| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 235-250 |
| 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 | : | 297-327 |
| Abstraksi Narasi | : | In an attemp to expand rural credit and displace the vilage moneylender, India created a system of rural cooperatives in the 1950s and expanded branch banking into rural areas in the 1970s, This article examines how these measures affected the rural market. It begins with the question of how large the expansion of institutional credit has been and the extent to which it has dislodged the village and nonresident moneylenders. A detailed comparison of three major surveys of the Indian rural credit market suggest that in various guises, the moneylender is still a major source of loans. The article also examines the (weak) evidence on intermediation between the formal and informal sectors. A formal model of the interaction between the informal moneylender and institutional lender is constructed under a variety of assumptions about the exclusivity of loan contracts and the competitive structure of the informal sector. The conclusions are drawn together in the form of five proposals for public policy. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 329-349 |
| Abstraksi Narasi | : | Many governments have perceived the rural moneylender as usurious. This article takes a first step toward directly testing the validity of this view. In a study of services, costs, and charges of fourteen informal market moneylenders and their clients in Chambar, Pakistan, the article examines whether the high implicit interest rates charged reflect the actual costs of operating in that market. Estimates of the resource costs incurred by informal lenders for screening, pursuing delinquent loans, overhead, and cost of capital (including unrecoverable loans) suggest that lenders` charges are equal to their average cost of lending but exceed their marginal cost. This findings is consistent with the view that the informal credit market is characterized by excess capacity and monopolistic competition in the presence of imperfect information. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 251-269 |
| Abstraksi Narasi | : | This article addresses the issues of incomplete markets and imperfect information in the context of credit markets in rural northern Nigeria. In much recent theoretical literature, the problems of moral hazard and adverse selection are assumed to be decisive for the organization of agrarian institutions. In contrast, it is found that in the four villages surveyed credit transactions take advantage of the free flow of information within rural communities. Information asymmetries between borrower and lender are unimportant, and their institutional consequences-the use of collateral and interlinked contracts-are absent. Credit transactions play a direct role in pooling risk between households through the use of contracts in which the repayment owed by the borrower depends on the realization of random production shocks by both the borrower and the lender. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 209-233 |
| Abstraksi Narasi | : | This article analyzes the resource implications of Voluntary Export Restraints (VERs) for exporting countries. A simple analytical method is used to demonstrate that, by reducing the marginal revenue of its factors of production, a VER causes an industry in the exporting country to contract, and that the efficiency losses from a VER depend on the ease with which sales can be diverted from the restricted toward the unrestricted markets. The method is applied to test the effects of the U. S. Orderly Marketing Agreement (OMA) for producers of leather footwear in the Republic of Korea during the period 1977-81. We estimate that the marginal revenue product of factors employed in leather footwear declined by as much as 9 percent because of the OMA, an estimate that is corroborated by inspection of time series on output, employment, and wages of the Korean footwear sector. This implies that there was pressure on the Korean footwear industry to contract as a result of the OMA. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 115-134 |
| Abstraksi Narasi | : | Because many rural people are poor, it is usually assumed that rural water supplies must be financed by government agencies. It is now widely recognized, however, that many rural people can and will pay for improved water supplies, and that sustaining and extending services depends on mobilizing this willingness to pay. This article describes a study of willingness to pay for water in Brazil. The study shows that surveys of actual and hypothetical water-use practices can provide policy-relevant information on willingness to pay, which is shown to vary according to household socioeconomic characteristics and the characteristics of the existing and new supplies of water. In rural Brazil, tariffs for yard taps can be increased substantially before significant numbers of households would choose not to connect to an improved system, whereas provision of free water at public taps can protect the poor without jeopardizing the financial viability of the scheme. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 157-173 |
| Abstraksi Narasi | : | Simulation of a global coffee model incorporating a vintage capital approach to production are run. Over the recent period of operation of the International Coffee Aggreement`s export quota system, the authors find that the quota system had a stabilizing effect on world coffee prices. The quotas reduced real export revenues for most small exporting countries, but large producers gained. Most small countries gained, however, in terms of risk reduction. If a brief suspension of the quota occurs from time to time, caused, for example, by adverse weather which results in a shortfall in world supply, the quota system works like a buffer stock scheme; on average, producing countries as a whle lose transfer benefits but gain risk benefits. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 175-193 |
| Abstraksi Narasi | : | Poland, like many developing countries, has required its exporters to surrender a share of their foreign exchange earnings to the government at an overvalued eachange rate. During the late 1980s, it progressively increased the share which exporters were allowed to retain (the retention ratio), but other distortions to the trade regime remained. A model developed here estimates the effects of these policies on welfare under different foreign exchange elasticities, export and import subsidies, official exchange rates, and policies on exporter retention of foreign exchange earnings. The retention ratios in effect in early 1989 were equivalent to a 51 percent tax on exports or an import tariff of 130 percent. As economic theory would suggest, maximum social benefit would derive from removal of the full range of distortions. Full retention of foreign exchange by exporters in the absence of other distortions would provide social benefits equivalent to 8 percent of gross domestic product. But the net effect of the other policies together is a bias toward tradables, so that a policy of somewhat less than full retention of foreign exchange is optimal in this secong-best world. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 135-156 |
| Abstraksi Narasi | : | African governments are being urged to promote commodity exports, yet without reliable trade statistics it is difficult to formulate appropriate policies to achieve this goal. This article assesses the accuracy of U.N. trade statistics by comparing the declared value of African exports, plus a transport and insurance cost factor, with partner countries` reported import values. The results show that major discrepancies often exist between the two, with false invoicing and smuggling apparently responsible for much of the difference. Although major disparities exist in data on trade with developed countries, the average differences in intra-African trade statistics are substantial larger. Statistical tests show that these data cannot be relied on to indicate the level, composition, or even direction and trends in African trade. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 195-207 |
| Abstraksi Narasi | : | One of the effects of structural adjustment programs in Sub-Saharan Africa has been the reduction of imports in the face of scarce foreign exchange. This article takes the analysis of import demand beyond the traditional income and price determinants to account for factors likely to be important to Sub-Saharan African countries in the 1990s. First, the effect of demand on imports is reflected by the level of absorption rather than the less direct income variable. Second, because adjustment programs may cut government consumption and, through increases in interest rates, reduce investment, these components of absorption are also considered independently to assess their differential effect on imports. Third, import barriers are often set in dollar terms to limit the use of foreign exchange. Because reliable and complete data for import restrictions are not available, the ratio of exports to debt is included as an indicator of foreign exchange availability to reflect its effect on trade barriers and thus imports. The findings suggest that this more comprehensive assessment of import demand will be needed if the size and even direction of changes in import demand in response to policy reform is to be understood and anticipated. |
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