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  • Open access  (14)
  • 1
    Online Resource
    Online Resource
    The web of transport corridors in South Asia (2018)
    Washington, DC : International Bank for Reconstruction and Development/The World Bank
    Details
    UID:
    gbv_1655881264
    Format: 1 Online-Ressource (xvii, 261 Seiten) , Illustrationen
    ISBN: 9781464812163
    Content: This book develops a holistic appraisal methodology to ensure that economic benefits of investments in transport corridors are amplified and more widely spread, and possible negative impacts such as congestion, environmental degradation, and other unintended consequences are minimized. It focuses on South Asia—not only as one of the world’s most populous and poorest regions—but as a hinge between East Asia, Central Asia, the Middle East, and Europe. The book is aimed at politicians, technocrats, civil society organizations, and businesses. It presents case studies of past and recent corridor initiatives, provides rigorous analysis of the literature on the spatial impact of corridors, and offers assessments of corridor investment projects supported by international development organizations. A series of spotlights examines such issues as private sector co-investment; the impacts of corridors on small enterprises and women; and issues with implementing cross-border corridors. The 'WEB' in the title stands for both the wider economic benefits (WEB) that transport corridors are expected to generate and the complex web of transport corridors that has been proposed. The appraisal methodology introduced in this book shows how the web of interconnected elements around corridors can be disentangled and the most promising corridor proposals—the ones with the greatest wider economic benefits—can be selected
    Note: Central Asia , China , India , South Asia , South Asia , Vietnam
    Additional Edition: ISBN 9781464812156
    Language: English
    URL: Volltext  (kostenfrei)
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    Stabi Berlin
  • 2
    Online Resource
    Online Resource
    Equilibrium Credit : The Reference Point for Macroprudential Supervisors (2013)
    Washington, DC : World Bank
    Details
    UID:
    gbv_797589457
    Format: Online-Ressource
    Series Statement: Policy Research Working Paper 6358
    Content: Equilibrium credit is an important concept because it helps identify excessive credit provision. This paper proposes a two-stage approach to determine equilibrium credit. It uses two stages to study changes in the demand for credit due to varying levels of economic, financial and institutional development of a country. Using a panel of high and middle-income countries over the period 1980-2010, this paper provides empirical evidence that the credit-to-GDP ratio is inappropriate to measure equilibrium credit. The reason for this is that such an approach ignores heterogeneity in the parameters that determine equilibrium credit across countries due to different stages of economic development. The main drivers of this heterogeneity are financial depth, access to financial services, use of capital markets, efficiency and funding of domestic banks, central bank independence, the degree of supervisory integration, and experience of a financial crisis. Countries in Europe and Central Asia show a slower adjustment of credit to its long-run equilibrium compared with other regions of the world.
    Note: English , en_US
    Language: English
    URL: Volltext  (kostenfrei)
    URL: kostenfrei
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    Stabi Berlin
  • 3
    Online Resource
    Online Resource
    A Cross-Country Analysis of Public Debt Management Strategies (2012)
    Washington, DC : World Bank
    Details
    UID:
    gbv_797535691
    Format: Online-Ressource
    Series Statement: Policy Research Working Paper 4287
    Content: This paper analyzes results of a survey on debt management strategies conducted by the Banking and Debt Management Department of the World Bank. The analysis focuses on (1) whether a public debt management strategy exists in a given country, (2) whether it is made public, and (3) in which form it is imparted. The paper analyzes the distribution of the latter characteristics over different regions, income groups, and levels of indebtedness using graphical analysis. Using regression analysis, it investigates the extent to which basic economic factors can explain the characteristics of public debt management strategies across countries.
    Note: English
    Language: English
    URL: Volltext  (kostenfrei)
    URL: kostenfrei
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  • 4
    Online Resource
    Online Resource
    Financial Inclusion for Financial Stability : Access to Bank Deposits and the Growth of Deposits in the Global Financial Crisis (2013)
    Washington, DC : World Bank
    Details
    UID:
    gbv_797610375
    Format: Online-Ressource
    Series Statement: Policy Research Working Paper 6577
    Content: In crisis times, depositors get anxious, can run on banks, and withdraw their deposits. Correlated withdrawals of bank deposits could be mitigated if bank deposits are more diversified, that is, held by more individuals. This paper examines the link between the broader access to bank deposits prior to the 2008 crisis and the dynamics of bank deposit growth during the crisis, while controlling for relevant covariates. Employing proxies for access to deposits and the use of bank deposits, the authors find that greater access to bank deposits can make the deposit funding base of banks more resilient in times of financial stress. Policy efforts to enhance financial stability should thus not only focus on macroprudential regulation, but also recognize the positive effect of broader access to bank deposits on financial stability.
    Note: English , en_US
    Language: English
    URL: Volltext  (kostenfrei)
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  • 5
    Online Resource
    Online Resource
    An Alternative Framework for Foreign Exchange Risk Management of Sovereign Debt (2012)
    Washington, DC : World Bank
    Details
    UID:
    gbv_797530800
    Format: Online-Ressource
    Series Statement: Policy Research Working Paper 4458
    Content: This paper proposes a measure of synchronization in the movements of relevant domestic and foreign fundamentals for choosing suitable currency for denomination of foreign debt. The selection of explanatory variables for exchange rate volatility is motivated using a New Keynesian Policy model. The model predicts that not only traditional optimal currency area variables, but also variables considered by the literature on currency preferences, such as money velocity, should be relevant for explaining exchange rate volatility. The findings show that measures of inflation synchronization, money velocity synchronization, and interest rate synchronization can be useful indicators for decisions on the currency denomination of foreign debt.
    Note: English
    Language: English
    URL: Volltext  (kostenfrei)
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  • 6
    Online Resource
    Online Resource
    Comparing Constraints to Economic Stabilization in Macedonia and Slovakia : Macro Estimates with Micro Narratives (2012)
    Washington, DC : World Bank
    Details
    UID:
    gbv_797533141
    Format: Online-Ressource
    Series Statement: Policy Research Working Paper 4691
    Content: This paper re-emphasizes the link from structural policies to enhanced macroeconomic stabilization using a small structural model estimated on quarterly data for Macedonia and Slovakia over 1995-2007. The success of macroeconomic stabilization, typically in the hands of monetary policy, is not only determined by a suitable choice of the nominal anchor, which shapes the reaction function of monetary policy, but also the constraints within which the monetary policy strives to achieve its objectives. The key attributes of the constraints to macroeconomic stabilization are economic rigidities and structural shocks. By benchmarking the estimated economic rigidities and structural shocks faced by Macedonia to those faced by Slovakia, the authors find that Macedonia has relatively weaker transmission mechanisms of monetary policy, higher output rigidity, and a lower exchange rate pass-through, and faces larger external shocks. For Macedonia, these relatively higher constraints on monetary policy together with the chosen exchange rate anchor result in greater output and inflation volatility relative to Slovakia. Hence, it appears that small, open economies with stronger economic rigidities should apply monetary policy regimes that allow for more flexible adjustments in external relative prices to enhance their macroeconomic stability.
    Note: English
    Language: English
    URL: Volltext  (kostenfrei)
    URL: kostenfrei
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  • 7
    Online Resource
    Online Resource
    Currency Allocation of Public External Debt and Synchronization Indicators of Exchange Rate Volatility (2010)
    [Erscheinungsort nicht ermittelbar]
    Details
    UID:
    gbv_1017850348
    Format: Online-Ressource
    Content: This paper uses synchronization indicators of domestic and foreign fundamentals to choose suitable currency allocation of public external debt. The selection of explanatory variables for exchange rate volatility is motivated using a New Keynesian Policy model that predicts that not only traditional optimum currency area (OCA) variables, but also variables considered by the literature on currency preferences, such as money velocity, should be relevant for explaining exchange rate volatility. I find that measures of inflation synchronization, money velocity synchronization, and interest rate synchronization are useful indicators for deciding on the currency denomination of public external debt.
    Note: EN
    Language: English
    URL: Volltext  (kostenfrei)
    URL: kostenfrei
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    Stabi Berlin
  • 8
    Online Resource
    Online Resource
    Comparing Constraints to Economic Stabilization in Macedonia and Slovakia : Macroestimates with Micronarratives (2010)
    [Erscheinungsort nicht ermittelbar]
    Details
    UID:
    gbv_1017850356
    Format: Online-Ressource
    Content: This article re-emphasizes the link from structural policies to enhanced macroeconomic stabilization using a small structural model estimated on quarterly data for Macedonia and Slovakia over 1995-2007. The success of macroeconomic stabilization, typically in the hands of monetary policy, is not only determined by a suitable choice of the nominal anchor, which shapes the reaction function of monetary policy, but also the constraints within which the monetary policy strives to achieve its objectives. The key attributes of the constraints to macroeconomic stabilization are economic rigidities and structural shocks. By benchmarking the estimated economic rigidities and structural shocks faced by Macedonia to those faced by Slovakia, we find that Macedonia has relatively weaker transmission mechanisms of monetary policy, higher output rigidity, a lower exchange rate pass-through, and faces larger external shocks. For Macedonia, these relatively higher constraints on monetary policy together with the chosen exchange rate anchor result in higher output and inflation volatility relative to Slovakia. Hence, it appears that small open economies with stronger economic rigidities should apply monetary policy regimes that allow for more flexible adjustments in external relative prices to enhance their macroeconomic stability.
    Note: EN
    Language: English
    URL: Volltext  (kostenfrei)
    URL: kostenfrei
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    Online Resource
    Fulltext
    Stabi Berlin
  • 9
    Online Resource
    Online Resource
    How Do Governments Respond after Catastrophes? Natural-Disaster Shocks and the Fiscal Stance (2012)
    [Erscheinungsort nicht ermittelbar]
    Details
    UID:
    gbv_797518932
    Format: Online-Ressource
    Series Statement: Policy Research working paper WPS 5564
    Content: Natural disasters could constitute a major shock to public finances and debt sustainability because of their impact on output and the need for reconstruction and relief expenses. This paper uses a panel vector autoregressive model to systematically estimate the impact of geological, climatic, and other types of natural disasters on government expenditures and revenues using annual data for high and middle-income countries over 1975-2008. The authors find that, on average budget, deficits increase only after climatic disasters, but for lower-middle-income countries, the increase in deficits is widespread across all events. Disasters do not lead to larger deficit increases or larger output declines in countries with higher initial government debt. Countries with higher financial development suffer smaller real consequences from disasters, but deficits expand further in these countries. Disasters in countries with high insurance penetration also have smaller real consequences but do not result in deficit expansions. From an ex-post perspective, the availability of insurance offers the best mitigation approach against real and fiscal consequences of disasters.
    Note: English
    Language: English
    URL: Volltext  (kostenfrei)
    URL: kostenfrei
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    Stabi Berlin
  • 10
    Online Resource
    Online Resource
    Macroprudential Stress-Testing Practices of Central Banks in Central and South Eastern Europe : An Overview and Challenges Ahead (2012)
    [Erscheinungsort nicht ermittelbar]
    Details
    UID:
    gbv_797524797
    Format: Online-Ressource
    Series Statement: Policy Research working paper WPS 5434
    Content: Stress tests are the main practical tools of macroprudential oversight. This paper reviews the stress-testing practices of central banks in Central and South Eastern Europe (CSEECBs) and outlines the challenges in the area of stress testing going forward. The authors discuss good practice and the applied approaches by CSEECBs focusing on the main components of a typical macroprudential stress test, i.e. constructing the baseline and stress scenarios, mapping macroeconomic scenarios and microeconomic factors to risk factors, calculating risk exposures to different risk indicators, and estimating outcome indicators to inform macroprudential policy. The main challenges for the CSEECBs going forward involve needed improvements in data reliability, consideration of quantitative microprudential indicators in macroprudential stress tests, explicit incorporation of dynamics in stress tests to include reaction functions of banks and macroprudential policy, institutionalization of macroprudential policy responses to alarming stress-test results, use of the top-down and bottom-up stress test results in supervisory communication, cooperation of macroprudential and microprudential supervision, and information exchange for better cross-border supervision of international banking groups.
    Note: English
    Language: English
    URL: Volltext  (kostenfrei)
    URL: kostenfrei
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    Stabi Berlin
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