| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Research Observer |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 171-194 |
| Abstraksi Narasi | : | The world sugar market has long been characterized by volatile prices and widespread intervention. Controls on domestic prices, demand, and supply have created and inefficient pattern of world production, consumption, and trade. Without government controls, production would shift from the countries with higher-cost, subsidized production (especially the European Community, Japan, and the United State) to the countries with lower cost (such as Australia, Brazil, and Thailand). The resources saved could then be directed to other activities. Sugar policies in countries with high costs reduce world sugar prices quite substantially in the long run and increase price variability significantly; production controls in countries with low costs increase world price somewhat and also increase their variability. What would happen if all interventions ceased? Average world sugar prices would probably-but not definitely-rise. World prices would definitely improve, especially in developing countries that depend heavily on sugar exports. But the prospects for substantial reform for the sugar market are not promising, even thought the GATT Uruguay Round continues. This article puts forward some modest proposals for changing the existing interventions to lessen economic distortions and reduce costs. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Research Observer |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 221-237 |
| Abstraksi Narasi | : | The tax systems of socialist economies in transitions will distort resource allocation, create inequities, and caused administrative headaches if not reformed. These countries have weak tax administrations, lack experience with mass taxes based on voluntary compliance, and need to encourage domestic saving and foreign instrument. This article suggests an alternative to the conventional income tax that is more suited to these conditions. Attempting to tax real economic income raises complicated timing issues (when to recognize income and allow deductions) and may require complex adjustments for inflation. The simplified alternative tax (SAT) avoids these complications and provides a general incentive for saving and investment less subject to abuse or distortions than tax holidays and other tax gimmicks in vogue in countries emerging from socialism. The key elements of the SAT are separate taxes on income from labor and capital, immediate deduction for all business expenditures, no deduction for interest, and no taxation of interest or devidends. (Interest could be treated as under an income tax, at some cost.) Although the marginal effective tax rate is zero, the government shares in extraordinary returns to investment. The article discusses potential problems (including distributional implications, tax losses, and foreign tax credits) as well as advantages of the SAT. |
| Nama Pengarang | : | Alan A. Tait, McLure, Charles E., Brent Borrell, Ronald C. Duncan, J. Michael Finger, Jimenez, Emmanuel, Gunnar S. Eskeland, Pradeep Mitra |
| Nama Majalah/Jurnal | : | The World Bank Research Observer |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 239-248 |
| Abstraksi Narasi | : | Deskripsi abstrak ringkas tidak tersedia untuk artikel ini. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Research Observer |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 17-33 |
| Abstraksi Narasi | : | Voluntary export restraints have been a popular resort of industrial countries faced with increasing competition from exports of developing countries. As a strategy for circumventing the rules of the GATT (whose regulations preclude increases in tariffs), these nontariff barriers have been rather successful; whether they have been as successful in their aim of protecting and stimulating the industy concerned is another matter. This article looks at what happened when industrial countries imposed and then removed - volountary export restraints on the footwear industry during the 1970s and 1980s. Why did protectionism spread so fast and then dissipate almost as rapidly, and what effects did this coming and going have on the exporting countries? We suggest that industrial countries removed the restraints because they found them either superfluous (the expected employment effect failed to materialize) or ineffective (the principal exportere maintained their market share during the height of the restrictions), or else because the industry was able to adjust by importing footwear at a profit. Predicting the effect of VERs, and determining how best to manage them, are critical questions for developing countries struggling to improve their export performance in the 1990s. The results of detailed study of a representative industry, summarized here, may assist in the prediction and determination. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Research Observer |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 35-57 |
| Abstraksi Narasi | : | What advantages and disadvantages does the heterodox strategy offer to stabilization programs, in our definition, are those that support orthodox policies that is, tight fiscal policy and a fixed exchange rate with the initial, temporary use of incomes policies that is, price and wage controls. This evaluation, based on several heterodox programs, successful and unsuccessful, from the 1960s and 1980s in Latin American countries and Israel, affords four principal lessons: - The rapid reduction in inflation at the beginning of heterodox programs (which usually comes about at small cost) is the easy part; the problem is to maintain price stability over time - Incomes policies in heterodox stabilization programs are justified only in countries with high chronic inflation, where persistent inflation is more pervasive and problematic. - There is a case for a bigger fiscal adjustment in heterodox than in orthodox programs because of the risk that a program with price controls may be misperceived as a populist device for achieving price stability without adjusting - The failure of a heterodox program is more likely to destabilize inflation than is the failure of an orthodox program. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Research Observer |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 95-110 |
| Abstraksi Narasi | : | This article reviews theories of investment behavior and examines empirical studies of investment in developing countries. The emphasis is on understanding the interactions among macroeconomic policies, structural adjustment, and private investment. The article deals with the effect of exchange rate policy on investment, the relationship between public and private investment, the importance of market imperfections and financial constraints on capital formation, and the effect of economic instability on irreversible investment decisions. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Research Observer |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 1-16 |
| Abstraksi Narasi | : | Recent writings on poverty and hunger agree broadly on objectives and means but diverge significantly in emphasis. Views differ on the importance and function of economic growth and how much weight to give to direct public support. These differences can matter in policy choices. Hunger and Public Action, by Jean Dreze and Amartya Sen, is an important contribution to the literature on antihunger policy. This article critically examines the issues raised by the book, its differences with other recent writings, and the implications for both policy and future research on policy. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Research Observer |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 79-94 |
| Abstraksi Narasi | : | This article provides a framework for appraising new financial instruments and evaluating the extent to which they can help alleviate problems of incomplete credit markets and contingent claims markets in developing countries. Although the issues involved apply to any new financial instrument, we give particular attention to commdity-linked securities because many developing countries specialize in producing a handful of primary commodities and are therefore exposed to substantial commodity price risks. The article looks at the supply of, demend for, and pricing of commodity-linked securities and discusses some issues that affect their use by developing countries: their special legal status as sovereign debt; their feasibility (since to become truly effective they will require liquid secondary markets); and the construction of an optimal portfolio of external debt obligations. It also discuses the potential for new financial instruments particularly commodity-linked securities as a tool for risk management in developing countries. |
| Nama Pengarang | : | David L. Lindauer, Ann D. Velenchik, Myers, Robert J., Martin Ravallion, Luis Serven, Andres Solimano, Miguel A. Kiguel, Nissan Liviatan, Carl B. Hamilton, Melo, Jaime de, L. Alan Winters |
| Nama Majalah/Jurnal | : | The World Bank Research Observer |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 59-78 |
| Abstraksi Narasi | : | Throughout the twentieth century governments have been spending ever larger proportions of national income. Three issues arise in discusions about the growth of such spending as it pertains to developing country governments? And what are the effects on economic growth? Government expenditure as a share of GDP in low- and middle income countries, on average, is lower than comparable shares in industrial market economies and, with few exceptions, is growing. Many factors, including ideology, demographics, a positive income elasticity for public goods, the rising cost of public goods relative to private goods, and perhaps development theory and practice, explain this growth. As for the relationship between government expenditure and economic growth, the empirical evidence does not reveal any strong correlation. The size of government may engender strong ideological debate, but the position that the aggregate level of government expenditure is a significant determinant of growth rates receives little support. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Research Observer |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 81-104 |
| Abstraksi Narasi | : | Economic theory provides some justification for earmarking. Some economists argue that by assigning revenue from specific sources to specific purposes, a government can facilitate agreement about increasing both revenue and expenditure in cases in which there would be no consensus about raising either separately. Earmarking may also protect high-priority programs from shifting majorities, inefficiency, and corruption. Most economists, however, have been skeptical about earmarking. In practice, it is difficult to achieve pricing and taxation arrangements that will allocate resources appropriately for the service in question and yet require few administrative decisions. Often, efficient pricing and taxing lead to unbalanced budgets for the earmarked fund and hence to interdependence with the general budget. The independence of earmarked funds is further compromised because they so often depend on the government for additional, non-earmarked sources of funding, or for reiterated endorsement of decisions about prices or taxes for the earmarked sources. Government also frequently withhold the allotted funds, fail to make necessary changes in prices or taxes, or simply suspend the earmarking arrangements. This article looks at the arguments for and againts earmarking and goes on to illustrate the discussion with case studies from World Bank experience. The lessons from the real world appear to bear out the skepticism of the majority about earmarking: in general, it has not worked very well. The article, therefore, concludes by cautioning againts the practice except under certain defined and restrictive conditions. |
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