| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Research Observer |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 1-22 |
| Abstraksi Narasi | : | New data on Thailand `s industrial firms shed light on the origins of the East Asian financial crisis and on the response of the macnufacturing sector to the structural adjusment program supported by the international financial institutions. Before the crisis, Thai firms had declining profitability, but they nevertheless maintained hight levels of investment, often in domestically oriented areas(notably the auto sector). Thai firms financed these investments with short-term borrowing from financial institutions, which in turn borrowed short term on foreign markets. That only 40 percent of firms provided audited financial statements to their banks meant that the financial sector had poor information for assesing the true riskiness of these investments. The financial structure was thus vulnerable even to small shocks. How well did the adjustment program deal with the crisis? Thai firms had difficulty increasing their exports quikly because of investment in the wrong sectors, a decline in regional demand, and bottlenecks that included red tape and poor customs administration. Because of the poor export response, the brunt of adjustment had to come throught compression of demandand of imports. In retrospect, the macroeconomic program-which assumed quick export recovery-ws too tight. |
| Nama Pengarang | : | Claessens, Stijn , Simeon Djankov, Lixin Colin Xu, David Dollar, Mary Hallward-Driemeier, Philip L. Brock, Janine Aron, Pack, Howard, George Tsetsekos, Panos Varangis |
| Nama Majalah/Jurnal | : | The World Bank Research Observer |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 23-46 |
| Abstraksi Narasi | : | The sharp decline the one-stellar performance of east Asian corporations followig the 1997 financial crisis has sparked an intense debate. Some observers argue that external shocks, including a drop in aggregate demand and a shortage of working capital, explain the corporate sector`s poor performance. Others assert that the difficulties were apparent well before the crisis and that the risky financial policies pursued by these firms left them vulnerable. A survey of the literature shows little microeconomic evidence to support either view. This article compares the growth and financing patterns of East Asian corporations in the years before the crisis with those in other countries. It finds little microeconomic evidence that corporate growth waseakening but some support for the argument that many firms had a weak financial structure that left them vulnerable to an economic downturn. Based on a sample of more than 850 publicly listed firms in the four crisis countries-Indonesia, Malaysia, the Republic of Korea, and Thailand-and two comparators, Hongkong (China) and Singapore, it appears that firm-specific weaknesses already in existence before the crisis were important factors in the deteriorating performance of the corporate sector. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Research Observer |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 295-305 |
| Abstraksi Narasi | : | - |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Research Observer |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 209-227 |
| Abstraksi Narasi | : | This article reviews the results of efforts in five countries to build a national capacity to analyze social policy; these efforts were undertaken in conjunction with Living Standards Measurement Survey (LSMS) projects. Case studies for Bolivia, Jamaica, the Kyrgyz Republic, South Africa, and Vietnam show that building such capacity requires explicit planning, significant time and money, open acces to data, and strong support from policymakers. Lessons are drawn about four aspects of building capacity-training, technical assistance, research, and recruitment . The lessons learned from these LSMS projects apply in a more general sense to other kinds of capacity-building projects. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Research Observer |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 247-276 |
| Abstraksi Narasi | : | This article examines the evolution of policy recommendations concerning rural land issues since the formulation of the World Bank`s `` Land Reform Policy Paper`` in 1975. That paper set out three guiding principles: the desirability of owner -operatedfamily farms; the need for markets to permit land to be transferred to more productive users; and the importance of an egalitarian asset distribution. In the 25 years since that paper was published, these guiding principles have remained the same, but it is now recognized that communal tenure systems can be more cost-effective than formal title, that titling programs should be judged on their equity as well as their efficiency, that the potential of land rental markets has often been severely underestimated, that land-sale markets enhance efficiency only if they are integrated into a broader effort at developing rural factor markets, and that land reform is more likely to result in a reduction of poverty if it harnesses(rather than undermines) the operation of land markets and is implemented in a decentralized fashion. Achieving land policies that in corporate these elements requires a coherent legal and institutional framework together with greater reliance on pilot programs to examine the applicability of interventions under local conditions. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Research Observer |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 159-185 |
| Abstraksi Narasi | : | Insufficient on uncertain budgetary allocations to road maintenance have resulted in road deterioration that has significantly increased production and transport costs in many countries. To avoid this problem, higway professionals advocate the establishment of dedicated road funds, managed by independent road boards made up user representatives. The road boards would have the power to determine both the level of charges forv road useand the level of expenditure on road maintenance. By contrast, macroeconomists and public finance specialists have tended to resist the establishment of dedicated road funds.They argue that road funds reduce fiscal flexibility, do not adequately address problems associated with the provision of public goods or the internalization of externalities, and often are not well managed. In general, there are two long-term institutional options for reconciling fiscal prudence with asset maintenance: a road agency that is operated commercially (subject to the normal oversight of behavior accorded to privatized monopolies), or a reformed and wellfunctioning budged process. This article argues that road funds must be viewed as a provisional, case-specific intermediate step in the direction of one of the long-term solutions. The role and nature of road funds should be assessed not on general principles but on a case-by-case basis throught the analysis of likely micro- and macroeconomic effects. The article recommends indicators for use in specific cases to determine whether a road fund should be introduced, continued, or abolished. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Research Observer |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 229-245 |
| Abstraksi Narasi | : | The privatization of infrastructure should lead to the development of new infrastructure, improvements in the operation of existing infrastructure, and a reduction in budgetary subsidies. Whether countries reap the full benefits of privatization, however, depends on how risk are allocated. If, as is often the case in developing countries, governments assume risk that should be borne by investors, they may reduce incentives for efficiency and incur significant liabilities. To solve these problems, governments need to i9mprove their policies and restrict their risk bearing to certain political and regulatory risk over which they have direct control. When a government provides guarantees, it should attempt to measure their cost and improve the way they are handled in the accounts and budgets. Measurement and budgeting are critical to improving decisions about the provision of guarantees, to improving project selection and contract design, and to protecting governments from unknowingly entering into commitments that might jeopardize future budgets. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Research Observer |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 277-293 |
| Abstraksi Narasi | : | Because most developing countries depend heavily on agriculture, the effects of global warming on productive croplands are likely to threaten both the welfare of the population and the economic development of the countries. Tropical regions in the developing world are particularly vulnerable to potential damage from environmental changes because the poor soils that cover large areas of these regions already have made much of the land unusable for agriculture. Althought agronomic simulation models predict that higher temperatures will reduce grain yields as the cool wheat-growing areas get warmer, they have not examined the possibility that farmers will adapt by making production decisions that are in their own best interests. A recent set of models examines cross-sectional evidence from India and Brazil and finds that even thought the agricultural sector is sensitive to climate, individual farmers do take local climates into account, and their ability to do so will help mitigate the impacts of global warming. |
| Nama Pengarang | : | Jonathan Morduch, Ariel Dinar, Robert Mendelsohn, Timothy Irwin, Ken Gwilliam, Zmarak Shalizi, Klaus Deininger, Hans Binswanger, Margaret Grosh, Lorraine Blank, John Reilly |
| Nama Majalah/Jurnal | : | The World Bank Research Observer |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 187-207 |
| Abstraksi Narasi | : | Most households in low-income countries deal with economic hardships through informal insurance arrangements between individuals and communities rather than through publicly managed programs or market-provided insurance schemes. Households may, for example, draw on savings, sell physical assets, rely on reciprocal gift exchanges, or diversify into alternative income-generating activities. These mechanisms can be highly effective in the right circumstances, but most recent studies show that informal insurance arrangements are often weak. Poor households, in particular, have substantial difficulties coping with even local, idiosyncratic risks. Public policy can help reduce vulnerability by encouraging private, flexible coping mechanisms while disouraging those that are fragile or that hinder economixc and social mobility. Promising policies include creating self-regulating workfare programs and providing a supportive setting for institution s working to improve acces to credit, crop and health insurance, and safe and convenient saving apportunities. |
| Nama Pengarang | : | - |
| Nama Majalah/Jurnal | : | The World Bank Research Observer |
| Volume / Nomor Edisi | : | - |
| Nomor Halaman | : | 1-30 |
| Abstraksi Narasi | : | This paper examines the evolution of poverty and inequality in rural India by reviewing longitudinal village studies. It explores the main forces of economic change-agricultural intensification, changing land relations, and occupational diversification-from a wide range of disciplinary perspectives, and it considers the roles of various institutions as conduits of change. Although most village studies support the survey-based judgment that rural poverty declined in India during the 1970s and 1980s, they find that progress has been slow and irregular and that inequalities within villages have persisted. These continued inequalities may constrain both the scope for further poverty reduction from economic growth and the impact of policy interventions. |
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