rafmacalaba/datause-encoder-data huggingface dataset:
Wealth, weather risk, and the
            composition and profitability of agricultural investments
Despite the growing evidence that
            farmers in low-income environments are risk-averse, there
            has been little empirical evidence on the importance of risk
            in shaping the actual allocation of production resources
            among farmers differentiated by wealth.  The authors use
            panel data on investments in rural India to examine how the
            composition of productive and nonproductive asset holdings
            varies across farmers with different levels of total wealth
            and across farmers facing different degrees of weather risk.
            Income variability is a prominent feature of the experience
            of rural agents in low-income countries.  The authors report
            evidence, based on measures of rainfall variability, that
            the agricultural investment portfolio behavior of farmers in
            such settings reflects risk aversion, due evidently to
            limitations on consumption-soothing mechanisms such as crop
            insurance or credit markets.  The authors' results
            suggest that uninsured weather risk is a significant cause
            of lower efficiency and lower average incomes:  a
            one-standard-deviation decrease in weather risk (measured by
            the standard deviation of the timing of the rainy season)
            would raise average profits by up to 35 percent among
            farmers in the lowest wealth quartile.  Moreover, rainfall
            variability induces a more unequal distribution of average
            incomes for a given distribution of wealth. Wealthier
            farmers are willing to absorb significant risk without
            giving up profits to reduce production risk.  Smaller
            farmers have to invest their limited wealth in ways that
            reduce their exposure to risk at the cost of lower profit
            rates.  The authors found that at high levels of rainfall
            variability, differences in rates of profit per unit of
            agricultural assets were similar across classes of wealth.
            But over the sample range of rainfall variability, these
            rates of profit were always higher for the poorer farmers
            than for the wealthier ones, suggesting that the
            disadvantages of small farmers in risk diffusion are more
            than offset by their labor cost advantage.
Measuring the incomes of economies
            of the former Soviet Union
There is as yet no fully satisfactory
            way to compare income per capita of the former Soviet Union
            with that of other economies. Even more problematic is
            compiling estimates for the separate economies that have
            emerged with the breakup of the Soviet Union. The main
            problem is the isolated non-market economy of the country,
            compounded by the chaotic state of information services. The
            results presented here, while subject to considerable
            uncertainty, are considered reliable enough for their
            primary purpose: to assign the new states of the Soviet
            Union to income categories for Bank analytical and
            operational purposes. The main difficulty was choosing a
            ruble-dollar conversion factor that accords reasonably well
            with the Bank's Atlas method. Official rates cannot be
            used because they are as artifical and misleading as any
            other planned price, meaning that they diverge by a large
            margin from the rate effectively applied to international
            transactions. This study investigated three alternative
            conversion methods, yielding GNP per capita estimates for
            the former Soviet Union for 1990 ranging from $2,440 to
            $3,720. The method judged most reliable (referred to as the
            synthetic Atlas-type conversion factor) gave an estimate of
            $2,870. The figure is somewhat at odds with Atlas estimates
            for the former Soviet Union and other members of the Council
            for Mutual Economic Assistance (CMEA), which may reflect the
            limited applicability of the Atlas methods for historically
            planned economies. Income per capita is calculated for each
            of the states of the former Soviet Union and for the other
            European members of CMEA. The method developed here relies
            on a purchasing power parity bridge from planned to market
            economies. Unlike conventional use of this measure, the
            study uses the relationship between purchasing power parity
            and exchange rates for comparator market economies to
            suggest an Atlas-type conversion factor. The estimations for
            the state of the former Soviet Union have a suggested margin
            of error of plus or minus 10 percent. Incomplete reports for
            1991-92 show large declines in real GDP in all countries of
            the former Soviet Union - as much as 25 percent in some
            cases. It is unlikely that mechanically extending results to
            1992 will yield meaningful results, so this study is just a beginning.
The pricing of country funds and
            their role in capital mobilization for emerging economies
The authors theoretically analyze
            country funds, focusing on emerging economies in which
            capital markets are not readily accessible to outside
            investors. They study country-fund pricing and the
            associated policy implications under alternative variations
            on segmentation of international markets. They show that
            country funds traded in the developed capital markets can
            help promote the efficiency of pricing in the emerging
            capital markets and can enhance capital mobilization by
            local firms. These efficiency gains vary depending on the
            degree of the international investor's access to the
            emerging market securities (access effect), on the degree to
            which the industrialized countries' securities market
            span the securities offered in the emerging markets
            (substitution effect), and on the existing cross-border
            arbitrage restrictions. As a byproduct of their analysis,
            the authors study the reasons why country funds sell at a
            premium or discount relative to their net underlying asset
            value. They also show that the efficiency gains that arise
            with the development of new funds can be positive even when
            these funds start trading at a discount. They conclude with
            a catalog of policy implications, including strategies for
            efficiently promoting country funds. For example : in
            general, introducing the country fund in the advanced or
            developed market increases the prices of the underlying
            component assets traded in the originating emerging markets;
            as a policy matter, country funds that should be encouraged
            by emerging countries for introduction by fund promoters
            should be targeted to those local assets with imperfect or
            no substitutes in the advanced core markets; and in some
            circumstances, it may be socially optimal to subsidize the
            introduction of new funds that are expected to sell at a discount.
Earnings and education in Latin
            America : assessing priorities for schooling investments
The authors use household survey data
            for 18 Latin American countries to assess earnings
            differentials by level of education, and to assess how these
            differentials changed in the 1980s.  Introducing the cost of
            education allows them to estimate private and social rates
            of return on investments on education across several
            dimensions:  by gender, by level of education, by sector of
            employment, by nature of the secondary school curriculum,
            and over time.  The results show that, in most countries,
            the earnings premium received by graduates of higher
            education decreased in the 1980s.  Investment in primary
            education shows the highest rate of return among all levels
            considered - and is still the number one investment priority
            in most countries.
Development of the Zimbabwe family
            planning program
Family planning was introduced in
            Zimbabwe as a voluntary movement in the 1950s. Volunteers
            formed a Family Planning Association in the mid-1960s. The
            government became interested in family planning in the late
            1960s after analysis of the 1961 population census. It gave
            the Family Planning Association an annual grant, allowed
            contraceptives to be available through Ministry of Health
            facilities, and allowed nonmedical personnel to initiate and
            resupply family planning clients with condoms and pills. But
            before Zimbabwe achieved independence in 1980, family
            planning was viewed with great suspicion by the black
            majority, so the program's effectiveness was limited to
            the urban few. A new era began after independence. The new
            government took over the Family Planning Association and
            changed its outlook completely. Through government and
            international donor support, the family planning program was
            restructured and expanded. The number of family planning
            personnel more than doubled in some units. More service
            delivery points were set up - particularly in rural areas.
            And the information, education, and communication and
            evaluation and research units were established. Through a
            World Bank-assisted project (with grant funding from Norway
            and Denmark), the Ministry of Health began strengthening its
            family planning capabilities. These efforts helped increase
            the contraceptive prevalence rate from about 14 percent in
            1982 to 43 percent in 1988. But the program's growth is
            beginning to stall. More effort and resources are needed if
            the program is to grow or even maintain its present status.
            Particularly important are the following: designing
            innovative strategies to reach hard-to-reach populations;
            giving more emphasis to information, education, and
            communication, especially for men and youths, using
            multimedia; involving other sectors in the delivery of
            family planning services; broadening the mix of
            contraceptive methods (especially promoting long-term and
            permanent methods); making use of alternative family
            planning delivery systems, such as the use of depot holders,
            volunteers, and government extension workers; establishing a
            national population policy; and considering cost recovery
            and other measures for self-sustainment and program growth.
Mongolia - Privatization and system
            transformation in an isolated economy
The authors examine the process of
            economic transformation in Mongolia, a huge, isolated,
            sparsely populated country. After identifying factors that
            led to formulation of a radical adjustment program in such
            an isolated country, they focus on Mongolia's
            innovative voucher privatization scheme, and the interplay
            between the speed of contraction in resource availability
            and that of the movement to a market economy. They show that
            the reform process was not smooth: that after the rapid
            formulation and implementation of major reforms, there was a
            marked slowdown, when reform timetables were revised and a
            more gradualist approach adopted. Later, reforms driven by
            the privatization program picked up momentum again. But one
            important lesson learned in Mongolia is that voters are
            likely to shy away from radical reformers when faced with
            growing shortages and a collapsing economy. In June 1922,
            the Mongolian People's Revolutionary Party (the former
            communist party) was returned to power in general elections,
            capturing 72 of 76 parliamentary seats. The authors identify
            factors related to speed versus caution: organization and
            institutional limitations; political considerations; whether
            a model of transformation exists; and a contracting resource
            envelope. Using a simple computable general equilibrium
            model, they analyze the impact of the cutoff of Soviet aid,
            which amounted to 30 percent of GDP, and of the disruption
            of trade. They conclude that preventing a decline in welfare
            of more than 20 percent - which is close to the decline in
            1991 - would require aid flows of about 15 percent of GDP.
            Their model suggests that the rural sector is reasonably
            well insulated from external shocks, in sharp contrast with
            the urban sector. One response scenario explored by the
            model is that of massive reverse migration to rural areas.
            They point out that the more the resource envelope tightens
            and squeezes away the margin above subsistence, the harder
            it will be to sustain an orderly pattern of reform. In the
            extreme, this pattern may force the country to adopt a
            rationed wartime economy, despite intentions to shift to a
            market system.
Lessons from bank privatization in Mexico
The recently completed privatization of
            Mexican commercial banks may be one of the most successful
            financial operations in recent years.  In 13 months, the
            Mexican authorities were able to sell 18 banks to private
            groups of Mexican investors for more than US$13 billion
            total - more than three times book value, and with a
            price/earnings ratio of 14.5.  The author, Director General
            of the Development Planning Unit of the Ministry of Finance
            and a member of the Privatization Committee that supervised
            the program, sets out the preconditions, objectives, and
            main achievements of the privatization program.  He
            summarizes the Mexican experience in nine lessons that may
            be relevant for developing countries considering similar
            exercises: The conditions suitable for privatization and the
            strength of the financial system are directly related to the
            economy's general performance.  Macroeconomic stability
            is essential for bank privatization to succeed.  Bank
            privatization must be complemented by the structural
            transformation of the economy, to improve efficiency and
            productivity.  Financial reform must aim to strengthen
            competitive economic conditions and to enhance the
            efficiency of the financial sector.  Bank privatization
            requires a new legal framework, especially designed for
            private institutions.  Legal reform should lead to
            structures that encourage solid, efficient financial
            intermediation. To encourage ample participation and to
            ensure fairness, the privatization process must be
            trustworthy - with clear objectives, precise rules, and
            transparent procedures.  The mechanics of privatization
            should be consistent with the legal framework and should be
            based on adequate, detailed preparation.  The proceeds of
            privatization should be in cash, which should be used to
            permanently reduce government outlays.  Common sense rules
            should be followed, such as selling the small banks first,
            ensuring economic certainty and confidence, centralizing
            management of the privatization program, and ensuring
            honesty and transparency in the process.  The overall lesson
            of the Mexican experience is that bank privatization should
            not be rushed.  Mexico waited until 1990, when inflation was
            less than 20 percent a year and the banks were strong (their
            numbers had been reduced and risky ventures restricted),
            while  meticulous preparation set the ground rules for
            transparent and effective procedures.
Tariff and tax reform : do World
            Bank recommendations integrate revenue and protection objectives
Tariff reform aimed at reducing domestic
            protection and the bias against exports holds the threat of
            widening the fiscal deficit by causing tariff revenue to
            decline. Because the success of an adjustment program
            depends critically on the correction of fiscal imbalances to
            achieve stabilization, tariff reforms must be coordinated
            with tax policy recommendations to develop alternative
            revenue sources. Conversely, the tariff reforms must
            eliminate the protective elements of domestic tax structures
            if they are to truly achieve their protection objectives.
            Rajaram reviews the extent to which the Bank's analysis
            and tariff recommendations in twelve countries (Bangladesh,
            Ghana, Indonesia, Jamaica, Malawi, Morocco, Pakistan, the
            Philippines, Thailand, Turkey, Zaire, and Zambia) reflected
            such  an integrated framework. He focuses on (1) the revenue
            impact of tariff reform, (2) the effect of domestic indirect
            taxes on protection, and (3) the structure of protection.
            The review is admittedly selective and the attempt is to
            capture the reasoning behind "typical" Bank
            recommendations. Rajaram finds that the quality of analysis
            underlying Bank recommendations in this regard is highly
            uneven. The following broad conclusions are indicated: (1)
            revenue concerns are often not adequately addressed in the
            design of tariff proposals, (2) the protective effect of
            domestic indirect taxes is often not recognized and thus not
            incorporated into the reform of the structure of protection,
            and (3) although there is little consensus on a desirable
            tariff structure, in a few cases the Bank has recommended a
            uniform nominal tariff. This could be seen as the logical
            culmination of attempts to narrow the range of tariffs.
Social gains from female education :
            a cross-national study
The authors explore the strength of
            female secondary education relative to, and in combination
            with, family planning and health programs in reducing
            fertility and infant mortality.  They find that family
            planning and health programs do influence fertility and
            mortality, but that the impact of expanding female secondary
            enrollments appears to be much greater, especially in
            countries with low female secondary enrollment.  Fertility
            and infant mortality are more elastic with respect to female
            secondary education than to family planning and health
            programs.  Their simulations suggest the following. Doubling
            female secondary school enrollment (from 19 to 38 percent)
            in 1975 would have reduced the total fertility rate in 1985
            from 5.3 to 3.9.  Doubling the family planning service score
            (from 25 to 50 percent) in 1982 would have reduced the total
            fertility rate only from 5.5 to 5.0.  Doubling female
            secondary school enrollment in 1975 from 19 to 38 would have
            reduced the infant mortality rate from 81 to 38.  Halving
            the ratio of population per physician would have reduced the
            infant mortality rate only from 85 to 81. Doubling per
            capita GDP from $650 to $1,300 would have reduced the infant
            mortality rate only from 98 to 92. Doubling female secondary
            school enrollment (from 19 to 38) in 1975 would have lowered
            the number of births by 29 percent of the 1985 number.
            Doubling family planning services would have reduced it by
            3.5 percent.  Doubling female secondary school enrollment
            would have reduced infant deaths by 64 percent.  Halving the
            ratio of population per physician would have reduced it only
            by 2.5 percent.  Doubling per capita GDP has no effect on
            reducing infant deaths, all other factors being constant.
            Female education affects desired family size by raising the
            opportunity cost of a woman's time in economic
            activities, increasing demand for family planning, and
            promoting more effective contraceptive use.