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Serbia - Country Economic Memorandum : The Road to Prosperity - Productivity and Exports, Volume 2. Main Report

World Bank
Fonte: World Bank Publicador: World Bank
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This report looks beyond the current global financial crisis to the restoration of dynamic long-run growth in Serbia. The answer in this report is that Serbia will need to fundamentally alter its growth model to compete effectively in world markets. The past model relying on excessive inflows of capital and credit that, in part, fuelled a consumption boom has run its course in all European countries. Serbia must shift to a greater export orientation so that it can attain the major gains in productivity and competitiveness necessary to propel economic growth to a much higher trajectory. This cannot happen without an explicit export strategy, and a set of concomitant structural reforms, driven by commitment and coordination at the highest political level. This report tries to pinpoint policy actions that would be most effective in raising the rate of productivity growth of Serbia s enterprises so that better export performance and sustained growth could be achieved. The report has three parts. Part I reviews Serbia s macroeconomic situation and its progress on structural reforms. Part II starts with a review of the current status of Serbia s exports and trade policy and regional trade arrangements. It then uses product space (PS) analysis to examine areas where Serbia has a revealed or potential comparative advantage. The report then moves on to two such areas...

The Impact of the Global Financial Crisis on Investments in the Electric Power Sector : The Experience of India, Pakistan, and Bangladesh - Final Report

World Bank
Fonte: World Bank Publicador: World Bank
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The three large South Asian countries (India, Pakistan, and Bangladesh), which are the focus of this report, have drawn up large power capacity addition plans to provide for the rapidly increasing electricity demand in the region. The global financial crisis (the crisis), which became acute from September 2008 with the collapse of Lehman Brothers, has had a widespread impact across the world and across sectors through inducing recessionary conditions including falling demand, freezing financial markets, and loss of confidence. The purpose of this report is to assess whether the ambitious plans of these countries were adversely affected by the global financial crisis, and where relevant, to be able to plan better for such future shocks. The report is structured as follows: it starts with the executive summary. After this introductory chapter (chapter one), there are detailed country chapters (chapter two to four) which, inter-alia, map the different sources of financing available to the power sectors in the three target countries and discuss how these sources were affected by the crisis (if at all). An important aspect of this assessment has been the attempt to ring-fence the impact of the crisis per se on power sector projects...

Assessment of the Philippine Statistical Development Program 2005-2010 : Main report

World Bank
Fonte: World Bank Publicador: World Bank
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The objective of this assessment of the Philippine Statistical Development Plan (PSDP) is to provide recommendations on how to improve the preparation, implementation, coordination, monitoring, and evaluation of the next PSDP during 2011-16. The report also gives two approaches to getting better treatment for the Philippine Statistical System (PSS) from the Department of Budget and Management (DBM), which supervises personnel levels under Executive Order (EO) 366. One is to petition for the earliest possible approval of the rationalization plans submitted by the Major Statistical Agencies (MSAs), inasmuch as the effects of EO 366 are much more benign after than before the approval of a rationalization plan. The other is to lobby with the National Economic and Development Authority (NEDA) for a declaration that statistics are a priority need, so that statistical development begins to be seen as a tool for improved governance and not as a regrettable burden on the budget. In addition, the report examines to what extent and how donor agencies could help with the financing of the next PSDP. Finally...

Iraq - Financial Sector Review

Nasr, Sahar; Petersen, Arne; Vossen, Jan Van der; Hashad, Nabil; Britton, Richard; Kulaksiz, Sibel; Huitfeld, Erik
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
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The link between sound and well-developed financial systems and economic growth is fundamental. Efficient and prudent allocation of resources by the financial system is critical for increasing productivity, boosting economic development, enhancing equality of opportunity, and reducing poverty. The financial sector in Iraq remains underdeveloped and underperforming. The banking system is by far the most important part of the financial system, accounting for over 75 percent of assets and is overwhelmingly state-owned. Non-bank institutions and markets are small and underdeveloped. Access to finance is impeded by a weak financial infrastructure, which needs strengthening in all areas: credit registry, the collateral framework, judicial systems, and accounting and auditing skills. It is also important to keep in view the political context. The difficult security situation imposes costs and constraints, the complex political situation impedes decisive policy action, governance issues linger, and the impact of state intervention continues despite reforms.

Bank Ownership and Credit over the Business Cycle : Is Lending by State Banks Less Procyclical?

Bertay, Ata Can; Demirguc-Kunt, Asli; Huizinga, Harry
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
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This paper finds that lending by state banks is less procyclical than lending by private banks, especially in countries with good governance. Lending by state banks in high-income countries is even countercyclical. On the liability side, state banks expand potentially unstable non-deposit liabilities relatively little during booms, especially in countries with good governance. Public banks also report loan non-performance more evenly over the business cycle. Overall the results of the analysis suggest that state banks can play a useful role in stabilizing credit over the business cycle as well as during periods of financial instability. However, the track record of state banks in credit allocation remains quite poor, questioning the wisdom of using state banks as a short-term countercyclical tool.

IFC Financials and Projects 2014 : Big Challenges, Big Solutions

International Finance Corporation
Fonte: Washington, DC: World Bank Group Publicador: Washington, DC: World Bank Group
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International Finance Corporation (IFC or the Corporation) is the largest global development institution focused on the private sector in developing countries. Established in 1956, IFC is owned by 184 member countries, a group that collectively determines its policies. IFC is a member of the World Bank Group (WBG)1 but is a legal entity separate and distinct from IBRD, IDA, MIGA, and ICSID, with its own Articles of Agreement, share capital, financial structure, management, and staff. Membership in IFC is open only to member countries of IBRD. At the 2013 Spring Meetings, the WBG adopted two ambitious goals: to end extreme poverty by 2030 and to boost shared prosperity for the poorest 40 percent in developing countries. At the Annual Meetings in October 2013, the Board of Governors approved the first strategy for the WBG focused on delivery of transformational solutions, marshaling combined resources more effectively, and accelerating collaboration with the private sector and our development partners. IFC s strategic focus areas are: strengthening the focus on frontier markets; addressing climate change and ensuring environmental and social sustainability; addressing constraints to private sector growth in infrastructure...

Bosnia and Herzegovina : Public Expenditure and Financial Accountability Assessment

World Bank
Fonte: Washington, DC Publicador: Washington, DC
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The fiscal system in Bosnia and Herzegovina (BiH) is highly decentralized, reflecting the provisions of the country s constitution. The general government sector consists of four relatively autonomous units: BiH Institutions, Brcko District (DB), and two Entities, Federation Bosnia and Herzegovina (FBiH) and Republican Srpska (RS). BiH Institutions are at the central government level (governed by the BiH Council of Ministers); and each Entity has its own government, extra-budgetary funds (EBFs), and local self-governance units. The structure in FBiH has 10 cantons that serve as a middle level of government between the government of FBiH and local self-governance units, and each canton has its own government and some EBFs. Cantons were not covered by this Report, but could be covered later as a sub-national PEFA assessment. A Fiscal Council was created in 2008, with the objective to coordinate fiscal policies for the sake of common interest of BH Institutions, Entities and Brcko District. For the most important role of fiscal coordination...

Slovakia : Financial Sector Assessment

World Bank
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Economic & Sector Work :: Financial Sector Assessment Program (FSAP); Economic & Sector Work
Português
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A joint IMF-World Bank Financial Sector Assessment Program (FSAP) mission visited Slovakia from February 14-March 1, 2002 and April 8-19, 2002 to undertake an assessment of the financial sector. The principal objective of the missions was to assist the Slovak authorities in evaluating the potential vulnerabilities and key development priorities in the Slovak Financial System. This work was seen as being of particular importance in light of Slovakia's eventual accession to the European Union (planned for the beginning of 2004). This report provides a summary of the main findings of the mission, and the policy priorities identified.

How to Accelerate Corporate and Financial Sector Restructuring in East Asia

Claessens, Stijn; Djankov, Simeon; Klingebiel, Daniela
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Viewpoint; Publications & Research
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Resolving systemic banking and corporate distress is not easy. The large scale of the East Asian financial crisis has made the task even more daunting in Indonesia, the Republic of Korea, Malaysia, and Thailand. Two years into the process, bank and corporate restructuring is still a work in progress. Governments should act to accelerate it. Besides adopting common policy prescriptions - improving financial regulation, corporate governance, and bankruptcy procedures and shoring up banks' capital positions - governments could take three additional steps: Set up competitive, privately managed specialized funds, to hold nonperforming loans and depoliticize restructuring. Allow auctions as an alternative to negotiations, to speed debt restructuring. And allow employee ownership participation schemes, to reduce workers' resistance to changes in ownership.

Liberia Public Expenditure Review : Options for Fiscal Space Enlargement

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Public Expenditure Review; Economic & Sector Work
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Liberia's post-conflict reconstruction and rehabilitation has been successful. Peace, stability and security gradually returned and provided an enabling environment for the rebuilding of this war-torn country. Over the next five years (2013-2017), the Bank will focus on building infrastructure (energy and transport), increasing youth employment opportunities, strengthening human development and sustaining peace and security. This note considers how to increase Liberia s fiscal space by examining four options: 1) improving the efficiency of public expenditure, 2) increasing external grants, 3) increasing domestic revenue, and 4) increasing borrowing (domestic and/or external). While any increase in fiscal space gained from the first two options will not impose a burden in terms of debt or tax on the economy, the latter two will impose such burdens. In its examination of public expenditure by economic classification, this note finds that fiscal space in Liberia can be created by further improving the technical efficiency of current expenditure (wages and salaries...

Mauritania : Counting on Natural Wealth for a Sustainable Future

Mele, Gianluca
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
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A data set of key macro-sustainability indicators, constructed after several fact-finding missions, and World Bank methodologies on estimating wealth accounting are used to study Mauritania's wealth, which is estimated to be between USD50 and USD60 billion. The country's produced wealth represents roughly 12 percent of total wealth, much less than in lower-middle-income countries; by contrast, natural wealth represents approximately 45 percent of the total figure. Renewable resources account for slightly less than two-thirds of natural wealth, with fisheries alone equaling about one-fourth of natural wealth. This is good news for Mauritania, as sound management of these resources may ensure a constant flow of resources in the future and therefore -- with adequate policies -- the achievement of the same or higher levels of welfare for future generations. On the negative side, however, the ratio of net adjusted savings over gross national income is estimated to have been negative since 2006, meaning that the wealth of the country is being depleted. Mauritania has recently joined the ranks of lower-middle-income countries...

Policy Mix, Public Debt Management and Fiscal Rules : Lessons from the 2002 Brazilian Crisis

Herrera, Santiago
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
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Despite significant progress in economic reform throughout the 1990s, and an exemplary development of the policymaking framework in the second part of the decade, Brazil suffered a major public debt and currency crisis in 2002. Though the political origin of the uncertainty cannot be ignored, the author identifies other sources of uncertainty emanating from the policymaking framework: fiscal policy was not responsive to the shocks, public debt instruments were used with several objectives (to stabilize the currency and to lengthen maturity) and there was inadequate supervision of agents holding public debt. Most of the flaws have been fixed following the crisis: a) The primary fiscal balance has been increased, sending the signal that it is a flexible instrument that will be used to ensure commitment of the sovereign to honor its obligations. b) The central bank formally transferred to the Treasury the remaining debt-issuance functions, facilitating a more adequate balancing of different risks involved in debt management. c) Mutual funds' public debt holdings are better regulated, ensuring that end-investors have the proper information to assess the risk of the institutions in which they invest.

Connecting the Disconnected : Coping Strategies of the Financially Excluded in Bhutan

Niang, Cecile T.; Andrianaivo, Mihasonirina; Diaz, Katherine S.; Zekri, Sarah
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
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In the spring of 2012, the Royal Monetary Authority of Bhutan and the World Bank commissioned a diagnostic assessment of financial practices and strategies among urban and rural Bhutanese. The resulting survey, the Bhutan financial inclusion focus group survey, represents one of the first efforts to capture household financial management practices in the country. The assessment, undertaken at the request of a government working group led by the Royal Monetary Authority, was designed to inform Bhutan's Financial Inclusion Policy by providing information about households' use of and demand for financial services. Since the research mainly captures the perspectives of Bhutanese households, this report does not present recommendations. Instead, its findings from the field research provide qualitative evidence that has informed the financial inclusion policy by highlighting opportunities and challenges in increasing financial inclusion.

Financial Sector Assessment Program Update : Egypt

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Financial Sector Assessment Program (FSAP); Economic & Sector Work
Português
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A joint team from the International Monetary Fund's (IMF's) Monetary and Financial Systems Department (MFD) and the World Bank visited Egypt between May 6 and May 21, 2007 to update the assessment of the Egyptian Financial Sector Assessment Program (FSAP) that had been conducted in June 2002 and completed in September 2002. The work under the FSAP update aimed to assess progress in reforming the financial sector and strengthening financial sector regulation since 2002, and identify measures that will contribute to the consolidation of the financial sector reform and the further development of the financial sector over the next five years.

Strengthening the Governance and Performance of State-Owned Financial Institutions

Scott, David H.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
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Corporate governance arrangements define the responsibilities, authorities and accountabilities of owners, boards of directors, and executive managers of a company. Good corporate governance is as important for state financial institutions as for private sector companies. Many of the problems that commonly afflict state financial institutions can be associated with, if not attributed directly to, weaknesses in corporate governance. This note draws on guidelines recently published by the OECD and the Basel Committee for Banking Supervision to compile a comprehensive corporate governance evaluation framework relevant to state-owned commercial and development finance institutions. It highlights aspects of this framework that are considered to be of particular importance to state financial institutions by citing innovative practices in a number of countries. Finally, it presents a detailed case study of the governance arrangements in place at the Development Bank of Southern Africa.

IFC Annual Report 2011 : Volume 2. Financials and Projects

International Finance Corporation
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Annual Report; Publications & Research
Português
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As International Finance Corporation's (IFC's) annual report 2011 portrays, a robust and engaged private sector is a key factor in helping economies adjust to challenges, manage risks, and seize opportunities. The report highlights IFC's support for businesses and entrepreneurs while promoting, developing, and generating growth. This year, IFC provided nearly $19 billion in financing for private sector development, $6.5 billion of which was mobilized from partners. IFC is making important contributions to job creation connecting the private sector to investments across the agricultural value chain, in health services, education, and training. IFC has put a special emphasis on infrastructure investment, which can provide jobs today and growth tomorrow, and this year launched the infrastructure fund to help mobilize finance. This complements the advisory services provided by the infrastructure finance center of excellence, supported by the Bank Group and the Government of Singapore. IFC is also expanding its work in the poorest countries, post-conflict zones, and areas at risk. Its leadership in private sector development is reflected in IFC's deepening partnership with the Group of 20 on critical issues such as jobs, food security, and opportunities for small and medium enterprises. This year's world development report...

Demand Collapse or Credit Crunch to Firms? Evidence from the World Bank's Financial Crisis Survey in Eastern Europe

Nguyen, Ha; Qian, Rong
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
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While there is a consensus that the 2008-2009 crisis was triggered by financial market disruptions in the United States, there is little agreement on whether the transmission of the crisis and the subsequent prolonged recession are due to credit factors or to a collapse of demand for goods and services. This paper assesses whether the primary effect of the global crisis on Eastern European firms took the form of an adverse demand shock or a credit crunch. Using a unique firm survey conducted by the World Bank in six Eastern European countries during the 2008-2009 financial crisis, the paper shows that the drop in demand for firms' products and services was overwhelmingly reported as the most damaging adverse effect of the crisis. Other "usual suspects," such as rising debt or reduced access to credit, are reported as minor. The paper also finds that the changes in firms' sales and installed capacity are significantly and robustly correlated with the demand sensitivity of the sector in which the firms operate. However...

Financing Cities : Fiscal Responsibility and Urban Infrastructure in Brazil, China, India, Poland and South Africa

Clarke Annez, Patricia; Peterson, George E.
Fonte: New Dehli : Sage Publications and World Bank Publicador: New Dehli : Sage Publications and World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
Português
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This book, Financing cities, emphasized case studies on different topics to look at the interactions of a range of variables and factors and to see how they fit together. Rather than require each case to follow the same format, the authors have structured their papers around the issues that matter most from their perspective in addressing the topic in hand. The first part of this book presents case studies describing the framework established at the national level to promote urban infrastructure finance while ensuring fiscal discipline and reviewing recent experience as well as future challenges. The subjects covered include the impact of political and fiscal decentralization, limitations on borrowing, managing moral hazard, the role of the financial sector, the achieving of the right balance between stringent controls and encouragement of local governments taking responsibility for fiscal discipline coupled with market discipline. The cases featured include three of the world's largest decentralized nations; together the five countries featured in the conference account for nearly a third of the world's urban population. Part I includes case studies for each of the five countries featured in the conference: Brazil (Chapter 1)...

Contractual Savings, Capital Markets, and Firms' Financing Choices

Impavido, Gregorio; Musalem, Alberto R.; Tressel, Thierry
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
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The authors analyze the relationship between the development and asset allocation of contractual savings and firms' capital structures. The authors develop a simple model of firms' leverage and debt maturity decisions. They illustrate the mechanisms through which contractual savings development may affect corporate financing patterns. In the empirical section, the authors show that the development and asset allocation of contractual savings have an independent impact on firms' financing choices. Different channels are identified. In market-based economies, an increase in the proportion of shares in the portfolio of contractual savings leads to a decline in firms' leverage. In bank-based economies, instead, an increase in the size of contractual savings is associated with an increase in leverage and debt maturity in the corporate sector

Managing Contingent Liabilities in Public-Private Partnerships; Practice in Australia, Chile, and South Africa

Irwin, Timothy; Mokdad, Tanya
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Working Paper; Publications & Research :: Working Paper; Publications & Research
Português
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Contingent liabilities create management problems for governments. They have a cost, but judging what the cost is and whether it is worth incurring is difficult. Except in the case of contingent liabilities created by simple guarantees of debt, governments usually can incur contingent liabilities without budgetary approval or recognition in the governments accounts. So governments may prefer contingent liabilities to other obligations. (The uncertainty surrounding contingent liabilities can work differently. It is well known that PPPs create contingent liabilities, and the International Monetary Fund (IMF), the World Bank, and others often warn of the risks. The initial reaction of a cautious Ministry of Finance may be to seek to avoid all contingent liabilities.) Management problems also arise once a government has incurred a contingent liability. Projects need to be monitored to reduce risks if possible. Spending on contingent liabilities must sometimes be forecast, despite the difficulty.