The World Bank

Displaying 1-40 of 170 results

  • White Papers // Aug 2011

    Learning From Developing Country Experience Growth And Economic Thought Before And After The 2008-09 Crisis

    The aim of this paper is twofold. First, it documents the changing global landscape before and after the crisis, emphasizing the shift towards multipolarity. In particular, it emphasizes the ascent of developing countries in the global economy before, during, and after the crisis. Second, it explores what these global economic...

    Provided By The World Bank

  • White Papers // Aug 2011

    Upgrading Investment Regulations In Second Pillar Pension Systems: A Proposal For Colombia

    The passivity of the demand for pension products is one of the striking features of mandatory pension systems. Consequently, the provision of multiple investment alternatives to households (multifund schemes) does not ensure that contributions are invested efficiently. In addition, despite the theoretical findings that short term return maximization is not...

    Provided By The World Bank

  • White Papers // Jul 2011

    Do High And Volatile Levels Of Public Investment Suggest Misconduct? The Role Of Institutional Quality

    This paper investigates the impact of institutional quality on public investment levels over the period 1984-2008. Moreover, it studies how the volatility of public investment and the quality of infrastructure are affected by institutional quality, and explores the contribution of other critical factors. The findings suggest an inverse relationship between...

    Provided By The World Bank

  • White Papers // Jul 2011

    Measuring Aversion To Debt: An Experiment Among Student Loan Candidates

    This paper reports the results of an experiment designed to test for the presence of debt aversion. The population who participated in the experiment were recent financial aid candidates and the experiment focused on student loans. The goal is to shed new light on different aspects of the perceptions with...

    Provided By The World Bank

  • White Papers // Jun 2011

    Deconstructing Herding: Evidence From Pension Fund Investment Behavior

    Pension funds have been expected to invest in a wide range of securities and provide liquidity to domestic capital markets since they are the most sophisticated investors, with plenty of resources to gather private information and manage portfolios professionally. However, by analyzing unique, monthly asset-level data from the pioneer case...

    Provided By The World Bank

  • White Papers // Jun 2011

    How Complementary Are Prudential Regulation And Monetary Policy?

    Could either monetary policy or financial prudential regulation be relied on individually to mitigate asset price cycles or their effects? If both ways are effective, monetary policy and prudential regulation could then be considered "Substitutes," in the sense that the individual use of either instrument leads to a reduction in...

    Provided By The World Bank

  • White Papers // Jun 2011

    Disaster Risk Financing And Contingent Credit: A Dynamic Analysis

    This paper aims to assist policy makers interested in establishing or strengthening financial strategies to increase the financial response capacity of developing country governments in the aftermath of natural disasters, while protecting their long-term fiscal balance. Contingent credit is shown to increase the ability of governments to self-insure by relaxing...

    Provided By The World Bank

  • White Papers // Jun 2011

    Growth Poles And Multipolarity

    This paper develops an empirical measure of growth poles and uses it to examine the phenomenon of multipolarity. The authors formally define several alternative measures, provide theoretical justifications for these measures, and compute polarity values for nation states in the global economy. The calculations suggest that China, Western Europe, and...

    Provided By The World Bank

  • White Papers // May 2011

    Mobile Banking And Financial Inclusion: The Regulatory Lessons

    Mobile banking is growing at a remarkable speed around the world. In the process it is creating considerable uncertainty about the appropriate regulatory response to this newly emerging service. This paper sets out a framework for considering the design of regulation of mobile banking. Since it lies at the interface...

    Provided By The World Bank

  • White Papers // May 2011

    Politics And Preschool: The Political Economy Of Investment In Pre-Primary Education

    What drives governments with similar revenues to publicly provide very different amounts of goods for which private substitutes are available? Key examples are education and health care. This paper compares spending by Brazilian municipalities on pre-primary education - a good that is also provided privately - with spending on public...

    Provided By The World Bank

  • White Papers // May 2011

    Trade Policies, Investment Climate, And Exports Across Countries

    There is a large body of research that explores international trade as a source of the dispersion in income levels and growth performances across countries. The trade liberalization policies undertaken between 1950 and 2006 led to an almost 30 fold growth in the volume of international trade. However this increase...

    Provided By The World Bank

  • White Papers // May 2011

    Financial Liberalization And Allocative Efficiency Of Capital

    Financial liberalization may have a positive effect on growth not only through the increase in the quantity of the available funds, but also through a more efficient allocation of resources across firms and sectors. Despite this intuitive appeal, there is little empirical evidence on the positive effect of financial liberalization...

    Provided By The World Bank

  • White Papers // May 2011

    Financial Development And Survival Of African Agri-food Exports

    This paper investigates the link between export survival of agri-food products and financial development. It tests the hypothesis that financial development differentially affects the survival of exports across products based on their need of external finance. The authors test whether exports of products that are relatively more reliant on external...

    Provided By The World Bank

  • White Papers // May 2011

    Labor Market Transitions And Social Security In Colombia

    This paper quantifies the magnitude of transitions across occupational categories in Colombia, a country with high unemployment and informality but quickly increasing its social security coverage for health. The analysis makes use of a panel of households between 2008 and 2009, representative of the main metropolitan areas in the country....

    Provided By The World Bank

  • White Papers // May 2011

    Rebalancing, Growth, And Development In A Multipolar Global Economy

    Reduction of large and persistent external imbalances is currently a key focus of G-20 discussions. The paper argues that in a progressively multipolar world economy, the goals of global rebalancing, growth, and development are increasingly inter-linked. Growth-oriented rebalancing calls for emphasizing structural reforms and leveraging the role of developing countries...

    Provided By The World Bank

  • White Papers // Apr 2011

    Stimulating Managerial Capital In Emerging Markets: The Impact Of Business And Financial Literacy For Young Entrepreneurs

    Identifying the determinants of entrepreneurship is an important research and policy goal, especially in emerging market economies where lack of capital and supporting infrastructure often imposes stringent constraints on business growth. This paper studies the impact of a comprehensive business and financial literacy program on firm outcomes of young entrepreneurs...

    Provided By The World Bank

  • White Papers // Apr 2011

    Financial Globalization In Emerging Economies: Much Ado About Nothing?

    Financial globalization, defined as global linkages through cross-border financial flows, has become increasingly relevant for emerging markets as they integrate financially with the rest of the world. This paper argues that, because of the way it is often measured, it has also led to the misperception that financial globalization in...

    Provided By The World Bank

  • White Papers // Mar 2011

    A Review Of Credit Guarantee Schemes In The Middle East And North Africa Region

    Many countries in the MENA region have established partial credit guarantee schemes to facilitate SME access to finance. These schemes can play an important role, especially in a period where MENA governments are making efforts to improve the effectiveness of credit registries and bureaus and strengthen creditor rights. This paper...

    Provided By The World Bank

  • White Papers // Mar 2011

    Reforming Government Debt Markets In MENA

    This paper examines the current stage of development of government securities markets in the non-GCC MENA region focusing in five countries that have government bond markets with a minimum size and greater potential for market development: Egypt, Jordan, Lebanon, Morocco and Tunisia. The analysis focuses on the five key building...

    Provided By The World Bank

  • White Papers // Mar 2011

    Financial Inclusion In The Middle East And North Africa

    The paper provides an assessment of the state of financial inclusion in the MENA region, and identifies constraints, opportunities, and priorities for significantly improving access to finance. Practical recommendations for improving financial inclusion are outlined. Firstly, governments could agree a Financial Inclusion Strategy that is underpinned by improved data, that...

    Provided By The World Bank

  • White Papers // Mar 2011

    Sudden Stops And Financial Frictions: Evidence From Industry Level Data

    The nature of the microeconomic frictions that transform sudden stops in output collapses is not only of academic interest, but also crucial for the correct design of policy responses to prevent and address these episodes and the lack of evidence on this regard is an important shortcoming. This paper uses...

    Provided By The World Bank

  • White Papers // Feb 2011

    How Business Is Done And The 'Doing Business' Indicators: The Investment Climate When Firms Have Climate Control

    This paper examines de jure and de facto measures of regulations, finding the relationship between them is neither one for one, nor linear. "Doing Business" provides indicators of the formal time and costs associated with fully complying with regulations. Enterprise Surveys report the actual experiences of a wide range of...

    Provided By The World Bank

  • White Papers // Feb 2011

    Sudden Stops: Are Global And Local Investors Alike?

    The main goal of this paper is to characterize the determinants of sudden stops caused by domestic vis-?-vis foreign residents. Are the decisions of domestic investors to invest abroad or of foreign investors to cut off funds from the domestic economy governed by the same set of determinants? Given the...

    Provided By The World Bank

  • White Papers // Feb 2011

    Gender And Finance In Sub-saharan Africa: Are Women Disadvantaged?

    This paper assesses whether there is a gender gap in the use of financial services by businesses and individuals in Sub-Saharan Africa. The authors do not find evidence of gender discrimination or lower inherent demand for financial services by enterprises with female ownership participation or by female individuals when key...

    Provided By The World Bank

  • White Papers // Jan 2011

    Access To Financial Services And The Financial Inclusion Agenda Around The World: A Cross-Country Analysis With A New Data Set

    Recent empirical evidence highlights that access to basic financial services can make a substantial positive difference in improving poor people's lives. Accordingly, financial sector reforms that promote financial inclusion are increasingly at the core of policymakers' agendas. The Consultative Group to Assist the Poor and the World Bank Group, in...

    Provided By The World Bank

  • White Papers // Jan 2011

    Infrastructure Investments Under Uncertainty With The Possibility Of Retrofit: Theory And Simulations

    Investments in large, long-lived, energy-intensive infrastructure investments using fossil fuels increase longer-term energy use and greenhouse gas emissions, unless the plant is shut down early or undergoes costly retrofit later. These investments will depend on expectations of retrofit costs and future energy costs, including energy cost increases from tighter controls...

    Provided By The World Bank

  • White Papers // Jan 2011

    Do Procurement Rules Impact Infrastructure Investment Efficiency?

    As a means to reduce delays in public works implementation, a number of Brazilian states have recently reformed their procurement rules allowing contractor price proposals to be assessed before the technical evaluation of submitted bids is undertaken (in a procedure known as inversao das fases). In order to evaluate the...

    Provided By The World Bank

  • White Papers // Jan 2011

    Saving And Growth In Egypt

    This paper illustrates the mechanisms linking national saving and economic growth, with the purpose of understanding the possibilities and limits of a saving-based growth agenda in the context of the Egyptian economy. This is done through a simple theoretical model, calibrated to fit the Egyptian economy, and simulated to explore...

    Provided By The World Bank

  • White Papers // Dec 2010

    Measuring The Impact Of The Financial Crisis On New Business Registration

    Business owners and would-be entrepreneurs are often at the mercy of macroeconomic conditions. This was never more true than in 2008 and 2009, when the financial crisis reverberated throughout the global economic system following the failure of several U.S. and Western European banking institutions. The first phase of the crisis...

    Provided By The World Bank

  • White Papers // Dec 2010

    Forecasting Migrant Remittances During The Global Financial Crisis

    The financial crisis has highlighted the need for forecasts of remittance flows in many developing countries where these flows have proved to be a lifeline to the poor people and the economy. This paper describes a simple methodology for forecasting country-level remittance flows in a manner consistent with the medium-term...

    Provided By The World Bank

  • White Papers // Dec 2010

    Firms Operating Under Infrastructure And Credit Constraints In Developing Countries: The Case Of Power Generators

    Many developing countries are unable to provide their industrial sector with reliable power and many enterprises have to contend with electricity that is insufficient and of poor quality. Because of these constraints, firms in developing countries opt for self-generation even though it is widely considered a second best solution. This...

    Provided By The World Bank

  • White Papers // Dec 2010

    Public Credit Registries As A Tool For Bank Regulation And Supervision

    This paper is about the importance of the information in Public Credit Registries (PCRs) for supporting and improving banking sector regulation and supervision, particularly in the light of the new approach embodied in Basel III. Against the backdrop of the financial crisis and the existence of information data gaps, the...

    Provided By The World Bank

  • White Papers // Nov 2010

    Bank Capital: Lessons From The Financial Crisis

    Using a multi-country panel of banks, the authors study whether better capitalized banks fared better in terms of stock returns during the financial crisis. They differentiate among various types of capital ratios: the Basel risk-adjusted ratio; the leverage ratio; the Tier I and Tier II ratios; and the common equity...

    Provided By The World Bank

  • White Papers // Nov 2010

    Financing Indian Cities: Opportunities And Constraints In An Nth Best World

    This paper examines international experience with mobilizing funding for both capital and recurrent costs for municipal infrastructure with a view to identifying areas where India could improve its system of financing infrastructure in cities. Based on international data, the analysis shows that there is indeed a wide range of models...

    Provided By The World Bank

  • White Papers // Nov 2010

    Protecting Child Nutritional Status In The Aftermath Of A Financial Crisis: Evidence From Indonesia

    This paper exploits heterogeneity in program exposure to evaluate the effectiveness of a supplementary feeding program implemented in the wake of the 1997-1998 economic crises in Indonesia. The explicit aim of the program was to protect the nutritional status of infants and young children from adverse effects of the crisis....

    Provided By The World Bank

  • White Papers // Oct 2010

    Real Exchange Rates, Saving And Growth: Is There A Link?

    The view that policies directed at the real exchange rate can have an important effect on economic growth has been gaining adherents in recent years. Unlike the traditional "Misalignment" view that temporary departures of the real exchange rate from its equilibrium level harm growth by distorting a key relative price...

    Provided By The World Bank

  • White Papers // Oct 2010

    The Impact Of The Financial Crisis On New Firm Registration

    The authors use panel data on the number of new firm registrations in 95 countries to study the impact of the business environment and 2008 financial crisis on new firm registration. The data show that more dynamic formal business creation occurs in countries that provide entrepreneurs with a stable legal...

    Provided By The World Bank

  • White Papers // Oct 2010

    Second Best? Investment Climate And Performance In Africa's Special Economic Zones

    As an instrument of trade and investment policy, special economic zones have played a catalytic role in processes of industrialization, diversification, and trade integration in many countries, particularly in East Asia. However, in the African context, anecdotal evidence suggests the experience has been disappointing on the whole. Among the reasons...

    Provided By The World Bank

  • White Papers // Oct 2010

    Identification Strategy: A Field Experiment On Dynamic Incentives In Rural Credit Markets

    How do borrowers respond to improvements in a lender's ability to punish defaulters? This paper reports the results of a randomized field experiment in rural Malawi that examines the impact of fingerprinting borrowers in a context where a unique identification system is absent. Fingerprinting allows the lender to more effectively...

    Provided By The World Bank

  • White Papers // Oct 2010

    The Impact Of The Global Financial Crisis On Off-Farm Employment And Earnings In Rural China

    This paper examines the effect of the financial crisis on off-farm employment of China's rural labor force. Using a national representative data set collected from across China, the paper finds that there was a substantial impact. By April 2009 the reduction in off-farm employment as a result of the crises...

    Provided By The World Bank

  • White Papers // Jul 2010

    Social Security Distortions Onto The Labor Market: Estimates For Colombia

    This paper identifies and quantifies three distortions caused by the existing social security and social assistance systems in Colombia. These distortions refer to the discrepancy between the cost of formal social security for the employer and the worker's valuation of the received service (social distortion): the differences in social security...

    Provided By The World Bank

  • White Papers // Jul 2010

    Credit Risk Management In Financing Agriculture

    Agriculture is an inherently risky economic activity. A large array of uncontrollable elements can affect output production and prices, resulting in highly variable economic returns to farm households. In developing countries, farmers also lack access to both modern instruments of risk management - such as agricultural insurance, futures contracts, or...

    Provided By The World Bank

  • White Papers // Mar 2009

    Determinants Of Repayment Performance In Indian Micro-credit Groups

    Despite their potential importance and ease of modification, impacts of monitoring and loan recovery arrangements on micro-credit groups' repayment performance have rarely been studied. Data on 3,350 expired group loans in 300 Indian villages highlight that regular monitoring and audits, high repayment frequency, consumption smoothing support through rice credit, and...

    Provided By The World Bank

  • White Papers // Oct 2008

    Market Power And The Matching Of Trade Credit Terms

    This paper studies the decision of firms to extend trade credit to customers and its relation with their financing decisions. The authors use a novel firm-level database of Chinese SMEs with unique information on market power in both output and input markets and on the amount, terms, and payment history...

    Provided By The World Bank

  • White Papers // Aug 2008

    Does Foreign Portfolio Investment Reach Small Listed Firms?

    Using a unique dataset, the author examines the impact of foreign portfolio investment on the capital issuance behavior of small listed firms. The author finds that foreign portfolio investment is associated with an increased probability of small firm security issuance in all nations, regardless of property rights development. Evidence suggests...

    Provided By The World Bank

  • White Papers // Aug 2011

    Learning From Developing Country Experience Growth And Economic Thought Before And After The 2008-09 Crisis

    The aim of this paper is twofold. First, it documents the changing global landscape before and after the crisis, emphasizing the shift towards multipolarity. In particular, it emphasizes the ascent of developing countries in the global economy before, during, and after the crisis. Second, it explores what these global economic...

    Provided By The World Bank

  • White Papers // Jun 2009

    Innovating Development Finance: From Financing Sources To Financial Solutions

    As early as 2000, development partners embarked on a decade-long search for "Innovative" or alternative sources of Official Development Assistance (ODA) to help finance achievement of the Millennium Development Goals (MDGs). In response, sovereign and private donors championed an array of initiatives: global solidarity levies proposed by France, frontloading future...

    Provided By The World Bank

  • White Papers // Jul 2011

    Do High And Volatile Levels Of Public Investment Suggest Misconduct? The Role Of Institutional Quality

    This paper investigates the impact of institutional quality on public investment levels over the period 1984-2008. Moreover, it studies how the volatility of public investment and the quality of infrastructure are affected by institutional quality, and explores the contribution of other critical factors. The findings suggest an inverse relationship between...

    Provided By The World Bank

  • White Papers // Jun 2011

    Deconstructing Herding: Evidence From Pension Fund Investment Behavior

    Pension funds have been expected to invest in a wide range of securities and provide liquidity to domestic capital markets since they are the most sophisticated investors, with plenty of resources to gather private information and manage portfolios professionally. However, by analyzing unique, monthly asset-level data from the pioneer case...

    Provided By The World Bank

  • White Papers // Jul 2011

    Measuring Aversion To Debt: An Experiment Among Student Loan Candidates

    This paper reports the results of an experiment designed to test for the presence of debt aversion. The population who participated in the experiment were recent financial aid candidates and the experiment focused on student loans. The goal is to shed new light on different aspects of the perceptions with...

    Provided By The World Bank

  • White Papers // Mar 2011

    A Review Of Credit Guarantee Schemes In The Middle East And North Africa Region

    Many countries in the MENA region have established partial credit guarantee schemes to facilitate SME access to finance. These schemes can play an important role, especially in a period where MENA governments are making efforts to improve the effectiveness of credit registries and bureaus and strengthen creditor rights. This paper...

    Provided By The World Bank

  • White Papers // Mar 2011

    Reforming Government Debt Markets In MENA

    This paper examines the current stage of development of government securities markets in the non-GCC MENA region focusing in five countries that have government bond markets with a minimum size and greater potential for market development: Egypt, Jordan, Lebanon, Morocco and Tunisia. The analysis focuses on the five key building...

    Provided By The World Bank

  • White Papers // May 2011

    Mobile Banking And Financial Inclusion: The Regulatory Lessons

    Mobile banking is growing at a remarkable speed around the world. In the process it is creating considerable uncertainty about the appropriate regulatory response to this newly emerging service. This paper sets out a framework for considering the design of regulation of mobile banking. Since it lies at the interface...

    Provided By The World Bank

  • White Papers // May 2011

    Politics And Preschool: The Political Economy Of Investment In Pre-Primary Education

    What drives governments with similar revenues to publicly provide very different amounts of goods for which private substitutes are available? Key examples are education and health care. This paper compares spending by Brazilian municipalities on pre-primary education - a good that is also provided privately - with spending on public...

    Provided By The World Bank

  • White Papers // May 2011

    Trade Policies, Investment Climate, And Exports Across Countries

    There is a large body of research that explores international trade as a source of the dispersion in income levels and growth performances across countries. The trade liberalization policies undertaken between 1950 and 2006 led to an almost 30 fold growth in the volume of international trade. However this increase...

    Provided By The World Bank

  • White Papers // Apr 2011

    Stimulating Managerial Capital In Emerging Markets: The Impact Of Business And Financial Literacy For Young Entrepreneurs

    Identifying the determinants of entrepreneurship is an important research and policy goal, especially in emerging market economies where lack of capital and supporting infrastructure often imposes stringent constraints on business growth. This paper studies the impact of a comprehensive business and financial literacy program on firm outcomes of young entrepreneurs...

    Provided By The World Bank

  • White Papers // Mar 2011

    Financial Inclusion In The Middle East And North Africa

    The paper provides an assessment of the state of financial inclusion in the MENA region, and identifies constraints, opportunities, and priorities for significantly improving access to finance. Practical recommendations for improving financial inclusion are outlined. Firstly, governments could agree a Financial Inclusion Strategy that is underpinned by improved data, that...

    Provided By The World Bank

  • White Papers // Feb 2011

    How Business Is Done And The 'Doing Business' Indicators: The Investment Climate When Firms Have Climate Control

    This paper examines de jure and de facto measures of regulations, finding the relationship between them is neither one for one, nor linear. "Doing Business" provides indicators of the formal time and costs associated with fully complying with regulations. Enterprise Surveys report the actual experiences of a wide range of...

    Provided By The World Bank

  • White Papers // Jan 2011

    Access To Financial Services And The Financial Inclusion Agenda Around The World: A Cross-Country Analysis With A New Data Set

    Recent empirical evidence highlights that access to basic financial services can make a substantial positive difference in improving poor people's lives. Accordingly, financial sector reforms that promote financial inclusion are increasingly at the core of policymakers' agendas. The Consultative Group to Assist the Poor and the World Bank Group, in...

    Provided By The World Bank

  • White Papers // Jan 2011

    Infrastructure Investments Under Uncertainty With The Possibility Of Retrofit: Theory And Simulations

    Investments in large, long-lived, energy-intensive infrastructure investments using fossil fuels increase longer-term energy use and greenhouse gas emissions, unless the plant is shut down early or undergoes costly retrofit later. These investments will depend on expectations of retrofit costs and future energy costs, including energy cost increases from tighter controls...

    Provided By The World Bank

  • White Papers // Mar 2010

    Assessing The Financial Vulnerability To Climate-Related Natural Hazards

    National governments are key actors in managing the impacts of extreme weather events, yet many highly exposed developing countries - faced with exhausted tax bases, high levels of indebtedness, and limited donor assistance - have been unable to raise sufficient and timely capital to replace or repair damaged infrastructure and...

    Provided By The World Bank

  • White Papers // Mar 2010

    Financial Transactions Tax: Panacea, Threat, Or Damp Squib?

    Attempts to raise a significant percentage of gross domestic product in revenue from a broad-based financial transactions tax are likely to fail both by raising much less revenue than expected and by generating far-reaching changes in economic behavior. Although the side-effects would include a sizable restructuring of financial sector activity,...

    Provided By The World Bank

  • White Papers // Mar 2010

    Going Digital: Credit Effects Of Land Registry Computerization In India

    Despite strong beliefs that property titling and registration will enhance credit access, empirical evidence in support of such effects remains scant. The gradual roll-out of computerization of land registry systems across Andhra Pradesh's 387 sub-registry offices allows the authors to combine quarterly administrative data on credit disbursed by all commercial...

    Provided By The World Bank

  • White Papers // Mar 2010

    Measuring Financial Access Around The World

    This paper introduces a new set of financial access indicators for 139 countries across the globe and describes the results of a preliminary analysis of this data set. The new data set builds on previous work using a similar methodology. The new data set features broader country coverage and greater...

    Provided By The World Bank

  • White Papers // Mar 2010

    Rethinking Market Discipline In Banking: Lessons From The Financial Crisis

    The main objective of this paper is to rethink the use of market discipline for prudential purposes in light of lessons from the financial crisis. The paper develops the main building blocks of a market discipline framework, and argues for the need to take an expansive view of the concept....

    Provided By The World Bank

  • White Papers // Feb 2010

    Finances Of Egyptian Listed Firms And The Performance Of The Egyptian Stock Exchange

    This paper analyzes the finances of Egypt's listed firms and the performance of the Egyptian stock exchange during the period 2003-07/08. Egyptian companies can be clearly divided into a top tier and a second tier. Egypt's top tier of listed firms tends to finance themselves mainly from operating cash flows,...

    Provided By The World Bank

  • White Papers // Feb 2010

    The Impact Of The Investment Climate On Employment Growth: Does Sub-Saharan Africa Mirror Other Low-Income Regions?

    Using survey data from 86,000 enterprises in 104 countries, including 17,000 enterprises in 31 Sub-Saharan African countries, this paper finds that average enterprise-level employment growth rates are remarkably similar across regions. This is true despite significant differences in the quality of the investment climate in which these enterprises operate. Objective...

    Provided By The World Bank

  • White Papers // Mar 2010

    The Ethnicity Distraction? Political Credibility And Partisan Preferences In Africa

    Much of the research on ethnicity, development and conflict implicitly assumes that ethnic groups act collectively in pursuit of their interests. Collective political action is typically facilitated by political parties able to make credible commitments to pursue group interests. Other work, however, emphasizes the lack of political credibility as a...

    Provided By The World Bank

  • White Papers // Jan 2010

    Dysfunctional Finance: Positive Shocks And Negative Outcomes

    This paper shows how badly a market economy may respond to a positive productivity shock in an environment with asymmetric information about project quality: some, all, or even more than all the benefits from the increase in productivity may be dissipated. In the model, based on Bernanke and Gertler (1990),...

    Provided By The World Bank

  • White Papers // Jan 2010

    Private Education Provision And Public Finance: The Netherlands

    One of the key features of the Dutch education system is freedom of education - freedom to establish schools and organize teaching. Almost 70 percent of schools in the Netherlands are administered by private school boards, and all schools are government funded equally. This allows school choice. Using an instrument...

    Provided By The World Bank

  • White Papers // Dec 2010

    Measuring The Impact Of The Financial Crisis On New Business Registration

    Business owners and would-be entrepreneurs are often at the mercy of macroeconomic conditions. This was never more true than in 2008 and 2009, when the financial crisis reverberated throughout the global economic system following the failure of several U.S. and Western European banking institutions. The first phase of the crisis...

    Provided By The World Bank

  • White Papers // Jan 2010

    Sponsoring A Race To The Top: The Case For Results-Based Intergovernmental Finance For Merit Goods

    Intergovernmental finance is a significant source of sub-national finance in most countries. In both industrial and developing countries, formula based "Manna from heaven" general purpose transfers dominate but co-exist with highly intrusive micro-managed "Command and control" specific purpose transfers. Both these types of transfers undermine political and fiscal accountability. Reforms...

    Provided By The World Bank

  • White Papers // Jan 2010

    Assessing The Impact Of Infrastructure Quality On Firm Productivity In Africa: Cross-Country Comparisons Based On Investment Climate Surveys From 1999 To 2005

    This paper provides a systematic, empirical assessment of the impact of infrastructure quality on the Total Factor Productivity (TFP) of African manufacturing firms. This measure is understood to include quality in the provision of customs clearance, energy, water, sanitation, transportation, telecommunications, and Information and Communications Technology (ICT). Microeconometric techniques to...

    Provided By The World Bank

  • White Papers // Dec 2009

    International Aid And Financial Crises In Donor Countries

    The global financial crisis has already led to sharp downturns in the developing world. In the past, international aid has been able to offset partially the effects of crises that began in the developing world, but because this crisis began in the wealthy countries, donors may be less willing or...

    Provided By The World Bank

  • White Papers // Nov 2009

    Changing Households' Investments And Aspirations Through Social Interactions: Evidence From A Randomized Transfer Program

    Low aspirations can limit households' investments and contribute to sustained poverty. Vice versa, increased aspirations can lead to investment and upward mobility. Yet how aspirations are formed is not always well understood. This paper analyzes the role of social interactions in determining aspirations in the context of a program aimed...

    Provided By The World Bank

  • White Papers // Jun 2011

    How Complementary Are Prudential Regulation And Monetary Policy?

    Could either monetary policy or financial prudential regulation be relied on individually to mitigate asset price cycles or their effects? If both ways are effective, monetary policy and prudential regulation could then be considered "Substitutes," in the sense that the individual use of either instrument leads to a reduction in...

    Provided By The World Bank

  • White Papers // Nov 2009

    State Financial Institutions: Mandates, Governance, And Beyond

    There is no doubt that on average the performance of state financial institutions around the world has been below the lowest expectations. Lack of governance, management skills, regulation, and transparency, and misguided incentives have contributed to discredit these institutions for supporting the development of local financial markets. However, the pro-active...

    Provided By The World Bank

  • White Papers // Nov 2009

    Trade And Trade Finance Developments In 14 Developing Countries Post

    In the aftermath of the Lehman Brothers collapse in September 2008, drop in the supply of trade finance, a critical engine for trade transactions, has become an acute concern for the development community. Banks were increasing pricing on trade finance transactions to cover increased funding costs and higher credit risks,...

    Provided By The World Bank

  • White Papers // Sep 2009

    Revenue Management" Effects Related To Financial Flows Generated By Climate Policy

    This paper discusses possible macroeconomic implications for low-income countries of increased revenue inflows that may follow from implementing certain global greenhouse gas mitigation policies. Such revenue sources include revenue from emissions offset mechanisms, direct investments, and financial transfers that form parts of possible future mitigation treaties. In the short run...

    Provided By The World Bank

  • White Papers // Sep 2009

    Measuring Household Usage Of Financial Services: Does It Matter How Or Whom You Ask?

    In recent years, the number of surveys of access to and use of financial services has multiplied, but little is known about whether the data generated are comparable across countries, or within the same country over time. This paper reports results from a randomized experiment in Ghana to test whether...

    Provided By The World Bank