The World Bank

Displaying 1-40 of 145 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...

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  • 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...

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  • 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...

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  • 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...

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  • 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...

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  • 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...

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  • 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...

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  • 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...

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  • 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...

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  • 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...

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  • 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...

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  • 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...

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  • 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....

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  • 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...

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  • 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...

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  • 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...

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  • 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...

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  • 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...

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  • 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...

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  • 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...

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  • 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...

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  • 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...

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  • 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...

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  • 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...

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  • 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...

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  • 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....

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  • 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...

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  • 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...

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  • 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...

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  • 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...

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  • 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...

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  • White Papers // Oct 2010

    Remittances And The Global Financial Crisis

    Migrant remittances are an important source of external finance for developing countries. The current financial crisis is believed to have influenced migrant remittance flows as well as volume and patterns of use of remittances. In this paper, a collection of cases from around the world is presented to understand the...

    Provided By The World Bank