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  • Washington, D.C : The World Bank  (888)
  • Finance and Financial Sector Development  (888)
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  • 1
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other ESW Reports
    Keywords: Finance and Financial Sector Development ; Matching Grants ; Mutual Funds ; Science and Technology Development ; Tech Incubator Program for Startup ; Technology Innovation ; Tips
    Abstract: This report investigates the case of a Korean public-private matching grant program called the Tech Incubator Program for Startup (TIPS). Launched in 2013, the program provides a package of support to selected startups, including matching grant for research and development (R and D) and mentorship, for up to three years. After ten years in operation, TIPS is particularly well suited to answer the question of whether public funding can help startups innovate and subsequently improve their performance. Using a dataset that includes 1,650 startups that applied for TIPS between 2013 and 2020, this research analyzes the effects of TIPS on recipients' performance and offers empirical evidence to inform entrepreneurship policy. The results show that TIPS positively affected startup performance one year after selection in terms of innovation input and output, although it did not have a significant effect on revenue or research collaboration activities. The report concludes with five lessons derived from Korea's policy experience in designing and implementing TIPS: (i) a well-designed coordination mechanism may serve as a viable public-private partnership model for fostering innovative startups, (ii) a co-investment model can crowd in private investment and achieve a multiplier effect by reducing the risk of investment in early-stage startups, (iii) complementary supports that target different stages of the startup lifecycle are needed, (iv) patient capital and continuity in entrepreneurial policy with a long-term view are key to nurturing a vibrant entrepreneurial ecosystem, and (v) constant engagement with beneficiaries through data collection and monitoring enables the development of a dynamic monitoring and evaluation mechanism
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  • 2
    Language: English
    Pages: 1 Online-Ressource (32 pages)
    Parallel Title: Erscheint auch als Fiuratti, Frederico Are Regional Fiscal Multipliers on EU Structural and Investment Fund Spending Large? A Reassessment of the Evidence
    Keywords: Agriculture ; Covid-19 Economic Recovery Package ; Environment ; EU Economies ; European Union ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Fiscal Multiplier ; Green Issues ; Monetary Union ; Short-Term Regional Fiscal Stimulus ; Social Risk Management ; Sustainable Green Growth
    Abstract: The European Commission's "NextGenerationEU" COVID-19 recovery package has underscored interest in the size of regional fiscal multipliers in Europe. While the objective of these funds is the long-term transformation toward more sustainable green growth and digitalization in EU economies, several recent papers have also focused on their short-term stimulatory effects and have estimated large short-term regional multipliers on historical EU structural and investment fund spending. This has contributed to a view that EU funds can boost growth substantially not only in the long term, but also in the short term in countries receiving large flows, particularly in Central and Eastern Europe. This paper reevaluates the evidence by estimating regional short-term multipliers using recent data on EU fund spending and a leave-one-out predicted disbursement schedule instrument. In contrast with much of the recent literature, there is little evidence of large relative GDP multipliers at either the national or subnational level in the short term. This is despite a strong response of regional investment to EU funds, which often increases euro for euro. The results suggest that expectations should be tempered on using EU structural and investment funds as a tool for short-term regional fiscal stimulus, and instead policy makers may want to focus on the long-term benefits of EU funds, in line with their original purpose
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  • 3
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Equitable Growth, Finance and Institutions Insight
    Keywords: Finance and Financial Sector Development ; Firm-Level ; Global Statistics ; Public and Municipal Finance ; Public Procurement ; WBES
    Abstract: Public procurement is at the intersection between the public and the private sectors. Policy makers and practitioners are increasingly paying attention to the potential catalytic role of public procurement to promote economic growth and inclusive and sustainable development, for example through participation of SMEs and women-owned firms in this market. However, despite a growing academic literature, there is still limited evidence on the link between public procurement and firms, which this paper contributes to address in two ways. First, this paper provides guidance on how to design a high-quality firm-level survey to study public procurement from the perspective of firms. Second, this paper presents some of the statistics and stylized facts that can be generated on public procurement from the existing World Bank Enterprise Surveys data, covering more than 150 countries worldwide. To sustain evidence-based policies in public procurement, firm-level survey data can be a valuable source of information on public procurement market. In particular, it can capture dimensions such as views and perceptions of firms that cannot be observed from e-government procurement data, it allows to study firms that never entered the public procurement market, and it provides data for countries that have not adopted an eGP system yet. Together with legislative and institutional reviews, and the analysis of transactional procurement data, firm-level survey data can be used to identify weaknesses of a public procurement system and inform reform efforts. This paper is part of a broader effort to continuously expand the available data, statistics, and tools for evidence-based policy making in public procurement
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  • 4
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Public Expenditure Review
    Keywords: Finance and Financial Sector Development ; Fiscal and Monetary Policy ; Macroeconomic Performance ; Macroeconomics and Economic Growth ; Public and Municipal Finance ; Public Expenditure ; Public-Private Partnership ; Revenue Mobilization ; State-Owned Enterprises (SOEs)
    Abstract: The Lao PDR is facing unprecedented macroeconomic challenges, which jeopardize hard-won development gains. Over the past two decades, the country attracted considerable foreign investment and fostered regional integration, which contributed to a long period of high economic growth. Many human development indicators improved during the period 2000-2019, including child and maternal mortality, school enrolment, income poverty, and gender equity. However, economic growth was predominantly driven by large-scale investments in capital intensive sectors, such as mining and hydropower, which created few jobs and entailed environmental costs. Moreover, many public investments were financed by external debt, gradually jeopardizing debt sustainability and macroeconomic stability. Long-standing structural vulnerabilities have been exacerbated by the impacts of the COVID-19 pandemic and adverse global macroeconomic conditions. Since 2021, the national currency has depreciated considerably, and inflation soared. This has had a large negative impact on living standards, with many households struggling to cope. Meanwhile, limited spending on education, health, and social protection is undermining human capital and thus economic growth prospects. Significant debt pressures, especially short-term external liquidity constraints, have pushed the country into debt distress. This Public Finance Review identifies priority reforms to restore macroeconomic stability and boost prosperity. The objective of this review is to assess recent macro-fiscal performance, evaluate emerging fiscal risks, and propose policy reforms to secure fiscal sustainability, restore macroeconomic stability, and promote shared prosperity. This report is comprised of five chapters covering the main aspects of fiscal management: chapter 1 evaluates recent macroeconomic performance while placing fiscal policy in the broader macroeconomic context. Chapter 2 assesses domestic revenue mobilization efforts and scope for reforms to enhance tax collection. Chapter 3 investigates the size and composition of public expenditure, as well as measures to increase its efficiency and effectiveness. Chapter 4 discusses reforms of state-owned enterprises with a view to improving their financial performance, operational management, and corporate governance. Chapter 5 documents the experience with public-private partnerships and provides recommendations to maximize value for money and reduce fiscal risks
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  • 5
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Risk and Vulnerability Assessment
    Keywords: Disaster Finance ; DRFI ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; NCA ; North Central America
    Abstract: The objective of this feasibility study is to identify disaster risk finance and insurance (DRFI) solutions for up to 1.9 million family farmers in El Salvador, Guatemala, and Honduras. This study is motivated by an emerging consensus on the need to design and implement large-scale DRFI solutions to improve the financial resilience of family farmers in North Central America (NCA) and reduce their vulnerability to extreme weather events and climate risks. The feasibility study provides an initial assessment of the technical, operational, financial, and policy considerations for developing and implementing DRFI solutions for family farmers in NCA. The feasibility study considers lessons learned from existing large-scale DRFI solutions in peer countries as well as ongoing programs and pilots in NCA
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  • 6
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: IEG Independent Evaluations and Annual Reviews
    Keywords: Climate Change ; Conflict ; CPE ; Development Challenges ; Finance and Development ; Finance and Financial Sector Development ; Natural Disasters
    Abstract: This Country Program Evaluation (CPE) will assess the performance of the World Bank Group's support to Nepal in achieving its development objectives between 2014 and 2023. The evaluation will focus on the Bank Group's support to Nepal as it tackled its long-term development challenges while undertaking political and institutional reforms relating to the shift to federalism and responding to multiple shocks and disasters. This period covered by this evaluation spans the last two country strategies--the FY14-18 Country Partnership Strategy (CPS) and the FY19-23 Country Partnership Framework (CPF). The CPE will assess the adaptive relevance and coherence of the Bank Group-supported program by examining how the Bank Group has adapted its support over time in response to changing conditions and priorities. This will include an examination of the Bank Group's response to the 2015 earthquakes and the COVID-19 pandemic. The evaluation will assess the Bank Group's work in three important thematic areas--resilience to natural disasters, federalism, and jobs and private sector development--in greater depth
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  • 7
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: IEG Independent Evaluations and Annual Reviews
    Keywords: Finance and Development ; Finance and Financial Sector Development ; Financial Support ; IDA ; Jobs ; Labor Markets ; Reform ; Social Protections and Labor
    Abstract: This evaluation is the first stage of the Independent Evaluation Group's assessment of the World Bank's support for more, better, and more inclusive jobs through International Development Association (IDA) financing, and it assesses the implementation of IDA-supported interventions directly supporting its jobs objectives across the three Replenishment cycles from fiscal years 2015 to 2022. Supporting the creation of more, better, and more inclusive jobs is critical towards achieving the goals of poverty reduction and shared prosperity in countries. This is especially true for countries that are eligible for International Development Association (IDA) financing. Since 2014, IDA has included jobs as a special theme, and subsequent IDA replenishments have had what this evaluation calls an 'IDA jobs strategy.' This strategy included explicit objectives, a series of policy commitments to achieve them, and results indicators to track them. This evaluation represents the first stage of the Independent Evaluation Group's assessment of the World Bank's performance in supporting more, better, and more inclusive jobs through IDA financing. It assesses the implementation of IDA-supported interventions that directly supported its jobs objectives across the three Replenishment cycles from fiscal years 2015 to 2022. The evaluation answers two questions: (i) To what extent IDA's strategy on jobs was grounded in sound analytics, adaptive, and operationally relevant (ii) To what extent the strategy has been translated into relevant and effective jobs interventions that directly address the objectives of more, better, and more inclusive jobs The scope of the evaluation is limited to the three main channels for achieving IDA jobs objectives: acting on labor demand, increasing labor supply, and improving labor market flexibility and geographic mobility. The report offers recommendations for further strengthening of the IDA jobs agenda towards the objective of supporting more, better, and more inclusive jobs
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  • 8
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Public Expenditure Review
    Keywords: Finance and Development ; Finance and Financial Sector Development ; Fiscal Policy ; Fiscal Spending ; Governance ; Government Revenue
    Abstract: Bulgaria has traditionally adhered to fiscal discipline and prudent fiscal policy since the introduction of its currency board arrangement in mid-1997. After a gradual decline in the 2000s, public debt has remained among the lowest in the European Union (EU), hovering in a narrow band between 17 and 29 percent of gross domestic product (GDP) for the last 10 years. The low level of public debt has been supported by relatively low fiscal deficits or even surpluses in some years. This has helped the fiscal system absorb recent shocks relatively unscathed and provided sufficient fiscal space to address emerging crises and limit the scarring on economic activity, the labor market, and incomes. This report provides fresh evidence on Bulgaria's fiscal landscape and some of the key issues that fiscal policy may need to address going forward. To start with, the report looks at opportunities to increase revenue collection with two special focuses - the value-added tax (VAT) compliance gap and health taxes (excises on tobacco and alcohol products). Social spending effectiveness in reducing headline poverty and child poverty in particular also requires urgent attention from policy makers. An updated fiscal incidence analysis shows that Bulgaria's fiscal system has a limited impact on overall poverty; neither is it effective in addressing child poverty, as it reduces it by just 0.3 percentage points
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  • 9
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Risk and Vulnerability Assessment
    Keywords: Catastrophe Risk Financing Strategy ; Disaster Risk Insurance ; Disaster Risk Strategy ; Economic Policy, Institutions and Governance ; Finance and Financial Sector Development ; Hazard Risk Management ; Insurance and Risk Mitigation ; Macroeconomics and Economic Growth ; Natural Disaster Preparedness ; Ukaid ; Urban Development
    Abstract: The objective of this report is to make recommendations for the Government of the Commonwealth of Dominica (GoCD) for the formulation of a country-specific comprehensive disaster risk financing (DRF) strategy, based on the assessment of the legislative, financial management, fiscal, and insurance market environment in Dominica. The key activities of the present review are twofold: (a) to review the existing data that would inform the quantification of Dominica's contingent liabilities to natural hazards, as well as current practices in DRF and (b) to conduct a review of the existing public financial management (PFM) and insurance market with respect to DRF by reviewing laws, regulations, practices, existing protocols and systems, and macroeconomic conditions. This report is envisioned to be used as a planning tool for the potential development of a comprehensive DRF strategy that would equip the Ministry of Finance and Investment (MoF) with information and instruments to manage contingent liabilities posed by natural hazards. This report presents recommendations for a cost-effective DRF strategy in Dominica, drawing heavily on international experience, country-specific information, and similar conditions in Small Island Developing States (SIDS) with limited fiscal space. These complementary resources for a national DRF strategy are based on a preliminary fiscal risk analysis and a review of the current budget management of disasters in Dominica. The report benefits from the international experience of the World Bank and the approach outlined in its operational DRF and insurance framework, which has assisted several countries worldwide, including in the Caribbean (Belize, Grenada, St. Vincent and the Grenadines, Jamaica, and so on) in the design and implementation of sovereign catastrophe risk financing strategies. This report tailors the approach to the institutional, social, and economic context of Dominica
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  • 10
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other ESW Reports
    Keywords: Finance and Financial Sector Development ; Insurance and Risk Mitigation ; Insurance Guarantee Schemes ; Liquidation Process ; Resolution Regime
    Abstract: A well-developed efficient insurance sector plays an important role in any economy. This role is supported by effective regulation and supervision with the aim of having a sound insurance sector that is growing, offering adequate covers, contributing to employment and investment, ensuring reduced exposure to poverty, and increasing shared prosperity. These objectives go beyond merely protecting the interests of policyholders. They recognize that the insurance sector plays a much larger role in the economy, even for those who are not policyholders or beneficiaries. Failure of insurers can undermine these objectives. Failure events might best be defined broadly and from a consumer perspective rather than through a literal analysis of a legal definition. It is clear that such events could have an adverse impact on both the policyholders and beneficiaries directly involved as well as the broader market. As a result, the insurance sector maintains a high level of resilient providers with a well-developed system catering to orderly resolution. It is also noted that politics can add to the challenges of managing an insurer failure. Media and local politics can lead to significant pressure either regionally or nationally. While the normal activity of dealing with a crisis event is drawing heavily on the resources of the supervisory authorities, this additional layer of activity is usually not trivial. In some situations, political engagement is needed to secure the necessary mechanisms for resolution. Given the variety of actual situations that arise, it is often the case that politicians need to be engaged in the solution
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  • 11
    Language: English
    Pages: 1 Online-Ressource (59 pages)
    Parallel Title: Erscheint auch als Beck, Thorsten Banking in Africa: Opportunities and Challenges in Volatile Times
    Keywords: Access To Finance ; Banking ; Banking Systems ; Finance and Financial Sector Development ; Financial Cycles ; Financial Inclusion ; Financial Innovation ; Financial Stability ; Social Development ; Social Inclusion and Institutions
    Abstract: This paper surveys existing literature and data to take stock of the current state of banking systems across Sub-Saharan Africa. It documents different dimensions of the development of the banking systems in the region and compares Africa's banking systems to those of comparable low- and lower-middle-income countries outside the region. The paper also discusses the progress in policies and institutions underpinning financial deepening and the results of specific innovations to reach traditionally unbanked segments of the population, such as innovative branch expansion programs, mobile banking, and new financial products. In view of the COVID-19 pandemic, the paper discusses government support for financial systems and banking sector performance during crises. Overall, the survey shows a picture of achievements and challenges, with progress along some fronts but other challenges persisting even as new ones arise, including the turning of the global financial cycle in 2022/23 and increasing geopolitical tensions
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  • 12
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Public Expenditure Review
    Keywords: Education Equity ; Finance and Development ; Finance and Financial Sector Development ; Fiscal Policies ; Private Sector Development ; Public and Municipal Finance ; Public Finance Management
    Abstract: Mauritius's economy has grown dramatically since the country's independence in 1968, and its rapid development offers a powerful example for developing economies worldwide. However, growth dynamism has waned in recent years. In addition, Mauritius was hard-hit by the COVID-19 pandemic and headwinds from Russia's war in Ukraine. Nevertheless, Mauritius has shown strong resilience, and with an economic recovery now well underway, the government has an opportunity to implement structural reforms to boost inclusive growth and sustainably regain high-income status. Reorienting the country's fiscal policy will be critical to this effort, to better align revenues and expenditures and to strengthen macroeconomic stability, which played a major role in Mauritius's economic success. Mauritius's transition to a knowledge-based economy will also require a robust competitive environment and sustained investment in human capital and innovation. This report identifies opportunities to enhance the impact of fiscal policy on macroeconomic stability and accelerate the transition toward greener, more resilient, and knowledge-based growth. The recommended reforms are designed to prioritize investment in productive assets while continuing to meet the social needs of an aging society in a cost-effective manner and strengthening resilience against climate change and other shocks. The report also identifies opportunities to leverage Mauritius's low-carbon growth potential in line with the focus of its most recent budgets
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  • 13
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: COVID-19 ; Finance and Development ; Finance and Financial Sector Development ; Post-Pandemic ; Public Debt ; Social Protections and Assistance ; Social Protections and Labor ; Tourism ; Travel-Dependent
    Abstract: This publication is the inaugural edition of the future publication series on Pacific Economic Update (PEU). It consists of two parts. Part A analyzes the recent economic developments in Pacific Islands. Based on these developments, the PI EU summarizes the outlook for the region's economies and risks to this outlook. Second, the PEU provides an in-depth examination of a public debt issues in the Pacific and proposes policy recommendations to address public debt related challenges. The PEU is intended for a broad set of audience, including regional forums, policy makers, business leaders, international donors and the community of analysts and professionals engaged in the economies of Pacific Island countries. In dealing with the challenges of rising inflation, tepid recovery from the pandemic and global slowdown, the PICs should strike a balance between supporting livelihoods and reducing future public debt risks. The need for fiscal support during the current environment of high inflation and tepid economic recovery is understandable as it provides the much needed relief for vulnerable households and businesses to navigate the crisis. Nonetheless, these support measures create significant fiscal burdens, and are unsustainable, particularly if the high energy and food prices persist longer than envisaged. Most PICs already face low capacity to finance unexpected shocks which would be further tested by a natural disaster event. Therefore, PICs should tread a delicate balance between fiscal support measures and achieving fiscal sustainability. Any forthcoming fiscal support should be well-targeted, time-bound, and deficit-neutral. Over the medium-term, fiscal efficiency gains and ongoing donor support is critical to finance key development challenges and climate adaptation. Revenue-based fiscal consolidation measures could include improving the efficiency of tax collections and eliminating tax exemptions. On the expenditure side, PICs have limited room to sharply cut spending given the expected modest growth and ongoing development needs. Therefore, it becomes imperative to improve the efficiency of public spending, to maximize social dividends for every dollar spent. Resulting savings from fiscal consolidation measures could help build sovereign wealth funds to provide added fiscal buffers during shocks and economic downturns. Due to high vulnerability to disasters and climate change, PICs will need to seek ongoing concessional financing for critical climate adaptation and development needs
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  • 14
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (45 pages)
    Parallel Title: Erscheint auch als Jaud, Melise Export Survival: The Role of Banks and Stock Markets
    Keywords: Access to Finance ; Bank vs Stock Market ; Collateralizable Assets ; Finance and Financial Sector Development ; Finance Transmission ; Financing Export Survival ; Stock Market Financing of Exports ; Transmission To Real Economy
    Abstract: Banks and stock markets play distinct roles in helping exporters survive in foreign markets, conditional on the specific financial needs of exported products. Stock markets rather than banks help exporters who lack easily collateralizable tangible assets. Active rather than large stock markets promote exports of products requiring high levels of working capital. And the trade credit can act as a substitute for external financing only from banks and only in the presence of well-established export links. These results on product-level export survival provide new insights into the transmission process from finance to the real economy
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  • 15
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: IEG Independent Evaluations and Annual Reviews
    Keywords: Additionality ; Banking Sector ; Capacity Building ; Finance and Financial Sector Development ; Financial Additionality ; Financial Collaboration ; Financial Competition ; Governance ; Non Bank Financial Institutions ; Nonfinancial Additionality
    Abstract: Additionality is a core feature of private sector development finance institutions (DFIs). It is the unique contribution that a DFI or a multilateral/ bilateral bank brings to a private investment project that is not offered by commercial sources of finance. The key idea is that the investment project should add value without crowding out private sector activity. Identifying and articulating project additionality is particularly important in middle- income countries (MICs) since financial markets in MICs are more developed, and private investment far exceeds official development assistance. This evaluation report examines the relevance and effectiveness of IFC's approach to additionality in MICs and seeks to explain the factors that contribute to or constrain its realization. While the evaluation focuses on IFC's additionality on the level of the project, it also applies the lens of country and sector context to draw additional learning. Thus, it considers whether additionality can occur beyond the level of a single project-for example, at the country and sector level. Both at the project level and beyond the project, the evaluation derives lessons and offers recommendations on how IFC can further strengthen its additionality
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  • 16
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Equitable Growth, Finance and Institutions Insight
    Keywords: COVID-19 ; Finance and Development ; Finance and Financial Sector Development ; Financial Structures ; Financial Systems ; Non-Performing Loan ; NPL ; War in Ukraine
    Abstract: The COVID-19 crisis combined with the global repercussions from the Russian invasion of Ukraine exacerbated the stress on financial systems around the world. More than 150 countries introduced policy measures to support the financial sector amid the COVID-19 pandemic. Such measures included debt moratoria, loan forbearance, and the relaxation of classification and provisioning rules, a truly unprecedented response in its scale and speed. Central Asia is no exception. Policy makers in the region introduced temporary measures to support the financial sector during the COVID-19 pandemic. But even before one crisis is contained, the region faces another crisis stemming from the repercussions of the Russian war in Ukraine. Central Asian countries have strong economic and financial ties with Russia, which have, in turn, affected trade, remittances, the subsidiary operation of Russian banks, corresponding banking relationships, payment channels, among other systems. The compounded effect of the two crises has increased the pressure on both the repayment capacity of borrowers and the financial management of banks and other creditors. This report assesses the NPL resolution framework in four Central Asian countries (Kazakhstan, the Kyrgyz Republic, Tajikistan, and Uzbekistan) and provides recommendations for improving it. Chapter 1 discusses the current trend in NPLs in Central Asia. Chapter 2 assesses how assets are classified and covered. Chapter 3 reviews the NPL reduction workout techniques practiced in Central Asia. Chapter 4 investigates supervisory measures that can be adapted to reduce NPLs. Chapter 5 reviews the role that the insolvency and creditors' rights framework play in this process. The report concludes in chapter 6 with specific recommendations for enhancing the readiness of banks and insolvency regimes for dealing with NPLs. Table 1 summarizes these recommendations
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  • 17
    Language: English
    Pages: 1 Online-Ressource (62 pages)
    Parallel Title: Erscheint auch als D'Aoust, Olivia Territorial Productivity Differences and Dynamics within Latin American Countries
    Keywords: Capital Markets and Capital Flows ; Finance and Financial Sector Development ; Income Convergence ; Labor Earnings ; Location Effects ; Spatial Analysis ; Territorial Inequality ; Urbanization
    Abstract: The paper documents the evolution of territorial disparities in labor and location productivity in 14 countries in Latin America, using millions of observations from harmonized household surveys and censuses. Between the early 2000s and the late 2010s, most countries in the region experienced significant reductions in regional inequality as real labor incomes and location productivity premia converged at the first and second administrative levels. The leveling up reflected both the slowdown in productivity growth in affluent predominantly urban municipalities and the catchup of relatively poor, predominantly rural municipalities. Absolute convergence narrowed the labor income gaps with leading metropolitan areas, including the disparitites exploitable through migration, especially among the bottom 40 percent of households, as cities de-industrialized, yet continued to attract migrants. On the eve of the Covid-19 pandemic, income disparities with leading metropolitan areas remained high in nearly all countries, largely due to differences in educational attainment, but in a few countries, large differences in returns to endowments indicate potentially significant returns to migration to the leading metropolitan areas, especially for residents of relatively poor, remote regions. Rather than a clear rural-urban-metropolitan divide, in most countries the paper documents substantial overlap between the location-premia distributions of different types of second-level administrative areas and small differences between the average urban and rural place productivity premia
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  • 18
    Language: English
    Pages: 1 Online-Ressource (31 pages)
    Parallel Title: Erscheint auch als Cull, Robert Trade Credit: Theory and Evidence for Emerging Economies and Developing Countries
    Keywords: Access To Finance ; Banking Institutions ; Capital Markets and Capital Flows ; Finance and Financial Sector Development ; Financial Development and Growth ; International Trade ; Medium-Sized Firms ; Private Sector Development ; Trade Credit
    Abstract: Trade credit remains an important source of finance for firms in developing countries and many firms in developed countries, especially those that are young, small, or informationally opaque for other reasons. This paper summarizes the literature and explains the pervasiveness of trade credit, detailing its potential advantages over formal credit in terms of the information that buyers and sellers have about each other and their ability to monitor one another. Because it requires less formal contract enforcement, trade credit can be especially relevant where the rule of law and the legal system are weak. At the same time, reliance on information from social networks and informal institutional arrangements limits the scale of trade credit, and thus moderate improvements to formal enforcement can expand trade credit beyond social networks and enable customers to switch suppliers, which improves their credit terms. The patterns suggest a sweet spot or "Goldilocks" region where mid-size firms and those in countries at middling levels of development tend to rely relatively more heavily on trade credit than others. Going forward, detailed data on the relationship between suppliers and customers are crucial to enable more direct tests of theoretical predictions regarding trade credit
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  • 19
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Financial Sector Assessment Program
    Keywords: EAP ; Economic Growth ; Finance and Development ; Finance and Financial Sector Development ; Financial Sector ; Macroeconomics and Economic Growth ; Private Sector ; Technical Assistance
    Abstract: The overarching objective of the Seoul Center for Finance and Innovation partnership was to improve and develop financial and private sectors in the East Asia and Pacific (EAP) region by delivering better technical assistance and advisory services to EAP countries. To achieve this objective, the Seoul Center provides grants to provide demand-driven, priority technical assistance and support capacity-building needs in EAP client countries. Since 2012, a total of 32 KTF grants have been allocated to 10 EAP countries and 2 regions (EAP and Global) in three phases. This limited scope impact assessment was undertaken on behalf of the Finance, Competitiveness, and Innovation Seoul Center Korean Trust Fund (KTF) in accord with an agreed term of reference. The purpose of this assignment is to carry out an independent impact assessment of select East Asia Pacific (EAP) country-level technical assistance and advisory grant funded projects completed over ten years from 2012 through 2022. The assessment of results realized focused on fifteen country-level TA and advisory KTF grant funded activities concluded by end-2022
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  • 20
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other Infrastructure Study
    Keywords: Digital Businesses ; Digital Economy ; Digital Financial Services ; Digital Infrastructure ; Digital Public Platforms ; Digital Skills ; E-Finance and E-Security ; Finance and Financial Sector Development ; Infrastructure Economics and Finance ; Infrastructure Finance ; Infrastructure Regulation ; Trust Environment
    Abstract: This report analyzes the current state of, challenges to, and opportunities for the development of a digital economy and proposes six policy priorities for the Government of Colombia (GoC). The report is based on the World Bank's Digital Economy Assessment methodology, which analyzes the digital economy across six pillars or foundational elements: digital infrastructure, digital platforms, digital financial services, digital businesses, digital skills, and trust environment
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  • 21
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Financial Sector Assessment Program
    Keywords: DEBT ; Economic Forecasting ; Economic Growth ; Excessive Credit Growth ; Finance and Development ; Finance and Financial Sector Development ; Financial Inclusion Gaps ; Financial Sector Reform ; Macroeconomics and Economic Growth
    Abstract: The Republic of Korea's astonishing economic development commenced shortly after the end of the Korean war. Today, Korea is the world's tenth largest economy based on gross domestic product, a key development partner of the World Bank Group, an important contributor to the International Development Association, the fund established to support the world's poorest countries, and a unique international donor. Over the past decade, the East Asia and Pacific region has experienced significant economic growth and development. This has been especially evident in the financial sector. Nevertheless, many challenges remain. Risks such as excessive credit growth, asset bubbles, high levels of household and corporate debt have emerged, increasing the vulnerability of the financial sector to shocks. Consequently, ensuring the stability and resilience of the financial sector is crucial for sustainable economic development in the region. When it comes to financial inclusion, despite the good progress made in many developing countries in the region, there are still significant gaps across the region. A large portion of the population in some countries in the region especially in rural areas and among vulnerable groups, still lack access to formal financial services such as savings account and payment systems. This hampers their ability to save, invest and participate in the formal economy, limiting their economic opportunities and potential growth. Against this backdrop, with the support of the Korea Trust Fund, the World Bank has made a significant impact in enhancing the financial sector in the East Asia and Pacific region. These selected stories speak to the positive impact that the Seoul Center's partnership with the Ministry of Economy and Finance has had within the recipient countries. The booklet presents these in detail
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  • 22
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other Health Study
    Keywords: Consistency ; Equity ; Finance and Financial Sector Development ; Financial Regulation and Supervision ; Health Financing ; Health Insurance ; Health Policy and Management ; Health, Nutrition and Population ; Impartiality ; UHC ; Universal Health Coverage
    Abstract: The report offers decision support on fair processes for policy choices relating to health financing for universal health coverage (UHC). It opens by making the case for why fair processes matter for health financing. It argues that procedural fairness contributes to fairer outcomes, strengthens the legitimacy of decision processes, builds trust in authorities, and promotes the sustainability of reforms on the path to UHC. The report then describes key health financing decisions with an impact on equity in service coverage and financial protection, where issues of procedural fairness are particularly important. Next, it offers principles and criteria for designing and assessing the processes around these health financing decisions and provides suggestions for how to make them fairer. Finally, the report examines country experiences with diverse instruments that can be used to operationalize principles and criteria for fair processes in health financing decision-making
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  • 23
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: 2203
    Keywords: Alcohol ; Finance and Financial Sector Development ; Food and Nutrition Policy ; Health Taxes ; Health, Nutrition and Population ; High-Quality Health Care ; Macroeconomics and Economic Growth ; Sugar-Sweetened Beverages ; Tax Revenue ; Taxation and Subsidies ; Tobacco ; Universal Health Coverage
    Abstract: This report has been prepared by the World Bank, at the request of the MoH, to support ongoing efforts to improve population health and revenue mobilization in the sector. The study estimates the health impacts of increasing taxation on SSBs, alcohol, and tobacco across gender and income-quintiles. The revenue potential of these taxes is also explored. The target audience for these findings includes senior policymakers and technical advisers in the MoH, Ministry of Economy, and Ministry of Finance (MoF). The remainder of this report is organized as follows. In Chapter 2, the authors reviewthe current state of health and consumption taxes in Armenia. Chapter 3 outlines themethods used to estimate the change in tax revenue and consumption of alcohol, tobacco, and SSBs. Chapter 4 reports the analysis results, including the potentialadditional fiscal space and health gains. Finally, chapter 5 presents the conclusionsbased on the findings
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  • 24
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: 2185
    Keywords: Adaptation To Climate Change ; Capital Markets and Capital Flows ; Central Banks ; Environment ; Finance and Financial Sector Development ; Financial Instruments ; Financial Technology ; Global Initiatives ; Green Bonds ; International Capital Markets ; Mutual Funds ; Public Sector ; Sustainability
    Abstract: This fifth edition of the 'Emerging Market Green Bonds Report' reviews key green, social, sustainability, and sustainability-linked (GSSS) bond market trends in 2022 and outlines our expectations for 2023 and beyond. It also discusses the implications for the asset class of recent developments in policy, regulation, and technology. As in the previous four editions, this year's report is also the result of joint work by Amundi, a leading European asset manager, and the International Finance Corporation (IFC), a member of the World Bank Group
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  • 25
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (53 pages)
    Parallel Title: Erscheint auch als Allen, Franklin Reducing Carbon using Regulatory and Financial Market Tools
    Keywords: Capital Markets and Capital Flows ; Carbon Emissions ; Carbon Policy and Trading ; Carbon Pricing ; Carbon Tax ; Climate Change Mitigation and Green House Gases ; Climate Shocks and Co2 ; Environmental Governance ; Finance and Financial Sector Development ; Global Carbon Emissions ; Sustainability-Linked DEBT ; Voter Welfare
    Abstract: This paper studies the conditions under which debt securities that make the cost of debt contingent on the issuer's carbon emissions, similar to sustainability-linked loans and bonds, can be equivalent to a carbon tax. The paper proposes a model in which standard and environmentally-oriented agents can adopt polluting and nonpolluting technologies, with the latter being less profitable than the former. A carbon tax can correct the laissez-faire economy in which the polluting technology is adopted by standard agents, but requires sufficient political support. Carbon-contingent securities provide an alternative price incentive for standard agents to adopt the nonpolluting technology, but require sufficient funds to fully substitute the regulatory tool. Absent political support for the tax, carbon-contingent securities can only improve welfare, but the same is not true when some support for a carbon tax exists. Understanding the conditions under which the regulatory and capital market tools are substitutes or complements within one economy is an important steppingstone in thinking about carbon pricing globally. It sheds light, for instance, on how developed economies can deploy finance to curb carbon emissions in developing economies where support for a carbon tax does not exist
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  • 26
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: IEG Independent Evaluations and Annual Reviews
    Keywords: Access To Finance ; Assessment of World Bank Effectiveness ; Equity and Development ; Finance and Financial Sector Development ; Financial Inclusion Policy ; Financial Reform ; Financial Services ; Gender ; Gender and Economic Policy ; Institutional Reform ; Poverty Impact Evaluation ; Poverty Reduction
    Abstract: This evaluation explores how and with what effect the World Bank Group has supported financial inclusion for the microenterprises, poor households, women, and other excluded groups. Financial inclusion is defined as the use of financial services by individuals and firms. It encompasses financial access-owning an account-and the use of financial services. There has been an impressive growth in account ownership globally, from 55% of adults in 2014 to 71% in 2021, although usage is more limited as some accounts are inactive. Critically, both financial access and the use of financial services remain major challenges for microenterprises, poor households, women, and other excluded groups. The objective of the evaluation is to assess whether the Bank Group has been doing the right things and whether it has been doing things right on financial inclusion. The evaluation captures lessons from the World Bank's experience supporting financial inclusion for microenterprises, poor households, women, and other excluded groups and updates a 2015 financial inclusion evaluation. The evaluation includes a retrospective look at the drive for universal financial access and examines progress and challenges in women's access to financial services. The evaluation also assesses the Bank Group's support for digital financial services as vehicles for financial inclusion. Finally, the report examines the World Bank's response to COVID-19 as it relates to financial inclusion. The evaluation proposes three recommendations: (i) The World Bank and IFC should further encourage account use by underserved groups, including women and rural poor people, and emphasize this more in their strategies and projects. (ii) The World Bank and IFC should design and implement more comprehensive approaches that address constraints in the enabling environment for DFS to reach underserved and excluded groups. (iii) To enhance learning on what works to increase the beneficial use of financial services at the MPWEG, the World Bank and IFC should collect outcome data across different underserved and excluded groups, initially on a pilot basis
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  • 27
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Public Expenditure Review
    Keywords: Access To Finance ; Basic Education Financing ; Education ; Education Sector Strategy and Lending ; Finance and Financial Sector Development ; Financial Regulation and Supervision ; Policies ; Public and Municipal Finance ; Public Funding ; Public Spending ; Zanzibar
    Abstract: Since 2015, because of healthy economic growth and a strong commitment to strengthening human capital, Zanzibar has made significant progress in the provision of good quality basic education services. Government spending has risen and has supported ambitious plans to provide inclusive and equitable access to quality education and skills training. Since 2015, sector targets for increasing access to public services were largely met in education, and in some instances surpassed. Yet despite these significant successes, the basic education sector continues to face challenges in providing good-quality services and reaching the marginalized. This Zanzibar Basic Education Public Expenditure Review aims to: (i) assess the scale of the financing challenge in basic education (preprimary, primary, and secondary education); (ii) analyze the adequacy, efficiency, and equity of current levels and uses of public spending on education; and (iii) from this analysis, and drawing on relevant international practices, present a set of policy suggestions for improvements in public funding for basic education in Zanzibar
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  • 28
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: Climate Change ; Climate Change Policy and Regulation ; Decntralization ; Economic Growth ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Public and Municipal Finance ; Public Investment ; Public Sector Development
    Abstract: The latest Taking Stock report shows that Vietnam's economic growth slowed from 8% in 2022 to 3.7% in the first half of 2023. It forecasts a moderate growth of 4.7% in 2023, gradually accelerating to 5.5% in 2024 and 6.0% in 2025. However, the economy faces external and domestic headwinds. Vietnam has ample fiscal space and a proactive fiscal policy supporting short-term demand, removing barriers to the implementation of public investment, and addressing infrastructure constraints can help the economy achieve these targets and promote long-term growth. The report's special chapter studies Vietnam's public investment management and how it can contribute to the goal of becoming a high income economy. To harness the power of public investment, the report recommends that Vietnam sustain its level of investment, improve the quality of the proposed project, and address deficiencies in public investment management and inter-governmental fiscal institutions
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  • 29
    Language: English
    Pages: 1 Online-Ressource (47 pages)
    Parallel Title: Erscheint auch als Cull, Robert Digital Payments and the COVID-19 Shock: The Role of Preexisting Conditions in Banking, Infrastructure, Human Capabilities, and Digital Regulation
    Keywords: Covid-19 Lockdown ; Covid-19 Shock ; Digital Divide ; Digital Infrastructure ; Digital Payment ; Finance and Financial Sector Development ; Financial Inclusion ; ICT Policy and Strategies ; Information and Communication Technologies
    Abstract: Treating data collected pre- and post-COVID-19 as a quasi-experiment, this paper examines the importance of presumed enablers and safeguards in driving the observed expansion of digital payments and digital financial inclusion. The analysis interacts drivers of digital payment usage with a country-specific proxy of the severity of the COVID-19 shock, leveraging variation in both the drivers and the quasi-treatment (the COVID-19 shock) to identify the parameters. Although regulation of banks and digital economic activity were correlated with digital payments before and during the pandemic, the capabilities of users and connectivity (to electricity, the internet, and mobile telephony) were responsible for increased use of digital financial services in response to the shock. An interpretation is that governments and the private sector were able to overcome underdeveloped banking systems and weak regulation of the digital economy, but only where there was adequate digital infrastructure, connectivity, and a high share of the population that understood and could make use of digital payments
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  • 30
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: 2201
    Keywords: Access of Poor To Social Services ; Access To Finance ; Access To Services ; Digital Divide ; Finance and Financial Sector Development ; G20 ; Inclusive Cities ; Information and Communication Technologies ; National Urban Development Policies and Strategies ; Poverty Reduction ; Roles of Stakeholders ; Sustainability and Resilience ; Urban Development
    Abstract: In both G20 and non-G20 countries alike, cities have a crucial role to play in the achievement of national development goals. Already, cities generate more than 80 percent of global GDP and, with a share of the global population that is projected to reach nearly 70 percent by 2050, up from the current share of around 57 percent, the global importance of cities will only grow further in the decades ahead. However, whether the cities of tomorrow can fulfil their potential as drivers of national economic development will depend, to a large extent, on how inclusive they are - that is to say, the extent to which they are able to provide all their residents with quality access to services, markets, and spaces. This is because not only is inclusion in and of itself important, but because more inclusive cities are also both more prosperous and more resilient cities. At the same time, many policies that contribute to inclusive urban development carry important co-benefits for both climate change mitigation and adaptation, as well as vice versa. In this context, this report addresses four important questions: (a) What is an inclusive city (b) How inclusive are cities in G20 member and guest countries, as well as in other countries, globally today (c) What instruments should policymakers draw-on to make the cities of tomorrow more inclusive or, to put it more succinctly, what can policymakers do to make their cities more inclusive And, finally, (d) What are the roles of different stakeholders - city leaders and their associated local governments; national governments, including their ministries of finance; the private sector; civil society organizations; and others - in the effective wielding of these instruments or, to put it more bluntly, who needs to do what
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  • 31
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: 2206
    Keywords: Digital Government Strategy ; Digitization Policy ; E-Governance Transition ; E-Government ; Electronic Registries ; European Commission ; Finance and Financial Sector Development ; Governance ; Information and Communication Technologies ; Sustainable Digital Transformation
    Abstract: This report, which is funded by the EU under the Support to Public Sector Management Reform Project in BiH, presents an assessment of e-services and key enablers that underpin an efficient and user-centric digital government in the RS, including recommendations for further development. The assessment was conducted at the request of and in close collaboration with the RS Ministry of Scientific and Technological Development, Higher Education and Information Society (MNRVOID). The report is meant to inform the RS Government's future reform plans in the area of digitization
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  • 32
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: 2109
    Keywords: Capital Spending ; Finance and Financial Sector Development ; Fiscal and Monetary Policy ; Macro-Fiscal Policy ; Macroeconomics and Economic Growth ; Public and Municipal Finance ; Public Health Spending ; Social Protection ; Universal Health Insurance
    Abstract: Armenia's fiscal performance has improved during the past two decades, supported by reforms. Revenue collection has converged with income and regional peers, overall spending levels have remained prudent, and debt levels remain sustainable. Fiscal policy has been counter-cyclical and progressive but has had a limited impact on economic growth. Spending efficiency is a key area of concern. Expenditure efficiency in areas such as infrastructure, road transport, health, and education are significantly behind the global efficiency frontier. The fiscal implications associated with the policy proposals in the 2021-2026 government program are significant. How can fiscal policy support the implementation of the government's key policy proposals while ensuring the sustainability of public finances This is the main question for this Public Expenditure Review (PER). To answer it, this PER will (i) analyze past fiscal performance; (ii) assess the medium-term fiscal impacts of selected policy proposals that are currently being considered such as increase in pensions, changes to social assistance, increased health expenditures, and increased capital expenditure; and (iii) propose options to improve spending efficiency in select areas to provide options for the government to use the available fiscal space to effectively implement these policy proposals
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  • 33
    Language: English
    Pages: 1 Online-Ressource (31 pages)
    Parallel Title: Erscheint auch als Eslava, Marcela Business Size, Development, and Inequality in Latin America: A Tale of one Tail
    Keywords: Business Size ; Developing Economies Business Data ; Economic Growth ; Finance and Financial Sector Development ; Firm-Level Datasets ; Income Inequality ; Inequality ; Macroeconomics and Economic Growth ; Micro-Enterprises ; Poverty Reduction ; Private Sector Development ; Private Sector Economics ; Self-Employment
    Abstract: Using official employment surveys for 45 advanced economies and Latin American countries, this paper shows that the positive cross-country correlation between business size and GDP per capita is tighter than previously found using firm-level datasets and finds a close negative business size-Gini relationship. The paper also finds a closer connection between individual income and business size for workers in less developed countries compared with those in advanced economies. Because employment data address the bias against the smallest productive units that characterize firm-level datasets, our approach uniquely assesses and highlights the dominance of the left tail of the business size distribution in less developed countries
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  • 34
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: 2163
    Keywords: Adaptation ; Adaptation to Climate Change ; Climate Change Mitigation and Green House Gases ; Climate Governance ; Climate Resilience ; Economic Diversification ; Environment ; Finance and Financial Sector Development ; Financial Sector and Social Assistance ; Health Costs ; Natural Capital ; Poverty Reduction ; Private Sector ; Private Sector Development ; Private Sector Economics ; Republic Of Congo ; Sustainable Growth
    Abstract: The Republic of Congo (RoC) CCDR is a new World Bank core diagnostic report that integrate climate change and development considerations. It is intended to help the country prioritize the most impactful actions that can boost adaptation and reduce greenhouse gas (GHG) emissions, while delivering on broader development goals. The CCDR builds on data and rigorous research and identify main pathways to reduce climate vulnerabilities and GHG emissions, including the costs and challenges as well as benefits and opportunities from doing so. The report highlights that RoC could reduce poverty in rural areas by 40% and in urban areas by 20% by 2050 by implementing more ambitious reforms to promote economic diversification and climate resilience. It also concludes that business as usual is not an option. Economic losses could reach up to 17% of GDP by 2050 if reforms to diversify the economy and attract more climate investments are not taken. Climate impacts could also increase total health costs from USD 92 million in 2010 to USD 260 million by 2050. The report identifies four priorities to promote sustainable growth in the country: (i) stronger and greener infrastructure and services in electricity, transport, water, and sanitation can deliver transformative results; (ii) More climate-ready education, health systems and social services can save lives and bring critical resources to the poorest; (iii) More investments in natural capital including climate smart agriculture and greater forest management along will help create jobs while reducing carbon emissions; (iv) better climate governance to leverage carbon markets. The forest contributes to USD 260 million in timber exports and store over 44 billion tons of carbon dioxide equivalent emissions. Protecting and valorizing the forest is critical to turn the country's natural capital into wealth. The report emphasizes that the private sector has a critical role to play in mobilizing financing for an ambitious set of reforms and investments in the context of tight fiscal space. This will require raising awareness on risks and opportunities from climate change, and innovative solutions and financial sector reforms
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  • 35
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (41 pages)
    Parallel Title: Erscheint auch als Perrin, Caroline Gendered Laws and Women's Financial Inclusion
    Keywords: Access To Finance ; Discrimination ; Finance and Financial Sector Development ; Financial Inclusion ; Gender ; Gender and Law ; Gender Equality ; Global Findex and Women ; Governance ; Governance Indicators ; Involuntary Financial Exclusion ; Law ; Legal Equality ; Social Inclusion and Institutions
    Abstract: This paper documents the relationship between legal gender equality and the use of financial services, using individual-level data from 148 developed and developing economies. The analysis, which combines data from the Global Findex and Women, Business and the Law databases, highlights the existence of a significant and positive correlation between gender equality in the law and women's access to financial products. The results show that greater legal equality alleviates women's involuntary financial exclusion. The findings also suggest that prevailing adverse social norms can 0ify the beneficial effects of legal equality, and that better implementation of the law can facilitate a stronger relationship between legal frameworks and women's financial inclusion
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  • 36
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other Financial Sector Study
    Keywords: Banking Supervision ; COVID-19 ; Economic Growth ; Economic Stabilization ; Finance and Development ; Finance and Financial Sector Development ; Financial Stability ; Macroeconomics and Economic Growth ; Macroprudential ; Microprudential
    Abstract: Over the past two years, the World Bank has been working with Pacific Island Countries (PICs) to assess the impact of the COVID 19 pandemic on their financial systems and provide guidance to the PIC prudential authorities on policy issues relating to strengthening the resilience of financial systems in the region. As part of this work program, the World Bank produced a series of seven deep dive papers on a range of issues relating to financial stability in the PICs. Each paper was presented during an online workshop with the prudential authorities of the PICs and followed by a Questions and Answers session. The papers in the series are: COVID-19 and financial stability: guidance on financial system surveillance in the pandemic, COVID-19 and stress testing, micro prudential and macro prudential policy: seeking the right balance, early intervention in banking supervision, recovery planning for banks, bank resolution, and financial safety nets This volume pulls together these deep dive papers while being mindful that each paper stands on its own. Yet, an integrated approach is needed in all these policy areas, and it is vital to tailor reforms to country specific circumstances This recognizes that, even in a stable financial system there will inevitably be periods of financial stress and that there is a need to ensure that frameworks are in place to address these events cost-effectively and in ways that preserve market discipline, avoid moral hazard and minimize fiscal risks. Private
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  • 37
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (45 pages)
    Parallel Title: Erscheint auch als Di Filippo, Mario Access to Credit and Bank Ownership: Evidence from Firm-Level Data
    Keywords: Access To Credit ; Banking ; Credit Constraints ; Finance and Financial Sector Development ; Lending Policy ; Small and Medium Enterprises (SME) ; State-Owned Banks ; Targetted Lending
    Abstract: This paper uses a unique dataset with matched information at the firm-bank level covering 13,000 firms and 550 banks in 36 emerging and developing economies over 2012-20. The analysis tests whether government-owned banks fulfill their social mandate by targeting credit constrained firms or firms that are more likely to generate positive externalities. The findings show that credit constrained firms are more likely to borrow from government-owned banks, and that this is especially the case in countries with good institutions. However, the paper does not find any evidence that government-owned banks target innovative firms or "green" firms. The findings show that in firms that borrow from government-owned banks, employment reacts less to business cycle conditions relative to firms that borrow from private banks. The paper further shows that employment is more stable in credit constrained firms that have a relationship with a government-owned banks with respect to credit constrained firms that borrow from a private bank
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  • 38
    Language: English
    Pages: 1 Online-Ressource (42 pages)
    Parallel Title: Erscheint auch als Horn, Sebastian China as an International Lender of Last Resort
    Keywords: Belt and Road Initiative ; Central Banks ; DEBT ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Overseas Lending Practices ; Rescue Lending ; Swap Line
    Abstract: This paper shows that China has launched a new global system for cross-border rescue lending to countries in debt distress. It builds the first comprehensive dataset on China's overseas bailouts between 2000 and 2021 and provide new insights into China's growing role in the global financial system. A key finding is that the global swap line network put in place by the People's Bank of China is increasingly used as a financial rescue mechanism, with more than USD 170 billion in liquidity support extended to crisis countries, including repeated rollovers of swaps coming due. The swaps bolster gross reserves and are mostly drawn by distressed countries with low liquidity ratios. In addition, we show that Chinese state-owned banks and enterprises have given out an additional USD 70 billion in rescue loans for balance of payments support. Taken together, China's overseas bailouts correspond to more than 20 percent of total IMF lending over the past decade and bailout amounts are growing fast. However, China's rescue loans differ from those of established international lenders of last resort in that they (i) are opaque, (ii) carry relatively high interest rates, and (iii) are almost exclusively targeted to debtors of China's Belt and Road Initiative. These findings have implications for the international financial and monetary architecture, which is becoming more multipolar, less institutionalized, and less transparent
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  • 39
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (32 pages)
    Parallel Title: Erscheint auch als Calice, Pietro Unlocking SME Finance in Fragile and Conflict Affected Situations
    Keywords: Banking Reform ; Finance and Financial Sector Development ; Finance in Conflict Affected States ; Finance in Conflicted Affected States ; Financial Inclusion ; Fragility ; Small and Medium Sized Enterprises (SME) ; Social Development
    Abstract: Access to finance is a key obstacle for the growth and development of small and medium-sized enterprises in fragile and conflict affected situations. This paper provides empirical evidence on the key macrofinancial and institutional drivers of financial inclusion of small and medium-sized enterprises in a large sample of countries, highlighting the comparative importance of factors affecting countries with and without fragile and conflict affected situations. The results show that macroeconomic and institutional stability, along with reduced informality, banking sector soundness, and improved credit information environment, are associated with higher financial inclusion of small and medium-sized enterprises. The results also show that strengthening the rule of law, government effectiveness, and control of corruption while increasing financial depth and reducing public sector borrowing and banking market concentration could help close the small and medium-sized enterprise financial inclusion gap between fragile and conflict affected situation countries and the best performing countries. These effects are generally stronger in middle-income countries with fragile and conflict affected situations than in low-income countries with fragile and conflict affected situations. The results point to the importance of adopting comprehensive macrofinancial and institutional strategies to improve financial inclusion of small and medium-sized enterprises in countries with fragile and conflict affected situations, tailoring reforms to country contexts
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  • 40
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Public Expenditure Review
    Keywords: Finance and Financial Sector Development ; Financial Accountability ; Financial Regulation and Supervision ; National Reform ; Performance Indicators ; Public Expenditure
    Abstract: The World Bank is supporting Can Tho City (CCT) of Vietnam to conduct an analysis of its current public financial management (PFM) arrangements and national legal framework in comparison to good international practices. The main objective of this activity is to inform the design and implementation of a robust PFM reform agenda for the city in 2023-2025. The activity is performed under the framework of the Swiss State Secretariat for Economic Affairs (SECO) Trust Fund for Sub-National Public Financial Management Reform, effective April 2020. This sub-national public expenditure and financial accountability (PEFA) assessment aims to measure the PFM performance of CCT. The assessment will be used by CCT in planning improvements to the administration of its services. It will also facilitate discussions by CCT and development partners with the central government on possible reforms in country PFM system to enable better allocation of resources which would ultimately assist CCT and other sub-national governments (SNG) in the discharge of its functions
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  • 41
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other Environmental Study
    Keywords: Access To Finance ; Clean Energy ; Climate Change Mitigation and Green House Gases ; Energy ; Energy Finance ; Energy Transition ; Environment ; Finance ; Finance and Financial Sector Development ; Low-Income Countries ; Middle-Income Countries ; Paris Agreement ; Power Sector ; Renewable Energy
    Abstract: The Scaling Up to Phase Down approach is a contribution by the World Bank to the ongoing debate on how to accelerate energy transition in low- and middle-income countries (LICs and MICs)-as called for by the 2015 Paris Agreement on climate change-while simultaneously widening access to the reliable and affordable energy that underpins countries' development goals. The approach is intended to be a bridge between the challenges facing World Bank clients who are seeking to transition their power sectors and the development partners supporting their efforts. The energy transition is the process of shifting the global energy system away from the consumption of fossil fuels and toward low-carbon technologies in order to support international goals of limiting climate change. In the next decade, much of this transition will first occur in the power sector because solutions using newer technologies have the potential to become cost competitive with appropriate interventions, and also because the power sector is a powerful pathway for decarbonizing other sectors-most notably transport, buildings, and industry. The power sector is therefore the focus of this report. The power sector transition will advance energy efficiency and decarbonize the energy supply by expanding renewable energy and strengthening electricity networks in order to integrate renewable energy, demand-side management, and end-use electrification. In LICs and MICs, this transition aims to meet the rapidly growing demand for energy in a way that supports inclusive development consistent with net-zero global emissions by mid-century, and builds resilience to the changing climate. A just transition in the power sector should address the needs of workers and communities who are affected by the shift away from fossil fuels; provide modern energy access to millions of people; and protect vulnerable customers from unaffordable energy prices. For the first time, the World Bank has outlined a vision for how the international community can support LICs and MICs to overcome critical barriers that are paralyzing the power sector transition. Drawing on findings of the first set of Country Climate and Development Reports produced by the World Bank, and decades of engagement with energy sector development, this approach distills understanding of the unique challenges that LICs and MICs face in undertaking this transition at the scale and pace required to meet their development and climate needs. The approach may help both World Bank clients and development partners in preparing a roadmap to catalyze and sustain a virtuous cycle that unleashes urgently needed investment in power sector transition. Chapter 1 explains that the capital-intensive nature of clean energy investments, combined with the lack of access to affordable capital, have a disproportionate and distorting effect on the power sector transitions of LICs and MICs. Even where renewable energy has the potential to provide a more affordable energy supply and improve energy security and health, the up-front capital costs that must be borne leave LICs and MICs locked into using costly fossil fuels. Chapter 2 discusses additional barriers to the scaling up of clean energy and the concomitant phasing down of coal. The commitment of governments will be essential in order to foster the policies, regulations, and institutions needed to prepare a pipeline of projects that can attract private capital. This chapter argues that concessional finance is essential in order to overcome the barriers to investments of private capital at the necessary levels. Chapter 3 discusses how public and concessional support must be deployed with a disciplined approach in order to scale up clean energy and energy efficiency. Chapter 4 explains the need to phase down the use of unabated coal, and the instruments to do so in a manner that manages losses and protects the most vulnerable. Chapter 5 concludes the paper with a discussion of how larger and sustained volumes of concessional capital could be more effectively structured within country-based programmatic approaches and technology demonstration partnerships in order to scale up the financial resources and political momentum for transitioning the power sector
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  • 42
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (21 pages)
    Parallel Title: Erscheint auch als De Nicola, Francesca Bank Ownership and Firm Innovation
    Keywords: Bank Ownership Impact on Innovation ; DEBT Markets ; Finance and Financial Sector Development ; Firm Innovation ; Foreign Banks ; International Finance Corporation ; Legal Origins and Bank Stability ; New Products and Services ; Radical Innovation ; State Owned Banks
    Abstract: This paper studies the effect of bank ownership on product innovation by borrowing firms, highlighting the role of the state, foreign, and combined foreign-state bank ownership. It uses Enterprise Survey data for more than 22,000 firms in 49 countries from 2016 to 2020, linked to Fitchconnect data on banks: their ownership, soundness indicators, and legal origins. The paper confirms that a firm's access to bank credit is associated with a greater probability of product innovation, even when adjusting for possible reverse causality. If the credit is provided by a state-owned bank, the probability that the borrowing firm will innovate increases. The analysis does not find a similarly positive effect for foreign bank ownership. But when considering the combined effect of foreign state ownership, the results are most statistically and economically significant. Although the results may not be extendable to research and development spending (a key input to innovation), the findings show that foreign state banks can serve as an additional financing vehicle to stimulate radical innovation alongside equity financiers
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  • 43
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: Finance and Financial Sector Development ; Fiscal and Monetary Policy ; Fiscal Federalism ; Fiscal Performance ; Implementation Gaps ; Macroeconomics and Economic Growth ; Natural Resources ; Public and Municipal Finance ; Public Financial Management ; Revenue Sharing
    Abstract: The World Bank Nepal Fiscal Federalism Update aims to report annually on the progress of fiscal federalism in Nepal and identify implementation gaps. This first such update reviews the progress on fiscal federalism since the publication of the Federalism Capacity Needs Assessment (FCNA) in 2019
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  • 44
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Public Expenditure Review
    Keywords: Economic Growth ; Employment ; Finance and Financial Sector Development ; Financial Sector and Social Assistance ; Fiscal and Monetary Policy ; Macroeconomics and Economic Growth ; PER ; Poverty Reduction ; Public Spending ; Social Assistance ; Western Balkans
    Abstract: Kosovo has gained a creditable reputation for prudent macro-fiscal management; yet necessary structural reforms and related fiscal pressures lie ahead. The country's track record includes consistently high output growth rates, prudent fiscal deficits supported by fiscal rules, and one of the lowest public debt levels among peers. The Government was able to successfully weather the COVID-19 crisis and mitigate the impact of the ongoing inflationary crisis caused by the Russian invasion of Ukraine thanks to its healthy fiscal accounts and stable financial sectors. At the same time, however, the overlapping external shocks have highlighted the inherent volatility that mirrors Kosovo's structural limitations - especially in health, energy, and education - and accentuates gaps in both human and physical capital. The objective of this Public Expenditure Review (PER) is to help the government identify means for improving the structure and quality of public services, enhance the equity of government spending, and take a holistic view of policies that will affect financing needs over time. To do so, the PER has analyzed fiscal issues that have not been explicitly detailed in, or are in the process of being incorporated into, the medium-term expenditure framework and the economic reform program. The most notable issues include the urgently needed energy investments, the ramifications of the new law on public salaries on the budget, the sustainability of the untargeted social protection system, and possible pathways of the cost of pensions in light of expected changes to eligibility criteria, and the health spending and health financing conundrum. The PER also looks back at past World Bank PER recommendations and their implementation record, in the attempt to shine a light on measures that remain valid and could still be implemented
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  • 45
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: COVID-19 ; Education Finance ; Education Reform and Management ; Education System ; Finance and Development ; Finance and Financial Sector Development ; Learning Losses ; Pandemic
    Abstract: Commodity windfalls and private consumption have sustained Indonesia's growth despite a difficult global environment, but signs of normalizing domestic demand are emerging. Inflation is easing at a faster pace than markets anticipated. Indonesia's external vulnerabilities remain moderate. The fiscal stance has normalized reflecting faster fiscal consolidation, anchored by a broad-based rise in revenues and prudent public spending. Softening inflation and resilient capital flows have led Bank Indonesia (BI) to ease its pace of monetary tightening. The outlook remains stable as the economy normalizes following the post-pandemic recovery. While this is a robust outcome given levels of global uncertainty, Indonesia still faces declining productivity growth like other emerging market economies. Policy makers are encouraged to build on recent reforms and adopt further market-friendly policies and reduce constraints to competition to accelerate productivity growth. The Government of Indonesia (GoI) has put tremendous efforts into mitigating the learning disruption caused by COVID-19. This study provides new evidence of learning loss in math and language, comparing data on grade 4 student learning before and after the COVID-19 pandemic-induced school closures across Indonesia. In line with international literature on COVID-19 - induced learning losses, students' future earnings and Indonesia's future productivity will be negatively affected if no action is taken. This study highlights the urgency of addressing learning loss by stimulating political commitment for learning recovery and prompting deliberate actions, with adequate resources to complete them
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  • 46
    Language: English
    Pages: 1 Online-Ressource (58 pages)
    Parallel Title: Erscheint auch als Amankwah, Akuffo The Welfare Effects of Structural Change and Internal Migration in Tanzania
    Keywords: Communities and Human Settlements ; Cross-Sector Labor Movement ; Finance and Financial Sector Development ; Financial Structures ; Human Migrations and Resettlements ; Internal Migration ; Labor Market Shift ; Panel Data ; Poverty Reduction ; Structural Change ; Welfare Indicators
    Abstract: Structural change has implications for various dimensions of development, including poverty reduction. However, the existing empirical literature on Sub-Saharan African economies, including Tanzania, has mainly focused on trends and patterns in macroeconomic or aggregate welfare indicators, largely providing a descriptive analysis of the nature of structural change and its potential welfare implications. This paper provides micro insights on structural change in Tanzania and its effect on welfare, using a recent household panel dataset, which was collected between 2015 and 2021. The results show that cross-sector labor movements are dominated by movements between agriculture and services, although most individuals studied within the two periods continue to remain in agriculture, with industry's share in employment declining marginally. The paper shows that among the individuals studied, the number of people who slid into poverty was nearly twice the number who escaped poverty, and this is significantly influenced by the pattern of sectoral transitions experienced by the individuals. The findings show that in addition to sectoral transitions and migration being important to each other, they are both driven by similar micro factors. The paper highlights the importance of education (particularly secondary or higher education) to increasing the chances of an individual embarking on welfare-enhancing sectoral movement and associated migration across districts in Tanzania
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  • 47
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: Access to Finance ; Digitalization ; E-Finance and E-Security ; Finance and Financial Sector Development ; Financial Inclusion ; Legal Framework ; Payment Infrastructure
    Abstract: The Gambia's economy continued to recover in 2022, albeit at a subdued pace in a sluggish global economic environment. Real GDP increased by 4.3 percent (1.8 percent in per capita terms) in 2022, unchanged from 2021, when economic growth was recovering from the COVID-19 pandemic following a sharp deceleration to 0.6 percent in 2020. On the supply side, growth was supported by improved agricultural production, which benefited from a relatively rainy season. A deceleration of growth in industry and subdued growth in the services sector explain The Gambia's weak growth performance. Rising world commodity prices and trade disruptions weighed on the economy, as the country is a net importer of oil and food commodities and has experienced negative terms of trade. Growth in industry was affected by rising prices and limited availability of manufacturing and construction inputs. Weak growth in services was linked to a weaker-than-expected recovery in tourism, which, although the number of arrivals increased, was not sufficient to offset weak growth in other subsectors. On the demand side, growth was driven by increased public consumption and infrastructure investment, while private consumption slowed, and exports contracted. Economic growth was 1.3 percentage points (ppts) below initial projections, owing to the spillover effects of Russia's invasion of Ukraine
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  • 48
    Language: English
    Pages: 1 Online-Ressource (53 pages)
    Parallel Title: Erscheint auch als de Castro, Luciano How to Deal with Exchange Rate Risk in Infrastructure and other Long-Lived Projects
    Keywords: Currencies and Exchange Rates ; Currency Fluctuation Risk ; Exchange Rate Risk Insurance ; Finance and Financial Sector Development ; Government Exchange Rate Risk Protection ; Infrastructure Economics and Finance ; Infrastructure Finance ; Private Participation in Infrastructure ; Public Procurement
    Abstract: Most developing economies rely on foreign capital to finance their infrastructure needs. These projects are usually structured as long-term (25-35 years) franchises that pay in local currency. If investors evaluate their returns in terms of foreign currency, exchange rate volatility introduces risk that may reduce the level of investment below what would be socially optimal. This paper proposes a mechanism with very general features that hedges exchange rate fluctuation by adjusting the concession period. Such mechanism does not imply additional costs to the government and could be offered as a zero-cost option to lenders and investors exposed to currency fluctuations. This general mechanism is illustrated with three alternative specifications and data from a 25-year highway franchise is used to simulate how they would play out in eight different countries that exhibit diverse exchange rate trajectories
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  • 49
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: 2185
    Keywords: Alignement Tools ; Climate Change Mitigation ; Climate Change Mitigation and Green House Gases ; Environment ; Finance and Development ; Finance and Financial Sector Development ; G-20 ; Sustainable Finance
    Abstract: The first action in the G-20 Sustainable Finance Roadmap proposes six high-level principles for the development and global coordination of approaches to align investments with sustainability goals. "Alignment approaches" are national and international frameworks for the financial sector that aim to monitor global sustainable finance flows and ensure that they are contributing to the temperature goals of the Paris Agreement, the Sustainable Development Goals (SDGs), and other international sustainable finance objectives. These approaches increasingly leverage "alignment tools," which include but are not limited to (a) taxonomies (or classifications) of private sector activities that can be labeled as achieving environmental and social objectives; (b) certifications and labels that confirm that products or services have met environmental, social, and governance (ESG) standards; (c) disclosure frameworks that guide private sector entities to manage and report on their ESG performance; and (d) transition frameworks that help the private sector design a credible shift to low-carbon technologies and practices. The tools can then be applied in different ways-ranging from national-level regulations to voluntary private sector-led initiatives, to corporate-level practices. The tools can be applied by investors and finance providers for different purposes at different levels: at the "asset level" (as in determining whether a project or activity is compatible with a relevant sustainable finance taxonomy or due diligence framework); the "entity level" (as inwhether a corporate or financial institution has a robust low-carbon transition plan and adheres to the International Labour Organization (ILO) Declaration on Fundamental Principles and Rights at Work); or "portfolio level" (as in whether an index is aligned with a credible temperature objective or supports poverty reduction). The G-20 Voluntary Principles for Developing Alignment Approaches provide a common foundation for ensuring these alignment approaches are robust and consistent
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  • 50
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: 2203
    Keywords: Finance and Financial Sector Development ; Health Economics and Finance ; Health Expenditures ; Health Services ; Health, Nutrition and Population ; Public Health
    Abstract: This study examines the expenditure by Caribbean Community (CARICOM) countries on the delivery of Essential Public Health Services (EPHS), in the context of the global response to COVID-19. In particular, the study focuses on financing arrangements enacted to ensure the predictability of funding and the sustainability in the level and flow of funds over the medium and long terms to carry out essential public health functions in Barbados, Grenada, Jamaica, and Trinidad and Tobago. The study also highlights the close, synergistic relationship between the Caribbean Public Health Agency (CARPHA) and its Member States
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  • 51
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: 2109
    Keywords: Education ; Education Finance ; Finance and Financial Sector Development ; Health ; Health Economics and Finance ; Health, Nutrition and Population ; HRM ; Human Development ; Macro Fiscal Context ; Public and Municipal Finance ; Public Expenditure ; Sustainability
    Abstract: This is an overview of the CAR Human Development (HD) Public Expenditure Review (PER). This overview provides an analytical basis to decision-makers and stakeholders for the formulation of ambitious yet fiscally responsible interventions to improve human capital outcomes in CAR. The PER examines public expenditure trends of the education, health, and social protection (SP) sectors with a focus on adequacy, efficiency, and equity of expenditures as well as human resource management (HRM). The primary objective is to provide analytical insights for government policy development and prioritization strategy as it seeks to achieve a resilient recovery and rebuild its education and health sectors and establish a strong SP system which will help the poorest households invest and protect their own human capital. The PER can also serve as a useful source of knowledge and information to development partners seeking to deepen the impact of their support to the human capital development sectors. The recommendations put forth by the PER are those identified as fiscally sustainable and most important for rebuilding and strengthening human capital development sectors, including a focus on future human resource (HR) recruitment needed in the education and health sectors
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  • 52
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Water papers
    Keywords: Access To Finance ; Climate Change ; Finance ; Finance and Financial Sector Development ; Investment Challenge ; Sustainable Water Sector ; Water Economics ; Water Insecurity ; Water Resources
    Abstract: Water is a critical natural resource, a global public good, and an essential service. Water security is central for countries to achieve long-term development objectives in the current context of climate change, including protecting infrastructure assets, safeguarding agricultural production, producing sustainable energy, and protecting vulnerable populations. However, water resources are under severe stress and water services delivery is deficient due to underinvestment in the sector. Current levels of global investment in water are inadequate to meet the water sustainable development goals (SDGs) and address climate impacts. Large, coordinated flows of public, concessional, and private capital are needed to compensate for decades of underinvestment in the water sector, and to meet present and future challenges. Governments have a leading role to play in establishing the enabling conditions and necessary reforms to facilitate a greater flow of public and private finance for required water sector investments. International financial institutions and multilateral development banks need to support these efforts, together with other stakeholders, at the country level. The private sector, in addition to being a key user of water resources and a beneficiary of water services, has an important role to play in providing financing, innovative approaches, and expertise, as well as absorbing risk, with aligned incentives for achieving targets and efficiency levels. The World Bank Group recognizes the water-climate-food-energy nexus and the importance of a water secure world for all. The World Bank Group's scaling up finance for water strategic framework outlines actions and priorities for national governments, the World Bank Group, and other development partners to improve the planning and mobilization of funding and financing for water sector investments, and to promote efficiency in spending. It aims to do so by optimizing the contributions of the public and private sectors and facilitating greater engagement of the private sector in the provision of capital, innovation, and expertise
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  • 53
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: 2180
    Keywords: Access To Technology ; Digital Financial Landscape ; Finance and Financial Sector Development ; Financial Literacy ; ICT Economics ; Macroeconomics and Economic Growth ; Poverty and Savings ; Savings Aspiration Survey ; Social Protections and Labor ; Urban Poverty and Financial Services
    Abstract: Gisela is among the large and diverse group of informal sector workers in urban Liberia who lack social protection coverage, have little interaction with formal financial institutions, and depend on informal saving groups to meet their financial needs. The financial vulnerability that this group faces not only puts their welfare at risk but also under-mines the economy at large. Despite the potential risks, there is little systematic information on how the urban informal poor in Liberia save, their saving aspirations, and what they need to save better. This report explores the saving behavior and aspirations of urban informal households in Liberia by presenting the findings from a survey of 1000 households in Monrovia, supplemented by an assessment of Liberia's existing informal savings institutions
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  • 54
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: 2185
    Keywords: Central Banks ; Climate Change and Environment ; Climate Change Mitigation and Green House Gases ; Finance and Financial Sector Development ; Financial Risk Management ; Governance ; Information and Communication Technologies ; Portfolio Management ; RAMP ; Reserve Advisory and Management Partnership ; Strategic Asset Allocation (SAA)
    Abstract: This survey report represents a collaborative effort between Reserve Advisory and Management Partnership (RAMP) and central banks worldwide to advance the understanding and practice of reserve management. The cooperation of all central banks involved is greatly appreciated, and we anticipate that the findings obtained from this survey will make a valuable contribution to the ongoing success and resilience of central bank reserve management
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  • 55
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: 39458
    Keywords: Capacity Constraints ; Curriculum and Instruction ; Education Reform and Management ; Finance and Financial Sector Development ; ML/TF ; Money Laundering ; Risk Assessment ; Technology Innovation ; Terrorist Financing
    Abstract: This report aims to guide the policy makers in World Bank client jurisdictions in continuously improving their assessments and understandings of money laundering and terrorist financing risks in their jurisdictions. To this end, the report attempts to draw lessons mainly from; Observations and experiences from more than 100 World Bank technical assistance projects that supported client jurisdictions' National ML/TF Risk Assessments (NRAs); and An analysis of feedback on NRAs in 146 mutual evaluations conducted by the Financial Action Task Force (FATF) and FATF-style regional
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  • 56
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Speeches of World Bank Presidents
    Keywords: Concessional Resources ; Debt Distress ; Debt Markets ; Debt Sustainability ; Debt Transparency ; Economic Forecasting ; External Debt ; Finance and Financial Sector Development ; Global Growth Outlook ; Governance Standards ; International Economics and Trade ; Investment and Investment Climate ; Investment Climate ; Macroeconomics and Economic Growth
    Abstract: These remarks were delivered by the World Bank Group President David Malpass during the Launch of the January 2023 Global Economic Prospects Report on January 10, 2023. He addressed the following topics: global growth outlook; rising levels of debt distress and possible directions to achieve debt transparency and sustainability; the need for greatly expanded resources for developing countries, including deeply concessional resources; and attractive investment climate and governance standards
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  • 57
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other Economic and Sector Work Reports
    Keywords: Adaptation to Climate Change ; Climate Change Economics ; Climate Change Policy and Regulation ; Climate Development ; Economic Growth ; EMDES ; Energy Transition ; Environment ; Finance and Development ; Finance and Financial Sector Development ; Fiscal Space ; Inclusive Recovery ; Macroeconomics and Economic Growth ; Public Sector Development ; Sustainability ; Transformation
    Abstract: This report makes the case for a big investment push for EMDEs' sustainable recovery and development, assesses the magnitude and composition of such investment, presents actions needed for an energy transition, looks at the role that innovations and state capacity can play in facilitating GRID, and proposes actions that governments, the private sector, MDBs, the IMF, and donors can undertake to mobilize financing at the large scale needed. The report summarizes the insights derived from the meetings of the High-Level Advisory Group (HLAG) on Sustainable and Inclusive Recovery and Growth, jointly led by Mari Pangestu, Ceyla Pazarbasioglu, and Nicholas Stern, and composed of experts from research institutions, the private sector, and governments, as well as senior World Bank Group and IMF staff members. The work of the HLAG, and thus this report, focuses on EMDEs and delves in greater depth into climate investment and financing, particularly for energy transition, as it is a less researched area. While doing so, it recognizes that policy and investment decisions in high-income countries, which accounted for only 16 percent of the global population in 2019 and yet for 32 percent of total greenhouse gas emissions (World Bank 2023a, 2023b), will be critical to whether the Paris Agreement goals can be reached. It also recognizes that these countries must play a key role in contributing financially to EMDEs' transition to low-carbon economies
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  • 58
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other Financial Sector Study
    Keywords: Adaptation to Climate Change ; Climate Change ; COVID-19 ; Environment ; Finance and Development ; Finance and Financial Sector Development ; Financial Systems ; Transition ; Vulnerabilities
    Abstract: This report provides an assessment of the stability of the financial systems of selected Pacific Island Countries (PICs) in the context of COVID-19 and emerging risks. The report brings together an analysis of information provided by the central banks of the PICs covered by this study over the last two years. The purpose of the study is to assess the financial stability and vulnerabilities and to provide technical guidance to the PIC authorities to assist in their financial sector policy response. Chapter 1 presents an overview of the financial systems of the PICs. Chapter 2 presents an analysis of the impacts of COVID-19 on the financial systems of the PCIs and the policy responses to the pandemic. Chapter 3 looks at the challenges of transitioning from the pandemic to normal policy settings. Chapter 4 provides a set of bespoke policy recommendations with the aim of enhancing the ability to deal with financial sector risks and vulnerabilities. Finally, Chapter 5 puts forward recommendations for the assessment of climate and environmental related risks on the PICs. The report finds that the pandemic has negatively impacted economic growth in the PICs, challenging financial stability. Due to various relief measures adopted by governments in the region, and the lagged economic impact of the pandemic, the PICs' financial sectors do not yet fully reflect the risks to bank profitability and asset quality, which could materialize over 2022-23. Response and
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  • 59
    Language: English
    Pages: 1 Online-Ressource (41 pages)
    Parallel Title: Erscheint auch als Deininger, Klaus Land and Mortgage Markets in Ukraine: Pre-War Performance, War Effects, and Implications for Recovery
    Keywords: Agricultural Land Sales ; Agricultural Production ; Communities and Human Settlements ; Conflict and Development ; Credit Market ; Determinates of Land Price ; Finance and Financial Sector Development ; Impact of War on Markets ; Land Governance Reform ; Land Market ; Post War Reconstruction
    Abstract: Almost throughout Ukraine's independent history, agricultural land sales were prohibited. Measures to allow them and make land governance more transparent in 2020/21 were expected to improve equity, investment, credit access, and decentralization. This paper draws on administrative data and satellite imagery to describe land market performance before and after the Russian invasion, assess changes in land use for transacted parcels, and analyze determinants of land prices. Agricultural land market volume soon exceeded that of residential land and continued at a reduced level and with prices some 15-20 percent lower even after the invasion, with little sign of speculative land acquisition. Mortgage market activity and credit access remained below expectations. The paper discusses reasons and options for addressing them in a way that also factors in the needs of post-war reconstruction
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  • 60
    Language: English
    Pages: 1 Online-Ressource (35 pages)
    Parallel Title: Erscheint auch als Ansar, Saniya The Importance of Financial Education for the Effective use of Formal Financial Services
    Keywords: Account Ownership ; Digital Finance ; Finance and Financial Sector Development ; Financial Education ; Financial Inclusion ; Mobile Money
    Abstract: This paper examines global data on unbanked and underbanked consumers to highlight the role that improved financial literacy and capability could play in motivating and enabling the safe and beneficial use of financial services. The paper uses data from Global Findex, a demand-side survey on ownership and use of accounts at formal financial institutions. The paper reviews the self-reported barriers to account ownership and use cited by unbanked adults, and identifies the challenges faced by account owners who could not use an account without help. Together, these issues point to the importance of financial education to improve digital and financial literacy skills, in addition to product design that considers customer abilities, and strong consumer safeguards to ensure that customers benefit from financial access
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  • 61
    Language: English
    Pages: 1 Online-Ressource (24 pages)
    Parallel Title: Erscheint auch als Nie, Owen Banking Sector Risk in the Aftermath of Climate Change and Environmental-Related Natural Disasters
    Keywords: Banking ; Climate Change ; Climate Change Economics ; Climate Change Mitigation ; Finance and Financial Sector Development ; Financial Stability ; Macroeconomics and Economic Growth ; Natural Disasters ; Nonperforming Loans ; Physical Risks
    Abstract: Climate change and environmental risks are increasingly recognized as a concern for financial authorities, yet empirical evidence of the damage for bank balance sheets is relatively scant. This paper provides preliminary estimates of the aggregate impact of physical risks from climate and environmental-related natural disasters on bank balance sheets across 184 countries over nearly 40 years. Using the local projection method, the analysis finds that severe disaster episodes lead to an increase in the level of systemwide non-performing loans, which is persistent over time. The paper complements the cross-country results with a country-specific example, which finds that typhoon damages lead to a significant increase in non-performing loans in the Philippines between 2011 and 2018. The results suggest a role for financial policy and supervision to monitor, assess, and mitigate climate and environmental related physical risks to the banking sector
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  • 62
    Language: English
    Pages: 1 Online-Ressource (42 pages)
    Parallel Title: Erscheint auch als Bagga, Aanchal Do Public Works Programs have Sustained Impacts? A Review of Experimental Studies from LMICs
    Keywords: Africa Gender Innovation ; Experimental Evidence ; Finance and Financial Sector Development ; Gender ; Low and Middle-Income Countries ; Safety Nets ; Safety Nets and Transfers ; Social Protection ; Sustainability
    Abstract: Many low- and middle-income countries (LMICs) have introduced public works programs that offer temporary cash-for-work opportunities to poor individuals. This paper reviews experimental evidence on the impacts of public works programs on participants over the short and medium run, providing new insights on whether they have sustained impacts. The findings show that public works mainly increase employment and earnings during the program. Short-term positive effects tend to fade in the medium run, except in a few cases in which large impacts on savings or investments in self-employment activities are also observed. Importantly, the estimated impacts on earnings are much lower than planned transfer amounts due to forgone earnings, raising questions about cost-effectiveness. There is also little evidence of public works programs improving food consumption expenditure. The review finds evidence of improvements in psychological well-being and women's empowerment in some cases, but not systematically, and with limitations in measurement. The paper concludes by outlining directions for future research
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  • 63
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: COVID-19 ; Economic Growth ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Pandemic ; Public and Municipal Finance ; Public Spending
    Abstract: Cambodia's economic recovery solidified in 2022 with real growth accelerating to 5.2 percent. After shifting to "living with COVID-19" in late 2021, the economy is firmly on a path to recovery and has now returned to its pre-pandemic growth trajectory. Initially led by the strong performance of export-oriented manufacturing, growth drivers are rotating to the services and agriculture sectors. Meanwhile, the agriculture sector is benefitting from improved access to regional markets, thanks to newly ratified bi-lateral and regional free trade agreements. Weakening external demand is, however, starting to weigh on the country's economic recovery. Despite weakening goods export performance, the current account balance is improving, thanks to the rebound in the travel and tourism industry and remittances, while the oil price shock eased. The economic recovery and good revenue administration underpinned an across-the board improvement in domestic revenue collection. The authorities continued to provide cash transfers for poor and vulnerable households, although the worst of the pandemic is now behind us. In this regard, the Cambodian authorities have extended the COVID-19 cash transfer program, with an additional budget. To enhance the long-term resilience and competitiveness of the economy, efforts are needed to further promote export product diversification
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  • 64
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: IEG Independent Evaluations and Annual Reviews
    Keywords: Domestic Revenue Mobilization ; DRM ; Finance and Financial Sector Development ; Financing ; Inflation ; Lending ; World Bank Support
    Abstract: Domestic revenue mobilization (DRM) has become an increasingly important part of international and country-level policy agendas. Since the 2015 International Conference on Financing for Development in Addis Ababa, DRM has risen in importance in the international policy agenda, figuring prominently in successive International Development Association (IDA) replenishments and International Bank for Reconstruction and Development capital package commitments. This evaluation assess the World Bank's support to support client countries in improving domestic revenue mobilization between FY16 and FY19
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  • 65
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (43 pages)
    Parallel Title: Erscheint auch als Mensah, Justice Tei Mobile Phones and Local Economic Development: A Global Evidence
    Keywords: 3G and 4G ; Broadband Internet ; Cell Phone ; Connectivity ; Economic Development ; Finance and Financial Sector Development ; ICT Economics ; ICT Policy and Strategies ; Information and Communication Technologies ; Mobile Phone ; Nightlights ; Technology and Development
    Abstract: This paper presents global evidence on the impact of expansion in mobile telephony and broadband Internet services on economic development at the subnational level. Leveraging two decades of satellite data on nightlights and the global expansion of 2G, 3G, and 4G mobile networks in over 34,000 subnational districts in 120 countries, it documents three main findings on the effects of mobile phones on local economic development (proxied by nightlights): I. The expansion of mobile coverage has a positive effect on economic activity. Using the GDP-nightlights elasticity from Henderson and others (2012), the estimates suggest a GDP growth-mobile phone penetration elasticity of 0.018-0.023; II. While mobile broadband (3G and 4G) Internet connectivity is associated with economic development across all countries, 2G connectivity boosts local economic growth mainly in developing countries; III. The economic effects of expansion in mobile network connectivity are more pronounced in countries that hitherto had limited access to fixed-line telephone infrastructure, thus highlighting the importance of mobile phones to developing countries in leapfrogging the technology ladder
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  • 66
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Risk and Vulnerability Assessment
    Keywords: Disaster Risk Finance ; DRF ; Environment ; Finance and Financial Sector Development ; Financial Sector and Social Assistance ; Fiscal and Monetary Policy ; Fiscal Disaster Risk Modeling ; Insurance Market ; Macroeconomics and Economic Growth ; Natural Disasters ; Public Financial Management
    Abstract: Historical losses due to hurricanes have been significant in Sint Maarten (SXM) since 1960, with the most severe impact having been experienced in 2017 following Hurricane Irma. The objective of this report is to provide recommendations to the Government of Sint Maarten (GoSXM) for the formulation of a country-specific comprehensive disaster risk financing (DRF) strategy based on the assessment of the legislative, financial management, fiscal, and insurance market environment in SXM. It is envisioned that this report will be used as a planning tool for the potential development of an all-encompassing DRF strategy that would equip the GoSXM with information and instruments to manage contingent liabilities posed by disasters
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  • 67
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: IEG Independent Evaluations and Annual Reviews
    Keywords: Development Challenges ; Economic Growth ; Finance and Development ; Finance and Financial Sector Development ; IFC Platforms ; Macroeconomics and Economic Growth ; SDGs
    Abstract: Recurring development challenges and new compounding crises affecting client countries and firms constrain the ambition of the International Finance Corporation (IFC) to contribute to attainment of the Sustainable Development Goals (SDGs) by 2030. The recurring challenges, including insufficient private sector participation in development financing, continue to affect emerging markets and developing economies and the firms within them. Two related initiatives-the IFC capital increase and the IFC 3.0 strategy-underpin IFC's goal to contribute to the SDGs by 2030. IFC's capital increase package was based on the IFC 3.0 strategy, which requires creating new markets through advisory and upstream services and mobilizing private capital from new sources and through new approaches (IFC 2017, 2018, 2020a). IFC has introduced a platforms approach to scale up its interventions in accordance with IFC 3.0 and the capital increase objectives. IFC defines platforms as thematic interventions-at a regional, global, or sectoral level-designed to address a specific development challenge (IFC 2022b). The main purpose of the evaluation is to assess whether the platforms approach offers IFC a means to achieve its capital increase and IFC 3.0 objectives while meeting the Board's and clients' expectations
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  • 68
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Public Expenditure Review
    Keywords: Economic Growth ; Finance and Financial Sector Development ; Fiscal Challenges ; Inclusive Growth ; Macroeconomics and Economic Growth ; PER ; Public and Municipal Finance ; Public Expenditure Review
    Abstract: The Union of the Comoros is a small-island country in Eastern Africa that recorded a modest economic expansion and suffered from various fiscal challenges during the last decade that had an impact on long-term growth. Limited fiscal space to address development needs explains the country's low human capital and poor quality infrastructure, which in turn hamper efforts to increase productivity and private sector growth. In addition, due to low performing State-owned enterprise (SOEs) and weakening economic performance, Comoros faces significant fiscal risks. The analysis presented in this PER supports the efforts of the government of Comoros to enhance public expenditure efficiency, create fiscal space, and limit fiscal risks. The analysis is designed to focus on public investment management (PIM) and public financial management (PFM), identify reforms that could yield fiscal and efficiency gains, and assess the governance of SOEs
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  • 69
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: Adaptation to Climate Change ; Climate Change ; Environment ; Finance and Development ; Finance and Financial Sector Development ; Fiscal Sustainability ; Policies ; Shocks
    Abstract: Real GDP expanded by 17.7 percent in 2022, with per capita incomes surpassing the pre-pandemic levels. On the supply side, accommodation, transport, and commerce explained 60 percent of growth. On the demand side, exports (mainly tourism) and private consumption accounted for growth. The rebound in economic activity in 2022 was accompanied by a reduction in poverty (0.8 percentage points), despite the spike in inflation. Headline inflation reached 7.9 percent (y/y) in December 2022 after inflationary pressures emerged in 2021, fueled by high international oil and food prices and global supply chain disruptions due to the war in Ukraine. Higher food prices and low agricultural production, driven by the five year long drought, intensified food insecurity
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  • 70
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Equitable Growth, Finance and Institutions Insight
    Keywords: Cash Flows ; Contractual DEBT ; Finance and Financial Sector Development ; Recording and Monitoring ; Sovereign Loans
    Abstract: The objective of this note is to provide guidance for countries on how to manage contractual debt. It describes the steps necessary to manage debt after the loan becomes effective (or even during the negotiation's final stages) and until the contract is serviced and closed. These steps include identifying the key components of a debt contract that are needed to accurately service the debt, with a focus on recording and monitoring events that impact cash flows
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  • 71
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: 2186
    Keywords: Catalysts ; FICP ; Finance and Financial Sector Development ; Financial Education ; Financial Inclusion and Consumer Protection ; Financial Regulation and Supervision ; Financial Sector ; Financial Structures
    Abstract: The Global State of Financial Inclusion and Consumer Protection (FICP) Report, 2022 - which is an update to the 2013 and 2017 iterations of the Global FICP Survey report - details the key findings and provides a source of global data to benchmark efforts by financial sector authorities to improve the enabling environment for financial inclusion and consumer protection. To date, this is the only longitudinal and global survey of this nature. As such, this report serves as a valuable resource to shape the World Bank's country engagements, a reference document for regulators and supervisors and, finally, a tool for both public and private sector actors with an interest in knowing the developments in this sector. The Survey questionnaire covers key topics related to financial inclusion and financial consumer protection (FCP) and aligns with international guidance to financial sector authorities in these areas. Because the report aims to capture both a snapshot as well as trends over time, the survey questionnaire has been modified over the three cycles to reflect the changing policy and regulatory landscape of financial inclusion and consumer protection
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  • 72
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: Economic Forecasting ; Economic Growth ; Finance and Financial Sector Development ; Fiscal Deficit ; Macroeconomics and Economic Growth ; Poverty ; Public and Municipal Finance ; SOE ; Unemployment
    Abstract: Eswatini's economy has been characterized by persistent low growth, high fiscal deficits, and unprofitable state-owned enterprises (SOEs). Without significant reform, the country is unlikely to achieve its socioeconomic aspirations, and poverty and unemployment are likely to remain high. These problems are exacerbated by the difficult external environment, with subdued global demand and volatile international prices. In this context, the government of Eswatini recognizes that the country needs a series of policy reforms to unleash the potential of the private sector. It also needs to improve the efficiency of SOEs in strategic sectors, which deliver services to many businesses and households. This report is divided into two parts. Part 1 discusses recent economic developments in the global and domestic economy and assesses Eswatini's short and medium-term prospects. Part 2 reviews the role that SOEs can play in the government's efforts to enhance economic performance. It assesses both their contribution to the economy and their limitations to suggest directions for reform
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  • 73
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: 2201
    Keywords: Access To Finance ; Adaptation To Climate Change ; Carbon Emission Reduction ; City Development Strategies ; Climate Change Adaptation ; Climate Change Mitigation and Green House Gases ; Construction Materials ; Decarbonization ; Developing Countries ; Emerging Markets ; Environment ; Finance and Financial Sector Development ; Sustainable Construction ; Urban Development
    Abstract: How developing countries meet their rising building needs will be pivotal to the world's climate future. The good news is that the projected emissions growth in construction value chains can be reduced significantly with the application of existing technologies, new financing instruments, and the implementation of appropriate policies. Even as emerging economies meet the rising demand for residential and commercial buildings, it is possible to reduce total emissions from the sector below today's level by 2035. To avoid perpetuating the status quo, decisive action is needed by policy makers, developers, construction material producers, financiers, and international development institutions. IFC is launching this report to guide international efforts to decarbonize construction value chains. Building Green: Sustainable Construction in Emerging Markets was prepared through close collaboration between IFC economists, investment officers, and building and constructionsector specialists. The report provides a comprehensive analysis of the challenges of reducing carbon emissions from construction value chains in developing countries, but also the considerable opportunities that willcome from mobilizing the estimated USD 1.5 trillion of investment required for this transition
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  • 74
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: 2128
    Keywords: Energy Access ; Environment ; Finance and Development ; Finance and Financial Sector Development ; Innovation ; Public-Private Partnerships ; Science and Technology Development ; Technology ; Trade Finance
    Abstract: IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets and developing economies. We work in more than 100 countries, using our capital, mobilization capacity, expertise, and influence to create jobs and raise living standards, especially for the poor and vulnerable. In fiscal year 2023, IFC committed a record 43.7 billion dollars to private companies and financial institutions in developing countries, leveraging the power of the private sector to improve people's lives as economies grapple with the impacts of global compounding crises
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  • 75
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: 40504
    Keywords: Access To Finance ; Adaptation to Climate Change ; Conflict and Development ; Disaster Risk Management ; Finance and Financial Sector Development ; Fragility, Conflict and Violence ; Gap Analysis ; Gfdrr Portfolio ; Innovation ; Labor Markets ; World Bank Financing
    Abstract: This portfolio review, led by the Global Facility for Disaster Reduction and Recovery's (GFDRR) Disaster-FCV Nexus thematic area, aims to contribute to the GFDRR's overarching objective to help low- and middle-income countries understand and reduce their vulnerability to natural hazards and climate change. More specifically, the report aims to i) assess financing trends in World Bank (WBG) Disaster Risk Management (DRM) activities in Fragility, Conflict and Violence (FCV) countries over the fiscal year (FY) period 2012-2022, ii) understand key challenges for operational teams; identify and disseminate lessons and best practices, and iii) recommend ways to inform the GFDRR's work on the Disaster FCV Nexus and integrate the nexus into WBG operations. The primary audience for this portfolio review is WBG task teams and managers, but it may also interest current and possible new donors to the GFDRR
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  • 76
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (25 pages)
    Parallel Title: Erscheint auch als Buri, Sinja Alternative Delivery Channels and Impacts: Agent Banking
    Keywords: Access To Banking ; Access To Finance ; Finance and Financial Sector Development ; Financial Inclusion ; Financial Literacy ; Microfinance ; Microfinance Channel Development ; Microfinance Product Development ; Rural Development ; Transformation of Microfinance Institutions
    Abstract: This paper reviews evidence on agent networks of microfinance institutions and other financial services providers, which have expanded rapidly in recent years in some low- and middle-income contexts. There is emerging evidence that clients become more financially active as a result of the convenience and security of transacting with agents, especially with respect to depositing, withdrawing, and transferring funds. Agent networks could also help increase the savings of low-income clients, although evidence suggests that commitment devices may also be required, and there is little evidence that agents expand credit to clients, although they can facilitate loan repayment. Building on their physical and social proximity to customers, agents can become a potential gateway for expanding and deepening financial inclusion, but the pricing of agent transactions and consumer protection remain important considerations
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  • 77
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (40 pages)
    Parallel Title: Erscheint auch als Mare, Davide S Bank Bailouts and Fiscal Contingent Liabilities
    Keywords: Bank Bailout ; Bank Distress ; Banking Law ; Bankruptcy and Resolution of Financial Distress ; Contingent Liabilities ; Finance and Financial Sector Development ; Fiscal Cost ; Law and Development ; Problem Bank Resolution ; Socialize Bank Loss ; Systemic Importance
    Abstract: Implicit government guarantees to bail out troubled banks can produce a sizable fiscal contingent liability. Drawing on a rich history of various forms of staggered bailouts, this paper studies the link between bank bailouts and fiscal contingent liabilities using bank-level data for Kazakhstan-an upper-middle-income country in Central Asia. The paper first estimates the probability that a bank in distress is bailed out, conditioning on bank characteristics and financial soundness. Second, it estimates the magnitude of bailout costs depending on the size of banks, their ownership type, financial soundness, and the type of bailout instrument used by the government. The latter aims to contrast the fiscal contingent liabilities when the government uses bailout instruments without recourse on bank future profits-such as government purchases of bad loans at 100 percent nominal value-versus instruments that do not allow bank owners to socialize losses and privatize gains-such as properly governed and priced senior debt or equity injections. Third, the paper illustrates how the estimations could be used for projecting the expected contingent liabilities from bank bailouts
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  • 78
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: IEG Independent Evaluations and Annual Reviews
    Keywords: Climate Change Impact On Debt Growth ; Country Debt Capacity ; COVID-19 Pandemic Impact On Debt ; Debt Sustainability Framework ; Determining Debt Distress ; Economic Conditions and Volatility ; Economic Insecurity ; Finance and Financial Sector Development ; IFC ; Inflation ; Low-Income Country Debt ; Macroeconomics and Economic Growth ; MIGA ; World Bank Debt Data
    Abstract: This evaluation, requested by the Committee on Development Effectiveness of the Executive Board of the International Development Association (IDA), is intended to provide input and insight into the upcoming World Bank-International Monetary Fund (IMF) review of the Low-Income Country Debt Sustainability Framework (LICDSF) currently planned for fiscal year 2023. The sharp rise in debt stress among low-income countries and a changing global risk landscape leading up to and after the onset of the COVID-19 pandemic have pushed concerns with debt sustainability to the top of the global policy agenda. This evaluation assesses the World Bank's inputs into the LIC-DSF and how it uses LIC-DSF outputs to inform various corporate and country-level decisions. Main findings and recommendations include: (i) Expectations of the World Bank in taking the lead on long-term growth prospects should be clarified. (ii) Recently increased attention to debt data coverage should be sustained and extended; greater attention is needed to assess data quality. (iii) The DSA should be more directly and consistently used to inform priorities for the identification of fiscally oriented prior actions in development policy operations and SDFP performance and policy actions. (iv) The World Bank should continue to give increasing attention in the LIC-DSF to the long-term implications of climate change, in terms of both growth and fiscal requirements of adaptation and mitigation
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  • 79
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Public Expenditure Review
    Keywords: Expenditure Efficiency ; Finance and Financial Sector Development ; Fiscal Sustainability ; Inclusive Growth ; PER ; Public and Municipal Finance ; Public Expenditure
    Abstract: The Republic of Congo is the third-largest crude oil producer in Sub-Saharan Africa after Nigeria and Angola and is heavily dependent on oil production and oil exports. With a population of 5.5 million, Congo is a lower middle-income economy, endowed with abundant natural resources. The economy is heavily dependent on oil production, which accounted for 45 percent of GDP, 75 percent of government revenue, and 95 percent of exports of goods during the height of oil prices (2010-14). Besides crude oil, Congo is endowed with a wealth of mineral resources, including reserves of potash, phosphate, iron, and copper, which remain largely untapped. Much of the country is covered with tropical forests of softwoods and hardwoods (over 65 percent of the country's total surface area), a fragile ecosystem that removes carbon from the atmosphere and stores it, thus helping to slow global warming. This Public Finance Review (PFR) aims to support the implementation of the National Development Plan. This PFR provides analysis and advice to the government on two objectives: (i) to increase expenditure efficiency to support inclusive growth in a sustainable manner, and (ii) to boost mobilization of broad-based revenue to finance the development objectives envisaged in the new National Development Plan. This PFR is performed as part of the World Bank Group's broader efforts to support the enhancement of fiscal management in Congo. A public finance review rather than a public expenditure review was undertaken because revenue mobilization is critical for Congo to restore fiscal sustainability. The PFR complements recently completed and ongoing analytical pieces on Congo's fiscal management, including the Tax Administration Diagnostic Assessment Tool analysis (2019); Debt Management Performance Assessment (2021); the Republic of Congo Economic Updates (2019 and 2020); the Public Expenditure and Financial Accountability (PEFA) assessment (2023, and the Public Expenditure Review on Human Development (2022). This PFR, therefore, focuses on areas that are not addressed by these analytic reports
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  • 80
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: Carbon-Neutral ; Economic Growth ; Finance and Financial Sector Development ; Fiscal and Monetary Policy ; Fiscal Policy ; Household Incomes ; Housing Finance ; Inflation ; Labor Market ; Macroeconomics and Economic Growth ; Private Investment
    Abstract: Economic activity bounced back in Q1 2023 with the removal of mobility restrictions and a surge in spending on services. However, growth momentum has slowed since April, indicating that China's recovery remains fragile and dependent on policy support. China's GDP growth is projected to rise to a 5.6 percent in 2023, led by a rebound in consumer spending. The economic recovery offers an important opportunity for policymakers to refocus their efforts on achieving China's longer-term development objectives. Structural reforms remain crucial to solidify the recovery and achieve the longer-term goals to (i) become a high-income country by 2035 through productivity-led and environmentally sustainable growth; (ii) peak carbon emissions before 2030 and become carbon-neutral by 2060; and (iii) share the gains from economic growth more equally among the population
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  • 81
    Language: English
    Pages: 1 Online-Ressource (40 pages)
    Parallel Title: Erscheint auch als Gassmann, Franziska Is the Magic Happening? A Systematic Literature Review of the Economic Multiplier of Cash Transfers
    Keywords: Cash Transfer ; Externalities ; Finance and Financial Sector Development ; Financial Sector and Social Assistance ; Fiscal and Monetary Policy ; Fiscal Policy ; Gender ; Gender and Social Policy ; Local Economy ; Macroeconomics and Economic Growth ; Multiplier ; Poverty Alleviation ; Return ; Safety Net ; Social Accounting Matrix ; Social Assistance ; Social Protection ; Spillover Effect
    Abstract: The multiplier effects of cash transfers are receiving renewed attention globally. The existence of multipliers-or the generation of additional dollars for every one dollar injected as cash transfers-illuminates new aspects of the impacts of social assistance and holds the potential to redefine how "fiscal sustainability" is generally interpreted. However, multipliers also attract questions: are multipliers real and tangible How are multipliers estimated What method might be more suitable than others in different contexts What does the evidence reveal about those effects This paper briefly summarizes emerging findings from existing literature on low- and middle-income countries, including a total of 23 studies. The paper discusses the main estimation methods, such as social accounting matrix and econometric techniques; presents results on multipliers across studies; and draws lessons for future research and practice
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  • 82
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (38 pages)
    Parallel Title: Erscheint auch als Doumbia, Djeneba Issuer Composition and Stock Market Growth
    Keywords: Domestic Stock Market Growth ; Economic Growth ; Economic Outcome of Stock Issuers ; Economic Theory and Research ; Equity Issuers ; Finance and Development ; Finance and Financial Sector Development ; Issuer Composition ; Macroeconomics and Economic Growth ; Sectoral Diversity ; Stock Market
    Abstract: Does issuer composition change as stock markets grow, and, if so, how An increase in market capitalization may be driven by growth on the intensive or extensive margin. Such growth may also influence the level of market concentration and diversity among listed firms. Using a novel dataset, this paper examines how the number, concentration, and sectoral diversity of issuers change as domestic stock markets grow, with a focus on low- and middle-income countries. The results show that an increase in stock market capitalization tends to be associated with only growth on the intensive margin. Greater market activity, however, is linked to entry of new issuers and for low- and middle-income countries, also to marginally lower market concentration. However, there is no evidence that sectoral diversity changes with market size or activity. These findings have important implications for firm financing as stock markets may not necessarily become more inclusive as they grow
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  • 83
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: External Sector ; Finance and Financial Sector Development ; Monetary Policy ; Oil and Gas ; Public Finance
    Abstract: Iraq's economy continued its recovery after the sharp, pandemic-induced recession in 2020 but growth constraints in the oil sector have reemerged. After moderating in 2022, consumer price inflation ticked up in early 2023, fueled by the depreciation of the Iraqi dinar in the parallel market. Fiscal and external account balances benefitted from the oil windfall in 2022 but this trend significantly moderated in early 2023. The new budget is excessively expansionary, and lacks the structural reforms that Iraq needs to develop a vibrant and sustainable economy. The economic outlook remains subject to significant risks, largely due to deep structural challenges. Urgent implementation of financial sector reforms and modernization of its banking sector architecture, currently major barriers to economic diversification, are a critical condition to bolster the private sector and unlock much-needed job creation. Financial access in Iraq is amongst the lowest in the world, with only 19 percent of adults owning a bank account, highlighting a significant underutilized source of financing. Crucially, lack of financing remains the top constraints for small and medium enterprises and firms operating in the informal sector, undermining private sector-led growth and job creation. As this report's Special Focus highlights, this is in part due to the banking sector structure and operations, which is dominated by undercapitalized state-owned banks with weak institutional capacities that primarily provide financing to public sector entities and state-owned enterprises. The private commercial banking sector is weak and has limited capacity to support financial intermediation and is geared towards maximizing revenues from the foreign exchange auctions. Furthermore, the non-banking financial sector is nascent with small and underdeveloped capital markets, unregulated Micro Finance Institutions, and an underdeveloped insurance sector. To tackle these challenges, the sector's reform priorities include institutional reforms in state-owned banks and incentivizing digital financial services to increase financial intermediation and promote financial inclusion in Iraq. The full implementation of these reforms can help restore public confidence in the financial sector and help mobilize Iraq's wealth towards solving the pressing development challenges of the country
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  • 84
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Keywords: Capital Markets ; Capital Markets and Capital Flows ; Climate Change ; Finance and Development ; Finance and Financial Sector Development ; Governance ; Inclusion ; Poverty Alleviation ; Resilience ; Shared Prosperity ; Sustainability ; Sustainable Finance
    Abstract: This annual report, which covers the period from July 1, 2022, to June 30, 2023, has been prepared by the Executive Directors of both the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA)-collectively known as the World Bank-in accordance with the respective bylaws of the two institutions. Ajay Banga, President of the World Bank Group and Chairman of the Board of Executive Directors, has submitted this report, together with the accompanying administrative budgets and audited financial statements, to the Board of Governors
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  • 85
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: 2209
    Keywords: Adaptation To Climate Change ; Blue Carbon ; Blue Economy ; Environment ; Finance and Development ; Finance and Financial Sector Development ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Public and Private Investment ; Readiness Framework
    Abstract: The purpose of this paper is to provide a practical framework to guide governments in catalyzing and scaling up public and private investment in Blue Carbon as part of their blue economy development. It does this by describing in detail a Blue Carbon Readiness Framework, a step-by-step, well-illustrated guide with simple checklists. Client countries can use the illustrations and checklists to determine their readiness to catalyze and scale up investment in blue carbon credit finance. The Blue Carbon Readiness Framework consists of three pillars: 1. Data and Analytics; 2. Policy and Institutions; 3. Finance
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  • 86
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: IEG Independent Evaluations and Annual Reviews
    Keywords: Access To Finance ; COVID-19 ; Disease Control and Prevention ; Finance and Financial Sector Development ; Health, Nutrition and Population ; Judicial Sector Reform ; Law and Development ; Public Administration ; Public Finances
    Abstract: This report assesses the relevance and effectiveness of the World Bank's engagement in the Kyrgyz Republic between fiscal years 2014 and 2021. The Kyrgyz Republic is a landlocked, lower-middle-income country that is highly dependent on remittances and natural resources. Poverty levels declined from 37% in 2013 to 20% in 2019. However, the country's population remains vulnerable, and broad-based economic growth was elusive over the evaluation period. The Kyrgyz Republic faces major development challenges including weak governance, barriers to private sector development, and low quality of essential local public services. This Country Program Evaluation assesses the relevance and effectiveness of the World Bank's engagement in the Kyrgyz Republic between fiscal years 2014 and 2021. It evaluates the Bank's contributions to the country's development in priority areas, focusing on support for governance, private sector development, and essential local public services. The evaluation distills lessons from Bank Group experience to inform future Bank Group engagement in the Kyrgyz Republic
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  • 87
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (39 pages)
    Parallel Title: Erscheint auch als Gill, Indermit Making the Low-Income Country Debt Sustainability Framework Fit for Purpose
    Keywords: Debt Markets ; Debt Sustainability ; Finance and Financial Sector Development ; Fiscal Deficit Flow ; Low-Income Country Debt Sustainability Framework ; Overal Public Debt ; Sustainable Development
    Abstract: The World Bank and the International Monetary Fund use the Low-Income Country Debt Sustainability Framework to assess the sustainability of sovereign debt in about 75 low- and middle-income developing countries. It is overdue for a review, and this paper recommends that it be replaced for three reasons. First, it was designed when official concessional external debt was virtually synonymous with public debt. Over the past decade, however, the marginal cost of borrowing for Low-Income Country Debt Sustainability Framework countries has been defined increasingly by domestic and external debt markets. This has rendered the framework largely obsolete. Second, the framework focuses mainly on external debt, but development outcomes in the framework countries are more closely related to overall public debt. The mission of the World Bank--and, increasingly, the International Monetary Fund--is to improve growth, stability and living standards. So public debt ought to be the principal focus of the revised Low-Income Country Debt Sustainability Framework. Third, causality in the framework countries flows from fiscal deficits to current account deficits rather than the other way around, and the public component constitutes the lion's share of total external debt. To focus on external debt distress in these circumstances is tantamount to tackling the symptom--accumulated current-account deficits--instead of the fundamental cause: fiscal deficits, or the gap between government investment and saving. The experiences of Ethiopia, Ghana and Zambia illustrate the arguments. The paper recommends a framework based on nominal public debt and its dynamics, supplemented with a thorough analysis of international liquidity. Discarding the Low-Income Country Debt Sustainability Framework could well be disruptive in the short run. However, the alternative would be worse: retaining an obsolete framework that has failed to anticipate public debt crises and is poorly aligned with the Sustainable Development Goals
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  • 88
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: 2193
    Keywords: Access To Finance ; Finance and Financial Sector Development ; Food and Nutrition Policy ; Food Security ; Food Systems ; Health, Nutrition and Population ; Stability ; Value Chains
    Abstract: Sierra Leone's economy experienced overlapping setbacks during 2022, as external spillovers from the Russian invasion of Ukraine aggravated domestic macroeconomic vulnerabilities. This led to high levels of inflation, a substantially weaker currency, greater imbalances in public finances, and lower foreign exchange reserves. GDP growth slowed in 2022 (from 4.1 percent in 2021 to 3.5 percent) bringing the average GDP growth since the onset of the COVID-19 pandemic to only around half of the pre-pandemic trend. High global energy and fertilizer prices coupled with a weaker currency translated into accelerating inflation which rose from 12percent in 2021 to 27 percent in 2022, and further to over 50 percent by August 2023, threatening the welfare of households and worsening food insecurity and poverty
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  • 89
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: 2162
    Keywords: Access To Finance ; Accommodation and Tourism Industry ; Agricultural Sector Economics ; Agriculture ; Commercial Sectors ; Domestic Private Financing ; Finance and Financial Sector Development ; Green Growth ; Industry ; Infrastructure ; Infrastructure Economics and Finance ; Infrastructure Finance ; Private Sector Development ; Private Sector Economics ; Private Sector Investment ; Social Sectors
    Abstract: In March 2023, the Second Rapid Damage and Needs Assessment (RDNA2) identified USD 411 billion worth of investments required for Ukraine's reconstruction. The World Bank Group's new report "Private Sector Opportunities for a Green and Resilient Reconstruction in Ukraine", developed in cooperation with Ukraine's government, assesses the potential for private financing to meet these needs under both a status quo scenario and a scenario with reforms and other sectoral interventions
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  • 90
    Language: English
    Pages: 1 Online-Ressource (47 pages)
    Parallel Title: Erscheint auch als Ha, Jongrim Capital Controls in Emerging and Developing Economies and the Transmission of U.S. Monetary Policy
    Keywords: Business Cycles and Stabilization Policies ; Capital Flow Management ; Economic Response To Shock ; Emerging Market Volatility ; Federal Reserve ; Finance and Financial Sector Development ; Financial Crisis Management and Restructuring ; Fiscal and Monetary Policy ; Global Financial Cycles ; International Monetary Policy Spillover ; Macroeconomics and Economic Growth
    Abstract: Emerging markets and developing economies (EMDEs) exhibit significantly greater volatility in asset returns than advanced economies. The commonalities in these returns (and flows) across countries are particularly strong for EMDEs. If these occur independently of the exchange rate regime and if these global financial cycle effects are furthermore independent of countries' financial openness, the result is Obstfeld (2022)'s "Lemma": countries can do nothing to decouple from the global financial cycle. Under the prevalent view that U.S. monetary policy is the key driver of the global financial cycle, countries then inherit U.S. monetary policy no matter what they do on exchange rates or capital control policies. Using structural vector autoregression models for 78 countries over 1995-2019, as well as different methods of identifying U.S. monetary policy shocks from the literature, this paper tests the proposition that countries with less open capital accounts exhibit systematically smaller responses to U.S. monetary policy shocks than low capital control countries. This paper also considers the role of other institutional features such as exchange rate regimes and foreign exchange interventions in explaining cross-country differences in the responses to the shocks. The empirical results suggest that more stringent capital controls exhibit smaller responses of interest rates and exchange rates to U.S. monetary policy shocks and that this result holds more firmly for EMDEs than advanced economies. In contrast, the analysis finds only weak evidence that the degree of exchange rate flexibility affects U.S. spillovers to foreign interest rates and exchange rates
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  • 91
    Language: English
    Pages: 1 Online-Ressource (53 pages)
    Parallel Title: Erscheint auch als Piza, Caio Experimental Evaluation of a Financial Education Program in Elementary and Middle School Grades
    Keywords: Behavioral Modification ; Education ; Elementary Education ; Finance and Financial Sector Development ; Financial Education ; Financial Law ; Financial Literacy ; Financial Proficiency Promotion ; Law and Development ; Middle School Financial Literacy
    Abstract: This paper investigates whether providing financial education in elementary and middle school grades improves students' financial proficiency and actual behavior. It uses a cluster randomized control trial to evaluate a pilot program implemented in 101 Brazilian municipal schools in 2015. The findings show positive impacts on financial proficiency, mainly among middle school students, and suggestive evidence of improvements in short-term behavioral outcomes. However, the analysis indicates that the program did not impact students' school achievements in both the short and longer terms, which suggests that the program's effects were not strong enough to shift students' behavior decisions
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  • 92
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: 2128
    Keywords: Education Reform and Management ; Finance and Financial Sector Development ; Financial Data ; Financial Results ; Global Outlook ; IFC ; Information Technology
    Abstract: This Management's Discussion and Analysis (MD and A) discusses the financial results of the International Finance Corporation (IFC or the Corporation) for the fiscal year ended June 30, 2023 (FY23). The MD and A contains forward looking statements which may be identified by such terms as "anticipates," "believes," "expects," "intends," "plans", "aims" or words of similar meaning. Such statements involve a number of assumptions and estimates that are based on current expectations, which are subject to risks and uncertainties beyond IFC's control. Consequently, actual future results could differ materially from those currently anticipated. IFC undertakes no obligation to update any forward-looking statements. Certain reclassifications of prior years' information have been made to conform with the current year's presentation
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  • 93
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: 2163
    Keywords: Anti-Money Laundering ; Biodiversity ; Climate Change ; Climate Smart Agriculture ; Decarbonization ; E-Finance and E-Security ; Energy ; Energy+ ; Environment ; Finance and Financial Sector Development ; Forest Ecosystems ; Green Growth Finance ; High-Income Country ; Integrated Water Resource Management (IWRM) ; Low-Carbon ; Net Zero ; Resilient Cities
    Abstract: This report explores how climate action, in line with Romania's goal of achieving net zero emissions by 2050, interacts with the country's growth and development path. It further suggests priority actions to reduce carbon emissions and build resilience, while supporting inclusive economic growth and poverty reduction. This is the first Climate Country and Development Report (CCDR) to cover a European Union member state and a high-income economy
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  • 94
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: 2129
    Keywords: Access To Power ; Climate Change Mitigation ; Climate Change Mitigation and Green House Gases ; Development Challenges ; Environment ; Environment and Health ; Finance and Financial Sector Development ; Low-Income Countries ; Macroeconomics and Economic Growth ; Polital Risk Mitigation ; Private Investment ; Record World Bank Lending ; Sustainable Development ; Urban Environment ; Urban Health
    Abstract: Celebrating thirty-five years since its founding, in FY23 MIGA issued a record 6.4 billion in new guarantees across forty projects. Through these projects, the Agency remained focused on encouraging private investors to help host governments manage and mitigate political risks. In FY23, as it did during the COVID-19 pandemic, MIGA demonstrated its agility to respond to crisis, employing multiple products during the year to assist the embattled people of Ukraine following Russia's invasion. An institution of the World Bank Group, MIGA is committed to strong development impact and supporting projects that are economically, environmentally, and socially sustainable. MIGA helps investors mitigate the risks of restrictions on currency conversion and transfer, breach of contract by governments, expropriation, and war and civil disturbance. It also offers trade finance guarantees, as well as credit enhancement on obligations of sovereigns, sub-sovereigns, state-owned enterprises, and regional development banks
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  • 95
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: 2209
    Keywords: Access To Finance ; Equity and Development ; Female Economic Participation ; Finance and Financial Sector Development ; Gender ; Gender and Economic Policy ; Gender and Governance ; Gender Disparity ; Gender Inequality ; Human Rights ; Institutional Barriers To Economic Empowerment ; Poverty Reduction ; Women and Girls Opportunity
    Abstract: This thematic note is part of a broader mixed-method study on gender inequalities in Madagascar, which intends to illustrate the key gender gaps in the country and shed light on the unique challenges that young Malagasy women face in their educational, professional, and family trajectories. Due to the persistence of financial, social, and institutional barriers, Malagasy women and girls encounter significant disadvantages across all dimensions of well-being and are unable to access opportunities in an equal manner with men and boys in the country. They are largely constrained in their ability to accumulate human capital in education and health, and to participate in economic opportunities; and they face severe limitations in agency and decision-making, particularly with respect to family formation. Women and girls also appear to be disproportionally affected by the impacts of climate change and the COVID-19 pandemic, which further widen preexisting gender gaps and amplify vulnerability to poverty, violence, and discrimination. This thematic note provides in-depth insights into the status of women and girls' economic opportunities in Madagascar and proposes several strategic lines of action to enhance women's economic empowerment. This note is accompanied by the overview of all study findings and three thematic notes that present in-depth insights in the following key dimensions: education, health, and agency
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  • 96
    Language: English
    Pages: 1 Online-Ressource (63 pages)
    Parallel Title: Erscheint auch als Miller, Amisha Asking Better Questions: The Effect of Changing Investment Organizations' Evaluation Practices on Gender Disparities in Funding Innovation
    Keywords: Access To Credit ; Access To Finance ; Africa Gender Innovation Lab ; Entrepreneurship ; Finance and Financial Sector Development ; Gender ; Gender and Economic Policy ; Gender and Governance ; Gender Gap ; Innovation ; Investment in Women Owned Enterprise ; Private Sector Development
    Abstract: Female innovators raise fewer resources from investors, even when their ventures are similar to those of all-male teams. Efforts to mitigate the disparities have typically focused on changing how founders seek investment. However, the causes of gender disparities are systemic: in uncertain contexts, evaluators value women's competence or leadership potential lower than men's, and investors inquire more about risks when facing female founders than males. What is the effect of investment organizations' evaluation practices on gender disparities in funding innovation This paper examines a two-stage global field experiment with investors making 1,871 investment decisions on early-stage startups, which resulted in USD 320,000 invested in 16 startups. The experiment changed an organization's evaluation framework to systematize investor inquiry across all ventures by including prompts about (1) risk and reward and (2) progress during the evaluation period. This caused treated investors to (1) assess startups more consistently and (2) assess startup competence more dynamically than control investors. It eliminated, even reversed, the gender gap in investment outcomes. These results have implications for organizations making decisions in uncertain contexts, and those aiming to reduce gender disparities
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  • 97
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (56 pages)
    Parallel Title: Erscheint auch als Ha, Jongrim What Explains Global Inflation
    Keywords: Access To Finance ; Demand Shock ; Energy ; Energy Demand ; Finance and Financial Sector Development ; Global Inflation ; Inflation ; Inflation Drivers ; Interest Rate Shock ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Oil Price ; Supply Shock
    Abstract: This paper examines the drivers of fluctuations in global inflation, defined as a common factor across monthly headline consumer price index (CPI) inflation in G7 countries, over the past half-century. It estimates a Factor-Augmented Vector Autoregression model where a wide range of shocks, including global demand, supply, oil price, and interest rate shocks, are identified through narrative sign restrictions motivated by the predictions of a simple dynamic general equilibrium model. The authors report three main results. First, oil price shocks followed by global demand shocks explained the lion's share of variation in global inflation. Second, the contribution of global demand and oil price shocks increased over time, from 56 percent during 1970-1985 to 65 percent during 2001-2022, whereas the importance of global supply shocks declined. Since the pandemic, global demand and oil price shocks have accounted for most of the variation in global inflation. Finally, oil price shocks played a much smaller role in global core CPI inflation variation, for which global supply shocks were the main source of variation. These results are robust to various sensitivity exercises, including alternative definitions of global variables, different samples of countries, and additional narrative restrictions
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  • 98
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Economic Updates and Modeling
    Keywords: Access To Finance ; Armed Conflict ; Conflict ; Conflict and Development ; Economic Development ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Middle East ; Money and Banking ; Recession
    Abstract: Lebanon is hit by yet another crisis: the spillover effects of the conflict in the Middle East. While the country remains mired in political and institutional vacuum, and a crippling socioeconomic crisis for over four years, it has now been hit by another large shock: fear that the current conflict centered in Gaza could escalate further into Lebanon. By 2022 and early 2023, the economy was able to find a temporary bottom following years of sharp contraction, thanks to tourism and sizeable remittances. The temporary bottoming out helped the exchange rate to also stabilize temporarily. With the onset of the current conflict, Lebanon's economy is projected to be back in recession in 2023. This special focus assesses the impact of the current conflict and its spillovers on Lebanon's economy. Assuming that the current situation of containment of military confrontation to the southern borders persists, the economy is estimated to contract in 2023, primarily due to the shock to tourism spending
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  • 99
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource (59 pages)
    Parallel Title: Erscheint auch als Londono-Velez, Juliana Revealing 21% of GDP in Hidden Assets: Evidence from Argentina
    Keywords: Amnesties ; Enforcement ; Finance and Financial Sector Development ; Hidden Assets ; Law and Development ; Law Finance and Growth ; Macroeconomics and Economic Growth ; Offshore Wealth ; Tax Collection Policy ; Tax Compliance ; Tax Evasion ; Tax Havens ; Tax Law
    Abstract: Despite substantial offshore tax evasion, Argentines disclosed assets worth 21 percent of GDP under a tax amnesty in 2016. This paper studies how enforcement initiatives impact individuals' tax behavior, tax progressivity, and revenue collection. Offshore tax evasion is concentrated among the wealthiest 0.1 percent of adults. Tax compliance improved, expanding the tax bases for both wealth tax and capital income tax, especially at the top. The subsequent tax hike on foreign assets in 2019 boosted tax progressivity, raising the effective tax rate for the wealthiest 0.1 percent of adults, and established Argentina's wealth tax as one of the most successful globally in revenue generation
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  • 100
    Online Resource
    Online Resource
    Washington, D.C : The World Bank
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: 2193
    Parallel Title: Erscheint auch als Racing against time
    Keywords: CBRs ; Economic Development ; Finance and Development ; Finance and Financial Sector Development ; Fiscal ; Health Systems Development and Reform ; Health, Nutrition and Population ; Macroeconomics and Economic Growth ; Palestinian Economy ; West Bank and Gaza
    Abstract: Operating in environments marked by fragility, conflict, and violence poses complex and distinct challenges, and the Palestinian case is no different. A significant body of literature has emphasized the specific bottlenecks that exist, ranging from - in the first place - the movement, access, trade, and investment restrictions imposed by the Government of Israel (GoI) on the West Bank, and the near-blockade of Gaza, the noncontiguous geography of the territories, to the program advanced by the Palestinian Authority on structural reforms lacking momentum, and increasing penury of foreign aid. Numerous analytical and policy papers - spanning at least three decades, since the establishment of the AHLC forum - have emphasized the severity of the challenges at hand and the imperative of fostering cooperation among all parties. Despite relative clarity on the objectives, progress on the implementation of priorities has been modest, resulting in increased complexity and urgency at the present day. At the behest of the AHLC, this report aims to guide the renewed efforts of the PA and the GoI, the global community, and - more broadly - all relevant policymakers and stakeholders, as they lay the groundwork for sustainable growth and shared prosperity in the Palestinian territories and the wider region. In line with the above, the findings of this report are unsurprising. Unlocking the economic potential of the West Bank and Gaza requires urgent action, in order to spur per capita growth beyond near-stagnation levels, as well as to put the fiscal situation on a sounder footing. The removal, or at least a significant reduction, of restrictions by Israel is a vital prerequisite. Simultaneously, steadfast commitment by the PA to the implementation of a comprehensive reform agenda will be paramount to bolster both recovery and resilience, along with reinforcing institutional governance. In addition, as this report indicates, addressing shortfalls in the health sector will be pivotal to improve the efficiency of public spending, safeguarding human capital, improving service delivery, and revitalizing economic opportunities in a context marked by decades of fragility. While underscoring the burning pressure of these challenges, the World Bank remains fully committed to continuing its close technical collaboration with the PA, the GoI, and all relevant development partners, to help forging a path towards stability, security, economic progress and prosperity, and to contribute to the collective aspiration for a brighter future
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