When Is External Debt Sustainable? Kraay, Aart; Nehru, Vikram
The World Bank economic review,
01/2006, Letnik:
20, Številka:
3
Journal Article
Recenzirano
Odprti dostop
The article empirically examines the determinants of debt distress, defined as periods in which countries resort to any of three forms of exceptional finance: significant arrears on external debt, ...Paris Club rescheduling, and nonconcessional International Monetary Fund lending. Probit regressions show that three factors explain a substantial fraction of the cross-country and time-series variation in the incidence of debt distress: the debt burden, the quality of policies and institutions, and shocks. The relative importance of these factors varies with the level of development. These results are robust to a variety of alternative specifications, and the core specifications have substantial out-of-sample predictive power. The quantitative implications of these results are examined for the lending strategies of official creditors.
Fiscal sustainability analysis is the use of a simple set of tools to analyze a government's budget and its debt position, and leads to conclusions - given the government's debt level - about the ...appropriateness of fiscal policy. Many economists are familiar with fiscal sustainability analysis, but there is no single reference work that explains it. Fiscal Sustainability in Theory and Practice fills this gap. The handbook is organized around three themes: (i) basic theory and tools for everyday use, (ii) the effects of business cycles on public finance and the role of fiscal rules, and (iii) crises and their impact on fiscal sustainability. The first theme is central to the book's purpose of bringing the basic theoretical literature together, along with a set of examples used to illustrate particular methods of analysis. The second and third themes develop the topic of fiscal sustainability further, by extending it to topics at the forefront of policy debates in the recent past. Aimed at economists previously unfamiliar with fiscal sustainability analysis, this book will also serve as a useful reference work for all economists with either an advanced undergraduate or basic graduate level of training.
Reliable cross-country data on aspects of private sector development are crucial in planning for economic recovery and growth. In targeting increased exports and investment, many governments ...prioritize an improved climate for business as a basis to attract capital, create jobs, and provide basic services. The availability of cross-country data on the business environment has rapidly expanded in recent years, including data from the World Bank Groups Doing Business project, Enterprise Surveys, and the Entrepreneurship Snapshots. Included in this guide are indicators on the economic and social context, the investment climate, private sector investment, finance and banking, and infrastructure. Though a pocket guide cannot include all relevant variables, the included indicators provide users with a general understanding of the private sector in each country. Indicators displayed in the tables are defined in the glossary, which also lists data sources.
Abstract
Malay Islamic historiography from the 13th to the 19th centuries (Hikayat Raja Pasai, Sejarah Melayu, Hikayat Aceh, Peringatan Sejarah Negri Johor, Tuhfat al-Nafis) is well known and ...recognised as one of the most important sources of history of the Malay world; including, but not limited to the history of economic development in the area. Malay historical chronicles are narrative works written in the Arabic script Jawi, composed in the courts of Malay Muslim rulers (Namely Sultans and Yang Dipertuan) and dedicated to their activities, lives and great services performed for their countries. Commonly speaking, these texts share a common structure, containing a segment devoted to genealogies (silsilah) and a narrative part. Malay Islamic historical chronicles contain a wealth of information and references concerning the history of finance and taxes in the Malay world. This information may be divided into the following subjects: money and coins (banknotes), goods as monetary substitutes; prices; fees and taxes, as well as the credit and loan system etc. The analysis of such information could be highly useful in studying Malay economical and social development from its proper perspectives.
Access to reliable cross-country data on private sector development is crucial when formulating responses to economic crises. The data sources presented in this book report on the scope and types of ...regulations that enhance and constrain business activity and provide information on business owners' assessment of the business environment. The data have led to new research, enabled benchmarking, and informed the reform process in many developing countries. This guide book includes indicators on the economic and social context, the investment climate, private sector investment, finance and banking, and infrastructure. The indicators that are included in this book provide users with a general understanding of the private sector in each country. Indicators displayed in the tables are defined in the glossary, which also lists data sources.
The Little Data Book on Private Sector Development 2008 is one of a series of pocket-sized books intended to provide a quick reference to development data on different topics. The Little Data Book on ...Private Sector Development 2008 provides data for more than 20 key indicators on business environment and private sector development in a single page for each of the World Bank member countries and other economies with populations of more than 30,000. These more than 200 country pages are supplemented by aggregate data for regional and income groupings.
Russian economy has been growing at an
average nominal rate of 6 percent annually for the past
decade. Among the most important factors contributing to its
expansion has been the skyrocketing cost of ...oil and gas. In
2000, when Vladimir Putin took office, the cost of oil was
approximately $20 a barrel; at the end of his term, it was
five times higher. Meanwhile, the competitiveness of Russian
enterprises has become increasingly fragile because of the
appreciating ruble, climbing resource prices, and rising
wages as well as the exhaustion of Russia's excess
industrial capacity. Observers have called for Russian
authorities to take measures to counterbalance the
nation's increasing economic dependence on natural
resources. Economic diversification can cover a wide number
of issues and involve many challenges, including
entrepreneurship, foreign investment, regional development,
and physical infrastructure. In Russia's case, it comes
down to one thing: ensuring that the manufacturing sector
can compete in the global economy. Russian competitiveness
will not depend on centralized, top-down efforts to pick
winners but on broader policy measures designed both to
improve the investment climate-which affects firms'
incentives to invest productively and create jobs-and to
develop a more competitive, knowledge-based economy. Russian
authorities are seeking to address many of the
country's most important developmental challenges.
Economic diversification will require reducing investment
risks induced by national and regional policies and lowering
barriers to entry for newer, more dynamic, and innovative
firms, specifically by facilitating transfer of land from
municipalities and from older, loss-making firms. It also
will require greater inclusiveness in government decision
making, more transparency regarding government decision
making, and stable legislation at all levels of government.
This book quantifies and benchmarks the relative strengths
of Russian manufacturing and identifies opportunities to
increase its productivity and competitiveness. This volume
focuses on the challenges now facing enterprises in Russia,
highlighting sources of productivity growth and
competitiveness within enterprises, including technological
progress (knowledge absorption and innovation), worker
skills, and the investment climate. After the 1998 crisis,
as gross domestic product rebounded, investment accelerated,
and foreign direct investment increased dramatically,
Russia's recovery surpassed expectations. Yet, a closer
look at national accounts reveals that much of that shift
has produced relative price increases in (non-tradable)
services and full capacity utilization in
industry-indicators more characteristic of a resource
dependent economy than of successful industrial diversification.
Access to reliable cross-country data on private sector development is crucial when formulating responses to economic crises. When downturns affect exports, investment, and growth negatively, making ...life easier for business is a significant step towards economic recovery. This has become obvious during the global financial crisis as governments have tried to stimulate economic growth through the creation of more robust private and finance markets. Improving the investment climate facilitates economic adjustment as it helps attract capital to create jobs and provide basic services. Unsurprisingly, the availability of cross-country data on the business environment has rapidly expanded in recent years; including data from the World Bank Group's doing business project, enterprise surveys, and the entrepreneurship snapshots. The data sources presented in this book report on the scope and types of regulations that enhance and constrain business activity and provide information on business owners' assessment of the business environment. The data have led to new research, enabled benchmarking, and informed the reform process in many developing countries. Included in this guide are indicators on the economic and social context, the investment climate, private sector investment, finance and banking, and infrastructure. Though a pocket guide cannot include all relevant variables, the indicators that are included provide users with a general understanding of the private sector in each country.
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