rafmacalaba/datause-encoder-data huggingface dataset:
Analyzing building height
            restrictions - predicted impacts, welfare costs, and a case
            study of Bangalore, India
The authors analyze the effects of
            building height restrictions, providing a concrete welfare
            cost estimate for the city of Bangalore, India. Relying on
            several theoretical results, their analysis shows that the
            welfare cost imposed on its residents by Bangalore's
            building height restriction ranges between 3 and 6 percent
            of household consumption. This burden represents a
            significant share of individual resources, and its presence
            may push many marginal households into poverty.
Community-based (and driven)
            development : A critical review
Community-based (and driven) development
            (CBD/CDD) projects have become an important form of
            development assistance, with the World Bank's portfolio
            alone approximating 7 billion dollars. The authors review
            the conceptual foundations of CBD/CDD initiatives. Given the
            importance of the topic, there are, unfortunately, a dearth
            of well-designed evaluations of such projects. But there is
            enough quantitative and qualitative evidence from studies
            that have either been published in peer-reviewed
            publications or have been conducted by independent
            researchers to glean some instructive lessons. The authors
            find that projects that rely on community participation have
            not been particularly effective at targeting the poor. There
            is some evidence that CBD/CDD projects create effective
            community infrastructure, but not a single study establishes
            a causal relationship between any outcome and participatory
            elements of a CBD project. Most CBD projects are dominated
            by elites and, in general, the targeting of poor communities
            as well as project quality tend to be markedly worse in more
            unequal communities. However, a number of studies find a
            U-shaped relationship between inequality and project
            outcomes. The authors also find that a distinction between
            potentially "benevolent" forms of elite domination
            and more pernicious types of "capture" is likely
            to be important for understanding project dynamics and
            outcomes. Several qualitative studies indicate that the
            sustainability of CBD initiatives depends crucially on an
            enabling institutional environment, which requires upward
            commitment. Equally, the literature indicates that community
            leaders need to be downwardly accountable to avoid a variant
            of "supply-driven demand-driven development."
            Qualitative evidence also suggests that external agents
            strongly influence project success. However, facilitators
            are often poorly trained and inexperienced, particularly
            when programs are rapidly scaled up. Overall, a naive
            application of complex contextual concepts like
            "participation," "social capital," and
            "empowerment" is endemic among project
            implementers and contributes to poor design and
            implementation. In sum, the evidence suggests that CBD/CDD
            is best done in a context-specific manner, with a long
            time-horizon, and with careful and well-designed monitoring
            and evaluation systems.
Making the poor count takes more
            than counting the poor : A quick poverty assessment of the
            state of Bahia, Brazil
The state of Bahia, Brazil has made
            progress in reducing poverty and improving social indicators
            in the past decade. Despite this progress, Bahia's
            poverty is among the highest and its social indicators are
            among the lowest in Brazil. Currently, 41 percent of
            Bahia's population live in households below the poverty
            level, a drop of 14 percentage points since 1993. Moreover,
            poverty is less deep than in 1993, but deeper than in 1981.
            The fall in Bahia's social indicators, such as infant
            mortality and adult illiteracy, corroborate the improvement
            in measured income poverty. Part of the reason why the
            poverty indicators of Bahia are worse than in other
            countries with similar per-capita income is because of
            income inequality. In 2000 the Gini coefficient for Bahia
            was 0.61.  The National Household Survey Data, PNAD, from
            1981-2001 reveal that living in Bahia does not by itself
            affect the probability of falling below the poverty line in
            Brazil. Hence, other characteristics are more important for
            poverty reduction than geographical location. The strongest
            poverty correlates are education, experience, race, rural
            location, gender, and labor market association. Analyses
            reveal that the probability of being poor is decreasing with
            increasing educational attainment. The gender of the
            household head does not matter for poverty according to the
            poverty profile, but when we control for education and other
            individual characteristics, female-headed households have a
            much larger likelihood of being poor than do male-headed
            households. Household size also matters for poverty. Larger
            households are more likely to experience poverty than
            smaller households, and the effect is concave. Moreover,
            households with members under age five appear more likely to
            fall below the poverty line than families with no children
            below five years old. The presence of old-aged people (above
            65 years of age) in the household is an important factor
            contributing to poverty reduction.
When is external debt sustainable
This paper examines the determinants of
            "debt distress," which they define as periods in
            which countries resort to exceptional finance in any of
            three forms: (1) significant arrears on external debt, (2)
            Paris Club rescheduling, and (3) nonconcessional
            International Monetary Fund lending. Using probit
            regressions, the authors find that three factors explain a
            substantial fraction of the cross-country and time-series
            variation in the incidence of debt distress: the debt
            burden, the quality of policies and institutions, and
            shocks. They show that these results are robust to a variety
            of alternative specifications, and that their core
            specifications have substantial out-of-sample predictive
            power. The authors also explore the quantitative
            implications of these results for the lending strategies of
            official creditors.
A conceptual framework for
            retirement products : Risk sharing arrangements between
            providers and retirees
Voluntary annuity markets are, in most
            countries, smaller than what the theoretical and part of the
            empirical literature would suggest. There are both demand
            and supply constraints that hamper the development of
            annuity markets. In particular, traditional products
            available in most countries can require excessive minimum
            capital requirements for given investment opportunities
            available to providers. Investment and longevity risk should
            be shared between providers and annuitants so that supply
            constraints can be relaxed. Alternative annuity products,
            which imply risk sharing, could be backed by substantially
            lower capital investments or, equivalently, provided at
            substantially lower prices to consumers.
A conceptual framework for
            retirement products : Risk sharing arrangements between
            providers and retirees
WPS 3208

# **A Conceptual Framework For Retirement Products: Risk Sharing Arrangements Between Providers And Retirees**

Gregorio Impavido, Craig Thorburn, Mike Wadsworth<sup>†</sup> The World Bank and Watson Wyatt

### Abstract

Voluntary annuity markets are in most countries smaller than what the theoretical and part of the empirical literature would suggest. There are both demand and supply constraints that hamper the development of annuity markets. In particular, traditional products available in most countries can require excessive minimum capital requirements for given investment opportunities available to providers. Investment and longevity risk should be shared between providers and annuitants so that supply constraints can be relaxed. Alternative annuity products, which imply risk sharing, could be backed by substantially lower capital investments or, equivalently, provided at substantially lower prices to consumers.

### World Bank Policy Research Working Paper 3208, February 2004

_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 view of the World Bank, its Executive Directors, or the countries they represent. Policy Research Working Papers are available online at http://econ.worldbank.org._

## **JEL Classification Codes** : G22, G23.

## **Keywords** : Annuities, Retirement benefits, Risk sharing.

> † Gregorio Impavido (gimpavido@worldbank.org) is Senior Financial Economist and Craig W. Thorburn (cthorburn@worldbank.org) is Senior Financial Specialist, both in the Financial Sector Operations and Policy Department of the World Bank.  Mike Wadsworth

> (mike.wadsworth@eu.watsonwyatt.com) is Partner at Watson Wyatt.  The authors are grateful to Mike Orszag and Sara Zervos for useful comments.
Enabling productive but asset-poor
            farmers to succeed : A risk financing framework
This paper examines how market-based
            risk financing instruments could enable asset-poor but
            productive farmers exposed to production shocks to engage in
            riskier but higher-return agricultural activities. The
            financing of these exogenous shocks is addressed in a
            conceptual framework based on an optimal allocation of
            capital where the farm is viewed as a business unit. The
            approach allows for (1) testing the business viability of a
            specified crop by assessing the minimum business capital
            required to ensure the continuity of the business after the
            occurrence of an adverse production shock; and (2) designing
            an optimal risk financing program to finance the minimum
            capital requirements using a combination of instruments
            (insurance, savings, and borrowing). The authors provide
            numerical and graphical examples to illustrate the relevance
            of this financial approach to the specific issues of
            agricultural risk management.
What do we know about competition
            agencies in emerging and transition countries Evidence on
            workload, personnel, priority sectors, and training needs
During 2003, the World Bank Institute
            sent a needs assessment questionnaire to 48 competition
            agencies in transition and emerging countries in Africa,
            Asia, Europe, and Latin America. Responses were classified
            according to the World Bank's analytical regional
            grouping and the evidence allows a cross-regional comparison
            of competition agencies' workload, personnel, priority
            sectors, and training needs. The view of competition
            authorities as a homogenous group across countries and
            regions can be discarded. The analysis of the needs
            assessment questionnaire shows that there are significant
            heterogeneities among competition agencies' mandates,
            exempted sectors, professional personnel endowment, and
            capacity needs. An important lesson for the design of
            training courses is that competition agencies do not need
            introductory courses. There is a significant demand for
            training on substance, on how to solve day-to-day
            technically challenging cases. Responses confirm the growing
            importance of competition policy issues in infrastructure
            services (such as market foreclosure and access to essential
            facilities) and the need to foster coordination between
            sector regulators and competition agencies.
Assessing the potential benefit of
            trade facilitation : A global perspective
The relationships between trade
            facilitation, trade flows, and capacity building are complex
            and challenging to assess, both empirically and in
            implementation. The authors measure and estimate the
            relationship between trade facilitation and trade flows
            across 75 countries in global trade, considering four
            important categories: port efficiency, customs environment,
            regulatory environment, and service sector infrastructure. A
            gravity model is employed that accounts for bilateral trade
            flows in manufactured goods in 2000-01 between the 75
            countries, using traditional factors such as GDP, distance,
            language, and trade areas, and is augmented by the trade
            facilitation measures in the four categories for each
            country. The results suggest that both imports and exports
            for a country and for the world will increase with
            improvements in these trade facilitation measures. Potential
            gains from trade facilitation reforms are predicted by using
            the estimated parameters. The gains from trade facilitation
            are presented by comparing the gains across geographical
            regions and trade facilitation categories, and by domestic
            and partner improvements. The total gain in trade flow in
            manufacturing goods from trade facilitation improvements in
            all the four areas is estimated to be $377 billion. All
            regions gain in imports and exports. Most regions gain more
            in terms of exports than imports, in large part through
            increasing exports to the OECD market. The most important
            ingredient in getting these gains, particularly to the OECD
            market, is the country's own trade facilitation
            efforts. The detailed presentation of the results of the
            analysis may help inform policy decisions and capacity
            building choices.
Regulating islamic financial
            institutions : The nature of the regulated
More than 200 Islamic financial
            institutions (IFIs) operate in 48 countries. Their combined
            assets exceed $200 billion, with an annual growth rate
            between 12 percent and 15 percent. The regulatory regime
            governing IFIs varies significantly across countries. A
            number of international organizations have been established
            with the mandate to set standards that would strengthen and
            harmonize prudential regulations as they apply to IFIs. The
            authors contribute to the discussion on the nature of
            prudential standards to be developed. They clarify the risks
            that IFIs are exposed to and the type of regulations that
            are needed to systematically manage them. They consider that
            the industry is still in a development process whose
            eventual outcome is the convergence of the practice of
            Islamic financial intermediation with its conceptual
            foundations. The authors contrast the risks and regulations
            needed in the case of Islamic financial intermediation
            operating according to core principles and current practice.
            They outline implications for approaches to capital
            adequacy, licensing requirements, and reliance on market
            discipline. They then propose an organization of the
            industry that would allow it to develop in compliance with
            its principles and prudent risk management, and facilitate
            its regulation.
Firms, jobs, and employment in Moldova
Despite low open unemployment, labor
            market outcomes are unsatisfactory in Moldova. Employment is
            low and job opportunities are scarce. The author examines
            labor market performance in Moldova by focusing on firm
            dynamics. He finds that the low level of employment in
            Moldova is due to the low rate of firm entry and the low
            rate of job creation in existing firms. Although the rate of
            job destruction is high, this is typical of transition
            economies, and is a problem only because it is not coupled
            with a commensurate rate of job creation. Firm exit is
            limited and thus is not an important factor behind job
            losses. The only sector of the economy that creates jobs on
            a net basis is that consisting of de novo private and small
            firms. However, in Moldova this sector is significantly
            smaller than in the most successful transition economies.
            The author argues that the primary factor behind the small
            size of the employment generating sector is the high cost of
            doing business in Moldova. These include numerous
            administrative barriers, intrusive and costly inspections,
            and associated corruption. These costs-extremely high even
            by regional standards-lower the expected returns to business
            activity and thus discourage firm formation and growth. The
            author hence recommends improvements in the investment
            climate as a primary policy aimed at increasing productive
            employment and lowering unemployment. Priority should be
            given to fostering job creation through facilitating the
            formation of new firms and to reducing the constraints on
            the expansion of existing firms. The government should avoid
            measures aimed at forestalling the destruction of unviable
            jobs and firm exit as these are not conducive to long-run
            productivity and employment growth. Enhancing labor market
            flexibility is a further priority, as currently the
            apparently stringent provisions of the Labor Code are not
            complied with and enforced. Given the unsatisfactory
            business environment, active labor market programs are
            unlikely to be effective unless carefully targeted at the
            most disadvantaged worker groups.
Firms, jobs, and employment in Moldova
WPS 3253

# **FIRMS, JOBS AND EMPLOYMENT IN MOLDOVA**

# **Jan Rutkowski***

## World Bank Policy Research Working Paper 3253, March 2004

_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 view of the World Bank, its Executive Directors, or the countries they represent. Policy Research Working Papers are available online at http://econ.worldbank.org._

*  This paper was prepared for the Moldova Poverty Assessment study.  The author is grateful to Reema Nayar and Gordon Betcherman for useful comments and suggestions.
Business environment and firm entry
            : Evidence from international data
Using a comprehensive database of firms
            in Western and Eastern Europe, the authors study how the
            business environment in a country drives the creation of new
            firms. They focus on regulations governing entry, although
            they also examine the effects of a developed financial
            sector, a well-trained labor force, strong enforcement of
            intellectual property rights, and strict labor laws. The
            authors find entry regulations hamper entry, especially in
            industries that naturally should have high entry. They find
            that naturally "high entry" industries grow less,
            have lower profitability, and account for a lower share of
            the economy in countries with onerous regulations on entry.
            Also, value added per employee in naturally "high
            entry" industries grows more slowly in countries with
            onerous regulations on entry. This suggests entry
            regulations are neither benign nor welfare improving. The
            authors also find less entry into labor-intensive industries
            in countries with labor regulations that restrict the
            ability to fire workers. They do not imply that all
            regulations inhibit entry. In particular, regulations that
            enhance the enforcement of intellectual property rights or
            those that lead to a better developed financial sector do
            lead to greater entry in industries that do more research
            and development or industries that need more external
            finance. Finally, other aspects of the environment also
            matter: for instance, the general availability of skilled
            labor enhances entry in industries that require skilled labor.
Governance and bank valuation
Which public policies and ownership
            structures enhance the governance of banks? The authors
            construct a new database on the ownership of banks
            internationally and then assess the ramifications of
            ownership, shareholder protection laws, and supervisory and
            regulatory policies on bank valuations. Except in a few
            countries with very strong shareholder protection laws,
            banks are not widely held, but rather families or the state
            tend to control banks. The authors find that: (i) Larger
            cash flow rights by the controlling owner boosts valuations;
            (ii) Stronger shareholder protection laws increase
            valuations; and (iii) Greater cash flow rights mitigate the
            adverse effects of weak shareholder protection laws on bank
            valuations.  These results are consistent with the views
            that expropriation of minority shareholders is important
            internationally, that laws can restrain this expropriation,
            and concentrated cash flow rights represent an important
            mechanism for governing banks. Finally, the evidence does
            not support the view that empowering official supervisory
            and regulatory agencies will increase the market valuation
            of banks.