rafmacalaba/datause-encoder-data huggingface dataset:
25 Holmstrom, B., and J. Tirole. 1998. "LAPM: A Liquidity-Based Asset Pricing Model." National Bureau of Economic Research, Working Paper 6673.

Ibbotson, R., and L. Siegel. 1984. "Real Estate Returns: A Comparison with other Investments." _AREUEA Journal,_ 12: 219-241.

Kaminsky, G., S. Lizondo and C. Reinhart. 1997. "Leading Indicators of Currency Crises." Policy Research Working Paper 1856. The World Bank.

Kao, C. 1999. "Spurious Regression and Residual-Based Tests for Cointegration in Panel Data." _Journal of Econometrics,_ 90: 1-44.

Montiel, P. 1999. Policy Responses to Volatile Capital Flows. Paper presented at the WB-IMF-WTO Conference on Capital Flows, Financial Crises and Policies.

National Association of Real Estate Investment Trusts. 2000. _Real Estate Performance._ Special Issue. http://www.nareit.com/ Patel, S., and A. Sarkar. 1998. "Stock Crises in Developed and Emerging Markets." Research Paper 9809. Federal Reserve Bank of New York.

Pedroni. 1999. "Critical Values for Cointegration Tests in Heterogeneous Panels with Multiple Regressors." Oxford Bulletin of Economics and Statistics, 61.

Pesaran, M. H., Y. Shin, and R. J. Smith. 1999. "Bounds Testing Approaches to the Analysis of Long Run Relationships." Processed. http://www.econ.camn.ac.uk/faculty/pesaran/ Potter, S.M. 1995. "A Nonlinear Approach to U.S. GNP." _Journal of Applied Econometrics,_ 10: 109-125.

Reinhart, V. R. 1998. "Equity Prices and Monetary Policy in the United States." In _The Role ofAsset Prices in the Formulation of Monetary Policy._ Conference Papers, Vol. 5. Bank of International Settlements.

Sarno, L., and M. P. Taylor. 1999. "Moral Hazard, Asset Price Bubbles, Capital Flows, and the East Asian Crisis: The First Tests." _Journal of International Money and Finance._ 18: 637-57.

Sellin, Peter. 1998. "Asset Prices and Monetary Policy in Sweden." In _The Role ofAsset Prices in the Formulation of Monetary Policy._ Conference Papers, Vol. 5. Bank of International Settlements.

Shiller, R. 2001. "Bubbles, Human Judgment and Expert Opinion." Cowles Foundation Discussion Papers 1303 Yale University.
7 demand studies **are** mode choice studies, i.e., studies which predict shares of a fized volume of traffic among modes **and** investigate users' mode choice behavior. These produce own-prLce and cross-price elasticities between modes but they differ from ordinary demand elasticities described above In that they do not take into account the effect of a transport pricre change on the aggregate volume of traffic. One can derive mode-split elastici ies from ordinary elasticities but this entails a loss of information, ard thus rarely would be a useful exercise. Because ordinary price elasticities generally are more useful than mode split elasticities, it is desirable to be able to convert mode choice elasticities to ordinary elasticities.

The relationship between mode choice (or share) elasticities and ordinary demand elasticities can be summarized by the following formula (see Taplin, 1982, and Quandt, 1968).

(2) **-ij** - Mij + ej for all i and j.

where Fi1 is the price elasticity of the ordinary demand for mode i with respect to price of mode J, Mij is the mode choice elasticity of choosing mode i with respect to price of mode J, and ej is the elasticity of demand for aggregate traffic (Q, including all modes) with respect to the price of mode j. Because information on ej's usually are not available, the following formula may be used to compute them.

where F is the price elasticity of aggregpte transport demand ([Q/6P]*(P/QIl, and [bP/bPj]*CPj/P] is the elasticity of aggregate transport price P with respect to the price of mode j. Therefore, an explicit conversion of a mode choice elasticity to an ordinary price elasticity of demand for a mode requires information about either the elasticity of aggregate transport demand with respect to price of each mode (Ej) or the price elasticity of aggregate transport demand (F) and the second term in equation (3). Unfortunately, this inrormation
21 There is also some evidence that CO may contribute to elevated levels of tropospheric ozone [Walsh 1990].

# Oxides of Nitrogen (NOx)

NOx emissions from vehicles and other sources produce a variety of adverse health and environmental effects. They also react chemically with other pollutants to form ozone and other toxic pollutants. Next to sulfur dioxide, NOx emissions are the most prominent pollutant contributing to acidic deposition.

Exposure to nitrogen dioxide (NO2) emissions is linked with increased susceptibility to respiratory infection, increased airway resistance in asthmatics, and decreased pulmonary function [Lindvall 1982]. Short term exposures to NO2 have resulted in a wide ranging group of respiratory problems in school children (cough, runny nose and sore throat are among the most common) as well as increased sensitivity to urban dust and pollen by asthmatics [Orehek et al. 1976, Mostardi et al. 1981].

Oxides of nitrogen have also been shown to affect vegetation adversely. Some scientists believe that NOx is a significant contributor to the dying forests throughout central Europe [Whetstone and Rosencranz 1983]. This adverse effect is even more pronounced when nitrogen dioxide and sulfur dioxide occur simultaneously. Acid deposition results from the chemical transformation and airborne transport of sulfur dioxide and nitrogen oxides and is associated with corrosion of materials, structural damage to buildings and monuments, and impairment of sensitive aquatic ecosystems. Increasing acidity of fresh water bodies from acid deposition has resulted in a significant decline of fishery resources in Europe and North America. Areas in developing countries that are susceptible to acid deposition from increasing rates of motorization and industrialization include southem China, parts of southeast Asia, southwestem India, southern Nigeria, southeastem Brazil, and northern Venezuela [Rodhe and Herrera 1988].

# Recent evidence suggests that the role of NOx may be of increasing significance:

- The nitrate to sulphate ratio in the atmospheric aerosol in southern England, for example, has shown a steady increase since 1954.

- The nitrate content of precipitation averaged over the entire European Air Chemistry Network increased steadily over the period 1955 to 1979.

- The nitrate levels in ice cores from South Greenland increased steeply from 1975 to 1984, whilst the sulphate content since 1968 has remained relatively stable. The 'Thousand Lake Survey' in Norway has revealed a doubling in the nitrate concentration of 305 lakes over the period 1974/75 to 1986, despite little change in ph and sulphate [Derwent 1988].
Table 3: Relationship between general management and post-COVID outcomes; services.

||(1)<br>∆Sales|(2)<br>Temp.|(3)<br>Perm.|(4)<br>Furloughed|(5)<br>Laid Of|(6)<br>Pivot<br>Product|(7)<br>Remote<br>Work|(8)<br>Arrears|
|---|---|---|---|---|---|---|---|---|
|Management|-0.027|0.171|-0.282<sup>_∗_</sup>|0.067|0.014|0.265<sup>_∗∗∗_</sup>|0.398<sup>_∗∗∗_</sup>|-0.043|
||(0.017)|(0.138)|(0.163)|(0.078)|(0.091)|(0.075)|(0.076)|(0.076)|
|Size (log)|0.004|-0.197<sup>_∗∗_</sup>|-0.070|0.088|0.171<sup>_∗∗_</sup>|0.028|0.179<sup>_∗∗∗_</sup>|-0.120<sup>_∗∗_</sup>|
||(0.012)|(0.091)|(0.105)|(0.056)|(0.069)|(0.051)|(0.051)|(0.054)|
|Sales (log)|0.021<sup>_∗∗_</sup>|0.030|-0.029|-0.044|-0.064|0.026|0.070<sup>_∗∗_</sup>|-0.014|
||(0.009)|(0.058)|(0.058)|(0.037)|(0.042)|(0.033)|(0.034)|(0.035)|
|Observations|1377|1124|1048|1189|1224|1426|1425|1326|
|Adjusted _R_<sup>2</sup>|0.269||||||||
|Pseudo _R_<sup>2</sup>||0.306|0.119|0.107|0.061|0.133|0.158|0.107|
|df<br>~~m~~|28|24|24|26|25|28|28|28|

Notes: Standard errors in parentheses All specifications include controls for country, sector, number of days from lockdown, firm age, and export dummy. _∗ ∗∗ ∗∗∗ p <_ 0 _._ 1, _p <_ 0 _._ 05, _p <_ 0 _._ 01

**16**
still accounts for about 45 percent of the total assets managed by the six PFAs and remains reasonably conservative with a small share of its assets allocated in domestic equity (around 20 percent) and a large share invested in fixed-income instruments (almost 60 percent) (Table 13). These portfolio compositions are related, to some degree, to the regulatory framework aforementioned. Dayoub et al. (forthcoming), analyzing data on asset allocation of Chilean pension funds from July 1996 to December 2005, found that while investment restrictions at the macro level for domestic instruments do not seem to be constraining the asset allocation of pension funds, quantitative restrictions for investments in foreign instruments imposed high costs on their asset allocation. In addition, evidence shows that herding behavior across pension fund administrators has resumed.<sup>46</sup>

**Table 13:** <u>Chile: Portfolio composition of pension funds, by fund and instrument, December 2006 (percent)</u>

|**Instrument**|||**Fund**|||
|---|---|---|---|---|---|
||**A**|**B**|**C**|**D**|**E**|
|**Claims on the Public Sector**|4.3|10.3|19.6|31.5|31.7|
|Central Bank of Chile|2.8|6.6|13.3|21.7|14.2|
|Central Government|0.6|1.3|2.4|3.5|2.7|
|Recognition bonds|0.9|2.4|3.9|6.3|14.8|
|**Claims on the Financial Sector**|20.2|24.8|28.5|15.1|46.3|
|Mortgage bonds|1.3|2.7|5.4|8.0|18.3|
|Time deposits|16.3|18.4|16.9|0.1|13.4|
|Bonds of financial institutions|2.0|2.9|5.2|6.3|14.5|
|Shares of financial institutions|0.7|0.9|0.9|0.7|0.0|
|**Claims on the Corporate Sector**|23.0|26.6|30.2|35.9|24.6|
|Equity|16.4|18.0|16.8|11.6|0.0|
|Bonds|2.6|5.2|9.7|21.5|24.6|
|Units of investment funds|4.1|3.5|3.6|2.7|0.0|
|**Claims on the Foreign Sector**|53.1|39.8|25.5|23.9|0.3|
|Units of mutual funds and shares|50.5|38.3|24.5|22.7|0.0|
|**Others**|2.6|1.6|1.0|1.2|0.4|
|**Total assets(US$ million)**|16,846.0|20,367.2|40,281.4|9,632.9|1,410.0|

Source: SAFP.

# <u>The Case of Mexico</u>

The reform of the Mexican pension system took place in 1996 and its operational framework has been evolving gradually towards the implementation of a multi-fund scheme. The 1997-economic crisis negatively impacted investment opportunities for pension funds. Therefore, given the country’s domestic macroeconomic conditions and the strict quantitative regulations on variable-income and foreign-issued instruments, it has been difficult for pension fund managers ( _Afores_ ) to diversify their portfolios.

> 46 See Appendix 7.

28
# **4. Lessons from liberalization**

A recent group of studies looked particularly at how developing country policy managers used safeguards and antidumping as part of their countries’ liberalization and reform programs. The studies, covering Argentina, Brazil, Chili, Columbia, Costa Rica, Mexico and Peru, are summarized in Finger-Nogués (2008).<sup>27</sup> Rather than repeating that summary here, I will report only conclusions/lessons from the study, these to be applied below to the analysis of the proposed SSM.

<u>The GATT/WTO system of bindings and rules was critical to the success of the liberalization programs.</u> In their economic histories, these countries had passed through several cycles of protection and openness. Many different import control instruments were in use, among them tariffs, surcharges, benchmark customs values, enterprise-specific limits on foreign purchases, and import prohibitions. Application of restrictions was done through processes that allowed wide discretion to government officials, with decisions often made at the sectoral level. Safeguards and antidumping – as GATT and WTO rules define them – were rarely used. With almost all tariff lines unbound through the GATT/WTO, the legal sanction that use of such instruments would have provided was not needed.

The binding of tariff rates in the Uruguay Round meant that only GATT/WTO mechanisms could be used to apply new restrictions. This provided the basis in domestic politics for governments to eliminate the previous mechanisms and to maintain control over the management of new pressures for protection in agencies with economy-wide responsibilities and accountabilities.

<u>The motivation for reform was each government’s perception that reform and liberalization would benefit the people of the country.</u> The mercantilist idea that liberalization was the ‘cost’ of advancing a country’s export interests played a minimal role. The Asian example – growth and productivity through integration into the global economy – had considerable influence. The officials who led the reforms saw the objective as achieving world levels of productivity by becoming a part of the global economy rather than by simply boosting their exports. To them, GATT/WTO mechanisms were more about helping to manage reform than about forcing it.<sup>28</sup>

> 27 The country studies are also available as World Bank working papers, Finger – Nogués 2008 provides references.  The summary and the country studies were also published as Finger – Nogués 2006.

> 28 Among these seven countries, Mexico’s negotiation of a free trade agreement with Canada and the United States was the most prominent use of trade negotiations as a vehicle (though not necessarily a motive) for trade reform.

18
b) Cumulative projected growth differentials with actual growth <!-- Start of picture text --> 10.0%<br>8.0% MTBPS<br>BR<br>6.0%<br>4.0%<br>2.0%<br>0.0%<br>‐2.0%<br>‐4.0%<br>% pts<br><!-- End of picture text --> Source: Budget Reviews (BRs), Medium Term Budget Policy Statements (MTBPSs) and authors’ calculations.

Note: First print of outer-year forecast.

# **_An empirical investigation of the_ cycle is the trend** **_in South Africa_**

We now empirically look at whether the cycle is the trend mattered in South Africa. For the case study of South Africa, we develop a more sophisticated measure of the structural budget balance than in the panel analysis of EMDEs above, which is easier in a simple time-series setting. Details about deriving the structural balance can be found in Annex 2. Figure 9 plots our estimate of South Africa’s structural budget balance. It suggests that although South Africa saved between 2006 and 2008 (a positive _overall_ budget balance), the _structural_ balance was already in deficit by 2005, and deteriorated significantly between 2007 and 2009. Since 2008, both South African _overall_ and _structural_ balances were in deficit and have not recovered since. The sustained _structural_ deficits since 2005, together with corresponding _overall_ budget deficits since 2009, was chiefly responsible for South Africa’s large and sustained increase in debt since 2009, significantly reducing fiscal space.

**Figure 9: Estimates of South Africa’s budget balances**

(budget balances in percent of potential GDP) <!-- Start of picture text --> 2.0%<br>0.0%<br>‐2.0%<br>‐4.0%<br>‐6.0%<br>‐8.0%<br>‐10.0%<br>2002 2004 2006 2008 2010 2012 2014 2016<br>Recessions Budet Balance<br>Structural Budget Balance Structural Budget Balance (SS)<br>% of potential<br><!-- End of picture text --> Source: World Development Indicators and authors’ calculations 14
# <u>Table A12. Cognitive skills subjects and earnings in Pakistan</u>

||(1)<br>Cognitive skills:<br>English|**Men**<br>(2)<br>Cognitive skills;<br>Mathematics<br>Monthlyearnings(TC)|(3)<br>Cognitive skills:<br>Urdu|(4)<br>Cognitive skills:<br>English<br>|**Women**<br>(5)<br>Cognitive skills;<br>Mathematics<br>Monthlyearnings(TC|(6)<br>Cognitive skills:<br>Urdu<br>)|
|---|---|---|---|---|---|---|
|Years of schooling|2.79**|3.72***|2.44**|1.14***|1.63***|1.71***|
||(1.10)|(0.97)|(1.22)|(0.37)|(0.39)|(0.44)|
|Cognitive Index|6.70|1.25|8.47*|4.38**|1.49|0.94|
||(4.08)|(3.41)|(4.82)|(1.73)|(1.46)|(1.56)|
|SEM Skills Index|14.72***|14.37***|14.24***|0.78|0.85|0.90|
||(3.27)|(3.28)|(3.27)|(0.90)|(0.91)|(0.91)|
|Constant|56.45***|49.78***|61.95***|-6.10|-10.83***|-11.75***|
||(9.12)|(9.00)|(10.74)|(4.19)|(3.71)|(4.12)|
|Observations|1,978|1,977|1,977|1,925|1,925|1,925|
|Adjusted R-squared|0.05|0.05|0.05|0.07|0.06|0.06|
|Village FE|Yes|Yes|Yes|Yes|Yes|Yes|
|District FE|No|No|No|No|No|No|
|N_Clusters|108|108|108|108|108|108|

* p<.10  ** p<.05  *** p<.01

_Test of coefficients equality – Men sample_

||**English=Mathematics**|**English=Urdu**|**Mathematics=Urdu**|
|---|---|---|---|
|**Schooling**|1.52 ( 0.22)|0.26 ( 0.61)|3.30 ( 0.07)|
|**Cognitive skills**|1.86 ( 0.17)|0.24 ( 0.62)|3.41 ( 0.06)|
|**SEM skills**|1.67(0.20)|3.00(0.08)|1.03(0.31)|

_Test of coefficients equality – Women sample_

||**English=Mathematics**|**English=Urdu**|**Mathematics=Urdu**|
|---|---|---|---|
|**Schooling**|<br>4.06 ( 0.04)|<br>3.97 ( 0.05)|0.12 ( 0.73)|
|<br>**Cognitive skills**|<br>3.75 ( 0.05)|<br>3.97 ( 0.05)|<br>0.16 ( 0.69)|
|<br>**SEM skills**|<br>0.74(0.39)|<br>2.48(0.12)|<br>0.47(0.49)|

_Notes_ . This table reports (mean) estimates of the relationships between schooling, skills, and earnings in Pakistan. The dependent variable “monthly earnings (TC)” is top-coded at 100,000 PKR per month (961.5 USD). The cognitive skills index is computed using Item Response Theory with a two-parameter logistic (2PL) model on the English/Mathematics/Urdu items only in columns (1) and (4)/(2) and (5)/(3) and (6), respectively. The socioemotional (SEM) skills index is computed using principal-component factor analysis on the Big-Five 93
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26
# **<u>Table A4: Impact of competition on Internet diffusion using alternative definitions</u> of competition**

||Low and Lower M|iddle Income|Upper Middle a|nd High Income|
|---|---|---|---|---|
||[1]|[2]|[3]|[4]|
|Log real GDP per capita|1.096|0.294|0.457|0.969|
||[0.882]|[0.828]|[0.635]|[0.658]|
|Log real cost|0.022|0.004|-0.058|0.013|
||[0.061]|[0.064]|[0.078]|[0.078]|
|Log lines per capita|0.082|0.174|-0.158|0.009|
||[0.304]|[0.261]|[0.329]|[0.314]|
|Log computers per capita|0.179|0.196|-0.092|0.053|
||[0.203]|[0.192]|[0.258]|[0.234]|
|Lag Internet users|0.549***|0.549***|0.656***|0.685***|
||[0.058]|[0.052]|[0.096]|[0.073]|
|Lag Internet users * I**ISP ≥ 4**|-0.005<br>[0.048]||0.124*<br>[0.064]||
|Lag Internet users * I**ISP ≥ 17**||0.014||0.111***|
|||[0.038]||[0.032]|
|Constant|0.164***|0.166***|0.074*|0.042|
||[0.063]|[0.053]|[0.038]|[0.039]|
|Method of estimation|IV|IV|IV|IV|
|Fixed effects|Yes|Yes|Yes|Yes|
|Number Observations|356|356|406|406|

Notes: The dependent variable is the log of Internet users per capita. The robust standard errors are in brackets.

* , ** and *** indicate significance at the 10 percent, 5 percent and 1 percent levels respectively. The regression uses countries with GDP per capita growth in the interval [-4.9 , 9.2] and controls for country fixed effects.

31
|Organization|Current Function|Major Deficiencies/Problems|
|---|---|---|
|FPCO|*Water resource<br>management strategy<br>development.<br>* FAP coordination.|*Continued existence after<br>FAP.|
|The GIS Unit|*Collection of hydrologic,<br>topographic, soil and<br>flood regime data.|*Continued existence after<br>FAP.|
|The EIA Unit|<br>*Development of EIA<br>guidelines.|*Continued existence after<br>FAP.|
||* EIA study of projects.||
|BWDB|*Water project planning<br>and implementation.<br>* Flood control and water<br>shed management.<br>* Salinity control.<br>* Maintenance of water<br>channels for<br>transportation.<br>* Regulation of water<br>channels.|*Weak planning capability.<br>*Inadequate<br>implementation<br>capability.<br>*Inadequate O&M<br>capability.<br>*Overgrown size.|
|Hydrology Directorate of<br>BWDB|*Collection of ground and<br>surface water data.|*Lack of adequate linkage<br>with national water<br>planning.|
|Flood Forecasting and<br>Warning Center of BWDB|*Collection and<br>dissemination of<br>information.|*Proper coordination and<br>linkage with the national<br>DCMU unit.|
|LGED|*Planning, designing and<br>implementation of rural<br>Infrastructural<br>development projects.<br>* Thana/Union Drainage<br>and Embankment<br>planning, irrigation<br>planning, land and water<br>use planning.<br>* Small scale water<br>resource schemes.<br>* Canal digging programs.<br>* Town protection<br>schemes.|*Little or no coordination<br>with BWDB and other<br>water sector agencies.<br>*Inadequate responsibility<br>for enforcing water<br>regulations.|

39