| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 231-258 |
| Abstraksi Narasi | : | This article estimate the determinants of cognitive skills in Jamaican primarily education. We take an eclectic approach, integrating the production function framework favored by economiests with the concerns of educators about pedagogical processes and those of sociologists regarding school organization and management. At the same time, we correct for selectivity biases induced by school choice. We use an unusually rich data set, the 1990 Jamaican Survey of Living Conditions, which includes not only scores on cognitive achievement tests but also detailed information on each child`s household and the primary school he or she attends. We find that all three components-physical and pedagogical inputs, pedagogical practices, and school organization and climate-influence student achievement. Our policy simulation suggest that a focus on inputs alone may be misplaced in scholl systems with input levels as high as those found in Jamaica; school reforms that concentrate on just a few pedagogical practice could lead to substantial improvements in student achievement. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 109-129 |
| Abstraksi Narasi | : | This article examines U. S. equity flows to emerging stock markets from 1978 to 1991 and draws three main conclusions. First, despite the recent increase in U. S. equity investment in emerging stock markets, the U. S. portfolio remains strongly biased toward domestic equities. Second, of the fraction of the U. S. portfolio that is allocated to foreign equity investment, the share invested in emerging stock markets is roughly proportional to the share of the emerging stock markets in the global market capitalization value. Third, the volatility of U. S. transactions in emerging-market equities is higher than in other foreign equities. The normalized volatility of U. S. transactions appears to be falling over time, however, and we find no relation between the volume of U. S. transactions in foreign equity and loal turnover rates or volatility of stock returns. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 19-50 |
| Abstraksi Narasi | : | The low correlation between returns in emerging equity markets and industrial equity markets implies that the global investor would benefit from diversification in emerging markets. This article explores the sensitivity of the emerging-market returns to measures of global economic risk. When these traditional measures of risk are used, the emerging markets have little or no sensitivity. This finding is consistent with these markets` being segmented from world capital markets. However, the correlation between the emerging-market returns and the risk factors appears to be changing over time. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 1-17 |
| Abstraksi Narasi | : | Equity flows to developing countries have increased sharply in recent years. Foreign equity investment can be beneficial to developing countries because of its risk-sharing characteristics and effects on resource mobilization and allocation. Empirical evidence shows that the shock markets of developing countries have become more, although not fully, integrated with world financial markets, and this increased integrated with world financial markets, and increased integration implies a lower risk-adjusted cost of capital. Constraints to further increasing the flows and expanding the benefits are macroinstability, poorly functioning stock markets, and insufficiently open financial markets. Empirical evidence does not support the view that equity flows are more volatile than other types of capital flows or that equity flows have a negative impact on the volatility of stock prices. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 131-151 |
| Abstraksi Narasi | : | This article investigates the behavior of stock returns in the twenty stock markets represented in the International Finance Corporation`s Emerging Markets Data Base. The aim is to test for return anomalies and predictability. Using statistical methodologies that have identified seasonal and size-based return differences, as well as general return predictability in industrial markets, we find that these emerging markets display few of the same anomalies. In particular, we find limited evidence of turn-of-the-tax-year effects and small-firm effects. We do find, however, evidence of return predictability. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 153-174 |
| Abstraksi Narasi | : | A distinction is often made between short-term and long-term capital flows: the former are deemed unstable hot money and the latter are deemed stable cold money. Using time-series analysis of balance of payments data for five industrial and five developing countries, we find that in most cases the labels "short-term" and "long-term" do not provide any information about the time-series properties of the flow. In particular, long-term flows are often as volatile as short-term flows, and the time it takes for an unexpected shock to a flow to die out is similar across flows. Long-term flows are also at least as unpredictable as short-term flows, and knowledge of the type of flow does not improve the ability to forecast the aggregate capital account. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 75-107 |
| Abstraksi Narasi | : | This article develops a return-based measure of market integration for nineteen emerging equity markets. It then examines the relation between that measure, other return characteristics, and broadly defined investment barriers. Although the analysis is exploratory, some clear conclusions emerge. First, global factors account for a small fraction of the time variation in expected returns in most markets, and global predictability has declined over time. Second, the emerging markets exhibit differing degrees of market integration with the U. S. market, and the differences are not necessarily associated with direct barriers to investment. Third, the most important de facto barriers to global equity-market integration are poor credit ratings, high and variable inflation, exchange rate controls, the lack of a high-quality regulatory and accounting framework, the lack of sufficient country funds or cross-listed securities, and the limited size of some stock markets. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 51-74 |
| Abstraksi Narasi | : | This article investigates whether emerging stock markets are now part of the global financial market and characterizes return behavior in these markets. Tests of the conditional International Capital Asset Pricing Model (ICAPM) reveal that eighteen of the twenty largest emerging markets were integrated with the world market between December 1984 and December 1991, but that many of the same markets reject the model when data for 1977-84 are used. These results suggest that large capital inflows from industrial economies, beginning in the late 1980s, caused prices in emerging markets to reflect covariance risk with the world portfolio, thus inducing their consistency with the ICAPM. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 415-444 |
| Abstraksi Narasi | : | The welfare costs of price controls can vary enormously, depending on the method of allocating the good in shortage and the possible rent-seeking costs that may result. With full rent dissipation, the welfare loss from price controls on Polish color televisions in 1989 was about ten times the standard estimates of distortion costs, which ignore rent-seeking, and was more than 100 percent of the value of domestic producers` sales. The methods of allocating cars, however, did not result in rent-seeking costs. The domestic price controls were an unintended implicit subsidy to imports. Subsidies for cars were estimated at 43 percent and for color televisions at 22 percent. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 351-371 |
| Abstraksi Narasi | : | This article reviews the recents literature on the political economy of growth, focusing on the research that has developed at the intersection of the endogenous growth literature and the new political economy. It explores the realtionships among four key variables: economic growth and capital accumulation, political instability, political freedom and democratic institutions, and income inequality. |
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