| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 353-398 |
| Abstraksi Narasi | : | Making the central bank an agency with the mandate and reputation for maintaining price stability is a means by which a government can choose the strength of its commitment to price stability. This article develops four measures of central bank independence and explores their relation with inflation outcomes. An aggregate legal index is developed for four decades in 72 countries. Three indicators of actual independence are developed: the rate of turnover of central bank governors, an index based on a questionnaire answered by specialist in 23 countries, and an aggregation of the legal index and the rate of turnover. Legal independence is inversely related of inflation in industrial, but not in developing, countries. In developing countries the actual frequency of change of the chief executive officer of the bank is a better proxy for central bank independence. An inflation-based index of overall central bank independence. An inflation-based index of overall central bank independence contributes significantly to explaining cross-country variations in the rate of inflation. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 481-502 |
| Abstraksi Narasi | : | Setting the price of maize in rural Mexico above the world price is inefficient and likely to have negative distributional effects because many subsistence producers, and all landless workers, are net buyers; in fact it screens out the relatively poor rather than the relatively rich. The policy objective, therefore, should be to move toward free trade. This would yield large gains in efficiency. The Free Trade Aggrement provides an ideal opportunity to pursue this objective. It will provide freer entrance into the United States for other agricultural products as well as a broad range of manufactured products. Insuring secure and sustained access for labor-intensive agricultural and manufactured products can help ease the impact on the labor market of a transiton away from subsistance maize cultivation. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 423-438 |
| Abstraksi Narasi | : | Monitoring of adjustment has focused on larger, often state-owned enterprises, many of which have been adversely affected by the more competitive environment. Little is known, however, about the impact of adjustment policies on small firms. Firm-level data from Ghana show that the adjustment process was well under way across sectors and within firms and that new investment was taking place. The adjustment process has strained most firms` operations-profits were squeezed between rising input costs and weak domestic demand and low-cost competing imports. Small-scale industries were forced to become more competitive to survive. Interviews with owners of small firms revealed considerable enterpreneurial initiative in changing product mix and seeking newly opened market niches. Sample intrepreneurs fell into two broad groups: dinamic, successful adapters with good prospects (found mostly among small-scale enterprises) and stagnant producers who had not adapted to the new competitive environment (found mostly among microenterprises). For potentially dynamic small firms, the most critical constraint was lack of access to finance for working capital and new investment. Many microentrepreuners were seriously constrained by a lack of purchasing power among the lower-income population and by saturation of the sector. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 529-547 |
| Abstraksi Narasi | : | Although most studies have relied on domestic or private sector saving data, this article uses household data available from the U.N. System of National Accounts for a sample of 10 countries. Household saving functions are estimated using combined time-series and across-country observations in order to test households` responses to income and growth, rates of return, monetary wealth, foreign saving, and demographic variables. The results show that income and wealth variables affect saving strongly and in ways consistent with standard theories. Inflation and the interest rate do not show clear effects on saving, which is also consistent with their theoretical ambiguity. Foreign saving and monetary assets have strong negative effects on houeshold saving, which suggests the importance of liquidity constraints and monetary wealth in developing countries. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 213-231 |
| Abstraksi Narasi | : | Many African countries interfere with the spatial pattern of agricultural prices and often mandate a spatially constant (panterritorial) price. Such policies are conceptually identical to the pricing of transport services. The pricing and transportation policies of the Ivoirien cotton parastatal provide a case study. The loss in producer surplus from raising current revenues by panterritorial pricing is compared with an optimal policy that minimizes producer loss. For current revenues, a switch to the optimal policy would provide only small gains. At higher revenue levels, however, the gains would increase. These policies are also contrasted with another suboptimal policy-full-cost pricing of transport with an export tax. By dispersing production, panterritorial pricing inflates the gains from transport projects. Transport investment and pricing reform are therefore assessed simultaneously. The number and location of the purchasing depots are also discussed. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 331-351 |
| Abstraksi Narasi | : | This article develops a dynamic, dual-economy general equilibrium model that can be adapted to analyze the short-and long-run effects of a variety of fiscal policies. The model provides a complete description of how the private capital stock, underemployment, and real wages evolve during the adjustment process. The main policy message conveyed by the results is that the method by which the fiscal deficit is lowered is important. There is a strong presumption that higher prices for publicly produced intermediate inputs and cutbacks in government expenditure to support social infrastructure will reduce private investment, real wages in both the formal and informal sector, and the share of the labor force employed in the high-wage manufacturing sector. By contrast, layoffs in the final goods and services sectors can potentially improve the external balance without sacrificing output and employment growth. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 233-254 |
| Abstraksi Narasi | : | Farm fragmentation, in which a household operates more than one separate parcel of land, is a common phenomenon in Sub-Saharan Africa. Concerned by the perceived costs of fragmented as opposed to consolidated holdings, several countries have implemented land consolidation programs. But these interventions overlook the benefits that land fragmentation can offer farmers in managing risk, in overcoming seasonal labor bottlenecks, and in better matching soil types with necessary food crops. This article uses household data from Ghana and Rwanda to discuss the incidence and causes of fragmentation. It then formally tests the relation between fragmentation and land productivity and risk reduction. The conclusion is that consolidation programs are unlikely to lead to significant increases in land productivity and may actually make farmers worse off. Policymakers should focus instead on reducing the root causes of fragmentation: inefficiencies in land, labor, credit, and food markets. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 279-305 |
| Abstraksi Narasi | : | This article examines the effects of disinflation on economic in countries characterized by chronic inflation. Such countries have a long history of inflation at rates exceeding those in industrial countries as well as labor and capital markets that have adjusted to function in an inflationary environment. A sample of disinflation programs in several Latin American countries and in Israel demonstrates that stabilization efforts in countries with chronic inflation often do not induce the usual Phillips curve tradeoff in the medium run. Specifically, stabilization programs that use the exchange rate as the main nominal anchor are often associated with a business cycle that begins with a boom and ends with a recession. Stabilization programs that use money supply as the nominal anchor generally induce the expected Phillips curve result: lower inflation is accompanied by a recession after the program is implemented. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 255-277 |
| Abstraksi Narasi | : | This article analyzes the World Bank`s experience with project evaluation for a sample of 1,015 projects by comparing estimated rates of return at appraisal with reestimated rates of return when construction works are completed, usually 5 to 10 years after appraisal. The analysis highlights the high degree of uncertainty in project analysis. A wide range of variables has been introduced to explain the observed divergence in appraisal and reestimated rates of return, but only a relatively small part of the divergence can be explained, even with the benefit of hindsight. Project analysis thus has to cope with a large degree of uncertainty, which the traditional methods of project evaluation and selection have not been able to reduce. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 189-211 |
| Abstraksi Narasi | : | It is a mistake to think of productivity growth as an orderly shift in the production function of the representative plant. Gradual prosesses of technological diffusion or the displacement of inefficient plants with efficient ones are what matter. Trade orientation may affect these processes through many channels. Exposure to increased foreign competition is found to be associated with improvements in the average level of technical efficiency, reductions in the cross-plant dispersion in technical efficiency, and reductions in plant size. However, preliminary work suggests no clear link between trade policies and patterns of entry and exit. |
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