The World Bank

Displaying 1-40 of 124 results

  • 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 // 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 // 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

    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 // 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

    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

    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 // 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 // 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

    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

    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

    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

    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

    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 // 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 // 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

    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 // 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

    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 // 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 // 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

    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

    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 // 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

    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 // 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

    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

  • 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 // 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 // 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 // Oct 2009

    Constraints To Growth In Malawi

    This paper applies a growth diagnostics approach to identify the most binding constraints to private-sector growth in Malawi - a small, landlocked country in Southern Africa with one of the lowest per capita incomes in the world. The approach aims to identify the constraints (in terms of public policy, implementation,...

    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 // Nov 2009

    Inter-firm Trade Finance In Times Of Crisis

    The paper discusses the main features that distinguish inter-firm international trade finance from alternative sources of financing. On the one hand, inter-firm trade finance could help overcome informational problems associated with other lending relationships; on the other, it may contribute to propagate shocks due to the interconnection among firms along...

    Provided By The World Bank

  • White Papers // Nov 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 to help finance achievement of the Millennium Development Goals. For their part, developing countries have sought not only more financial flows but better financial solutions, for example, through partnerships that...

    Provided By The World Bank

  • White Papers // Aug 2010

    Integrating Land Financing Into Subnational Fiscal Management

    Land assets have become an important source of financing capital investments by subnational governments in developing countries. Land assets, often with billions of dollars per transaction, rival and sometimes surpass subnational borrowing or fiscal transfers for capital spending. While reducing the uncertainty surrounding future debt repayment capacity, the use of...

    Provided By The World Bank

  • White Papers // Jan 2010

    Trade Finance In Crisis: Should Developing Countries Establish Export Credit Agencies?

    New data on export insurance and guarantees suggest that publicly backed export credit agencies have played a role to prevent a complete drying up of trade finance markets during the current financial crisis. Given that export credit agencies are mainly located in advanced and emerging economies, the question arises whether...

    Provided By The World Bank

  • White Papers // May 2010

    The Impact Of The Business Environment On Young Firm Financing

    This paper uses a dataset of more than 70,000 firms in over 100 countries to systematically study the use of different financing sources for new and young firms, in comparison to mature firms. The authors find that in all countries younger firms rely less on bank financing and more on...

    Provided By The World Bank

  • White Papers // Sep 2010

    Toward A Switchover Of Locomotives In The Global Economy

    The recovery in advanced economies is now exhibiting several signs of fragility and the medium-term growth prospects for these economies also look difficult. Could developing economies "Switch over" to become locomotives in the global economy, providing a countervailing force against downward trends? The view taken here says, yes, as long...

    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 // 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 // Jul 2009

    Trade Finance In Crisis: Market Adjustment Or Market Failure?

    As world leaders have agreed to massively support trade finance, this paper discusses the singularity of the issues related to trade finance in the context of the global economic crisis. Why should international trade finance be a particular issue of concern in the current circumstances? Are there specific market or...

    Provided By The World Bank

  • White Papers // Feb 2010

    Mortgage Finance In Central And Eastern Europe - Opportunity Or Burden?

    Household credit, especially for mortgages, has doubled over the past years in the new European Union member countries, raising concerns about the economic and social consequences of household indebtedness in the event of a macroeconomic crisis. Using household survey data for 2005, 2006, and 2007 for both old and new...

    Provided By The World Bank

  • White Papers // May 2010

    Subnational Debt Finance And The Global Financial Crisis

    This note focuses on the impact of the global financial crisis on subnational debt financing. The authors approach the following questions: Why is subnational debt financing important? What are the impacts of the crisis on the fiscal balance and financing cost of SubNational Governments (SNGs)? What explains the variations across...

    Provided By The World Bank

  • White Papers // Dec 2009

    International Growth Spillovers, Geography And Infrastructure

    There is significant academic evidence that growth in one country tends to have a positive impact on growth in neighboring countries. This paper contributes to this literature by assessing whether growth spillovers tend to vary significantly across world regions and by investigating the contribution of transport and communication infrastructure in...

    Provided By The World Bank

  • White Papers // Oct 2009

    Microfinance Tradeoffs: Regulation, Competition, And Financing

    This paper describes important trade-offs that microfinance practitioners, donors, and regulators navigate. Drawing evidence from large, global surveys of microfinance institutions, the authors find a basic tension between meeting social goals and maximizing financial performance. For example, non-profit microfinance institutions make far smaller loans on average and serve more women...

    Provided By The World Bank

  • White Papers // Nov 2009

    Trade And Trade Finance Developments In 14 Developing Countries Post September 2008 - A World Bank Survey

    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 // Jul 2010

    Are Innovating Firms Victims Or Perpetrators? Tax Evasion, Bribe Payments, And The Role Of External Finance In Developing Countries

    This paper investigates corruption and tax evasion and their firm-level determinants across 25,000 firms in 57 countries, a large fraction of which are small and medium enterprises in developing countries. Firms that pay more bribes also evade more taxes. Corruption acts as a tax on innovation, particularly that of small...

    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 // Nov 2009

    Trade Finance In A Liquidity Crisis

    The paper discusses the reasons for supporting international trade finance during a liquidity crisis. Targeted interventions are justified when prices are rigid and sellers insist on immediate payment due to fears of strategic default. In this case, buyers who reject the seller's offer fail to internalize the seller's benefit from...

    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 // Sep 2010

    Liability Structure In Small-scale Finance: Evidence From A Natural Experiment

    Microfinance, the provision of small individual and business loans, has witnessed dramatic growth, reaching over 150 million borrowers worldwide. Much of its success has been attributed to overcoming the challenges of information asymmetries in uncollateralized lending. Yet, very little is known about the optimal contract structure of such loans -...

    Provided By The World Bank

  • White Papers // Jul 2010

    Innovations In Rural And Agriculture Finance

    Most rural households lack access to reliable and affordable finance for agriculture and other livelihood activities. Many small farmers live in remote areas where retail banking is limited and production risks are high. The recent financial crisis has made the provision of credit even tighter and the need to explore...

    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 // 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 // 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 // Jun 2010

    The Growth Report And New Structural Economics

    Despite its heavy human, financial, and economic cost, the recent global recession provides a unique opportunity to reflect on the knowledge from several decades of growth research, draw policy lessons from the experience of successful countries, and explore new approaches going forward. In an increasingly globalized world where fighting poverty...

    Provided By The World Bank

  • White Papers // Sep 2009

    FDI Protectionism Is On The Rise

    Over the past two decades or so, countries have liberalized their FDI regulatory frameworks and have put in place an international investment law regime that provides various protections for international investors. In the past few years, however, there are signs that countries are reevaluating their approach toward such investment. As...

    Provided By The World Bank

  • 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

  • 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 // 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 // Nov 2009

    The Potential Impact Of The Global Financial Crisis On World Trade

    This paper models the global financial crisis as a combination of shocks to global housing markets and sharp increases in risk premia of firms, households and international investors in a global economic model. The model has six sectors of production and trade in 15 major economies and regions. The paper...

    Provided By The World Bank

  • White Papers // Jul 2010

    Is The Level Of Financial Sector Development A Key Determinant Of Private Investment In The Power Sector?

    This paper seeks to assess the extent to which a country's overall level of development and that of its financial sector, in particular, are factors that attract private capital into infrastructure projects. The authors investigate these effects in a 1990-2007 dataset on the power sector in 37 developing countries. The...

    Provided By The World Bank

  • White Papers // Jun 2009

    Does Financial Openness Lead To Deeper Domestic Financial Markets?

    Advanced and emerging market economies have rapidly integrated into international capital markets and this growing globalization of financial markets has led to some important changes in the patterns of saving and investment across the world. The main goal of this paper is to test whether the cross-border asset trade has...

    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 // 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 // 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 // Apr 2010

    Trade And Financial Sector Reforms: Interactions And Spillovers

    The allocation of production across firms is a potentially important explanation of the productivity gap between rich and poor economies. Reforms to trade policy and the domestic financial sector are often both key elements of policy packages aimed at reducing productive distortions. However, the impact of each reform in reallocating...

    Provided By The World Bank

  • White Papers // Mar 2010

    Of Floods And Droughts: The Economic And Financial Crisis Of 2008

    This paper provides an overview of the period prior to the recent global crisis, and the policies that were adopted around the world in response to the crisis. It highlights a number of key issues regarding economic and financial policies that governments have faced both globally and nationally. These are...

    Provided By The World Bank