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Enterprise Recovery Following Natural Disasters

de Mel, Suresh; McKenzie, David; Woodruff, Christopher
Fonte: Banco Mundial Publicador: Banco Mundial
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Using data from surveys of enterprises in Sri Lanka after the December 2004 tsunami, the authors undertake the first microeconomic study of the recovery of the private firms in a developing country following a major natural disaster. Disaster recovery in low-income countries is characterized by the prevalence of relief aid rather than of insurance payments; the data show this distinction has important consequences. The data indicate that aid provided directly to households correlates reasonably well with reported losses of household assets, but is uncorrelated with reported losses of business assets. Business recovery is found to be slower than commonly assumed, with disaster-affected enterprises lagging behind unaffected comparable firms more than three years after the disaster. Using data from random cash grants provided by the project, the paper shows that direct aid is more important in the recovery of enterprises operating in the retail sector than for those operating in the manufacturing and service sectors.

Banking Crises and Exports : Lessons from the Past

Iacovone, Leonardo; Zavacka, Veronika
Fonte: Banco Mundial Publicador: Banco Mundial
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This paper analyzes the impact of banking crises on manufacturing exports exploiting the fact that sectors differ in their needs for external financing. Relying on data from 23 banking crises episodes involving both developed and developing countries during the period 1980-2000 the authors separate the impact of banking crises on export growth from that of other exogenous shocks (i.e. demand shocks). Their findings show that during a crisis the export of sectors more dependent on external finance grow significantly less than other sectors. However, this result holds only for sectors depending more heavily on banking finance as opposed to inter-firm finance. Furthermore, sectors characterized by higher degree of assets tangibility appear to be more resilient in the face of a banking crisis. The effect of the banking crises on exports is robust and additional to external demand shocks. The effect of the latter is independent and additional to that of a banking shock, and is particularly significant for sectors producing durable goods.

Can a Market-Assisted Land Redistribution Program Improve the Lives of the Poor? Evidence from Malawi

Datar, Gayatri; Del Carpio, Ximena; Hoffman, Vivian
Fonte: Banco Mundial Publicador: Banco Mundial
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This paper uses a rural household survey dataset collected in 2006 and 2008 to investigate the impact of a market-based land resettlement project in southern Malawi. The program provided a conditional cash and land transfer to poor families to relocate to larger plots of farm land. The average treatment effect of the program is estimated using a difference-in-difference matching technique based on propensity score matching; qualitative information complement the analysis to ensure unobservable characteristics do not bias the findings. As expected, the results show a significant effect on landholdings and agricultural production, with land size increasing and maize production increasing by more than 100 kilograms relative to the control. However, the impacts on food security and asset holdings were mixed. Households that relocated great distances had systematically lower impacts than those households that stayed within their district of origin because they had to adapt to unfamiliar agro-ecological, cultural...

Remittances and Natural Disasters : Ex-post Response and Contribution to Ex-ante Preparedness

Mohapatra, Sanket; Joseph, George; Ratha, Dilip
Fonte: Banco Mundial Publicador: Banco Mundial
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Macro- and micro-economic evidence suggests a positive role of remittances in preparing households against natural disasters and in coping with the loss afterwards. Analysis of cross-country macroeconomic data shows that remittances increase in the aftermath of natural disasters in countries that have a larger number of migrants abroad. Analysis of household survey data in Bangladesh shows that per capita consumption was higher in remittance-receiving households than in others after the 1998 flood. Ethiopian households that receive international remittances seem to rely more on cash reserves and less on selling household assets or livestock to cope with drought. In Burkina Faso and Ghana, international remittance-receiving households, especially those receiving remittances from high-income developed countries, tend to have housing built of concrete rather than mud and greater access to communication equipment, suggesting that they are better prepared against natural disasters.

Assets, Activities and Rural Income Generation: Evidence from a Multicountry Analysis

Winters, P.; Davis, B.; Carletto, G.; Covarrubias, K.; Quinones, E. J.; Zezza, A.; Azzarri, C.; Stamoulis, K.
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Artigo de Revista Científica
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This paper examines the links between the assets and the economic activities of rural households in developing countries to provide insight into how the promotion of certain key assets-particularly education, land, and infrastructure-influences the economic choices of these households. Nationally representative data from 15 countries which form part of the rural income-generating activities (RIGA) database are used in the analysis. The results indicate that improved land access is linked to agricultural production and thus will lead households to take, on average, this path for improving household welfare. Higher levels of education and greater access to infrastructure appear to be most closely linked to non-agricultural wage employment. (C) 2009 Elsevier Ltd. All rights reserved.

Unlocking Land Values to Finance Urban Infrastructure

Peterson, George E.
Fonte: Washington, DC : World Bank Publicador: Washington, DC : World Bank
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Urban growth throughout the developing world has created a challenge for financing infrastructure. Investment in infrastructure is needed to provide basic services for newly developed parts of urban areas. It is needed to meet the demand for a safer and more reliable water supply, higher standards for the removal and treatment of wastewater and solid waste, and the transportation requirements of a population whose expectations of mobility rise with household incomes. Infrastructure investment also is essential to the economic productivity of cities. This book examines an important additional option for local infrastructure finance: capturing land value gains for public investment. Land values are highly sensitive to infrastructure investment and urban economic growth. Public works projects such as road construction, water supply, and mass transit investment produce benefits that are immediately capitalized into surrounding land values. Many cities in developing countries have underused public lands that would be more valuable if sold and converted into infrastructure assets. Tapping land values was a large part of the investment strategy of Western countries in financing urban infrastructure during the 19th century...

Foreign Bank Participation and Crises in Developing Countries

Cull, Robert; Martínez Pería, María Soledad
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
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This paper describes the recent trends in foreign bank ownership in developing countries, summarizes the existing evidence on the causes and implications of foreign bank presence, and reexamines the link between banking crises and foreign bank participation. Using data on the share of banking sector assets held by foreign banks in over 100 developing countries during 1995-2002, the results show that countries that experienced a banking crisis tended to have higher levels of foreign bank participation than those that did not. Furthermore, panel regressions indicate that foreign participation increased as a result of crises rather than prior to them. However, post-crisis increases in foreign participation did not coincide with increased credit to the private sector, perhaps because in many cases foreign banks acquired distressed banks.

Determinants and Consequences of Land Sales Market Participation : Panel Evidence from India

Deininger, Klaus; Jin, Songqing; Nagarajan, Hari K.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
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Although opinions on impacts of land market transfers are sharply divided, few studies explore the welfare and productivity effects of land markets on a larger scale. This paper uses a large Indian panel spanning almost 20 years, together with a climatic shock (rainfall) indicator, to assess the productivity and equity effects of market-mediated land transfers (sale and purchase) compared with non-market ones (inheritance). The analysis shows that frequent shocks increase land market activity, an effect that is mitigated by the presence of safety nets and banks. Land sales markets improved productivity and helped purchasers, many of whom were formerly landless, to accumulate non-land assets and significantly enhance their welfare.

Fiscal Rules, Public Investment, and Growth

Servén, Luis
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
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Solvency is an intertemporal concept, relating to the present value of revenues and expenditures, and encompassing both assets and liabilities. But the standard practice among policy makers, financial market participants and international financial institutions is to assess the strength of the fiscal accounts solely on the basis of the cash deficit. Short-term cash flows matter, but a preponderant focus on them can encourage governments to invest too little, especially during episodes of fiscal tightening. This has potentially adverse consequences for growth and, paradoxically, even for fiscal solvency itself. The paper offers an overview of the links between fiscal targets, public investment, and public sector solvency. After reviewing the international experience with public investment under fiscal adjustment, the paper lays out an analytical framework to illustrate the consequences of using the public deficit as a guide to solvency. The paper then discusses some alternatives to conventional cash deficit rules and their implications for investment and fiscal solvency.

Housing Finance in Sri Lanka : Opportunities and Challenges

World Bank
Fonte: Washington, DC Publicador: Washington, DC
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Sri Lanka has embarked on a gradual transition from a system of directed credit in a highly segmented market toward an integrated market-driven housing finance system. This transition has included an increased role of private universal banks in the immediate term and a functioning secondary mortgage market in the long term. An active system of housing finance provides real economic benefits and positively affects savings, investment, and household wealth. It provides an investment option for long-term funds in the economy as an alternative to investment in treasury bonds. In turn, each dollar invested in the housing sector catalyzes economic activity in other sectors, exerting an indirect positive impact on employment levels, the retirement system, fiscal returns, and consumption. Housing finance enables households to accumulate assets that can provide the collateral for their investment needs, thus stimulating small business. Housing finance development boosts equitable economic growth and reduces poverty by improving living conditions...

Long-term Impacts of Global Food Crisis on Production Decisions : Evidence from Farm Investments in Indonesia

Nose, Manabu; Yamauchi, Futoshi
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
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Did the rise in food prices have a long-term impact on agricultural production? Using household-level panel data from seven provinces of Indonesia, this paper finds that the price shock created a forward-looking incentive to invest, which can dynamically enhance productivity in agriculture. It also finds that the impact of the price shock on investment behavior differs by initial wealth. In response to price increases, wealthy farmers invested more in productive assets, while poor farmers increased their financial savings as well as consumption. Price spikes relax liquidity constraints, which increases investments among the richer while do so savings and consumptions among the poor, possibly leading to diverging income inequality in the long run.

Disaster Preparedness for Cultural Heritage

Johnnides, Christianna
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
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A comprehensive guide on disaster preparedness for cultural heritage was produced by the international center for the study of preservation and restoration and the committee of the blue shield about 10 years ago to provide guidelines for local and national authorities in countries and regions at risk of natural hazards. As seen in many countries where cultural assets are irreplaceably lost or severely damaged (e.g., the 2,500-year-old citadel of Bam in Iran was reduced to rubble by an earthquake in late 2003), practical precautionary measures can safeguard important cultural resources. For preventive conservation, risk management can provide a framework for decision making. There are four recognized steps to using a risk management approach for preservation issues: (i) identify all risks to heritage; (ii) assess the magnitude of each risk; (iii) identify possible mitigation strategies; and (iv) evaluate the costs and benefits associated with each strategy.

Sovereign Wealth Funds in the Next Decade

Curto, Stefano
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
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A prolonged and multispeed recovery period, its associated policy response, and the new global financial landscape might have important bearing on the size and allocation of sovereign wealth funds (SWFs) assets. SWFs could become a driving force in South-South flows, boosting global wealth by helping recycle large savings in surplus countries toward more productive investments. Whereas they indeed represent a new opportunity for developing countries, they also carry challenges for both home and host countries.

Dealing with the Crisis

Stephanou, Constantinos
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
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The immediate financial sector policy responses to the financial crisis, including emergency liquidity support, expansion of financial safety nets, and interventions in financial institutions, have succeeded in stemming widespread panic. But the effort has generally been insufficient and ad hoc. Issues that remain include the resolution of problem assets, the restructuring of troubled, systemically important financial institutions, and the development of credible exit strategies. Only a handful of countries have attempted to tackle these issues head-on. As past experience has shown, that may well have negative repercussions for the duration and strength of a subsequent recovery.

Are Brownfield Concessions Poised for a Comeback? New Signs of Life After a Decade in Decline

Leigland, James
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
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Once expected to be the signature contract of private participation in infrastructure and for a time its fastest growing form, the brown field concession was hit hard by the Asian crisis and has never recovered. Because these contracts involve existing, usually dilapidated government assets, brown field concessions tackled the toughest infrastructure problems in the developing world. But the Asian crisis exposed the fragility of this mechanism, and its sudden unpopularity almost single-handedly crashed the developing world market for private participation in infrastructure.

Private Activity in Transport Down for Second Consecutive Year, But Still Around Peak Levels

Izaguirre, Ada Karina; Jett, Alexander N.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
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Private activity in transport declined in 2008, with the full onset of the financial crisis driving a slowdown in the second half of the year. Yet while investment commitments to transport projects with private participation were down from the peak levels of the previous two years, they remained strong at the third highest level in 1990-2008. In 2008, 56 transport projects with private participation reached financial or contractual closure in 26 low- and middle-income countries. These involve investment commitments (hereafter, investment) of US$23.1 billion. Transport projects implemented in previous years had additional commitments of US$2.9 billion, bringing total investment in 2008 to US$26 billion. That represents a drop of 10 percent from the level reported in 2007. Lower payments to governments (such as concession or lease fees and divestiture revenues) account for the decline. By contrast, investments in physical assets, which amounted to US$22.6 billion in 2008, were up 3 percent from those reported in 2007. The number of projects continued a marked declining trend. The 56 projects reaching closure in 2008 reflected a 40 percent decline from the level in 2007 and a 53 percent drop from that in 2006. The closure of larger projects explains the divergence in trends between investments and number of projects. The average project size grew from US$150 million in 2004 to US$410 million in 2008...

Unlocking Dead Capital

Safavian, Mehnaz; Fleisig, Heywood; Steinbuks, Jevgenijs
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
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Collateral can increase access to finance, especially for small firms, and lead to better terms for loan contracts. Many argue that firms are excluded from formal credit markets because they lack assets that can serve as collateral. In fact, firms generally have a wide array of productive assets that could secure a loan-but the legal framework prevents this. Reforming collateral laws can unlock dead capital, as seen in Albania and Romania.

Takaful and Mutual Insurance : Alternative Approaches to Managing Risks

Gönülal, Serap O.
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
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Access to insurance, as part of a broad range of essential financial services, is especially important for poor households in order to smooth consumption, build assets, absorb shocks, and manage risks associated with irregular and unpredictable income. Without access to good formal insurance services, the poor depend on less reliable and often far more expensive informal sector mechanisms. Yet, in many majority Islamic countries, accessing and using insur-ance products has been quite limited, as many Muslims avoid such services over concerns about riba (interest), gharar (uncertainty and ambiguity in contracts), and maysir (speculative risk), among other factors. Takaful insurance products are emerging as a central part of the Shariah-compliant family of financial services, helping meet insurance needs in ways that are consistent with the local norms and beliefs of many majority Islamic countries. Takaful has been developing steadily since the first Shariah-compliant insurer was founded in 1979, based on a Shariah-compliant cooperative model resembling mutual insurance. This is based on a group of participants donating funds into a pool that members can then use in the event of specified unfavorable contingencies. While practitioners have applied varying business models and standardization remains a challenge...

Mongolia : Improving Public Investments to Meet the Challenge of Scaling Up Infrastructure

World Bank
Fonte: Washington, DC Publicador: Washington, DC
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The objective of this report is to analyze in depth the current public investment management system and to assess whether or not it is able to meet this challenge of delivering good quality projects in the priority areas in a macro-economically sustainable manner; and to recommend what needs to be done to improve the system so that it is able to effectively transform natural resource revenues into sustainable capital assets. In making its recommendations, this report focuses on some of the details that need to be laid out in implementing regulations in order to make the Fiscal Stability Law (FSL), Budget Law of Mongolia (IBL), and Public Procurement Law of Mongolia (PPLM) work. The report also suggests amendments to some of the existing laws that pose a risk to meeting the four objectives. In proposing policy options, the report is conscious of the political economy of reform and, wherever possible, analyzes the compatibility of the technical solutions with the political interests of policy-makers.

Philippines - Growth with Equity : The Remaining Agenda - A World Bank Social and Structural Review

World Bank
Fonte: Washington, DC Publicador: Washington, DC
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The report highlights how much recent achievements, in terms of growth, and poverty reduction, owe to the progress the country has made on a broad front of policy issues, such as openness to trade, investment, and competition, as well as education, and financial regulation. Nonetheless, progress has been uneven in several fronts, such as the need to intensify trade liberalization, and domestic competition; to strengthen governance across financial, corporate, and public sectors; to broaden asset ownership, and access by the poor to both tangible assets - land - and intangible ones, such as education. Beyond the financial crises, the report addresses medium-term challenges to face poverty reduction, and economic performance, and, strengthen corporate governance, and financial development, through financial reforms. It calls for the provision of public goods, delivery of effective justice, and improvement of revenue performance, through improved fiscal consolidation to attract foreign assistance. Among the recommendations...