rafmacalaba/datause-encoder-data huggingface dataset:
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- Bastos, P., N. P. Monteiro, and O. R. Straume (2018). Foreign acquisition and internal organization. _Journal of International Economics 114_ , 143–163.

- Blomstrom, M., R. Lipsey, and M. Zejan (1996). Is fixed investment the key to economic growth? _Quarterly Journal of Economics 111_ (1), 269–276.

- Bloom, N., R. Sadun, and J. Van Reenen (2012). Americans do it better: Us multinationals and the productivity miracle. _American Economic Review 102_ (1), 167–201.

- Borensztein, E., J. D. Gregorio, and J.-W. Lee (1998). How does foreign direct investment affect economic growth? _Journal of International Economics 45_ (1), 115–135.

- Callaway, B. and P. H. Sant’Anna (2021). Difference-in-differences with multiple time periods. _Journal of Econometrics 225_ (2), 200–230.

- De Loecker, J. and P. K. Goldberg (2014). Firm performance in a global market. _Annu. Rev. Econ. 6_ (1), 201–227.

- Debaere, P. (2014). The global economics of water: is water a source of comparative advantage? _American Economic Journal: Applied Economics 6_ (2), 32–48.

- Farole, T., I. Hallak, P. Harasztosi, and S. Tan (2017). Business environment and firm performance in european lagging regions.

- Fernandes, A. M. (2007). Trade policy, trade volumes and plant-level productivity in colombian manufacturing industries. _Journal of International Eco-_ –

- _nomics 71_ (1), 52 71.

- Guadalupe, M., O. Kuzmina, and C. Thomas (2012). Innovation and foreign ownership. _American Economic Review 102_ (7), 3594–3627.

- Harrigan, J. (1996). Technology, factor supplies and international specialization: estimating the neoclassical model. Technical report, National Bureau of Economic Research.

- Kugler, M. and E. Verhoogen (2011). Prices, plant size, and product quality. _Review of Economic Studies 79_ (1), 307–339.

19
conservative party was elected to power in April 1990. There was a 590-return to holding the portfolio of stocks in the IFC index in April 1990 followed, two months later, by a 44% return in June 1990. There was a subsequent decline in prices in late 1990.

The average adjusted mispricing values for India are generally small except in the 19851987 period and the 1991-1992 period. This later period includes a balance of payments crisis in mid-1991 followed by a series of reforms phasing-in full convertibility of the Rupee. Restrictions on institutional investment in Indian equities were loosened in 1992. In April 1992 it was disclosed that a number of banks were illegally investing funds in the Indian equity market. The disclosure lead to a sharp decline (approximately 40%) in the equity market.

The time-series sample for Indonesia (Figure 10) is rather short. Because of this, it is difficult to detect particular patterns in the average adjusted mispricing.

Jordan (Figure 11) exhibits some of the smallest absolute levels of average adjusted pricing amongst the emerging markets. It also exhibits the lowest volatility and one of the lowest mean returns amongst the emerging markets (Table 3). The largest values of adjusted mispricing occur in the 1991-1992 period.

The Korean stock market (Figure 12) exhibits relatively small values of adjusted mispricing except in the late 1970's and the mid-1980's, in spite of the fact that there were severe restriction on foreign investment in Korean equities. In 1981 the first of a series of funds were offered through which foreign investors could invest in Korean securities [see Chuppe and Atkin (1992)]. The 1985-1987 period is one in which additional liberalization occurred. Additional Korean mutual funds were offered to international investors. In 1985 companies on the Korean stock exchange were granted authorization to raise capital in international bond markets, thus giving companies access to equity capital through convertible bond issues. An over-the-counter 17
Promoting Democracy in Fragile States ceived any security committee and civic education programming (the 26 toward the bottom right are thus in the “combined” condition). Figure 1 shows their geographic distribution. As it turns out, two towns (one civic education town and one control town) were dropped from the end line due to access problems, in which case the final tally was 142 rather than 144 towns. Such a low rate of attrition, if ignored, should have negligible consequences for bias. The imbalanced distribution across the cells is attributable to the fact that we were able to operate more security committee programs and the variation in the density of the security committee programs across clans (see Section C of the supporting information).

# **5.2 Covariate Balance**

Section D of the supporting information displays results from an analysis of pre-treatment covariates using data from the 2008 Liberian national census. We summarize the findings. Inhabitants are predominately agricultural (around three quarters) and quite poor, as evidenced by a very low proportion of households with domiciles built out of durable walls (about five percent) or that own mobile phones or radios (two percent and five percent, respectively). Formal educational attainment is extremely low, with about two-thirds of adults not having completed primary education. There is a slight imbalance in these education and literacy indicators as well, with civic education and security committee communities exhibiting slightly lower levels of literacy on average than the control communities. The communities (that is, the “towns”) have population sizes that vary considerably, ranging from as few as 60 members to as many as about 8000, with an average of about 700-800; these population sizes are in good balance across treatment conditions. Just over half of these communities’ members are under the age of 20, nearly half of households were displaced at some point during the war, and they are predominately (over ninety percent) Christian. The main ethnic groups represented in the sample include (in order of 19
education (77%). Total expenditures on education in the Philippines stood at 6.9% of GDP in 1997-roughly comparable to the amount spent by other countries in a similar income bracket. The fraction of total expenditures on education which is made by private households in the Philippines (43%) is high relative to other countries.

The Philippines has achieved impressively high enrollment rates in primary and secondary education for its income level. Administrative data indicate that the gross enrollment rate in secondary school-the fraction of children aged 13-16 enrolled in school-was 75% in the Philippines in 1997 (Asian Development Bank and World Bank 1999, p. 158). But this high aggregate figure for the Philippines masks important differences by region: The gross enrollment ratio in secondary school in the Autonomous Region of Muslim Mindanao, for example, was only 29.7%. There are also differences by gender: Analysis of the Annual Poverty Indicator Survey (APIS) shows that in rural areas 84.1% of girls aged 13-16, but only 71.1% of boys were attending school in 1998; in urban areas, comparable figures were 90.4% for girls and 84.7% for boys.<sup>5</sup> The low quality of basic education is an oft-voiced concern in the Philippines (Asian Development Bank and World Bank 2000). Poorly prepared and unmotivated teachers, inadequate teaching materials, and decaying infrastructure are all cited as problems. So is a misallocation of resources in the public system, with a very large percentage of total expenditures going to teacher salaries (87.7% in 1999, up from 74.3% in 1990), to the detriment of expenditures on maintenance and other operating expenditures (8.8% in 1999, down from 16.5% in 1990) (Asian Development Bank and World Bank 1999, 112). Filipino students perform poorly on international tests, and

> 5 Differences by gender and region are significant at the 0.1% level or better. Similar figures, based on the 1998 Philippines Demographic and Health Survey, can be found in Filmer (1999).

5
facilitation.<sup>4</sup> What sectorally-disaggregated work there is tends to focus on broad categories rather than particular sectors that might be thought to be particularly sensitive to improvements in trade facilitation. Zaki (2010), for example, uses data disaggregated into 25 sectors to assess the effects of administrative burdens on bilateral trade. For the case of ASEAN, Shepherd and Wilson (2009) disaggregate trade flows into seven sectors using the one digit level of the Broad Economic Categories (BEC). In their analysis of transparency as one type of trade facilitation measure, Helble et al. (2009) split the data into trade in agriculture versus manufactures, and differentiated versus homogeneous goods. Other examples of exploiting these kinds of broad splits in the data include Persson (2010; homogeneous versus differentiated, and agriculture), and Portugal-Perez and Wilson (2010; fuels, ores and metals, manufactures, and textiles).

The two papers closest to ours in terms of sectoral disaggregation are Nordas et al. (2006) and Djankov et al. (2010). Both papers use Doing Business data on the time taken for export and import transactions as a measure of trade facilitation performance. Nordas et al. (2006) explicitly consider trade in intermediates, while Djankov et al. (2010) split the data between time-sensitive and time-insensitive products. The value added of our paper in relation to these two previous contributions comes from focusing on the distinction between final products and parts and components, which has not previously been examined in the literature. As we show in the next section, there are good theoretical reasons to believe that trade facilitation should have a particularly strong impact on parts and components trade. Our approach therefore expands on the level of sectoral analysis currently available in the trade facilitation literature.

The paper proceeds as follows. The next section reviews the theoretical and empirical literature on production networks, focusing on the role of trade costs and facilitation. Section 3 presents our dataset,

> 4 A number of papers use disaggregated trade data, but do not examine in detail the possibility that the sensitivity of trade flows with respect to trade facilitation performance differs systematically across sectors. Examples include: Dennis and Shepherd (2010), and Shepherd (2010).

4
allowing brands to be set to a more well-defined tier. By 2017, the lower tier was divided into two new slabs: local brands and international brands. Since July 2017, cigarette excise tax rates have varied between 52 percent for the low-priced category and 65 percent for the premium tier.<sup>7</sup> In addition, the tier structure has been gradually shifted toward unified rates. In 2010, the difference between the bottom and top tiers was 25 percentage points; by 2017, it had dropped to 12 percentage points.

**Table 1. Cigarette Prices and Taxes, Bangladesh and Selected Countries**

|||_Cigarettes_||_Bidi_|_Ch_|_ewing tobacco_|
|---|---|---|---|---|---|---|
|_Country_|_Price_|_Taxes, % of retail_<br>_price_<br>|_Price_|<sup>_Taxes, % of retail_</sup><br>_price_|_Price_|_Taxes, % of retail_<br>_price_|
|India|9.2|43|0.65|20|-|-|
|Sri Lanka|19.6|62|-|-|-|-|
|Nepal|5.7|26|-|-|-|-|
|Bangladesh|3.4|77|0.41|23|1.35|54|
|Thailand|7.1|74|-|-|-|-|
|Pakistan|2.2|60|-|-|-|-|
|Indonesia|5.2|57|-|-|-|-|

_Source:_ WHO 2015b, 2017.

_Note:_ The table shows the prices for the most widely sold brands in international purchasing power parity U.S. dollars. Cigarette prices are standardized to packs of 20. Bidi prices are standardized to 20 pieces. Chewing tobacco prices are standardized to 20 grams. Taxes are calculated for the most widely sold brands. For Bangladesh, the brand of cigarette reported in the 2017 WHO Report (for year 2016) was not the most widely sold brand. The price of the most widely sold brand was less than half of the price reported in the table.

Similarly, the taxes on bidis differentiate between filtered and unfiltered products. The taxes are estimated based on a predetermined tariff value per pack, not the retail price. The tax rate rose from 20 percent in 2011 to 30 percent in 2017 for nonfiltered bidis; for filtered bidis, it increased from 25 percent to 35 percent. This tariff-value-driven tax base actually reduces the effective rate of the supplementary duty and the value-added tax. For instance, in 2011, the average retail price for a pack of 25 bidis was Tk 6.0, while the tariff value was Tk 3.2 and Tk 3.4 per pack for nonfiltered and filtered bidis, respectively (Ahmed 2012). Thus, the effective tax rate of the supplementary duty was reduced to 10.5 percent in 2011, not the established 20.0 percent. Bidi manufacturers in South Asia have avoided many of the local and international tobacco regulations and taxes enforced on factory-made cigarettes. Hence, bidis are sold cheaply at various prices and in packaging with poorly visible health warnings (Jha 2015; Kostova et al. 2014; Sankaran, Hillamo, and Glantz 2015). Duong et al. (2017) find that, even though bidis have significantly less tobacco content than cigarettes, they are at least as harmful as cigarettes in terms of cardiorespiratory health and mortality. Moreover, bidi smokers in South Asia are typically among the poorest and most vulnerable. In 2017, the minister of finance

> 7 The low-priced category was designed to protect cheaper domestic brands and poorer household consumers.

4
finance between 25 and 50 percent of investment cost. These requirements do not produce fiscal risk by themselves but require attention in order to have the needed room in future budgets.

# _3. Contingent explicit_ **_risks_**

# **_State guarantees are not large but should_** _be_ **_treated with caution_**

In 1999, Bulgaria has reported about 17 percent of GDP of outstanding state guarantees (table 7). This amount includes 9 percent of GDP of IMF debt that: is intermediated by the Bulgarian National Bank. There is no doubt that state budget will cover IMF debt repayment. Thus, in our framework we consider IMF debt as a direct rather than contingent liability of the fiscal authorities, and thus analyzed it as a part of sovereign debt above.

**Table** 7 **Bulgaria: Publicly Guaranteed Debt Outstanding** (end of 1998)

||Amount|As % of GDP|
|---|---|---|
|External (US$ million)|1596|13.0|
|IMF|1114|9.1|
|Others|482|3.9|
|Domestic (BGN million)|840|3.9|
|Source: Ministry of Finance and Bulgaria|n National Bank (Monthly Bulletin, December 1998)||

Non-IMF state-guaranteed foreign debt, reaching almost 4 percent of GDP, is dominated by official creditors on the financing side (99 percent) and infrastructure state-owned enterprises (92 percent) as the debtors (see Annex 2). The main source (95 percent) of domestic guarantees are obligations of (that is deposits in) the State Savings Bank. For this Bank, the guarantee fully covers deposits denominated in domestic currency until April 2000. After this date, these deposits become subject to the Deposit Insurance Law, which provides for limited coverage under the Deposit Insurance Fund.

<!-- Start of picture text --> 6hart 8 Fiscal risk of guaranteed debt<br>% of budget revenues<br>i5%<br>| 2.0%-, --- X ;2C= 6 -, -<br>1.5%<br>10% -- \ -~-- i<br>_% ________________________<br>0.0% !<br>1999 2000 2001 2002 2003 2004<br>Source: World Bank staff estimates<br>IL -- - - - - --<br><!-- End of picture text -->

Excluding the IMF debt and assuming a run on State Savings Bank's deposits before April 2000 I unlikely, the amount of outstanding guarantees comes to some 4 percent of GDP. Compared to some other EU X 4!>40oaccession countries, such as the Czech **60O/;** Republic (Brixi and Ghanem, 1999), this amount is not excessive. But most of these guarantees are risky. Most of the state-owned enterprises, which are their main beneficiaries (covered debtors), have been incurring losses 22
A series of pilot projects were initiated by the World Bank to assess the RIC in six developing countries since early 2000s: Nicaragua, Sri Lanka, Tanzania, Indonesia, Benin, and Ethiopia (World Bank 2004; 2006a; 2006b; 2007a; 2007b; 2007c; 2008a; 2008b; 2009a; 2009b). In this study, 16 key RIC constraints, which can be aggregated to infrastructure, finance, government regulations, security, labor, land-use policy, technology, and business services, were developed and analyzed.<sup>4</sup> Infrastructure includes electricity, telecommunication, water, postal/delivery services, and transportation. To further analyze the RIC constraints, survey questions about management innovation and business services were added to community and enterprise questionnaires based on recommendations made in the Ethiopia RICA report (World Bank 2009b).

Enterprise dynamics refer to a nonfarm enterprise’s entry, closure and participation (World Bank 2004; 2006a; 2006b; 2007a; 2007b; 2007c; 2008a; 2008b; 2009a; 2009b; Kinda and Loening 2010).<sup>5</sup> This portion focuses on managers’ or household heads’ decisions of entry, closure, or maintaining business operation of nonfarm enterprises. These empirical results show that household characteristics (age, education level, household size, gender, etc.) and community characteristics (the number of households, population, natural resource, key private sectors, price level, etc.) matter for decisions of an enterprise’s entry, whereas a firm’s age, location, manager’s characteristics, contribution to household income, and location of the community matter for the firm’s exit.

Different economic models are employed. A probit model is most commonly employed on enterprise entry and closure. An OLS model is used to analyze enterprise performance such as revenue, sales, net value-added, and productivity (World Bank 2004; 2006a; 2006b; 2007a; 2007b; 2007c; 2008a; 2008b; and 2009a). Tobit and probit models are employed in new investment or reinvestment (World Bank 2004; 2007c; and 2009c).

Business services and management innovation may have impacts on entry and performance of rural entrepreneurs as Bloom et al. (2011) argue that for Indian firms providing appropriate management support to enterprises improves quality and efficiency to raise average productivity of business operations. Recent research studies on management practices on productivity of the

> 4 Refer to Appendix A for the list.

> 5 Enterprise performance topics include new investment for existing enterprise (World Bank 2008a; 2007b; Loening _et al._ 2008; World Bank 2009a; World Bank 2004; Kinda and Loening 2010); sales, net value added, sales growth, and profits (World Bank 2004; 2007b; 2008a; and Loening _et al._ 2008); productivity, total factor productivity (TFP) (World Bank 2004; 2007b; 2008a; 2008c; 2009a; and Loening _et al._ 2008); employment growth and employment (World Bank, 2007b; and 2008a). Other topics related to RIC include food security and gender which are studied in Ethiopia case study (World Bank 2009b).

4
- 25 -

of the different steps and procedures of venture capital (e.g., deal flow generation, due diligence, monitoring, valuation of investments and divestments, and managerial assistance). A second major topic of research should then focus at the investee companies and, through direct intervi ds with a sample of them, assess the impact of the different procedures and contributions by the venture capitalist. Some of the factors to investigate should include: Impact of equity vs. managerial assistance contributions, impact of pure equity vs. subordinated debt instruments, assessment of alternative due diligence methods, contribution of monitoring procedures, assessments of formal and informal divestment avenues, etc.

A third topic of research would address the different types of organization and procedures of venture investors, with the purpose of assessing the efficiency of those different structures and their adaptability to LDCs realities. The available information, however scarce, as well as personal interviews with a few operators, have identified past cases where the simple reproduction of foreign V.C. organization structures to local conditions have produced important initial failures causing not only damage to the local investors but also to the image of the business. on the other hand, there are cases where local investors, due to lack of appropriate information, have incurred in great costs to "reinvent the wheel" of an appropriate V.C. management company. The research in this area could survey different types of V.C. companies, mostly in the US and Europe, and assess their potential advantages and disadvantages for the LDCs environment. Some of the topics to investigate would include: relationships between investors and managers, participatory schemes and reward systems for VCC's personnel, government supported schemes for semi-public venture capital companies, use of local consultants for investment appraisals and for management assistance, etc.

A fourth subject of further research, wl-'h would build up on the information gathdred for the first topic, could address the comparison of results between equity/venture financing of small businesses and their financing through conventional or developmental term credit financing. In fact, prel:iminary information would appear to indicate that venture c-apital financing--a supposedly riskier procedure of financing--has produced more profitable results than traditional term credit--a more conservative and supposedly safer financial practice in dealing with SSEs. Recent research undertaken by the World Bank on the subject of SSEs financing through DFCs could be compared with data on venture capital or equity oriented financing of SSEs, to be gathered under the first proposed topic of research, in order to assess alternative options for different economic environments.
# Average Pi-ice of Contraceptives from Private Sector Sources in Selected Developing Countries

|Country|Female<br>Sterilization|Vasectomy|<br>IUD b/|Oral<br>contra-<br>ceptives<br> <br>(per cycle)|Condom|Injectable<br>per month's<br> <br>supply c/|<br>Diaphragm d/|
|---|---|---|---|---|---|---|---|
|Bangladesh<br>|<br>||46.15<br>|1.28<br>||||
|Brazil<br>|1,061.25<br>|481.25<br>|327.5<br>|.63<br>|.24<br>|1.72<br>|69.90|
|Colombia<br>|169.75|123.731|41.63|.80|.23|.72|.|
|Dominican||||||||
|Republic|200.00<br>|250.00<br>|65.25<br>|2.55<br>|.29<br>|2.29|27.50|
|Rgypt<br>|145.50<br><br>|181.50<br>|50.39<br>|.46<br>|.19|.<br>|..<br>|
|ElSalvador|<br>232.00<br>|140.00<br>|46.50<br>|3.60<br>||5..20<br>|22.00|
|Guatemala|175.00|100.00|42.00|2.25|.33|2.83|.|
|Indonesia|120.00|24.30|30.70|1.38|.12|1.17||
|Jamaica|188.50|174.00|33.15|1.74|..|4.00|13.40|
|Jordan|404.20|301.00|113.26|1.23|.35|2.86|24.00|
|Kenya|..|..|48.91|3.54|.36|3.79|33.96|
|South Korea|70.88|70.88|26.62|1.02|.11||.|
|Iorocco|..|..|25.04|2.50|.17|||
|Nigerla<br>|..|..|65.04|6.98|.81|12.61|29.10|
|**Panama**|300.00|175.00|35.00|1.98|.25<br>|6.00|..|
|Philippines|<br>..|..|13.60|1.21|.19|1.56||
|Thailand|155.00|90.00|25.00|1.25||||
|Zaire|88.75|..|60.41|3.55|.27|2.96||
|Madagascar|..|..|..|2.03<br>|.48<br>|2.82||
|Mexico|..|..|..|.41|.16|||
|Nepal|..|..|..|.85||||

- **a.** Average **is** estbmted **as** *Adpoint of reported range.

- b. Includes Insertion and fol lw-up visit.

- c. One moanth'a supply is calcuTIated on the basis of three month's effective action. d. Includes Initial fitting and follow-up visit, but not spermicide supply.

Source: Schearer, 1983.