| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 55-69 |
| Abstraksi Narasi | : | High interest rates are considered an effective tool for stooping high inflation. The case for a policy of high interest rates is developed in terms of a conventional IS-LM model. However, among other things, the model ignores some central aspects of modern credit markets. In particular high interest rates may give rise to nonperforming bank loans, thus seriously jeopardizing the effectiveness of the policy. Examples are developed in which it would be optimal to aim for equilibriums of low, rather than high, interest rates. One of these examples hinges on the existence of nonindexed domestic debt. |
| Nama Pengarang | : | Victor Lavy, Calvo, Guillermo A., Martin Ravallion, Simon Commander, Dornbusch, Rudiger, Fabrizio Coricelli, Simon Commander, Jimenez, Emmanuel, Donald Cox, Fabrizio Coricelli, Calvo, Guillermo A., Paul Gertler, Glewwe, Paul, Rob Alessie et al., Kenneth Kletzer, Ishac Diwan |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 125-138 |
| Abstraksi Narasi | : | The donor community has responded to unexpected or transitory drops in domestic food production in many coutries in Sub-Saharan Africa. An empirical framework estimates and analyzes the correlation between this food aid and domestic production. Both emergency food aid and commercial imports are used to offset the effects of negative output shocks in Sub-Saharan countries-the major recipients of globall emergency food aid. On average every one-ton drop in cereal production is offset by the delivery of 0.8 tons of cereal and dairy products from abroad (over four years). Most food aid arrives within a year of a shock, and correlation of shocks over time along with the differences between crop years and calendar years may explain the link between aid and production. The economic and political considerations also determine the global response to the emergency food needs of countries in Africa. The international response is not contingent on the form of government or the level of political and human rights violations. Poorer countries and those with well-established non emergency food aid programs receive larger amounts of emergency aid when needed. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 395-413 |
| Abstraksi Narasi | : | Employment laws in India and Zimbabwe require employers to obtain permission from the government to retrench or lay off workers. The effect of these laws on the demand for employees in 64 manufacturing industries is examined using times series data. Little evidence is found indicating slower adjustments in employment levels and hence retardation in any structural adjustment following the new laws. However, in both countries a substantial decline in the demand for employees (other things equal) followed the new legislation. In Zimbabwe it is difficult to be demand for labor (allowing for concurrent increased wages) and the new legislation because enactment occured simultaneously with Independence; however, the current economic climate induced high levels of investment in capital but not investment in long-term commitments to employees. But in India further evidence supports a causal connection: larger establishments covered by the job security regulations tended to experience a decline in the demand for labor while smaller, uncovered enterprises in the same industries did not; moreover the decline in the demand for employees across industries in India was larger where the private sector dominates, where larger establishment covered by the new laws are important, and where a smaller proportion of employees are union members. Thus in both countries the policy implemented to protect jobs may have resulted in far fewer jobs. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 513-533 |
| Abstraksi Narasi | : | In developing countries most of the financial assets are deposits at commercial banks. This article focuses on the implicit taxation of financial assets through seigniorage, reserve requirements, lending targets, and interest ceilings combined with inflation. The impact of taxation on financial deepening increases significantly with the tax rate, as shown by cross-sectional and time series data for selected countries in Sub-Saharan Africa and Southeast Asia. The problem of measuring revenue is examined, and the efficiency cost of taxation is analyzed in a Harberger framework. Although taxes on financial assets have a low administrative cost, the excess burden caused by the missallocation of resources is probably a much higher fraction of revenues than that of other taxes. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 535-552 |
| Abstraksi Narasi | : | Misleading conclusions can be drawn from studies of the tax incidence that ignore the special features of developing countries. Incorporating these features can sometimes reverse the incidence pattern of taxes relative to what is often taken to be conventional wisdom. Even where patterns are not reversed, quantitative differences can be substantial. The "newer" views of incidence have implications for tax restructuring options being considered in several developing countries. The proposed restructuring may appear to lead only to a more regressive tax system because of improper incidence analysis. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 493-511 |
| Abstraksi Narasi | : | Countries that collect tax revenue from the agricultural sector through export taxes, marketing boards, and overvalued domestic currencies are often loath to abandon these distorting policies because of the consequent revenue loss. One potential alternative is to replace these distortionary taxes with a land tax, which would not depress output prices or discourage foreign exchange earings and which could be, in theory, a highly progressive tax. The advantages and disadvantages of a land tax are examined theoretically and using the specific experiences of Bangladesh, Argentina, and Uruguay. It is concluded that the land tax is not necessarily more efficient than other types of taxes; the Achilles Heel of land taxation is administration; progressive tax rates based on land holdings are nearly impossible to administer; land taxes have been ineffective at promoting nonrevenue goals; political support by farmers is necessary to implement the tax; and the most promising prospects for a moderate land tax system are in financing local, rather than central, government expenditures. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 459-471 |
| Abstraksi Narasi | : | Deskripsi abstrak ringkas tidak tersedia untuk artikel ini. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 473-491 |
| Abstraksi Narasi | : | The tax sensitivity of Foreign Direct Investment (FDI) has important policy implications. If FDI is not responsive to taxation, then it may be an appropriate target for taxation by the host country. This question is examined for Mexico by estimating the response of FDI from retained earnings and transfers from abroad to the tax regimes in Mexico and the home country, the credit status of multidimensionals, country risk factors, and regulatory and trade regimes in Mexico. FDI in Mexico is found to be sensitive to the tax regimes in Mexico and the United States, the credit status of multidimensionals, country credit ratings, and the regulatory environment. Thus Mexico`s current policies to dismantle regulations and employ a tax system competitive with the United States are expected to have salutory effects on FDI in Mexico. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 415-436 |
| Abstraksi Narasi | : | This article tests the arbitrage pricing theory in the context of the unstable macroeconomic years in Mexico, 1977-87. Using information on returns on assests available domestic inventors-primarily stocks traded at the local stock exchange-an attempt is made to ascertain the extent to which these assets have offered premia for a set of proposed sources of risk. The pervasive factors that play an important role in asset pricing in Mexico are unexpected inflation, unexpected money growth, innovations in the Standard & Poor`s 500 price series, and innovations in the dollars oil price. A residual market factor is obtained, using the McElroy and Burmeister model. Given that these risks get premia over and above the riskless rate, expected rates of return in Mexico have been higher during the years of erratic macroeconomic conditions. Mexico is not considerable to be well integrated with the international capital markets because local sources of risk-such as inflation-are not priced in the United States, whereas international sources of uncertainty-such as oil price shocks-are priced locally but not in the United States. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 437-455 |
| Abstraksi Narasi | : | Could external restraint and internal balance in Mexico have been reconciled at levels of savings and investment that allowed satisfactory growth in output without the 1989-90 restructuring of debt? What are the likely implications of Mexico`s "Brady deal" on economic growth? What are the macroeconomic effects of debt-equity swaps? This article develops and estimates a model to address these issues. The analysis concludes that the 1989-90 agreement in Mexico will contribute materially to macroeconomic stability and the restoration of economic growth. |
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