence of net brain gain, that is, greater domestic accumulation of human capital (in per capita terms) with greater migration of skilled workers. The results suggest that although some structural parameters can favor simultaneously greater human capital accumulation and greater skilled migration - such as high ratio of remittances over domestic incomes, high dependency ratios in migrant households, low dependency ratios in source countries, increasing returns to scale in the education sector, technological transfers and export market access with Diasporas, and efficient financial markets - this does not necessarily mean that greater migration encourages the constitution of greater stocks of human capital in source countries
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    MPI Ethno. Forsch.
  • 91
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    Trade Effects of Regional Standards Liberalization : A Heterogeneous Firms Approach (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (44 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Baller, Silja Trade Effects of Regional Standards Liberalization
    Keywords: Asymmetric Information ; Bilateral Trade ; Competition Policy ; Consumer Protection ; Consumers ; Debt Markets ; E-Business ; Economic Theory and Research ; Emerging Markets ; Exports ; Finance and Financial Sector Development ; Fixed Costs ; Free Trade ; Goods ; Influence ; Inputs ; International Economics & Trade ; Labor Policies ; Law and Development ; Macroeconomics and Economic Growth ; Markets ; Markets and Market Access ; Negative Externalition ; Private Sector Development ; Public Sector Development ; Social Protections and Labor ; Trade Law ; Trade Policy ; Trade and Regional Integration ; Asymmetric Information ; Bilateral Trade ; Competition Policy ; Consumer Protection ; Consumers ; Debt Markets ; E-Business ; Economic Theory and Research ; Emerging Markets ; Exports ; Finance and Financial Sector Development ; Fixed Costs ; Free Trade ; Goods ; Influence ; Inputs ; International Economics & Trade ; Labor Policies ; Law and Development ; Macroeconomics and Economic Growth ; Markets ; Markets and Market Access ; Negative Externalition ; Private Sector Development ; Public Sector Development ; Social Protections and Labor ; Trade Law ; Trade Policy ; Trade and Regional Integration ; Asymmetric Information ; Bilateral Trade ; Competition Policy ; Consumer Protection ; Consumers ; Debt Markets ; E-Business ; Economic Theory and Research ; Emerging Markets ; Exports ; Finance and Financial Sector Development ; Fixed Costs ; Free Trade ; Goods ; Influence ; Inputs ; International Economics & Trade ; Labor Policies ; Law and Development ; Macroeconomics and Economic Growth ; Markets ; Markets and Market Access ; Negative Externalition ; Private Sector Development ; Public Sector Development ; Social Protections and Labor ; Trade Law ; Trade Policy ; Trade and Regional Integration
    Abstract: This study investigates trade effects of the regional liberalization of technical barriers to trade (TBTs) in the form of harmonization and mutual recognition agreements (MRAs) for testing procedures. The theoretical part of the paper is framed in terms of a heterogeneous firms approach. This paper adds to the existing literature by formalizing the effects of MRAs and harmonization initiatives on bilateral trade flows and by applying this new theoretical framework in the empirical part of the paper. The latter consists of a two-stage gravity estimation and investigates sectoral effects of TBT liberalization on parties to the agreement as well as excluded industrial and developing countries. It finds that MRAs have a strong positive influence on both export probabilities and trade volumes for partner countries. Regarding harmonization, results seem to suggest that the impact on parties to the agreement is negligible, however that on excluded OECD countries is large and positive. Third party developing countries do not seem to benefit from the market integration effect brought about by harmonization in other regions. Overall, effects on the probability that a new firm will export are much more pronounced than effects on the trade volumes of incumbent exporters
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  • 92
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    Foreign Bank Participation And Crises In Developing Countries (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (43 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Cull, Robert Foreign Bank Participation And Crises In Developing Countries
    Keywords: Bank ; Bank Acquisitions ; Bank For International Settlements ; Bank Mergers ; Bank of Greece ; Banking ; Banking Crises ; Banking Sector ; Banks and Banking Reform ; Cred Distressed Banks ; Debt Markets ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Interest ; Financial Literacy ; Foreign Direct Investment ; International Economics & Trade ; Private Sector Development ; Bank ; Bank Acquisitions ; Bank For International Settlements ; Bank Mergers ; Bank of Greece ; Banking ; Banking Crises ; Banking Sector ; Banks and Banking Reform ; Cred Distressed Banks ; Debt Markets ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Interest ; Financial Literacy ; Foreign Direct Investment ; International Economics & Trade ; Private Sector Development ; Bank ; Bank Acquisitions ; Bank For International Settlements ; Bank Mergers ; Bank of Greece ; Banking ; Banking Crises ; Banking Sector ; Banks and Banking Reform ; Cred Distressed Banks ; Debt Markets ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Interest ; Financial Literacy ; Foreign Direct Investment ; International Economics & Trade ; Private Sector Development
    Abstract: This paper describes the recent trends in foreign bank ownership in developing countries, summarizes the existing evidence on the causes and implications of foreign bank presence, and reexamines the link between banking crises and foreign bank participation. Using data on the share of banking sector assets held by foreign banks in over 100 developing countries during 1995-2002, the results show that countries that experienced a banking crisis tended to have higher levels of foreign bank participation than those that did not. Furthermore, panel regressions indicate that foreign participation increased as a result of crises rather than prior to them. However, post-crisis increases in foreign participation did not coincide with increased credit to the private sector, perhaps because in many cases foreign banks acquired distressed banks
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    MPI Ethno. Forsch.
  • 93
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    Will Markets Direct Investments Under The Kyoto Protocol ? (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Larson, Donald F Will Markets Direct Investments Under The Kyoto Protocol ?
    Keywords: Climate Change ; Debt Markets ; Economic Theory and Research ; Economics ; Economies ; Emerging Markets ; Emissions ; Energy ; Energy Production ; Environment ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Financial Literacy ; Greenhouse Effect ; Greenhouse Gases ; Incentives ; Information ; Interest ; International Economics & Trade ; Investment ; Investment and Investment Climate ; Investments ; Joint Implementation ; Macroeconomics and Economic Growth ; Non Bank Financial Institutions ; Private Sector Development ; Climate Change ; Debt Markets ; Economic Theory and Research ; Economics ; Economies ; Emerging Markets ; Emissions ; Energy ; Energy Production ; Environment ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Financial Literacy ; Greenhouse Effect ; Greenhouse Gases ; Incentives ; Information ; Interest ; International Economics & Trade ; Investment ; Investment and Investment Climate ; Investments ; Joint Implementation ; Macroeconomics and Economic Growth ; Non Bank Financial Institutions ; Private Sector Development ; Climate Change ; Debt Markets ; Economic Theory and Research ; Economics ; Economies ; Emerging Markets ; Emissions ; Energy ; Energy Production ; Environment ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Financial Literacy ; Greenhouse Effect ; Greenhouse Gases ; Incentives ; Information ; Interest ; International Economics & Trade ; Investment ; Investment and Investment Climate ; Investments ; Joint Implementation ; Macroeconomics and Economic Growth ; Non Bank Financial Institutions ; Private Sector Development
    Abstract: Under the Kyoto Protocol, countries can meet treaty obligations by investing in projects that reduce or sequester greenhouse gases elsewhere. Prior to ratification, treaty participants agreed to launch country-based pilot projects, referred to collectively as Activities Implemented Jointly (AIJ), to test novel aspects of the project-related provisions. Relying on a 10-year history of projects, the authors investigate the determinants of AIJ investment. Their findings suggest that national political objectives and possibly deeper cultural ties influenced project selection. This characterization differs from the market-based assumptions that underlie well-known estimates of cost-savings related to the Protocol's flexibility mechanisms. The authors conclude that if approaches developed under the AIJ programs to approve projects are retained, benefits from Kyoto's flexibility provisions will be less than those widely anticipated
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  • 94
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    The International Financial Integration of China And India (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (55 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Lane, Philip R The International Financial Integration of China And India
    Keywords: Balance Sheets ; Bank Policy ; Borrowers ; Capital Flows ; Currencies and Exchange Rates ; Debt ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equity ; Exchange ; Exchange Rate ; External Assets ; Finance and Financial Sector Development ; Financial Developments ; Financial Liberalization ; Financial Literacy ; Holdings ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Private Sector Development ; Balance Sheets ; Bank Policy ; Borrowers ; Capital Flows ; Currencies and Exchange Rates ; Debt ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equity ; Exchange ; Exchange Rate ; External Assets ; Finance and Financial Sector Development ; Financial Developments ; Financial Liberalization ; Financial Literacy ; Holdings ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Private Sector Development ; Balance Sheets ; Bank Policy ; Borrowers ; Capital Flows ; Currencies and Exchange Rates ; Debt ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equity ; Exchange ; Exchange Rate ; External Assets ; Finance and Financial Sector Development ; Financial Developments ; Financial Liberalization ; Financial Literacy ; Holdings ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Private Sector Development
    Abstract: Three main features characterize the international financial integration of China and India. First, while only having a small global share of privately-held external assets and liabilities (with the exception of China's foreign direct investment liabilities), these countries are large holders of official reserves. Second, their international balance sheets are highly asymmetric: both are "short equity, long debt." Third, China and India have improved their net external positions over the past decade although, based on their income level, neoclassical models would predict them to be net borrowers. Domestic financial developments and policies seem essential in understanding these patterns of integration. These include financial liberalization and exchange rate policies, domestic financial sector policies, and the impact of financial reform on savings and investment rates. Changes in these factors will affect the international financial integration of China and India (through shifts in capital flows and asset and liability holdings) and, consequently, the international financial system
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  • 95
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    Current Challenges In Financial Regulation (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (48 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Claessens, Stijn Current Challenges In Financial Regulation
    Keywords: Bank ; Banking ; Banking Supervision ; Banks ; Banks and Banking Reform ; Basle Core Principles ; Capital ; Capital Markets ; Consolidation ; Debt Markets ; E-Finance and E-Security ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial ; Financial Integration ; Financial Intermediation ; Financial Literacy ; Financial Regulation ; Labor Policies ; Macroeconomics and Economic Growth ; Non Bank Finance ; Private Sector Development ; Social Protections and Labor ; Bank ; Banking ; Banking Supervision ; Banks ; Banks and Banking Reform ; Basle Core Principles ; Capital ; Capital Markets ; Consolidation ; Debt Markets ; E-Finance and E-Security ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial ; Financial Integration ; Financial Intermediation ; Financial Literacy ; Financial Regulation ; Labor Policies ; Macroeconomics and Economic Growth ; Non Bank Finance ; Private Sector Development ; Social Protections and Labor ; Bank ; Banking ; Banking Supervision ; Banks ; Banks and Banking Reform ; Basle Core Principles ; Capital ; Capital Markets ; Consolidation ; Debt Markets ; E-Finance and E-Security ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial ; Financial Integration ; Financial Intermediation ; Financial Literacy ; Financial Regulation ; Labor Policies ; Macroeconomics and Economic Growth ; Non Bank Finance ; Private Sector Development ; Social Protections and Labor
    Abstract: Financial intermediation and financial services industries have undergone many changes in the past two decades due to deregulation, globalization, and technological advances. The framework for regulating finance has seen many changes as well, with approaches adapting to new issues arising in specific groups of countries or globally. The objectives of this paper are twofold: to review current international thinking on what regulatory framework is needed to develop a financial sector that is stable, yet efficient, and provides proper access to households and firms; and to review the key experiences regarding international financial architecture initiatives, with a special focus on issues arising for developing countries. The paper outlines a number of areas of current debate: the special role of banks, competition policy, consumer protection, harmonization of rules-across products, within markets, and globally-and the adaptation and legitimacy of international standards to the circumstances facing developing countries. It concludes with some areas where more research would be useful
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  • 96
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    Trade Liberalization, Employment Flows, And Wage Inequality In Brazil (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (56 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Ferreira, Francisco H.G Trade Liberalization, Employment Flows, And Wage Inequality In Brazil
    Keywords: Agriculture ; Capital Incomes ; Debt Markets ; Development ; Distribution ; Economic Theory and Research ; Economy ; Emerging Markets ; Exchange ; Finance and Finance ; Financial Literacy ; Free Trade ; Goods ; Growth Rate ; Income ; Industry ; Inequality Measures ; International Economics & Trade ; Labor Markets ; Labor Policies ; Macroeconomics and Economic Growth ; Prices ; Private Sector Development ; Public Sector Development ; Social Protections and Labor ; Theory ; Total Factor Production ; Trade Law ; Trade Policy ; Water Resources ; Water and Industry ; Agriculture ; Capital Incomes ; Debt Markets ; Development ; Distribution ; Economic Theory and Research ; Economy ; Emerging Markets ; Exchange ; Finance and Finance ; Financial Literacy ; Free Trade ; Goods ; Growth Rate ; Income ; Industry ; Inequality Measures ; International Economics & Trade ; Labor Markets ; Labor Policies ; Macroeconomics and Economic Growth ; Prices ; Private Sector Development ; Public Sector Development ; Social Protections and Labor ; Theory ; Total Factor Production ; Trade Law ; Trade Policy ; Water Resources ; Water and Industry ; Agriculture ; Capital Incomes ; Debt Markets ; Development ; Distribution ; Economic Theory and Research ; Economy ; Emerging Markets ; Exchange ; Finance and Finance ; Financial Literacy ; Free Trade ; Goods ; Growth Rate ; Income ; Industry ; Inequality Measures ; International Economics & Trade ; Labor Markets ; Labor Policies ; Macroeconomics and Economic Growth ; Prices ; Private Sector Development ; Public Sector Development ; Social Protections and Labor ; Theory ; Total Factor Production ; Trade Law ; Trade Policy ; Water Resources ; Water and Industry
    Abstract: Using nationally representative, economywide data, this paper investigates the relative importance of trade-mandated effects on industry wage premia; industry and economywide skill premia; and employment flows in accounting for changes in the wage distribution in Brazil during the 1988-95 trade liberalization. Unlike in other Latin American countries, trade liberalization appears to have made a significant contribution toward a reduction in wage inequality. These effects have not occurred through changes in industry-specific (wage or skill) premia. Instead, they appear to have been channeled through substantial employment flows across sectors and formality categories. Changes in the economywide skill premium are also important
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  • 97
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    Can Sub-Saharan Africa Leap Into Global Network Trade ? (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (29 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Subramanian, Uma Can Sub-Saharan Africa Leap Into Global Network Trade ?
    Keywords: Access to Markets ; Banks and Banking Reform ; Bilateral Trade ; Debt Markets ; Development ; E-Business ; Economic Cooperation ; Economic Theory and Research ; Emerging Markets ; Exports ; Finance and Financial Sector Development ; Free Markets ; Goods ; Incentives ; Inputs ; Interest ; International Economics & Trade ; International Trade ; Investment ; Labor Policies ; Macroeconomics and Economic Growth ; Markets and Market Access ; Natural Resources ; Private Sector Development ; Public Sector Development ; Social Protections and Labor ; Trade Policy ; Transpor ; Transport ; Access to Markets ; Banks and Banking Reform ; Bilateral Trade ; Debt Markets ; Development ; E-Business ; Economic Cooperation ; Economic Theory and Research ; Emerging Markets ; Exports ; Finance and Financial Sector Development ; Free Markets ; Goods ; Incentives ; Inputs ; Interest ; International Economics & Trade ; International Trade ; Investment ; Labor Policies ; Macroeconomics and Economic Growth ; Markets and Market Access ; Natural Resources ; Private Sector Development ; Public Sector Development ; Social Protections and Labor ; Trade Policy ; Transpor ; Transport ; Access to Markets ; Banks and Banking Reform ; Bilateral Trade ; Debt Markets ; Development ; E-Business ; Economic Cooperation ; Economic Theory and Research ; Emerging Markets ; Exports ; Finance and Financial Sector Development ; Free Markets ; Goods ; Incentives ; Inputs ; Interest ; International Economics & Trade ; International Trade ; Investment ; Labor Policies ; Macroeconomics and Economic Growth ; Markets and Market Access ; Natural Resources ; Private Sector Development ; Public Sector Development ; Social Protections and Labor ; Trade Policy ; Transpor ; Transport
    Abstract: This paper examines opportunities for Sub-Saharan African countries to effectively participate in globalization, particularly given the increasing interest of China and India in Sub-Saharan Africa. How can Sub-Saharan Africa fully engage and gain benefits from global network trade? Over the past 15 years Asia has become Africa's fastest growing export market. Asian countries are much more open to trade than Europe or America. There seems to be no evidence to suggest that this trend will not continue in the near future. The authors acknowledge the numerous caveats in Asia's growing interest in the African continent, not least the "resource curse" of exports that are heavily concentrated on oil, minerals, and raw materials, as well as the fierce competition from Asia's cheap manufactured exports. However, they believe that there is strong evidence to suggest a clear potential for South-South cooperation in trade and investment. Drawing on evidence from their extensive research into international value chains, the authors identify five critical factors for effective participation in global network trade: price, speed-to-market, labor productivity, flexibility, and product quality. Underlying competitive performance of these critical factors are a country's policies and institutions. Effective policies, efficient institutions, and the necessary infrastructure will ensure the best outcome for trading countries. To improve the depth and sustainability of these five critical factors, it is important that developing countries create a supportive policy and institutional framework from the outset
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  • 98
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    Enhancing The Efficiency of Securities Markets In East Asia (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (27 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Ghosh, Swati Enhancing The Efficiency of Securities Markets In East Asia
    Keywords: Bank Policy ; Capital Markets ; Corporate Governance ; Debt Markets ; Diversified Investor ; Diversified Investor Base ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Market ; Lending ; Liquidity ; Market ; Private Sector Development ; Securities ; Bank Policy ; Capital Markets ; Corporate Governance ; Debt Markets ; Diversified Investor ; Diversified Investor Base ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Market ; Lending ; Liquidity ; Market ; Private Sector Development ; Securities ; Bank Policy ; Capital Markets ; Corporate Governance ; Debt Markets ; Diversified Investor ; Diversified Investor Base ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Market ; Lending ; Liquidity ; Market ; Private Sector Development ; Securities
    Abstract: The authors explore the relative efficiency of stock markets across countries using newly available data on transactions costs and the quality of the informational environment of stock markets. These new measures are constructed from firm-level stock returns in a panel of 60 countries for the period 2000-04. The authors then develop a framework to understand the linkages between efficiency, liquidity, and their determinants. To give empirical content to the framework, they study the determinants of transactions costs and the quality of the informational environment. They find that some institutional arrangements-such as the availability of stock lending and short selling-and the openness of markets are associated with lower transactions costs. The authors also find that, although disclosure rules for directors and officers of listed firms are essential, the ability of shareholders to seek redress is more conducive to a better informational environment in stock markets. This in turn serves as the basis for the policy framework and recommendations for the East Asian region. In particular, the region needs to continue to strengthen the implementation and enforcement of corporate governance, to further enhance the market and institutional infrastructure, and focus on policy measures to foster a larger and more diversified investor base to continue to see gains in the efficiency of stock markets
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  • 99
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    Rules of Origin In Services : A Case Study of Five ASEAN Countries (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (26 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Fink, Carsten Rules of Origin In Services
    Keywords: Dienstleistungshandel ; Freihandelsabkommen ; Herkunftsbezeichnung ; ASEAN-Staaten ; Agreement On Trade ; Banks and Banking Reform ; Bilateral Trade ; Border Trade ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Exporters ; Exports ; External Tariffs ; Finance and Financial Sector Development ; Free Trade ; Free Trade ; Free Trade Agreements ; International Economics & Trade ; Law and Development ; Liberalization of Trade ; Macroeconomics and Economic Growth ; Market Access ; Preferential ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Public Sector Development ; Trade ; Trade Law ; Trade and Services ; Agreement On Trade ; Banks and Banking Reform ; Bilateral Trade ; Border Trade ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Exporters ; Exports ; External Tariffs ; Finance and Financial Sector Development ; Free Trade ; Free Trade ; Free Trade Agreements ; International Economics & Trade ; Law and Development ; Liberalization of Trade ; Macroeconomics and Economic Growth ; Market Access ; Preferential ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Public Sector Development ; Trade ; Trade Law ; Trade and Services ; Agreement On Trade ; Banks and Banking Reform ; Bilateral Trade ; Border Trade ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Exporters ; Exports ; External Tariffs ; Finance and Financial Sector Development ; Free Trade ; Free Trade ; Free Trade Agreements ; International Economics & Trade ; Law and Development ; Liberalization of Trade ; Macroeconomics and Economic Growth ; Market Access ; Preferential ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Public Sector Development ; Trade ; Trade Law ; Trade and Services
    Abstract: An important question in the design of bilateral and regional free trade agreements (FTAs) covering services is to what extent nonmembers benefit from the trade preferences that are negotiated among members. This question is resolved through services rules of origin. The restrictiveness of rules of origin determines the degree of preferences entailed in market opening commitments, shaping the bargaining incentives of FTAs and their eventual economic effects. Even though the number of FTAs in services has increased rapidly in recent years, hardly any research is available that can guide policymakers on the economic implications of different rules of origin. After outlining the key economic tradeoffs and options for rules of origin in services, the paper summarizes the main findings of a research project that has assessed the rules of origin question for five countries in the ASEAN region. For selected service subsectors and a number of criteria for rules or origin, simulation exercises evaluated which service providers would or would not be eligible for preferences negotiated under a FTA. Among other findings, the simulation results point to the binding nature of a domestic ownership or control requirement and, for the specific case of financial services, a requirement of incorporation
    URL: Volltext  (Deutschlandweit zugänglich)
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    MPI Ethno. Forsch.
  • 100
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    Online Resource
    Political Accountability And Regulatory Performance In Infrastructure Industries : An Empirical Analysis (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (58 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Gasmi, Farid Political Accountability And Regulatory Performance In Infrastructure Industries
    Keywords: Accountability Variables ; Debt Markets ; E-Business ; Economic Development ; Economic Incentives ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Governance ; Governance ; Governance Indicators ; Growth ; Growth Performance ; Infrastructure Economics and Finance ; Infrastructure Regulation ; Institutional Environment ; Institutional Quality ; Macroeconomics and Economic Growth ; Market Economies ; Measure ; National Governance ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Science and Technology Development ; Accountability Variables ; Debt Markets ; E-Business ; Economic Development ; Economic Incentives ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Governance ; Governance ; Governance Indicators ; Growth ; Growth Performance ; Infrastructure Economics and Finance ; Infrastructure Regulation ; Institutional Environment ; Institutional Quality ; Macroeconomics and Economic Growth ; Market Economies ; Measure ; National Governance ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Science and Technology Development ; Accountability Variables ; Debt Markets ; E-Business ; Economic Development ; Economic Incentives ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Governance ; Governance ; Governance Indicators ; Growth ; Growth Performance ; Infrastructure Economics and Finance ; Infrastructure Regulation ; Institutional Environment ; Institutional Quality ; Macroeconomics and Economic Growth ; Market Economies ; Measure ; National Governance ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Science and Technology Development
    Abstract: The aim of this paper is to empirically explore the relationship between the quality of political institutions and the performance of regulation, an issue that has recently occupied much of the policy debate on the effectiveness of infrastructure industry reforms. Taking the view that political accountability is a key factor that links political structures and regulatory processes, the authors investigate, for the case of telecommunications, its impact on the performance of regulation in two time-series-cross-sectional data sets on 29 developing countries and 23 industrial countries covering the period 1985-99. In addition to confirming some well documented results on the positive role of regulatory governance in infrastructure industries, the authors provide empirical evidence on the impact of the quality of political institutions and their modes of functioning on regulatory performance. The analysis of the data sets shows that the (positive) effect of political accountability on the performance of regulation is stronger in developing countries. An important policy implication of this finding is that future reforms in these countries should give due attention to the development of politically accountable systems
    URL: Volltext  (Deutschlandweit zugänglich)
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    MPI Ethno. Forsch.
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