rafmacalaba/data-use-mentions-extended huggingface dataset:
The periods of financial crises are usually characterized by high rate of liquidations and consolidations, which creates an unbalanced sample of firms (Worldscope immediately delists all firms that go through any type of reorganization). We present our results using this unbalanced sample to avoid an attrition bias, however, all our results still hold when estimated on two alternative balanced samples.<sup>7</sup> Table 1 Panel A reports the number of firms per country (counted at the crisis year) showing a total sample of 890 firms.

# **II.2. Crisis timing**

Table 1 Panel A reports the time of each crisis considered in our sample. To trace out the timing before and after the crisis we create the timeline variable, which equals to zero for the crisis year and takes values –1, –2, –3 and 1, 2, 3 for the subsequent pre- and post-crisis years respectively. The crisis year is defined for each firm at the fiscal year ending within the 12-month interval after the crisis hit. Thus, for example, for the Asian countries that were hit by the crisis in July 1997, the crisis year is defined as 1997 for those firms which fiscal year ends from August to December 1997, and as 1998 for those closing between January and July 1998.

# **II. 3. Dependent Variables**

Our main variables of interest are accounts payables and accounts receivables, which show the amount of trade credit that firms obtain from suppliers and provide to customers, respectively. We scale these trade credit variables using sales (for receivables)

> 7 The first sample, called “balanced 5”, contains all firms that are present in the Worldscope database for at least 2 years before and after the crisis (therefore covering 5 years around the crisis time); and the second sample, “balanced 7”, contains firms that are in the dataset for at least 7 years around the crisis time.

6
# **6. DISCUSSION**

Our research evaluates the environmental, socioeconomic, and social capital effects of Mexico’s payments for ecosystem services program, for the 2011-2014 cohorts. This study is the first to use a regression discontinuity design to identify the impacts of a PES program globally. In contrast to prior studies that may focus on specific regions or small-scale programs, we study a national-level government program and the sample greatly resembles the average program applicant. In addition, our results are robust to a series of specification checks.

We find evidence that the program achieved its primary goals of reducing rates of land cover change and promoting land management activities. Our analysis suggests the program reduced the loss of tree cover, although we detect statistically significant effects only for areas at high risk of deforestation. The magnitudes of the estimated impacts are consistent with prior work (Alix-Garcia, Shapiro and Sims 2012, Alix-Garcia, Sims and Yanez-Pagans 2015, Sims and Alix-Garcia 2017). We note that as measured in the Hansen et al. data set, deforestation rates in Mexico were quite low during this period, making it difficult to detect impacts but possibly reflecting the overall success of national efforts to reduce deforestation. Given the serious limitations of the environmental indicators provided by the Hansen et al. data, we do not recommend using these estimates to perform cost-benefit analysis as they would likely understate potential benefits by an unknown multiple.<sup>19</sup> We found that the PES program had medium to large effects on land-cover management activities that support the provision of ecosystem services. Participant communities increased management activities by an estimated 48% or 0.60 standard deviation relative to controls, with effects being larger for the 2011-2012 cohort (0.80 standard deviation).

We did not find statistically significant or substantial changes in housing, assets and food consumption of households in participant communities. We found suggestive evidence that the intervention reduced emigration and increased enrollment rates for secondary education in treated households. These results are similar to prior results on
8 industry.

The original data set consisted of 16,147 observations and 2,521 firms were represented in it. This study is based on a sub-set of the sample consisting of 13,552 observations and 2,149 firms'". Short term and long term borrowing are distinguished in the data with loans of less than one year maturity being classified as short term loans and the rest as long term loans. The data allow us to distinguish between borrowing from DFIs, borrowing from banks and market borrowing", and also include trade dues and current liabilities.

Inferences drawn from this study may not be valid for the entire Indian corporate sector as the sample is drawn from a sub-set of this population and also because the public sector plays a significant role in India and its behaviour is governed by a set of rules different from those driving the private sector. To the extent that the sample is representative of public limited companies (which we believe is the case), the lessons drawn from this study are significant given the large role of public limited companies in the Indian private sector'<sup>2</sup> .

Before proceeding with the panel data analysis, in order to provide a more general and complete picture, it is useful to present summary descriptive statistics for selected variables obtained from aggregate (consolidated) balance sheet data. These statistics are based on the consolidated balance sheet data published in the Reserve Bank of India Bulletin (various issues) which cover both 10 Firms with zero or negative values for total output, fixed assets or the wage bill have been dropped. Firms with no debt at all have also been excluded. Firms without a continuous time series have not been included and regressions are based on firms with a continuous presence of at least four years. " For this purpose we have classified debentures (bonds) held by banks and DFIs as market borrowing.

12 The role of public limited companies in the Indian corporate sector, the representativeness of this sample and the effects of industrial reform have
|0.421|0.443|0.391|0.496|673|
||Gambela|0.275|0.219|0.149|0.288|403|
||Tigray|0.351|0.312|0.262|0.364|445|
||Afar|0.496|0.455|0.408|0.514|608|
|Un|Amhara|0.341|0.291|0.248|0.343|523|
|der|Oromia|0.271|0.229|0.196|0.286|656|
|weig|Somali|0.403|0.386|0.331|0.460|591|
|ht|B. Gumuz|0.327|0.282|0.212|0.364|438|
||SNNP|0.289|0.260|0.213|0.325|699|
||Gambela|0.224|0.199|0.126|0.273|412|

Source: DHS 2014 and imputed values from models.

SAE has great potential to guide policy decisions to address undernutrition, as they provide a much- improved information base, allowing better targeting. However, as also illustrated in Table 1, both measures from surveys and the estimates from our models come with standard errors. The estimated standard errors of undernutrition levels across woredas are on average similar and a little larger than those observed at regional levels from the survey.

Woredas with smaller populations of children generally come with larger standard errors. Figure 1 illustrates the 8
the health costs imposed by water pollution, it nonetheless represents a very large loss of life, especially in the Indian context.

Our infant health data come from the Reproductive and Child Health II (RCH-2) module of the District-Level Household Survey II (DLHS-2), a national demographic survey conducted in two phases from 2002 to 2005. In the RCH-2 module, mothers report age and survival for all of their children; from these birth histories, we create a panel of child-month mortality in the first year. The full national dataset spans the years 1967-2004. The first four years of this range includes 2, 0, 0, and 6 reported births nationally; starting in 1971, the reported birth count rises roughly monotonically from 42 towards its peak of 80,961 in 1998. Because of the lack of data from 1967-1970, we drop these years from the sample. This leaves us with with 1,393,330 birth observations from the years 1971-2004, 647,865 of which are to mothers living within the Ganga Basin (240 districts) at the time of survey.

# **2.2 Pollution data**

To measure water quality, we use river pollution data collected under the auspices of India’s National Water Quality Monitoring Program (NWMP). These data were originally gathered by Greenstone and 7
(2004). “Characterization of Training in Colombia Household and Firms surveys”, Background study for a World Bank study “Colombia Lifelong Learning”, Bogota, Colombia.

- Batra, G. (2001). “Skills Upgrading and Competitiveness in Developing Countries.” Labor Market Policies Course, April 23 - May 4. Washington DC: The World Bank.

- Behrman, J., N. Birdsall and M. Székely. (2003). “Aid policies and Growth" in Latin America. Center for Global Development.Working Paper (U.S.); No. 29.

- Bentolila, S. and A. Ichino. (2000) “Are Job Losses less painful near the Mediterranean?” CEPR discussion paper 2539. Oxford university.

- Blanchard, O. (1998). "Thinking about Unemployment" Manuscript. Department of Economics, MIT.

- Blanchard, O. and A. Landier. (2001). "The Perverse Effects of Partial Labor Market Reform: Fixed Duration Contracts in France." NBER Working Paper 8219. NBER, Cambridge, MA

- Blau, F. and M. Ferber. (1992). _The Economics of Women, Men, and Work_ , Second edition PrenticeHall, New Jersey.

- Blau, F. (1998). “Trends in the Well-Being of American Women, 1970-1995” _Journal of Economic Literature_ (23:1), 112-165.

- Bosch, M. and W. Maloney. (2004). " Comparative Labor Markets Analysis Using Continuous Time Markov Processes." Work in progress. World Bank, Washington, D.C.

- Bosch, M. and L. Siga. (2004). "Surveying the Effects of Unions in Latin America" Work in progress. Workd Bank, Washington, D.C.

27
Market price data gathering can be inexpensive if enumerators can reach multiple markets in a short time. However, geographically highly dispersed markets as in many Pacific Islands can make such an effort unfeasible. At the same time, phone surveys are increasingly used to collect household information across wide geographical areas, but at low cost. Continuous household-based phone surveys can create an opportunity to collect a variety of prices across large areas at almost no additional cost. Systematically assigning different items across households can create exactly the kind of data set with systematically missing items, which the proposed algorithm takes as an input to impute price indices. Thus, merging the efforts of household-based data collection via phones with price data collection is promising. However, the impact of challenges like measurement error from reporting prices through households, as well as an implicitly biased sample of markets (which households with phones use) will need to be carefully evaluated.

Second, the number of markets covered by the application was relatively low when compared to earlier related efforts in FCS countries. Moreover, correlations in prices across markets was very low in PNG. On the one hand this suggests that inflation tracking in PNG may benefit from data gathering at additional markets. On the other hand, the fact that the imputation results were still reasonably ac-
# **Results 5**

In this section, we estimate the effects of CAFTA-DR. We start with a comparison to the average RTA effect available in the literature, and then explore the heterogeneous effects of CAFTA-DR at the sector, country, and country-pair levels. We also examine the dynamics of these effects and consider the effect on GVCs indicators, including domestic value-added in trade.

## **5.1 The importance of including domestic trade flows**

In this section, we compare the estimated average effect of RTAs using our data, with and without including domestic trade flows, to the standard estimates established in the literature. The first column in Table (1) shows the average RTA effect using our data on only international trade flows. We identify a [exp(0.02) _−_ 1] _×_ 100 = 2.02 percent positive and significant effect. However, as discussed before, the inclusion of domestic trade flows in estimating the gravity equation provides significant benefits of adhering to the theory. Column 2 includes domestic trade flows and obtains a much larger effect, estimated at [exp(0.29) _−_ 1] _×_ 100 = 33.64 percent. But this estimation is biased upward due to not controlling for globalization effects (Bergstrand et al., 2015). Column 3 controls for globalization effects and estimates the average effect of RTA to be [exp(0.12) _−_ 1] _×_ 100 = 12.75 percent.

The finding that intra-national trade data are important for estimating the effects of RTAs is in line with several recent contributions in the literature (Dai et al., 2014; Baier et al., 2019). More importantly for us, the estimated coefficient in column 3, our benchmark average RTA effects, is in line with recent studies that include a large number of countries (including many developing countries), as we do. Very close to our benchmark result,
inference. The satisfactory convergence of the sampler is confirmed via visual inspection of the draws, the recursive means and the autocorrelations of the parameters and state variables.<sup>15</sup>

# _d. The data_

We construct an unbalanced panel at annual frequency from 1970 to 2019 for a set of 50 countries, of which 23 are advanced economies.<sup>16</sup> Data on nominal short-term interest rates and CPI inflation rates for most of the advanced economies come from the Jordà-Schularick-Taylor (2017) Macrohistory Database, which we extend with data from the IMF IFS database or respective individual country sources. For the rest of our sample, we rely mostly on interest rate data from the IMF IFS and the OECD and on data on CPI inflation or GDF deflators from the World Bank WDI. When the central bank policy rate is not available, we use discount, money-market, or treasury bill rates instead. Detailed information about the countries included and the data sources for each country is included in Appendix A. Data for the analysis of the drivers of synchronization are from the UN population statistics (ratio of young to working-age population), UN Comtrade (bilateral trade), and the World Bank (GDP growth and inflation).

> 15 Results are available upon request.

> 16 The following countries are the subject of our analysis: Austria, Australia, Barbados, Bangladesh, Belgium, Burundi, Botswana, Belize, Canada, China, Colombia, Germany,  Guyana, Denmark, the Republic of Egypt, Finland, France, the Gambia, Greece, Guyana, Hungary, Indonesia, Ireland, India, Italy, Japan, Jordan, the Republic of Korea, Kuwait, Lesotho, Morocco, Mauritania, Mauritius, Mexico, Malaysia, the Netherlands, Norway, New Zealand, Oman, the Philippines, Pakistan, Portugal, Singapore,  South Africa, Spain, Sweden, Switzerland, Thailand, Trinidad and Tobago, the United Kingdom, and the United States. Several emerging market countries with an
POLICY RESEARCH WORKING PAPER 2427

# Summary findings

To perform well, public officials must be confident enough about the future to be able to see a relationship between their efforts and an eventual outcome. Their expectations are shaped by their institutional environment. If the rules are not credible or are unlikely to be enforced, or if they expect policies to be contradicted or resources to flow unpredictably, results will be uncertain, so there is little point in working purposefully.

Manning, Mukherjee, and Gokcekus present an analytical framework used to design a series of surveys of public officials' views of their institutional environment and to analyze the information generated in 15 countries. They describe how survey results help map a public sector's strengths and weaknesses and offer an approach to identifying potential payoffs from reforms.

The framework emphasizes how heterogeneous incentives and institutional arrangements are within the public sector. It emphasizes how important it is for policymakers to base decisions on information (not generalizations) that suggests what is most likely to work, and where.

In building on the premise that public officials' actions-and hence their organizations' performancedepend on the institutional environment in which they find themselves, this framework avoids simplistic antigovernment positions but doesn't defend poor performance. Some public officials perform poorly and engage in rent seeking, but some selfless and determined public officials work hard under extremely difficult conditions. This framework offers an approach for understanding both bad performance and good and for presenting the results to policymakers in a format that leads to more informed choices about public sector reform.

Types of reforms discussed include strengthening the credibility of rules for evaluation, for record management, for training, and for recruitment; ensuring that staff support government policy; preventing political interference or micromanagement; assuring staff that they will be treated fairly; and making government policies consistent.

This paper-a product of the Poverty Reduction and Economic Management Network-is part of a larger effort in the network to develop practical strategies for the reform of public sector institutions. The surveys were funded by the World Bank-Netherlands Partnership Program. Copies
the country in January 2020. Panel B further shows the temporal breakdown of the event-study estimates, for the months between February and September. Three key findings emerge. First, the greatest detrimental effects took place in April and May, the period during and immediately following the national lockdowns.<sup>21</sup> On average, the average business suspensions in a commune surged to 30 firms in April 2020 (over four times the pre-pandemic mean), while the average number of business closures was 1.6 firms (3.2 times the pre-pandemic mean). Further, household business workers reported a 13 hour loss in weekly work hours and 1.9 million VND in monthly earnings in April.<sup>22</sup> Second, even though of lesser magnitude, the significant labor-market impacts of the pandemic were observed as soon as the first cases were reported in the country, i.e., from February onward. This evidence coincides with the gradual increase in February and March in the stringency of government lockdown index (Figure A.3) and the respective mobility reduction reported by the Google Mobility Index (Figure A.4).<sup>23</sup> Finally, despite the sharp decline in business activities and earnings in April and May 2020, household businesses rebounded quickly. Both the average numbers of suspensions and closures reduced by over 50 percent in June 2020 and remained stable in the subsequent months. Similarly, HB work hours had made almost a full recovery by September 2020. Nevertheless, income stayed stagnantly below baseline, with the average monthly earnings of a household business worker 13 percent less than the average predicted level. Overall, while the dramatic impacts observed almost immediately after the economy-wide lockdown suggest the financial fragility of many household businesses,<sup>24</sup> the observed rapid recovery indicates the resilience of this sector. More broadly, the result also speaks to the success of the Vietnamese government’s containment strategy in introducing early and effective
and Maksimovic **(1999)** empirically study these issues **by** working with **10** developing countries, mostly during the 1980s. Our data set, which includes the 1990s, enables us to expand this literature **by** analyzing the effect of financial liberalization and crises on financial structure. Also, the data on access to global capital markets enable us to study the effects of financial integration at the firm level.

This paper also sheds light on the finance literature, which studies the efficiency of different financial systems in the intermediation between saving and investment. In particular, the literature discusses the pros and cons of bank-based vis-4-vis market-based models of organization.' The evaluation of managers and firms performance on the part of lenders may be an expensive activity. Therefore, there is a trade-off between liquidity of financial instruments and control of debtors.3 While market-based systems are better suited to offer liquid financial instruments to investors, bank-based systems promote long-term relationships between intermediaries and borrowers and facilitate corporate control. This implies that the different systems may be better at providing funds for different firms. Banks may be well prepared to fund start-up firms, while public markets can be better prepared to finance established firms, typically with more tangible assets.' Our data set enables us to study whether firms' financing choices are different in countries with bankbased and market-based systems. Also, we can study whether access to more developed financial markets affects bank-based and market-based systems differently.

structure" is also used to denote differences in the composition of financial systems-for example, bankbased vs. market-based financial systems.

See DemirgiAq-Kunt and Levine **(1997).**

> Financial. securities, which are quickly and cheaply exchanged in the market, can save resources allocated to exercise some control over corporations. See Bhide **(1993).**

> The need to monitor firms might lead banks to provide stage financing. This type of financing enables banks to monitor firms at different stages of the investment projects
. For example, in UK, land and buildings were estimated to comprise a total of 57% of the national wealth in 1997 (Callander and Key, 1997) while in the United States, real estate (including land) was estimated to represent almost 70% of all tangible capital in 1993 (Jaffee and Renaud, 1996, op. cit.), and the taxable value of real property in the USA were estimated at nearly US$6 trillion in 1991 (Jeffress, 1996). In Bangkok alone, the capital city of Thailand, a conservative estimate put the value of real estate at 45% of the country's GDP in 1997 (Renaud et al., 1998). Liquidation and mobilization of the wealth embedded in land and real estate can considerably boost financial development, aggregate investment and economic growth. To mobilize the locked-up resources in land, land registration is necessary to underpin the transactions.

# **(iv) The Land Markets, Transactions and Investment Efficiency Linkage**

Many investments in the economy involve land. Real estate involves land directly while other investments that take place on the surface or below the surface, be it in agriculture, forestry, fishing, industry, mining, construction or services use land either directly or indirectly. Hence, the cost, speed and convenience with which land is acquired contribute to the level of efficiency of the investment in question. We have already noted above that land registration provides the necessary information to overcome the asymmetries in information available between two contracting parties 10
Table 7: Cobb-Douglas Production Function Estimations Sri Lanka Invesment Climate / Business Environment Surveys 2003 & 2010 Own Response

|**_Dependent variable is natural log of total annual sale_**|**_s_**<br>(1)|(2)|(3)|(|4)|
|---|---|---|---|---|---|
|**_Sample_**|Pooled|2003|2010|Pooled||
|**_Specification_**||(1),2003 only|(1),2010 only|Base effect|2010 Interactions|
|Ln(labor)|0.382+++|0.348+++|0.419++|0.367+++||
||(0.078)|(0.078)|(0.178)|(0.078)||
|ln(capital)|0.084++<br>(0.039)|0.164+++<br>(0.048)|0.007<br>(0.060)|0.080++<br>(0.040)||
|ln(materials)|0.466+++<br>(0.029)|0.447+++<br>(0.038)|0.494+++<br>(0.044)|0.470+++<br>(0.029)||
|>10% government ownership|-0.153|-0.167|-0.781++|-0.173|-0.481|
||(0.183)|(0.192)|(0.385)|(0.187)|(0.400)