rafmacalaba/datause-encoder-data huggingface dataset:
and (ii) a reduction in demand due to adverse shocks to household incomes, increased economic anxiety and the associated increase in precautionary savings and reduced economic activities due to the spread of the pandemic. To understand the extent to which supply-side shocks and demandside responses drive our results, we use data on government responses to the pandemic to further inform our analysis. These data are collected on a real-time basis by the Assessment Capacities Project (ACAPS) and cover major travel restrictions, social distancing, and lockdown measures for 192 countries.<sup>7</sup> The data are compiled from various publicly available sources on the internet, including governments (official sites and embassies), media, United Nations agencies, and other organizations. Whenever available, the ACAPS prioritizes official/ governmental sources in collecting and assembling these data. Because each government measure is dated, we construct time-varying indicators of government responses, mainly social distancing and lockdown measures.

# **2.2 Economic Sectors, Services, and Associated Google Query Terms**

In addition to the relevance of search terms to demand in specific service categories, the quality of the information relayed by Google search data also depends on the comparability and representativeness of selected search terms. To make the search terms comparable across countries, more general terms such as "hotel" and "restaurant" are used to capture changes in demand for hotel and restaurant services. We use two search terms for each service category to enhance the robustness of the search query results. For instance, we measure temporal variations in demand for transport services, more specifically air travel, using "flight" and "airport" search terms. Slowdowns in the transport sector have ramifications for the tourism sector. Such spillovers, combined with social distancing and lockdown measures, could put a brake on tourist flows. We track the search terms "tourist" and "museum" to gauge changes in demand for tourism services. We use "mall" and "shopping" to measure changes in demand for the retail sector.

While economic sectors that require face-to-face interaction are expected to suffer, sectors that provide solutions to the challenges of reduced face-to-face interaction are likely to prosper. Some of the candidates for potential winners include ICT and delivery services. As more people are forced to work from home due to lockdowns and stay-at-home orders, internet-based group communication mediums have grown in popularity. We use the search terms "zoom" and "skype"

> 7 <u>https://www.acaps.org/</u>

8
computer-aided design (CAD) software in the productivity of valve manufacturing. Hjort and Poulsen (2019) analyzes how the access to fast Internet connection increases firm entry, productivity, and exports in African countries. Gupta, Ponticelli and Tesei (2020) study how the adoption of cellphones by Indian farmers increased their productivity by reducing their informational barriers.

There is, however, much less prior work studying technology within firms. To the best of our knowledge, we are the first to study the magnitude of within-firm variance in technology, the relationship between within-firm variance and productivity, to document the existence of technology curves, and the heterogeneity of their slopes across business functions.

Finally, there are interesting parallels between our contribution to measurement of technology and the efforts recently made to measure management practices. There is a long tradition in management and economics documenting and measuring specific management practices in typically a reduced (often just one!) number of companies. Pathbreaking studies by Bloom and Van Reenen (2007) and Bloom et al. (2019) have extended the scope of this literature by conducting firm-level surveys in a large number of firms across countries to measure the quality of management practices along several dimensions connected to operations, planning, monitoring and human resources.<sup>5</sup> Bloom and Van Reenen (2007) compute a firm-level index of management quality as the average of the scores across the 18 dimensions and study how the index relates to firm productivity.

Despite these similarities, there are also important differences between our paper and the literature on management practices. The nature of technologies and management practices are different. While management practices refer to establishing routines to deal with decision processes, technologies are embodied in machines, software or represent processes that typically require certain equipment and technological knowledge. More sophisticated technologies enhance productivity directly, but also indirectly by facilitating and/or inducing the implementation of certain management practices that make a company more productive. Beyond differences in the nature of the objects of study, our survey covers a wider range of business functions - both general and sector-specific - than management studies. This comprehensive coverage of business functions allows us to provide a richer characterization of the technologies used within the firm, which is critical to document the variation in technology sophistication across business functions, to uncover the heterogeneity in the slopes of technology curves across functions, to explore the relationship between within-firm variance in technology and productivity and to identify the sectoral variation in the relationship 5These surveys include the World Management Survey (WMS) and the Management and Organizational Practices Survey (MOPS). While the WMS is a telephone based survey, using double blinded methodologies; MOPS is an online and paper based survey.

4
00

# TABLE 67

_Me (chemukul and Butmco sie0 **OIS** Eimate of Aupeftod Cobb-Doue **=ProidLion** F ba - D t Vaisble - _IAB_ of Cont Price Va2ue Added (Vaues In par _theues arwe aadard ers)

||Basd<br>in D|on Value-A<br>omestic Pric|dded<br>es|Ba<br>in|sed on Value-<br>World Prices|Added|
|---|---|---|---|---|---|---|
||1|2|3|4|5|6|
|Intecept<br>% Senegalese Private)|2.506'<br>(1.057)|.3281'<br>(1.162)|-2.071+<br>(1.609)|-3.871<br>(124)|3.749<br>(1306)|-2.939<br>(1349)|
|Ownershin:|||||||
|% Senegalese State<br>% French|1.514<br>(O"829)<br>0.77h<br>(0.239)|1.086<br>(0.738)<br>0.793*<br>(0.221)|1.138<br>(0.718)<br>0.6906<br>(0217)|-0.485<br>(0.957)<br>0.411<br>(0286)|0.027<br>(0836)<br>0.656<br>(0248)|0.158<br>(0.805)<br>0549<br>(0.242)|
|% Syro-Lebanese<br>% Other Foreign|0.232<br>(0268)<br>1.498<br>(0359)|0.295<br>(0266)<br>1.133'<br>(0306)|0.050<br>(0.244)<br>0.939<br>(0.289)|0397<br>(0305)<br>0.973*<br>(0.485)|0.403<br>(0.295)<br>0.716<br>(0367)|0309<br>(0.271)<br>0.644+<br>(0.333)|
|Trade Variables:|||||||
|Effective Rate of<br>Protecion|0.013<br>(0.012)|0.013<br>(0.011)|0.001<br>(0.011)|-0.344'<br>(0.054)|-0331<br>(0.049)|^0343<br>(0.047)|
# Implicit Pension Debt, Transition Cost,

# Options and Impact of China's Pension Reform

## _-A Computable General Equilibrium Analysis_

### **Yan Wang, Dianqing Xu, Zhi Wang, and Fan Zhai***

Paper prepared for the World Bank Policy Research Working Paper series, and also presented at the conference on Developing through Globalization: China's Opportunities and Challenges in the New Century, held in July 5-7, 2000, in Shanghai, China.

* Yan Wang is senior economist at The World Bank, Dianqing Xu is associate professor at the University of Western Ontario, Zhi Wang is economist at the U.S. Department of Agriculture, and Fan Zhai is associate research fellow at the Development Research Center, State Council, China. The authors are grateful to Estelle James and Mark C. Dorfinan for advice. They extend their thanks to Deepak Bhattasali, Louise Fox, Robert Holzmann, E.C. Hwa, Shantong Li, Jun Ma, Yvonne Sin, Larry Thompson, Xiaoqing Yu, and Kangbin Zheng for comments and suggestions; as well as to participants at a NBER-CCER seminar held in July 1999, and a World Bank-MOF seminar on Managing Fiscal Risk held on June 12-15, 2000. Support from the Bank's Research Committee (RP0683-52) and from Development Research Center (China) is gratefully acknowledged.
POVERTY AND INFRASTRUCTURE ACCESS IN SLUMS

**Table 7-5. Infrastructure and services (cont’d)**

|Indicator|Nair|obi|Dak|ar|Johan|nesburg|
|---|---|---|---|---|---|---|
||N|Value|N|Value|N|Value|
|_Health services_|||||||
|% of 0–14 year old immunized against BCG (tuberculosis)1|1,801|97.7|6,384|98.9|||
|% of households who say health services exist in their settlements|1,755|88.8|1,960|88.9|||
|% of households who say quality of health services is at least “satisfactory”|||||1,618|73.7|
|_School facilities_|||||||
|% of households who say public school services exist in their settlements|1,755|51.8|1,960|59.3|||
|% of households who say private school services exist in their settlements|1,755|85.2|1,960|58.1|||
|% of households whose children need to travel 30 min. or less to school|||||1,388|69.8|
|_Roads_|||||||
|% of households who say internal road systems exist within their settlements|1,755|97.6|1,960|35.0|||
|% of households who say access road services to their settlements exist|1,755|98.3|1,960|55.5|||
|_Mode of transportation_to school and work by individuals (%)<sup>1, 2</sup>|||||||
|By foot|2,680|55.0|5,949|39.5||84.0|
|Bike|64|1.3|36|0.2||0.7|
|Motorbike||||||99.8|
|Private car|6|0.1|240|1.6||1.6|
|Shared taxi / gypsy taxi|3|0.1|100|0.7|||
|Taxi|2|0.0|36|0.2||0.5|
|Microbus/matatu|962|19.8|89|0.6||93.0|
|Bus regular|16|0.3|2,230|14.8||7.5|
|Train||||||21.3|
|Other|58|1.2|261|1.7||0.4|
|NA|1,033|21.2|5,575|37.0|||
|No response|47|1.0|1|0.0|||
|Do not know|||542|3.6|||
|TOTAL|4,871|100|15,059|100|1,618||
|_Selective overall infrastructure access_|||||||
|% of households who have neither piped water or electricity|1,755|66.0|1,960|2.8|1,618|44.3|
|% of households who have both piped water and electricity|1,755|6.5|1,960|75.7|1,618|30.7|
|% of households who have no piped water or electricity or permanent wall|1,755|62.8|1,951|0.5|||
|% of households who have piped water and electricity and permanent wall|1,755|3.4|1,951|74.3|||

1 Based on individual level survey data that is not weighted since the available sampling weight information is at the household unit level. 2 For Johannesburg, the data is collected at the household level and are not mutually exclusive, as in that survey each household was asked to give multiple modes (instead of the primary mode) used by household members.

32
likely decrease. This is driven by a reduction of inequality between and within countries. Convergence of incomes per capita between countries, mainly depending on closing up of productivity gaps between high income and developing countreis, is further boosted by the education wave. In addition, despite its increasingly larger weight in determing global inequality, within-country inequality would descrease in most countries. Education, especially for the developing world, can still play the role of the great equalizer. The results also show that the pressure on high income countries may still be on in the future.

# **References**

Acemoglu, D. (2009). _Introduction to Modern Economic Growth_ . Princeton University Press.

- Acemoglu, D. (1998). Why do New Technologies Complement Skills? Directed Technical Change and Wage Inequality. _The Quarterly Journal of Economics_ 113(4), 1055–1089.

- Acemoglu, D. (2002b). Technical Change, Inequality, and the Labor Market. _Journal of Economic Literature_ 40(1), 7–72.

- Ahmed, S.A., M. Cruz, D.S. Go, M. Maliszewska, and I. Osorio-Rodarte (2016). “How significant is Sub-Saharan Africa’s demographic dividend for its future growth and poverty reduction?” _Review of Development Economics_ doi:10.1111/rode.12227.

- Ahmed, S. Amer, Cruz, Marcio, Quillin, Bryce, and Schellekens, Philip (2016). "Demographic change and development: a global typology," Policy Research Working Paper Series 7893, The World Bank.

- Alvaredo, F., A. B. Atkinson, T. Piketty, and E. Saez (2013). The top 1 percent in international and historical perspective. Technical report, National Bureau of Economic Research.

- Arbache, J., D.S. Go, and J. Page (2010). “Is Africa’s economy at a turning point?” in D.S. Go and J. Page (eds.), _Is Africa’s Economy at a Turning Point? Growth, Aid, and External Shocks._ Washington DC: World Bank, pp. 13-85.

Atkinson, A. (2015). _Inequality – What can be done?_ Cambrige: Harvard University Press.

- Autor, David H. 2015. "Why Are There Still So Many Jobs? The History and Future of Workplace Automation." Journal of Economic Perspectives, 29(3): 3-30.

- Autor, D., Dorn, D., Hanson, G, and Majlesi, K. (2016). "Importing political polarization? the electoral consequences of rising trade exposure." NBER Working Paper 22637.

- Barro, R. J. and Lee, J. W. A new data set of educational attainment in the world, 1950—2010. _Journal of development economics_ , n. 104, 2013.

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31
by Feder and Akihiko, 1996).6 Distinguishing it from the latter two effects, which result from liberalized transfer rights, faces a number of challenges, including the fact that transfer rights and tenure security often move together. Fortunately, the theory developed in Section 1 below suggests a number of quite specific tests that permit us to distinguish security from regret and factor price equalization effects. Many of these tests are variations on what have become known as separabilty tests that ask whether shadow prices and factor choices in production independent of household endowments and consumption choices. Interestingly, the modeling done here suggest that much conventional separability testing has been misspecified in the sense that non-separability, if it holds at all, applies differently across different market participation regimes and that a single regression model that pools observations across regimes is inappropriate.

Section 2 develops an econometric implementation of the theoretical model. While offering a powerful, if statistically conservative, control for latent variables, the panel data methods put forward force reliance upon simulated maximum likelihood (SML) methods given multiple land market participation regimes and the presence of censoring in the investment data. Using data collected in 1988 and 1993 on. a sample of 400 rice-producing households spread across 40 villages in 2 Chinese provinces, Section 3 then presents the SML results. While the models and methods demand a lot of the data, both investment regret and factor price equalizations effects prove significant. Interestingly, the tenure security effects

> 6 For China, recent studies by Rozelle, Li and Brandt (1998), Carter and Yao (1998), and Jacoby Li, and Rozelle (1998) find some evidence of tenure security effects, standing in contrast to the earlier study by Feder, Lau, Lin, and Luo (1992) who found that the link between fanners' perception of tenure security and farm investment was very weak if positive at all. The investment regret effect is similar to what Besley identifies as the tenns of trade effect, while the factor price equalization effect has parallels to Gavian and Fafchamps (1996) tests of allocative inefficiency.

4
# **5. VF Financial Information and Performance**

The discussion of VF performance begins with an examination of the financial position of Village Funds, as reported in the 2010 survey and summarized in Table 10. Information relevant to the balance sheet is given in the first two panels, and income and expenditure data near the bottom of the table. The first two columns of numbers show the median and mean amounts per village fund, _for those reporting values for these variables_ . The working assumption is that when values are not reported, they are really zeros; thus, for instance, while the mean donation received by the 50 village funds that got funding from NGOs was 101,000 baht, this represents an average of just 2,000 baht per village fund when averaged over all VFs.

By far the most important source of capital is the initial contribution of a million baht by the government, which mainly occurred in 2002-2004. In the first couple of years of the VF, some Village Funds received additional working capital from the government, which pushed the mean contribution up to 1.165 million baht (for those Village Funds reporting). Two other sources of funding are relatively important: the first is borrowing from banks such as the BAAC. Over one in five Village Funds have borrowed from the established banks, and the median amount borrowed by these VFs was a million baht. The other important source of capital is savings deposits by VF members, which averaged 161,000 baht, or about a tenth of total loanable funds.

Most capital is used to lend to VF members, although at the time of the survey – May 2010 – about threetenths of all VF funds were held as deposits in the banking system. Some of this money was thus available for loans later in the year – for instance, for emergency purposes – and some of it remained idle, in the sense of not being lent to villagers, for the whole year.

The main source of a VF‟s revenue is interest on its loans; some of this revenue is used to pay interest to banks and savers, leaving an average reported “profit” of 77,000 baht per fund per year. A fraction of this is used to pay shareholders, a modest amount is distributed for welfare programs, on average a total of 12,000 baht (about $400) is paid to members of the VF committees as honoraria, and the remainder is applied to building capital or replacing non-performing loans. By this measure, about one in eight Village Funds reported making a loss in 2009-2010, but as we discuss below, this is not a satisfactory measure of profit, and so we need to define and model profit more appropriately.

17
foreign securities (one for Foreign securities Dummy), as well as those who have held a short equity position (one for Short user Dummy) are likely to be financially more sophisticated. Ivkovic, Sialm and Weisbenner (2008) propose and empirically document that investors who hold more concentrated portfolios are financially more sophisticated as they possess informational advantages that allow them to outperform investors with diversified portfolios. We also assume that households with more concentrated portfolios (Concentration) are more likely to be financially sophisticated. We examine the impact of sophistication by first creating a composite Sophistication measure and then interacting Sophistication with the AdjIlliq variable. The computed sophistication measure ranges from a minimum value of 0 for the least sophisticated investor to a maximum value of 7 for the most sophisticated investor.<sup>18</sup> In column (6) of Panel A the coefficients on Foreign securities Dummy, Option user Dummy, Short user Dummy, Log (Total Equity) and Concentration are greater than one and statistically significant suggesting that most of the characteristics we associate with investor sophistication, except for Log (Income), are correlated with shorter holding periods. Similar to results in Panel A we show in columns (1) and (2) of Panel B in Table 3 that investors with higher Sophistication scores on average have shorter holding periods as the hazard ratio coefficient on Sophistication is greater than one and highly statistically significant. While these results document that more sophisticated investors trade more frequently we turn our attention to the interaction of

> 18 In the US transactions data set the most financially sophisticated investor would have an income greater than $75,000 per year, would be in the top quartile in terms of total equity holdings, would trade options and foreign securities, would have held at least one short position over the sample period, would have a portfolio concentration greater than 0.35 and would work either in a technical or managerial role. The least financially sophisticated investor would have a score of zero in all seven attributes.

22
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