rafmacalaba/datause-encoder-data huggingface dataset:
by the bottom half of the expenditure decile than on the wealth decile, but the figures obtained are surprisingly high. The Ghana and Vietnam surveys respectively show 11 and 10 percent of reported savings balances being held by the bottom half of the _expenditure_ distribution of the surveyed households.<sup>6</sup> It may well be that these surveys do not capture the top end of the distribution as well as the specialized financial asset surveys for advanced economies, given that their purpose is not mainly to cover wealth issues. We prefer to discount these particular findings, and rely on the patterns observed more reliably in advanced economies to conclude that policy directed at mobilizing investable funds through the issue of financial assets can safely ignore the lower quartiles of the wealth distribution at least as far as the aggregate sums mobilized are concerned.<sup>7</sup> Taking account also of the net financial indebtedness of all but the highest income groups, it seems that the net provision of investable funds from the household to the business and government sectors depends essentially on the top decile of the income distribution – for the US, this group contributes 91 percent of net household financial assets (as compared with 72 percent of _gross_ household financial assets).

For advanced economies, the increased share of financial assets in total wealth is more a function of increased _participation_<sup>_8_</sup> as we go up the income scale, more than an increase in the value of holdings conditional on participation. Interestingly, for Ghana a similar pattern appears for savings balances: the proportion of households reporting some savings balances does increase with income/expenditure, and the unconditional elasticity is about 1.8, but the ratio of savings balances to expenditure remains broadly constant conditional on reporting any holdings. However, in Vietnam, where very high

> 6  For Jamaica, the figure is even higher at 35 percent.  However the Jamaica data is marred by a failure in the coding for these questions to distinguish between nonresponding households and respondents who report zero balances.  The percentage reporting positive balances actually declines from about 30 percent in the middle quartiles of expenditure to 17 percent for the top five percent, strongly suggesting a sharp increase in nonresponse at the top of the income distribution for this country.

> 7 That is not to say that banks will necessarily ignore the smaller depositor.  Handling small deposits is costly, but potentially more profitable per dollar transacted.  There is value at the “bottom of the pyramid” for intermediaries that can master the necessary cost efficiencies.  But the volume of resources mobilized is negligible in terms of aggregate national intermediation.

> 8 By participation is meant whether or not holdings are nonzero.  Fixed costs, including those of acquiring information, helps explain why households hold only a subset of available assets.  King and Leape (1998) estimate a decision model incorporating such costs as well as nonegativity constraints on the US SCF data.

10
wheat and Tk.15 per working day, provided a minimum amount of work is done. Training in awareness-raising and IGAs is conducted from June to November. A participant’s monthly entitlements for the training period are 20 kg of wheat or rice and Tk. 100. Similar to the participant requirements of the IGVGD and FSVGD, saving is compulsory. FFA participants are required to save Tk. 25 per month. FFA follows a 12–24 month project cycle. Although systematic program evaluations are seldom done, available research suggests that cash-transfer programs have helped to alleviate food and health insecurity, and in some cases have enabled beneficiaries to invest in smallscale IGAs.

# **{TABLE 3 HERE}**

A study of the International Food Policy Research Institute (IFPRI) demonstrates that, out of four programs (IGVGD, FSVGD, FFA, and RMP), transfer as a percentage of household expenditure is highest for FFA, at 38.2 percent, followed by RMP (30.2 percent), IGVGD (15.5 percent), and FSVGD (15.0) (Ahmed et al. 2009). The same study finds that, among the four programs, FFA is the best targeted, helping 72 percent of its beneficiaries lift themselves above the poorest 10 percent of the population. Using data from the 2000 and 2005 Household Income and Expenditure Surveys (HIESs), Khandker (2011) finds that VGF lowers poverty among its beneficiaries, and that such programs as FFW lower both seasonal and chronic poverty (Table 3).

# **2.2** **<u>Meeting the Safety-net Need</u>**

Given Bangladesh’s wide range of safety-net programs, are there enough to meet its needs? Driven by rapid urbanization and the breakdown of the extended family system, the country now faces new social-protection challenges, even as it struggles to tackle ongoing ones. Most existing safety-net programs target the rural poor; thus, there is an urgent need to address the problems of the urban poor and other excluded groups, including the disabled and street children. The GOB spent less 9
Policy Research Working Paper 8359

# **Abstract**

This paper combines district-level government spending data from Indonesia and natural disaster damage indices to analyze the extent to which districts are forced to reallocate their expenditures across categories after the incidence of floods, earthquakes, and volcanic eruptions. The results reveal that district government spending is quite sensitive to the incidence of natural disasters at the local level. In the case of floods, districts reallocate spending away from the category of general administration to sectors such as health and infrastructure. Moreover, volcanic eruptions seem to lead to less investment in durable assets both in the year of the disaster as well as the following year. Overall, these results highlight the potentially useful role of a national disaster risk financing insurance program toward maintaining a relatively stable level of district-level spending in different sectors.

This paper is a product of the Poverty and Equity Global Practice. It is part of a larger effort by the World Bank to provide open access to its research and make a contribution to development policy discussions around the world. Policy Research Working Papers are also posted on the Web at http://econ.worldbank.org. The authors may be contacted at eskoufias@ worldbank.org.

_The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the International Bank for Reconstruction and Development/World Bank and its affiliated organizations, or those of the Executive Directors of the World Bank or the governments they represent._ Produced by the Research Support Team
**Figure 3.** Estimated time series of turnover and bid-ask spread for stocks with high and low common ownership ( _FCAP_ ). For each group we present the estimated turnover and bid-ask spread in the absence of M&A activity.

<!-- Start of picture text --> (a) Turnover<br>2010q1 2011q1 2012q1 2013q1 2014q1 2015q1<br>High FCAP estimated High FCAP counterfactual<br>Low FCAP estimated Low FCAP counterfactual<br>(b) Bid-Ask Spread<br>2010q1 2011q1 2012q1 2013q1 2014q1 2015q1<br>High FCAP estimated High FCAP counterfactual<br>Low FCAP estimated Low FCAP counterfactual<br>-7.7 -8.6<br>-7.9 -8.8<br>-9<br>-8.1<br>ln(Turnover)<br>-8.3 -9.2<br>-8.5 -9.4<br>-3.2 -2.4<br>-3.4 -2.6<br>-3.6 -2.8<br>-3<br>-3.8<br>ln(Bid-Ask Spread)<br>-4<br>-3.2<br>-4.2 -3.4<br><!-- End of picture text --> 35
PROPOSITION 4: _Given assumptions (Al) to (A10) including (A7b), i.e. firms move sequentially, if two specific firms are prohibitedfrom merging with each other, but all other two firm combinations are permitted, then there is one unique merger which will occur, and it involves the merger of the other two firms._ From an examination of situations where two firms cannot merge with each other, it emerges that in each case the symmetric merger is most attractive, i.e. if vertical merger between two firms is not possible, the vertical merger of the other two firms will occur, and not horizontal merger at each stage. And, as seen in Section IIIC, if horizontal merger at one stage is not possible, the horizontal merger of the other two firms will occur, not vertical mergers across stages. Thus the firms which cannot merge with one another will be left out of any merger. This is a consequence of the feature that retaliatory merger is most damaging, and the firms will choose the strategy which leaves no possibility of its happening.

# IV. IMPLICATIONS OF THE RESULTS

This paper treated the decision to merge as endogenous in a simple model of two-stage duopolistic production. In the process, it demonstrated how equilibrium market structures depend on whether firms move simultaneously or sequentially, and whether firms at a particular stage of production are relatively dominant. Section IIIA showed that loss-making mergers could occur when firms have to take merger decisions _as if they were simultaneous._ This may be a reasonable depiction of circumstances in which the first mover in a merger game would reap significant benefits, so that no one can afford to wait for the others to move first. It is the prisoner's dilemma structure of payoffs which makes multiple merger. difficult to prevent despite their negative impact on each firm's profits. McBride (1983), in a study of the U.S. cement industry, found evidence of multiple VI which led to a decline in industry profits.

22
- 38 -

Table 13: Mean Percentage of Total Instrucdon Timne Devoted to Selected Subjects in the Primary School Curicula of Less-Developed Countries by Region, 1960s and 1980s (Constant Cases)

|Region:||LAC||Asia||SSA|E|MENA|
|---|---|---|---|---|---|---|---|---|
||(N*=|8-1 1)|(N=|10-12)|_(N_|_=14-15)_|(N=|12-15)|
|1|960s|1980|1960s|1980|1260s|1980|1260|198|
|Comb.Lang.|25.3|24.1|33.0|33.1|38.6|37.6|38.1|_35.0_|
|Nat.Lang.|22.5|21.1|24.9|25.5|8.0|10.5|32.9|29.6|
|<br>Loc.Lang.|0.0|0.0|2.5|1.4|3.8|3.0|0.0|0.9|
|For.Lang.|0.2|0.6|1.4|2.0|0.8|1.0|2.8|4.1|
|<br>Off.Lang.|0.0|0.0|4.3|4.3|25.9|23.2|2.2|0.0|
|Mathemadcs|18.2|19.1|15.4|17.2|15.1|17.5|16.6|17.5|
|Science|9.9|12.3|8.1|7.9|S.2|7.0|7.1|7.8|
|Comb.Social Sci.|11.5|12.3|7.7|8.3|7.6|6.4|7.0|6.5|
|Social Studies|6.4|9.3|4.2|5.9|1.4|3.3|0.8|3.7|
|Hlistory|2.0|1.4|1.4|0.8|2.3|1.1|2.9|1.0|
|<br>Geography|2.0|1.3|1.4|0.6|1.9|1.3|2.7|1.0|
|Civics|1.0|0.3|0.7|1.0|1.8|0.8|0.6|_0.5_|
|Comb.Momal|2.9|2.7|5.2|6.2|6.6|_5.0_|10.9|9.8|
|Religion|1.8|1.3|1.2|2.3|5.9|4.5|10.6|9.5|
|<br>Moral Ed.|1.3|1.1|3.7|3.4|0.6|0.5|0.2|0.3|
|Aesthetic Ed.|10.8|7.8|11.6|10.4|9.0|9.4|9.9|9.5|
|Music|4.1|3.9|5.4|3.7|3.1|3.8|3.6|3.7|
|Art|6.7|4.0|6.5|6.3|5.9|_5.5_|6.3|5.9|
|Physical Ed.|5.7|6.8|8.0|5.2|5.7|6.2|6.6|7.0|
|Hygiene|3.5|2.3|1.4|2.1|2.3|0.9|1.3|1.4|
|Comb.Voc.Ed.|11.5|11.2|8.5|_5.1_|7.1|7.7|3.2|3.1|
|Manual Training|2.3|4.7|2.8|3.3|2.3|1.4|2.2|2.0|
|<br>Agriculture|<br>3.7|2.8|4.0|0.6|2.9|3.3|0.0|0.2|
|<br>Domestic Scienc|e 3.9|3.0|2.4|0.5|_1.5_|2.9|1.1|0.4|
|Vocational Ed.|2.5|0.0|0.4|0.8|0.0|0.0|0.0|0.6|
|Business|0.0|0.0|0.0|0.0|0.0|0.1|0.0|0.0|
|Other|1.4|1.3|2.3|3.9|3.5|2.2|1.0|3.0|

* The number of cases may vary by subject. This can happen since the exact time allocated to a given subject is unavailable in some cases, but only whether or not the subject is offered.
in education and occupation, respectively. Section 5 provides a discussion on possible reasons behind the dramatic divergence between educational and occupational mobility. The paper ends with a summary of the findings in the conclusions.

# **2. Data**

We use two rounds of Chinese Household Income Project (CHIP), undertaken in 1988 and 2002. The data sets were collected by a group of international and Chinese scholars with help from the Chinese Academy of Social Science. We use the rural sub‐sample for our analysis. We divide each year’s sample into adult daughters and adult sons samples. The adult children in this paper are defined as aged 18 years or older and younger than or equal to 60 years.

The CHIP surveys are repeated cross sections, and thus are suitable for an analysis of average intergenerational mobility across the spectrum of the rural society at two different time points, 1988 and 2002. As noted before, our focus is on the question whether Chinese rural society on an average has become more or less mobile over a span of one and a half decades which witnessed dramatic economic reform and spectacular growth and poverty reduction. We are comparing two snapshots of the rural society in 1988 and 2002. The data sets were collected by the same research team using the same sampling methodology. Even though the questionnaire in 2002 is richer compared with the 1988 survey, it is based on the 1988 questionnaire. There is no separate parental module in the questionnaire. So the children in our sample are the children of the household head.

The 1988 data set contains 10,258 rural households in 29 provinces (or municipalities). The 2002 survey data covers 9,200 households in 22 provinces (or municipalities). The later survey does not cover two municipalities and seven provinces (autonomous regions), that were covered previously in 1988. The adult children sample sizes are as follows: 3,231 (1988, daughters), 3,363 10
Policy Research Working Paper 7705

# **Abstract**

Rwanda’s completion, in 2012/13, of a land tenure regularization program covering the entire country allows the use of administrative data to describe initial performance and combine the data with household surveys to quantify to what extent and why subsequent transfers remain informal, and how to address this. In 2014/15, annual volumes of registered sales ranged between 5.6 percent for residential land in Kigali and 0.1 percent for agricultural land in the rest of the country; and US$2.6 billion worth of mortgages were secured against land and property. Yet, informality of transfers in rural areas remains high. Decentralized service provision and information campaigns help reduce but not eliminate the extent of informality. A strategy to test the efficacy of different approaches to ensure full registration, scale up promising ones, and rigorously monitor the effect of doing so is described.

This paper is a product of the Agriculture and Rural Development Team, Development Research Group. It is part of a larger effort by the World Bank to provide open access to its research and make a contribution to development policy discussions around the world. Policy Research Working Papers are also posted on the Web at http://econ.worldbank.org. The authors may be contacted at dali1@worldbank.org, kdeininger@worldbank.org, and mduponchel@worldbank.org.

_The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the International Bank for Reconstruction and Development/World Bank and its affiliated organizations, or those of the Executive Directors of the World Bank or the governments they represent._ Produced by the Research Support Team
observations instead of 20. The coefficients in the probit regressions show the marginal effects at their mean values. I cluster the standard errors at industry-country-year level and I replace sector fixed effects with industry fixed effects.

Table 13 shows the regressions results for manufacturing sector. The results are similar to the analysis presented in Table 8 and Table 9. However the magnitude of the decrease in probability of exporting is higher for industries in manufacturing sector. The result in the first column shows that one percent increase in net job creation rate decreases probability of exporting by more than 30%. The second column replaces log of employment level with employment growth rate. In the rest of the table except the last column, I perform the same robustness analysis that I performed in Table 9. Results are significant in all of the specifications.

In the last column of Table 13, I apply difference in difference methodology to test whether sector level differences in the intrinsic volatility of demand and supply shocks lead to differential effects of employment protection across sectors. EPL might be more binding in relatively more volatile sectors as they would require more frequent labor adjustments. Following the recent works of Micco and Pages (2007) and Haltiwanger, Scarpetta, and Schweiger (2008), I identify the intrinsic employment volatility of a 2-digit manufacturing industry by the relative job reallocation of that industry in the United States (US)<sup>19</sup> . Here, I assume that industry reallocation in US industries identify the frictionless level of reallocation. The US job reallocation data for industries during period 1994-1998 is obtained from the database used by Davis, Haltiwanger, and Schuh (1998)<sup>20</sup> . I interact this data with the net job creation rate for each manufacturing industry in each country. The regression result shows that the coefficient of the interaction term is negative and significant. This result complements the findings of Micco and Pages (2007) and Haltiwanger, Scarpetta, and Schweiger (2008). Micco and Pages (2007) find that stringent EPL reduce value added and labor productivity in industries with higher intrinsic volatility. The last column of Table 13 shows that stringent EPL reduces probability of exporting more in relatively more volatile industries once industry and country fixed effects are controlled for<sup>21</sup> .

> 19 Job reallocation is calculated as the summation of job creation and job destruction rates.

> 20 The data is available at http://econweb.umd.edu/~haltiwan/download.htm.

> 21 Inclusion of all additional controls that are shown in the specification given in column eight did not affect this finding.

17
One bright spot in the Kenyan transportation network is its air transportation services. In recent years, Kenya allowed private sector development (both Kenyan and foreign) to develop the air transportation links. The efficient air transportation services facilitate the important tourism sector and have been instrumental in the development of the Kenyan cut flower industry, which in turn has contributed to growth and poverty reduction.

However, Kenya’s port, rail and road transportation facilities are significant problems for transportation of its goods and for the competitiveness of its exports (for details see Helu, 2007; Ochieng, 2007; and Tarr, 2007b). Its principal port, Mombassa, is plagued by poor infrastructure and complicated bureaucratic procedures. As a result, it takes an average of two weeks to clear a container at the port and more than four weeks for over five percent of the containers. The cost of importing a container into Kenya exceeds USD 1300, while it is under USD 1,000 per container in Tanzania and South Africa and under USD 500 per container in Malaysia and Singapore.<sup>7</sup> Uncertainty over delivery times is a significant cost burden on manufactured exports.

Due to a lack of investment, Kenya’s railways have significantly declined and are considered rather poor providers of freight transportation services since the 1980s.<sup>8</sup> Road transportation is the primary means of overland transport. But some sections of the key “Northern Corridor” are in very poor condition.

Kenya’s problems with its ports, rail and road transportation facilities were highlighted by Kenya’s ranking on the international Logistics Perception Index of 2004.<sup>9</sup> Of the 70 countries in the 2004 survey, Kenya was ranked as the least logistically friendly (World Bank, 2007). In Africa, the survey included South Africa, Zambia, Ghana and Nigeria. For 2006, the survey expanded to include 150 countries, and Kenya ranks at number 75--below several African countries, but above average for the region.

> 7 World Bank staff estimates.

> 8 In the hope of improved performance, in November 2006 the Kenyan government gave Rift Valley Railways, a South African company, a temporary monopoly to operate and invest in the railroads.

> 9 The Logistics Perception Index measures the perceptions of managerial level personnel of international freight forwarding companies. It is published by the Global Facilitation Partnership for Transportation and Trade and available at: www.gfptt.org.

6
variables to be affected by growth shocks—it is exactly this type of endogeneity that the method is designed to handle. In addition, the consistency of the S-GMM estimates of the parameters of interest and their asymptotic variance-covariance matrix depend on whether lagged values of the explanatory variables are valid instruments in the growth regression.

Three specification tests are used to evaluate these potential issues: (a) the “full Hansen” test of overidentifying restrictions on the full set of instruments (which tests the validity of the instruments by analyzing the sample analog of the moment conditions used in the estimation process), (b) the “incremental Hansen” test of overidentifying restriction on the additional instruments that are introduced in the levels equations (which tests the stationarity assumption on which these instruments are based), and (c) a second-order serial correlation test (which tests whether the error term is serially correlated).<sup>17</sup> The results of the Hansen and serial correlation tests indicate that the null hypothesis of correct model specification cannot be rejected, lending support to the estimation results shown in this paper.

# **2.3 Data**

To assess whether the structural features of trade connections in terms of partner and product composition affect the trade-income nexus with an S-GMM framework, we analyze an unbalanced panel dataset covering 117 countries—13 from North and Central America and the Caribbean, 11 from South America, 30 from Europe, 32 from Africa, 11 from the Middle East and Central Asia, 5 from Southeast Asia, 12 from East Asia, and 3 from the Pacific.<sup>18</sup> As robustness, we also considered a smaller (and arguably more standard in the literature) sample of 82 countries.<sup>19</sup> Within each panel, the dataset includes at most 10 observations consisting of non-overlapping five-year averages spanning the 1960–2010 period.

As pointed out above, the dependent variable in our empirical analysis is the average rate of growth in real per capita GDP within a five-year period. One of the key variables of interest is the degree of trade openness, which is defined as imports plus exports as a share of GDP, and is also measured as the average over any given five-year period. A number of other explanatory variables are

> 17 In the S-GMM system specification, the test is whether the residual of the equation in differences is second-order serially correlated, which would indicate that the original error term is serially correlated and follows a moving average process of at least order one. In this case, it would reject the validity of the proposed set of instruments and would call for higher order lags to be used as instruments.

> 18 See Appendix Table 1 for the list of countries in the analysis.

> 19 See for example Loayza and Rancière (2006) and Chang et al. (2009).

11