| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 571-594 |
| Abstraksi Narasi | : | This article studies the evolution of the private saving rate in India during 1960-95. Its distinctive feature is that it proposes three new measures of private saving, which are incremental improvements to the (naive) national accounts measure. The improvements consist of accounting for capital losses to private net worth due to inflation, including expenditures on durable goods as form of saving, and expanding the definition of saving to include human capital expenditures. After examining descriptive trends and reviewing the related literature, the article tests the hypothesis that households that save in India "pierce the corporate veil." The evidence shows that, in fact changes in corporate saving are offset by changes in household saving, including that the unit of analysis should be aggregate private saving. The core analytical section of the article studies how the behavior of the private saving rate is related to the real interest rate, per capital income, the dependency ratio, financial depth, the government saving rate, and the share of agriculture in gross domestic product. The empirical analysis is done by estimating error-correction models on aggregate annual data, although most of the discussion centers on long-run effects. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 509-544 |
| Abstraksi Narasi | : | Low domestic saving rates in South Africa may perpetuate a low-growth trap. The decline in government saving, a major reason for the overall decline in saving, is now being reversed. However, personal saving rates have fallen since 1993, and corporate rates since 1995, and both may decline further with lower real interest rates. It is important to understand both personal and corporate saving behavior in order to formulate policies to raise the domestic saving rate in line with the needs of economic growth. This article summarizes previous work on the household sector, emphasizing the role of financial liberalization, assets, and income expectations, and explains sectoral links and policy implications. Further, it analyzes South Africa`s corporate saving rate in detail. Models are developed both for the share of profits in national income, including the roles of the terms of trade, tax effects, and the price to unit labor cost ratio, and for the share of corporate saving in profits, which is found to depend on inflation, the real interest rate, dividend taxation, and financial liberalization. Corporate saving is remarkably underresearched, given its importance in many economies. This research thus puts the saving and growth concerns of Kaldor into a modern empirical context. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 545-570 |
| Abstraksi Narasi | : | China, in recent years the world`s largest and fastest growing economy, also has national saving rates that are among the highest in the world. This article considers a variety of statistical issues that cloud the measurement of aggregate and household saving in China. It also provides new empirical evidence on the importance of intertemporal considerations in explaining the variation in household saving across China`s provices. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 415-443 |
| Abstraksi Narasi | : | Private saving in Sub-Saharan Africa declined from more than 11 percent of disposable income in the 1970s to less than 8 percent in the 1980s and only partially recovered (to less than 9 percent) in the 1990s. This article analyzes the determinants of private saving in Sub-Saharan Africa, seeking to explain the region`s dismal performance and identify policies that could help to reverse the region`s decline in saving. The analysis shows that in Sub-Saharan Africa causality runs from growth to investment (and perhaps to private saving), whereas a rise in the saving rate Granger-causes an increase in investment. Foreign aid Granger-causes an increase in foreign aid. The empirical analysis of private saving in Sub-Saharan Africa and other regions over 1970-95 suggests that private saving in Africa can be explained by standard behavioral models. According to these models private saving in Africa lags behind that in other regions (most notably, the high performing Asian economies) because of the region`s lower per capita income, high young-age dependency ratio, and high dependence on aid. The combined effects of these factors substantially outweigh Africa`s advantage from its lower public saving and higher government consumption. Finally, analysis of the experiences of Kenya, Zimbabwe, and Botswana provides further insight into the saving process in Sub-Saharan Africa. |
| Nama Pengarang | : | Asli Demirguc-Kunt, Ross Levine, Thorsten Beck, Ibrahim A. Elbadawi, Francis M. Mwega, Aart Kraay, Janine Aron, John Muellbauer, Norman Loayza, Rashmi Shankar, Klaus Schmidt-Hebbel, Luis Serven, Norman Loayza, Dani Rodrik, Cevdet Denizer, Holger C. Wolf, Peter J. Montiel |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 597-605 |
| Abstraksi Narasi | : | This article introduces a new database of indicators of financial structure and financial development across countries and over time. The database is unique in that it combines a wide variety of indicators that measure the size, activity, and efficiency of financial intermediaries and markets. It improves on previous by presenting data on thepublic share of commercial banks, introducing indicators of the size and activity of nonbank financial institutions, and constructing measures of the size of bond and primary equity markets. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 91-109 |
| Abstraksi Narasi | : | When countries production machenery, they must choose between new and used equipment. This article looks at the choise in the presence of labor-saving technical progress and complementary between technologies and skill within the firm. It develop a theoretical model of the market for used mechines. It then analyzes data on U.S. exports of metalworking machine tools by country of destination, classifying machines according to their vintage and their technological characteristics. The data show that the share of used equipment imported is higher if the importing country has a lower level of development,as measured by income per capita. Econometric estimation of the determinants of this share shows that it also is higher the greater is the technological change embodied in the machine or the greater is the change in the skills required to run be machine efficiently. These results indicate that technological factors and skill constraints may be as important as factor prices in determining the choise of technique in developing countries. The policy recommendation emerging from this work-avoid constraints on imports of used equipment-is similar to that in the existing literature. But the reasoning is different. instead of emphasizing inappropriate capital-labor ratios for low-wage countries, the results indicate that investment in advanced technologies is effective only if importing countries have the skills to use them. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 65-90 |
| Abstraksi Narasi | : | Widespread empirical evidence indicates that exporting producers have higher productivity than nonexporters, although the reasons why are unclear. Some analysts argue that exporters acquire knowledge of new production methods, inputs, and product designs from their international contacts, and with this knowledge they achieve higher productivity of exporters reflects the self-selection of more efficient producers into highly competitive ad its export market. This article analyzes the link between a producer`s total factor productivity and its decision to participate in the export market, using manufactring data from the Republic of Korea and Taiwan (China). Differences are found between these two economies in the importance of selection and learning. In Taiwan (China) transitions of plants into and out of the export market reflect systematic variations in productivity as predicted by self-selection models. In Korea there are no significant changes in productivity following entry or exit from the export market that are consistent with learning from exporting. Comparison of the two economies suggests that in Korea factors other than production efficiency are more prominent determinants of the export decision. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 1-15 |
| Abstraksi Narasi | : | An empirical analysis of the microeconomic links between trade and knowledge diffusion is useful for singling out some of the key predictions of the theory of endogenous growth in open economies. This literature postulates that total factor productivity is higher when trade gives countries access to a wider or more sophisticated range of technologies. The articles reviewed here find considerable evidence that imported technologies raise total factor productivity in importing countries, particulary developing countries and particulary when technologies are acquired by way of imports of intermediate goods. They also provide some support for the argument that exports and foreign direct investment are channels for learning. Although access to foreign technologies has a positive impact on developing countries` total factor productivity, overall these countries. Relative factor and machinery costs and skill and technology endowments affect the choice of imported technologies. However, government attempts to limit or guide the selection of technologies. are likely to have a negative effect on growth because they discourage producers from purchasing the most appropriate and efficient machines, Rather, policies aimed at promoting technological development should strengthen the absorptive capacity of importing countries and address the complementary between human and physical capital in a broader context. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 129-145 |
| Abstraksi Narasi | : | In the face of rising public deficits and shrinking public resources, geographical targeting may be a viable way to allocate resources for poverty alleviation in developing countries. Efficiency can be increased and leakage to the nonpoor reduced substantially by targeting increasingly smaller areas. This article, and more generally the symposium on geographical targeting for proverty alleviation, proposs several techniques for augmenting data to produce more detailed poverty maps. It focuses on practical considerations in the design of geographically targeted poverty alleviation programs. In particular, it assesses the advantages and disadvantages of geographical targeting and describes how geographic information systems can be applied to improve poverty mapping. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Economic Review |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 49-64 |
| Abstraksi Narasi | : | This article uses firm-level data for the Czech Republic to show that during 1992-96 foreign investment had the predicted positive impact on total factor productivity growth of recipient firms. This result is robust to corrections for the sample bias that arises because foreign companies ten to invest in firms whose initial productivity is above average. Together, joint ventures and foreign direct investment appear to have a negative spillover effect on firms that do not have foreign direct investmnet alone, the magnitude of the spillover becomes much smaller and loses significance. This result, in conjuction with the fact that join ventures and foreign direct investment account for a significant share of total output in many industries, suggests that further research is required to determine the extent of knowledge diffusion from firms that have foreign links to those that do not. |
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