rafmacalaba/datause-encoder-data huggingface dataset:
- _Debt issue size:_ The debt issue size captures the importance of the issuer in its market and its access to a broad range of financing sources. For the same borrower, though, a larger debt may carry higher risk and hence result in a lower rating. The average logarithm of issue size is 18.9, about 163 million in constant 2010 US dollars.

- _Maturity:_ Bonds with longer maturity may receive a lower rating than shorter maturity debt as long-term bonds accompanies larger uncertainty than short-term bonds. Average maturity is about 7 years in the sample.

- _Fixed vs. floating rate:_ Fixed rate bonds typically carry a higher yield than floating rate bonds to compensate the bond-holder for holding the debt to maturity at a given interest rate. Fixed rate notes account for the bulk (82 percent) of sub-sovereign bonds.

- _Callable bond:_ Callable bonds allow the issuer to prepay the principal prior to the maturity of the bond. About 25 percent of bonds are callable.

- _Collateralization and securitization:_ Bonds backed by collateral tend to have lower credit risk, which can potentially result in a weaker relationship with sovereign risk. About 5 percent of bonds are securitized by future-flow receivables. A further 3 percent of debt in is issued by Special Purpose Vehicles (SPVs), typically backed by an existing asset. Bonds backed by other types of collateral, other than future-flow and SPV structures, constitute another 3 percent of the total.

# _Firm balance-sheet variables:_

To test the robustness of our main results obtained from bond-level data to inclusion of balance sheet variables (see section 5), the data on international bond issuance was matched with firmlevel balance sheet data from Bloomberg based on International Securities Identification Numbers (ISINs). The inclusion of balance-sheet data reduces the sample size to a subset of bonds for which such matched data are available. The balance sheet variables include the logarithm of total assets (in thousands of constant 2010 US dollars), net profit as a percent of assets, financial leverage (total assets to common equity ratio), and capital expenditure as a share of assets.

9
confirm that worse performing public provincial banks are more likely to be privatized, all other things being equal, than better performing banks. The coefficient on net worth over liabilities is negative, indicating that banks with higher net worth were less likely to be privatized. The coefficient on the percent of loans that are not overdue is also negative. This indicates bank's with better loan portfolios were less likely to have been privatized. The spline, which allows the coefficient to take different values after definitions concerning loan classification and reserve requirements changed, is statistically significant with a positive sign.<sup>23</sup> This might indicate that quality of the portfolio became more important after reserve requirements were tightened.<sup>24</sup> Stricter reserve requirements after 1994 might have increased the costs that public provincial banks with poor loan portfolios imposed upon the provinces, increasing the likelihood of privatization. Banks with a high percentage of loans to the public sector were more likely to be privatized than those with lower percentages of loans to the public sector. This variable is weakly negatively correlated with the other performance variables - banks with a high percentage of loans to the public sector tend to have lower net worth (correlation of -0.08 in June 1992) and less "normal" loans (-0.27 in June 1992). One possible reason for this might be that banks with a large public sector loan portfolio made more politically motivated loans. The change in net worth over liabilities is included to test whether privatization is more, or less, likely when the performance of the bank is declining. Although the negative coefficient indicates that privatization is less likely whether Provincia de Buenos Aires is included or not. Table 6 shows results with the Banco de Provincia de Buenos Aires omitted.

22 The independent variables in this model change, at most, every six months. Government deficit data is only available on a yearly basis, bank quality variables are available for June and December of each year.

23 See Central Bank of Argentina (1996). A Wald test of the null hypothesis that the sum of the two coefficients is zero is rejected at conventional levels (X<sup>2</sup> (l) = 5.84).

24 The most significant definitional changes occurred for different classifications of 'bad' loans. It seems unlikely that the slight definitional changes for normal loans drive this result, especially since the variable base hazard rate might help control for some of the change. However, the definitional changes make it impossible to draw strong conclusions. See Bolzico and Figueroa (1994) for a discussion of the changes in definitions and in reserve requirements.

13
Praag (1985) found an elasticity of about 0.5, using data for eight European countries. But all these studies suggest that the elasticity is appreciably greater than zero.

The use of subjective questions in welfare assessment has been controversial in economics. Sen has criticized the use of subjective assessments of capabilities, notably health; see, for example, Sen (1998). A number of studies have emphasized the potential for reporting biases in self-assessed health.<sup>15</sup> Though less well researched, similar problems arise in selfassessments of overall welfare. Under certain conditions, it is possible to extract a more reliable signal on welfare effects from such data using multiple observations over time for the same person to purge the data of latent idiosyncratic personality traits (Ravallion and Lokshin, 2001). Subjective data help solve some of the fundamental identification problems in measuring welfare, but they bring their own problems as well.

# **3. An encompassing theoretical model**

It is assumed that individual utility depends on both own-income and the mean income of a reference group of (say) “neighbors.” (In the most general formulation utility depends on the complete vector of incomes.) Relative deprivation theories essentially say that utility is increasing in own income but decreasing in the mean of the reference group. However, other sources of economic interdependence suggest that there may be countervailing and strong <u>positive forces on welfare stemming from more affluent neighbors. This section begins with a</u> reasonably general “reduced form” model of a relative poverty line, and then outlines a simple theoretical “structural form” model in which both the positive and negative forces co-exist. This allows us to explore the conditions under which RD emerges as the dominant concern.

## **_3.1 A general formulation of a utility-consistent relative poverty line_**

To capture the idea of RD in a simple way, we can postulate a standard (cardinal and inter-personally comparable) utility function for a person with income _y_ and other welfarerelevant characteristics _x_ , with the difference that the function also varies with relative income, _r= y/m_ where _m_ is mean income in an appropriate reference population, such as the fellow citizens of the country in which the person lives.<sup>16</sup> The utility function is:

> 15 See, for example, Butler, et al. (1987), Groot (2000) and Lokshin and Ravallion (2008). 16 If one defines _m_ as average expenditure on certain “basic goods” then the following argument will generate the type of poverty line proposed by Citro and Michael (1995), though it need not have an

8
Ministry of Health (1998a). _Fishery Products Exports and Progress Report on the Status of the Competent Authority and the Establishments._ Ministry of Health, Nairobi.

Ministry of Health (1998b). _Corrective Actions by the Competent Authority and Comments on Shortcomings Observed by FVO Mission to Kenya on Pesticide Residues Coming from Lake Victoria Carried Out Between 16 and 18 August 1999.._ Ministry of Health, Nairobi.

Mkisi, M. (1991). _Fisheries Socio-economic Surveys for the Tanzanian Side of Lake Victoria._ Paper presented at the Symposium of Socio-Economic Aspects of Lake Victoria Fisheries, Bujumbura.

Mitullah, W.V. (1998). _Fishing and Fish Processing Cluster at Lake Victoria_ , Kenya. PhD Thesis, University of Sussex.

Mitullah, W.V. (1999). _Lake Victoria’s Nile Perch Fish Cluster: Institutions, Politics and Joint Action._ IDS Working Paper 87. Institute of Development Studies, Brighton.

Mortimore, S. and Wallace, C. (2000). _HACCP – A Practical Approach_ . Chapman and Hall. London.

Musonda, F.M. and Mbowe, W. (2001). _The Impact of Implementing SPS and TBT Agreements: The Case of Fish Exports to European Union by Tanzania._ CUTS, Jaipur.

Mussa, C., Vossenaar, R. and Waniala, N. (2002). _Strengthening Developing Countries’ Capacities to Respond to Health, Sanitary and Environmental Requirements_ . UNCTAD, Geneva.

Namisi. P.W. (2000). _Socio-Economic Implications of the Fish Export Trade on the Fishers and Fisheries of Lake Victoria in Uganda._ Lake Victoria Fisheries Research Project.

NEJLV (2002). Cross-Border Fishing and Fish Trade on Lake Victoria. Network of Environmental Journalists for Lake Victoria, Ong’ang’a, O. (2002). _Poverty and Wealth of Fisherfolks in the Lake Victoria Basin of Kenya_ . OSIENALA, Kisumu.

Othina, A.N. abd Osewe-Odera, S. 91996). _Catch and Effort Awareness Survey for Artisanal Fisheries of Lake Victoria (Kenya Waters)._ Kenya Marine and Fisheries Research Institute, Kisumu.

Owino, J.P. (1999). _Traditional and Central Management Systems of the Lake Victoria Fisheries in Kenya._ IUCN, Nairobi.

82
# Table 9: The Lona Run lmDact of Improved Female Educationra

Birnhs per year, 1987 (millions) Deaths per year, 1987 (millions) <!-- Start of picture text --> Actual Simulated Averted Actual Simulated Averted<br>45 low and middle<br>income countries/b 62.3 53.2 9.1 4.9 1.9 3.0<br>15% 61W<br>16 low income<br>countrieslc 41.7 34.3 7.4 3.8 1.5 2.3<br>18% 61W<br>Pakistan<br>4.1 2.9 1.2 0.4 0.1 0.3<br>30% 75%<br><!-- End of picture text --> alSimulation depicts the scenerio if the female gross secondary enrollment rate In 1965 were raised to 30% b/These 45 countries represent 55 percent of the world population, and 71 percent of the LDC population, excluding China c/These 16 countries represent 35 percent of the world population, and 70 percent of the low-income LDC population excluding China Source: K. Subbarao and L. Raney, "Social Gains from Female Education," PHRWD, forthcoming.
An aspect of the point elasticity is that it is increasing with median income and tends toward one for high-income countries. This relationship is directly linked to the proportion of the relative component of the SPL (50% of median consumption or income) to its total value. For rich countries with very high median consumption, the value of the SPL is largely determined by the relative component and the elasticity approaches one. Among high-income countries in 2013 the average national median income was approximately $40, which corresponds to an SPL with an elasticity of .95 – a 1 percent increase in median national consumption or income leads to a 0.95 percent increase in the SPL. The intercept of $1 constitutes only 5% of the value of the societal poverty line, causing the SPL to behave very similarly to a strongly relative line common in these countries. For poor countries, where the fixed component (either $1 or $1.90 for the lower-bound SPL) is a large proportion of the country’s SPL, the elasticity is lower. For a typical low-income country in 2013, with median income of approximately $2.1/day, the elasticity of the SPL is 0.5 and the fixed share of the poverty line is about 50 percent.

The proportion of the value of the SPL that emanates from the relative component not only affects the measured elasticity of the SPL to median consumption, but also hints at an alternative interpretation of the SPL. For countries where the relative component is a relatively large contributor to the value of the SPL, the SPL is primarily determined by estimated median consumption. This attribute can serve to mitigate concerns about the potential non-comparability of the national wellbeing measures. For example, about three-fourths of the wellbeing measures in PovcalNet are estimates of consumption and the remaining ones are income (Ferreira et al., 2016). A fixed-value poverty line, such as the international poverty line, implicitly assumes that the underlying measures are comparable; but income and consumption are, by definition, different concepts. Even when considering the conceptually same measure such as consumption, 23
<!-- Start of picture text --> T,.”hydrme I;thermal I;solar I;wind<br>\e= hn N=<br>[dispatchablet jpnon—dispatchablet<br>ty t1i7 fi fe G 2<br>I, eeDO Ty Za<br>oS, AE<br>| o=0<br>A;91 see Ay924<br><!-- End of picture text -->

<!-- Start of picture text --> f<br><!-- End of picture text --> <!-- Start of picture text --> Ct<br>orn<br>L Consumption<br>Energy Ap age 2 Apt<br>fe 0.6<br>Coal en Natural gas<br>| o=0 o¢=0<br>Af CO2 Ale COz<br><!-- End of picture text -->
2

|Table 1: Portfolio and<br>|other Long<br>(net inflows|-Term Flow<br>in billions o|s to all Deve<br>f US$)|loping Cou|ntries<br>l|
|---|---|---|---|---|---|
|Type of Flow|1989|1990<br>1|<br>1901|1992|1989-92|
|Bond flows|3.5|4.7|10.2|21.7|40.1|
|Equity Flows|3.5|3.8|7.6|9.6|24.4|
|Country funds|2.2|2.9|1.2|1.3|7.5|
|International Issues|---|0.1|4.9|6.5|11.6|
|Direct Equity|1.3|0.8|1.5|1.8|_5.3_|
|Net FDI|23.3|24.0|23.9|38.3|119.5|
|Official Flows (excluding<br>grants)|19.9|28.2|31.3|31.1|110.5|
|Commercial Banks|6.3|-4.1|3.9|||
|Other Private LT|2.7|12.4|2.8|4.2|28.2|
|Total|59.2|69.0|89.7|104.9|347.1|
|Memo: All Portfolio Flows|7.0|_8.5_|17.8|31.3|_64.5_|

Source: World Bank, 1992.

In a recent paper, Calvo et al. (1993) have argued the importance of global factors-particularly the role of US interest rates (which declined precipitously over the period), the recent US recession (third quarter 1990 to first quarter 1991) and the slowdown in US industrial production over the 1989-1992 period--in expla: iing these inflows. Using monthly international reserves figures as proxies for capital flows (because they lack monthly data on capital flows), as well as monthly real exchange rate movements as indicators of these flows, Calvo et al. evaluate the experience for 10 Latin American countries for the period January 1988 to July 1992. They also derive the first two principal components for a series of global variables (various US interest rates, deviations from the trend in real disposable income, and indexes on returns in US stock and real estate markets). Then using the first two principal components on the series of global variables and the series on reserves and exchange rates themselves in a structural VAR-model, they estimate that about 50 percent of the variance of monthly forecast errors in the real exchange rates and reserves is accounted for by the global variables. Based on these results, they suggest that a reversal of favorable global conditions could induce a capital outflow from these countries.

Like the Calvo et al. study, this paper also investiga:es the factors motivaLing the refent capital inflows. This study differs from the formner, however, in that it uses a different data set,
<!-- Start of picture text --> Exchange Rate Changes to the US Dollar (m-to-m)<br>o<br>£<br>Cc<br>ow<br>8<br>a<br>So<br>©<br>2<br>3<br>o?<br>a<br>a<br>a<br>ad<br>2004m1 2005m1 2006m1 2007m1 2008m1 2009m1<br>———__ Av. Abs. Change Av. Change<br><!-- End of picture text -->
# _5.2 Valuation of carbon reductions from improved stoves_

Next, we calculate the carbon benefit from the reduction in fuelwood use by switching to an improved stove and discuss the cost‐effectiveness of including stoves in a carbon mitigation program like REDD+<sup>4</sup> . The Mirt stove saves 25% of fuelwood in the field or 634 kg per household per year.<sup>5</sup> We convert fuelwood savings to CO2 emissions reductions and find that if fully adopted a Mirt stove will lead to a decrease of 0.94 tons of CO2 per stove per year.<sup>6</sup> The Ethiopian government initiative to distribute 11.45 million improved stoves (MoWE 2013, Accenture 2013) would therefore lead to a reduction of approximately 10.77 million tons of CO2 per year, if the average stove distributed reduces emissions at a level similar to the Mirt stove.

These savings would be worth about $54 million, or approximately $4.70 per household per year, using a fairly low price for carbon emissions reductions of $5.00 per ton. Based on the 2015 price of $13.93 per ton from carbon allowance auctions in California’s greenhouse gas control system, the carbon savings would be worth about $150 million per year, or approximately $13 per household.

We can combine this carbon valuation information with our analysis of household attribute valuations to explore how potential payments for reducing fuelwood‐based deforestation, as under REDD+, can create incentives for improved stove adoption. The current price of the Mirt stove is approximately $12 per stove, and it is expected to have a life of roughly 4‐5 years. Respondents’ average marginal WTP for a stove with a 25% reduction in fuelwood required, holding all other attributes constant is 6.27 ETB/% * 25% = 157 ETB, or approximately

> 4 Reducing Emission from Deforestation and Forest Degradation (REDD+) is a payment for ecosystem services (PES) system created under the United Nations Framework Convention on Climate Change (UNFCCC). REDD+ is an important tool to create incentives for those who control forests to sequester carbon and for those who emit carbon into the atmosphere to pay for forest carbon sequestration services (Bluffstone 2013).

> 5 Bluffstone et al. (2015) find that on average the Mirt stove is used in a manner consistent with standard injera cooking frequencies of at least two times per week.

> 6 The value of 0.94 tons of CO2 per stove is based on a net calorific value of 15 MJ/kg of woody biomass (IPCC; Hall et al. 1994), 112 g of CO2 per MJ of fuelwood (IPCC) and 88% nonrenewable firewood use for Ethiopia (CDM value for Ethiopia obtained from UNFCC (2012) and Lee et al. (2013). For details of the calculation refer to Gebreegziabher et al. 2015.

17
- Bennell, Paul. 2021. “The political economy of attaining universal primary education in subSaharan Africa: Social class reproduction, educational distancing and job competition.” _International Journal of Educational Development_ 80: 102303.

- Bentaouet Kattan, Raja; Burnett, Nicholas. 2004. _School fees: A roadblock to education for all_ . Education Notes. World Bank, Washington, DC.

- Boahen, Emmanuel Adu, and Chikako Yamauchi. 2018. “The effect of female education on adolescent fertility and early marriage: Evidence from free compulsory universal basic education in Ghana.” _Journal of African Economies_ 27(2): 227–48.

- Bold, Tessa, Deon P. Filmer, Ezequiel Molina, and Jakob Svensson. 2019. “The lost human capital: Teacher knowledge and student achievement in Africa” World Bank Policy Research Working Paper No. 8849. The World Bank.

- Bold, Tessa, Deon Filmer, Gayle Martin, Ezequiel Molina, Brian Stacy, Christophe Rockmore, Jakob Svensson, and Waly Wane. 2017. “Enrollment without learning: Teacher effort, knowledge, and skill in primary schools in Africa.” _Journal of Economic Perspectives_ 31(4): 185-204.

- <mark>Bold, Tessa, Mwangi Kimenyi, Germano Mwabu, and Justin Sandefur. 2011. “Why did abolishing fees not increase public school enrollment in Kenya?”</mark> _<mark>Center for Global Development Working Paper</mark>_ <mark>271.</mark>

- <mark>Bold, Tessa, Mwangi S. Kimenyi, and Justin Sandefur. 2013. “Public and private provision of education in Kenya.”</mark> _<mark>Journal of African economies</mark>_ <mark>22(suppl_2: ii39-ii56.</mark>

- Cattaneo, Matias D., Michael Jansson, and Xinwei Ma. 2020.  “Simple local polynomial density estimators.” _Journal of the American Statistical Association_ 115(531): 1449-1455.

- Cattaneo, Matias D., Michael Jansson, and Xinwei Ma. 2021.  Local regression distribution estimators. _Journal of Econometrics_ .

- Chicoine, Luke. 2021. “Free primary education, fertility, and women’s access to the labor market: Evidence from Ethiopia.” _The World Bank Economic Review_ 35(2):480-498.

- Delesalle, Esther. 2019. “The effect of the universal primary education program on labor market outcomes: Evidence from Tanzania.” National Bureau of Economic Research Working Paper No. 25789. Cambridge, MA.

- Deininger, Klaus. 2003. “Does cost of schooling affect enrollment by the poor? Universal primary education in Uganda.” _Economics of Education Review_ 22(3): 291-305.

- Evans, David K., and Amina Mendez Acosta. 2021. “Education in Africa: What are we learning?” _Journal of African Economies_ 30(1): 13-54.

- Fox, Louise, Lucrecia Santibañez, Vy Nguyen, and Pierre André. 2012. _Education reform in Mozambique: Lessons and challenges._ Washington DC: The World Bank.

18
The VSL is proportional to discounted expected utility of consumption, where the factor of proportionality, _1/β_ , reflects the individual’s risk aversion. For example, if _β = 0.2_ , the VSL should equal five times the present value of discounted expected lifetime consumption.<sup>19</sup> The VSL may be further simplified if annual consumption is approximately constant, i.e., _Ct_ = _C_ , in which case the VSL is proportional to discounted remaining life expectancy, _T j_ − _t_ ∑ _q j_ , _t_ 1( + _r_ ) , _t_ = _k_ +1 It should be noted that, formally, (7) requires extreme assumptions ( _r = δ_ in the lifecycle model). However, it underlies the common practice (discussed below) of apportioning the VSL into a constant value per life year saved (VSLY).

Equation (7) implies that the VSL should vary across persons in different countries in proportion to consumption (which may, in turn, be proportional to per capita income), but that the VSL may also differ due to differences in risk preferences and discounted life expectancy.

# B. The Value of a Statistical Life Year  (VSLY)

Equation (7) implies that the VSL is proportional to remaining life expectancy and, hence, that the VSL can be written as the product of discounted remaining life expectancy and a Value per Life Year Saved (VSLY) ( _C_ /β).<sup>20</sup> This is a convenient assumption that is frequently used in policy analysis, especially to value QALYs and DALYs. The empirical literature on the effects of age on WTP does not support the notion that WTP falls in proportion to remaining life expectancy, although it suggests that WTP does decline after some age. (Alberini et al. (2004), for example, find that the VSL declines by about 30 percent after age 70 in stated preference studies conducted in the US and Canada.) In spite of lack of empirical support for a constant VSLY, it is often used in practice (Robinson, 2007).

> 19 This assumes that 1/(1-Dk) ≈ 1.  Equation (6) also implies that the VSL is likely to exceed the present value of expected lifetime earnings, provided the individual is not a net borrower.

> 20 In practice, the VSLY is derived by taking the VSL from an empirical study and dividing the VSL by the discounted expected number of life years remaining for the average individual studied.

14