rafmacalaba/datause-encoder-data huggingface dataset:
euro’s role at present seems to be regionally focussed. More widely, however, the dollar retains its dominant role in international trade, with many commodities, most notably energy products, being denominated in dollars.

Turning to the use of the euro as a reserve currency, the 2005 ECB report emphasized the modest increase in euros in other countries’ reserves. The US dollar in 2003 remained by far the most important reserve currency by a factor of about 3 to 1: for all countries, dollar holdings constituted 64 percent of the total, and the euro 19.7 percent—the rest consisting of Japanese yen, pound sterling, Swiss francs, and unspecified currencies. For developing countries the proportions between dollar and euro were similar, though each had a share that was slightly lower, and the share of unspecified currencies was higher.

New data, published in the IMF’s 2005 Annual Report and subsequently updated, give a somewhat different picture, however. These data distinguish between additional reserve currencies and countries that did not report (something that was not done in earlier IMF calculations), and the data rely less on the use of estimation techniques to fill gaps. Data for developing countries were particularly likely to be estimated in previous IMF publications, given more frequent non-reporting of data. The new data give substantially higher shares for both the dollar and the euro, but particularly the latter. As seen in Table 3, which includes the latest IMF reserves data, the edge of the US dollar on the euro, though substantial, is considerably less. For developing countries, euro holdings at end 2006 constituted 29.6 percent of reserves, compared to 59.7 percent for the US dollar—the US dollar’s advantage is roughly 2 to 1, not 3 to 1. Over seven years, the euro’s share has risen by 10 percentage points, while the dollar’s share has declined by 9 percentage points and the yen’s, by 3 percentage points. The pound sterling’s share has also risen, by 2 percentage points.

The stock data include both quantity changes and price changes: the euro benefited from increased valuation (due to the appreciation of the currency against the SDR), and the dollar suffered from reduced valuation. It is instructive to decompose the change in each currency’s share over the seven years into two components: the change due to exchange rate changes (1999 holdings multiplied by the appreciation of the currency against the SDR, and divided by 2006 total reserves), and the remainder, which results from both a quantity increase (the deliberate acquisition of reserves in that currency) and a scale effect (the increase in the overall size of the reserves portfolio).

If we let _Qti_ be the holdings of currency _i_ in period _t= 0_ (1999) or _1_ (2006), and<sup>_S_</sup> _ti_ be the corresponding SDR exchange rate (SDRs per unit of currency _I_ ), then currency shares are given by 5
erly weigh these bilateral tari¤s. We modify the multilateral import demand elasticity estimates in Kee, Nicita and Olarreaga (2008) to obtain the bilateral import demand elasticities. Bilateral trade ‡ow data are from Comtrade. Finally, to make sure that changes in the OTRI during the crisis period purely capture changes in trade policies, we use the 2008 bilateral trade ‡ows and elasticities as ...xed weights. As such, changes in trade or elasticity due to demand shocks will not a¤ect our OTRI measures.

Combing through the MFN and bilateral tari¤ schedules of all countries in our dataset, we found that, overall, there is no widespread increase in tari¤s. While there are many countries that have increased tari¤s on imported products, when we factor in the share of these products in trade as well as the responsiveness of these products to tari¤ changes, the overall impact on trade ‡ows is minimal for most countries. However, for a handful of countries, tari¤ increases on big imported items in both agriculture and manufacturing pushed up their OTRI and signi...cantly hinder trade. Russia, Malawi and Argentina all increased tari¤s on manufacturing products which caused their OTRI to increase by 0.9 to 1.2 percentage points and their trade ‡ows to drop by US$4.8 billion, US$29 million and US$914 million, respectively. Turkey on the other hand increased tari¤ on a wide range of agricultural products which raised its OTRI by 0.8 percentage points and caused its trade ‡ow to decrease by US$2.2 billion. With the removal of a temporary tari¤ reduction on palm oil and the introduction of some anti-dumping duties, India had a large increase in the level of protectionism in agriculture products (8.3 percentage points), even though this was o¤set by tari¤ liberalization in the manufacturing sector such that the OTRI of India only increased by 0.1 percentage points. Other countries that had large drops in trade due to increase in tari¤s include China (US$5 billion), Canada (US$1.8 billion) and Brazil (US$991 million). Finally, for the US and the EU, while the tari¤ schedules remained roughly the same throughout the crisis period, spikes 3
Because individuals ranked the choice of three products, we can also run a rankorder logit specification that includes the total cost of the credit product or the total yield in case of a savings product. This specification is ideal to assess the price sensitivity across treatments by interacting the price variable (cost of loan or yield of savings account) with the treatment dummies. In addition, we can also assess how financial literacy affects price sensitivity across treatments. Using data from Peru we run the following specification: Ordercijk = αj + β1Pricecijk + β2Simplifiedjk + β3Simplifiedjk ∗Priceijck + β4Pricecijk ∗ FinLitik + β5Simplifiedjk ∗Pricecijk ∗FinLitik + β6Mktjk + β7Mktkj ∗Pricecijk + β8Mktjk ∗Pricecijk ∗ FinLitik + εcijk (4) where Ordercijk takes value 3 for the first choice of individual _i_ in round _j_ in session _k_ , 2 for the second choice and 1 for the third choice. Price is either the total cost of the cijk loan or total yield of a savings product chosen in order _c_ by individual _i_ in round _j_ in session _k_ . FinLitik is a proxy for financial literacy of individual _i_ in session _k_ that takes value 1 if the individual correctly answered the question on interest rate. Finally, Mktjk and Simplejk denote the market-designed and simplified KFS. Using data from Mexico, we run: Ordercijk = αj + β1Pricecijk + β2Simplifiedjk + β3Simplifiedjk ∗Priceijck + β4Pricecijk ∗FinLitik + β5Simplifiedjk ∗Pricecijk ∗FinLitik + β6Complexjk + β7Complexkj ∗Pricecijk + β8Complexjk ∗Pricecijk ∗ FinLitik + β9Simple5jk + β10Simple5kj ∗Pricecijk + β11Simple5jk ∗Pricecijk ∗ FinLitik + β12Simple10jk + β13Simple10kj ∗Pricecijk + β14Simple10jk ∗Pricecijk ∗ FinLitik + εcijk (5) where Simplifiedjk, Complexjk, Simple5jk and Simple10jk are treatment dummies defined before. Finally, we pool data from both countries and run: Ordercijk = αj + β1Pricecijk + β2Simplifiedjk + β3Simplifiedjk ∗Priceijck + β4Pricecijk ∗ FinLitik + β5Simplifiedjk ∗Pricecijk ∗FinLitik + εcijk (6) Standard errors for all specifications are calculated using bootstrap and clustered at the participant level.

14
components subject to congestion costs (population for health capital, output itself for infrastructure, and the stock of raw labor for education). This disaggregation is consistent with the evidence suggesting that inadequate public capital is among the main variables that account for the lack of per capita growth experienced by many low-income countries in sub-Saharan Africa. Fifth, constraints on absorptive capacity are accounted for by introducing a nonlinearity in the relationship between nonfood aid and total public investment, with foreign assistance being positively related to public capital outlays up to a certain level of aid, and negatively related thereafter. Thus, depending on parameter estimates, aid may entail significant diminishing returns. Although it does not explicitly account for all the factors (institutional or otherwise) that may constrain the ability of a country to absorb greater aid flows, this specification is tractable and quite intuitive.<sup>17</sup> Sixth, poverty effects are calculated in two ways: first, by linking the model to a household survey, and second, by using partial growth elasticities. The link with a household survey follows the approach first proposed by Agénor, Izquierdo, and Fofack (2003) and further developed by Agénor, Chen, and Grimm (2004). The growth rate of nominal consumption per capita is applied uniformly to each household in the survey, whereas the poverty line is updated with the price projections of the model. Thus, implicitly, growth is taken to be distribution neutral. The use of partial growth elasticities, by contrast, allows the user to assume that growth is non neutral, by using values that are either greater or lower than unity. Finally, the model is dynamic, and this allows the user to analyze the potential dynamic trade-offs that adjustment policies may entail regarding the impact of policy reforms, for instance between the short-run impact of higher public spending on education and health (on the budget, aggregate demand, and the real exchange rate) and the long-run effects on the productivity and supply of educated labor, and thus on long-run growth and poverty outcomes.

> 17These constraints could also affect the quality of public investment in infrastructure. In such conditions, the beneficial effects of aid could be further mitigated.

43
The current valuation study uses meta-analyses and benefit transfers. Additional epidemological and health-economic studies in Mexico City would allow estimates of health benefits solidly based on local data. Also, the uncertainties regarding all the estimates presented above are considerable. Further research that allows a reduction of these uncertainties is highly recommended.

It should also be noted that the monetary estimates of health benefits give a lower boundary to actual benefits. For instance, the human misery associated with a person suffering from chronic pollution-related morbidity may be much larger than monetary estimates indicate. This is especially the case if this person is the main wage earner of a poor family who could slide further into poverty due to a lack of safety net.

As other studies have found (U.S. EPA 1997, 1999), the health benefits from reducing ozone and PMIo are dominated by the benefits of reducing particulate matter. In the case of Mexico City, the benefits associated with reductions of PM1 o are roughly an order of magnitude higher than those of ozone. The results must, however, be interpreted with caution. Pollution control strategies that reduce the precursors of ozone, especially NOR, may also reduce particles.

# References

- Abbey, D., B. Wang, R. Burchette, T. Vancuren, P. Mills. (1995). Estimated Long-Term Ambient Concentrations of PM1o and Development of Respiratory Symptoms in a Non Smoking Populations. _Archives of Environmental Health_ 50(2):139-145.

- Abbey, D. E., F. Petersen, P. K. Mills, and W. L. Beeson. (1993). Long-term ambient concentrations of total suspend particulates, ozone, and sulfur dioxide and respiratory symptoms in a nonsmoking population. _Archives of Environmental Health_ 48(l):33-46.

- Anderson, H. R., A. Ponce de Le6n, J. M. Bland, J. S. Bower, and D. P. Strachan. (1996). Air pollution and daily mortality in London: 1987-92. _BMJ._ March 16; 312:665-669.

- Ballester, F., D. Corella, S. P&ez-Hoyos, and A. Hervas. (1996). Air pollution and mortality in Valencia, Spain: a study using the APHEA methodology. _Journal of Epidemiology and Community Health_ 50:527-33.

- Borja-Aburto, V. H., D. P. Loomis, S. I. Bangdiwala, C. M. Shy, and R. A. Rascon-Pacheco<sup>(1997).</sup> Ozone, Suspended Particulates, and Daily Mortality in Mexico City. _Am. J. Epidemiol._ 145(3):258-68.

- Bremner, S. A., H. R. Anderson, R. W. Atkinson, A. J. McMichael, D. P. Strachan, J. M. Blandi, and J. S. Bower. (1999). Short term associations between outdoor air pollution and mortality in London 1992-4. _Occup. Environ. Med._ 56:237-244.

- Brombreg, P. A. (1999). _Air Pollution and Health._ S. Holgate, J. Samet, H. Koren, and R. Maynad, eds. Academic Press, U.S.A.

- Califomia Air Resources Board. 1999. "The 1999 Califomia Almanac of Emissions and Air Quality."

- Castillejos, M., V. H. Borja-Aburto, D. W. Dockery, D. R. Gold, and D. Loomis. (2000). Airbome coarse particles and mortality. _Inhalation Toxicology_ 12(Suppl 1):61-72.

_46_
by many small investors who buy and hold these securities—and so reducing liquidity in the secondary market. But for that risk to materialize, retail investor demand would have to be very high, accounting for a substantial part of domestic debt. Moreover, holdings of government securities are already concentrated among a few dealers and tax-exempt institutional investors that tend to buy and hold.

The development of the Expanded Small Investors Program has not included a thorough assessment of the retail investor base, which limits the authorities’ ability to project demand. Although activity under the original program suggests high demand by retail investors, the amounts were not large. But the old system ran on intranets in bank branches, so its outreach was much smaller than under the enhanced program.

# _Credibility and risks_

Perhaps a more important risk facing the authorities in implementing the Expanded Small Investors Program is the need to build credibility and trust among retail investors. Any problems during the program’s early stages will significantly reduce future demand for its services. The program’s business model is based on partnerships among public and private bodies, as discussed further below in the section on the program’s structure. Although the liability for each party in the event of a system or operational breakdown is unclear, as the issuer of the securities the Treasury will bear the reputation risk.

# **Issues in gauging success and setting goals**

Measuring the program’s success and monitoring its progress require clear goals. The program’s primary goals include broadening the investor base for government securities and offering a reasonable savings product through bank and development bank branches—but using a common, cheaper electronic platform provided directly by the Treasury.

If the main goal is to diversify holdings of public debt and build the retail investor base, the obvious metric to monitor is growth in the number of new retail accounts and investors. Given the approach being taken with the Registry of Scripless securities—where securities are registered at the investor level—monitoring this growth will be feasible.

Another issue is the program’s indirect impact on the financial services industry. The program’s indirect objectives include forcing dealers of government securities to compete more in primary auctions and increasing competition among savings products by offering small investors an attractive instrument.

By distributing its securities directly, the Treasury will increase demand for its securities by competing with other savings products for small investors. Savings instruments such as passbook savings accounts yield about 2-3 percent a year, while the Expanded Small Investors Program will offer a yield closer to 6 percent, though not the same liquidity.<sup>10</sup> The yields offered by banks’ savings 10 Under the Expanded Small Investors Program, investors cannot sell their securities before they mature. But it is unlikely that the liquidity premium and associated administration costs of banks amount to more than 300 basis points (3 percent).

28
**_Example 6. The tourism GVC_**

<!-- Start of picture text --> Foreign<br>Retail Travel Foreign Tour Air Ticket Arrival Transfers Hotel Stay Food & Beverage Services Activities, Tours &<br>Agent Operator Shopping<br>10-14% 30-35% 5% 35-40% Outside the<br>Hotel<br>10-15%<br><!-- End of picture text --> Source: World Bank, 2011b Notes: percentages are indicative of the repartition of value in a well-functioning tourism GVC; the Tourism Satellite Accounts edited by the World Tourism and Travel Council present a more detailed analysis of the tourism direct and indirect benefits in recipient countries.

# **_Example 7. The offshore services GVC_**

<!-- Start of picture text --> Industry Specific<br>General Business Activities Activities a-b<br>HIGH<br>ITO KPO Banking, Financial Services and<br>Information Technology Outsourcing Knowledge Process Outsourcing Insurance (BFSI)<br>Ex. Investment research,<br>private equity research, and<br>Software R&D Business Consulting risk management analysis<br>Business Analytics Legal Services<br>Market Intelligence Manufacturing<br>Ex. Industrial Engineering<br>and sourcing and vendor<br>IT Consulting management<br>BPO<br>Business Process Outsourcing Telecommunications<br>Software Interoperability testing and Ex. IP transformation,<br>ERM DSP and multimedia<br>ERP (Enterprise Resource Planning): HRM CRM<br>manufacturing/operations, supply chain management, financials & project management (Enterprise Resource (Human Resource Management) Relationship (Customer Ex. Energy Trading and Risk Energy<br>Applications Development Management) Management) Management , and Digital oil field solutions<br>Finance & Training Marketing & Travel &<br>Applications Integration Accounting Sales Transportation<br>Desktop management Procurement, Talent systems, customer loyalty Revenue management<br>Logistics and solutions<br>Management<br>Supply Chain<br>Infrastructure Management Health/Pharma<br>Payroll Ex. R&D, clinical trials,<br>medical transcript<br>Applications Management Content/<br>Network Management Management Document Recruiting Contact eComerce and Planning, Retail<br>Centers/Call merchandising and demand<br>Centers intelligence<br>Infrastructure Management<br>Others<br>LOW<br>Value Added<br><!-- End of picture text --> Source: Gereffi and Fernandez-Stark, 2010 50
**Appendix table A1: Sizes and prices outliers in regression data and by cross validation split**

||**Fold1**|**Fold2**|**Fold3**|**Fold4**|**Fold5**|**Full sample**|
|---|---|---|---|---|---|---|
|**Actual price**<br>|**(winsorized) 2024**<br>|**USD/ha**<br>||||<br>|
|Min|109.89|109.89|109.89|109.89|109.89|109.89|
|Q1|111.78|109.89|109.89|117.69|110.83|111.73|
|Q5|245.26|244.14|244.86|252.63|242.84|246.14|
|Median|912.27|914.14|915.34|919.02|914.65|914.94|
|Q99|5100.16|5308.69|5228.31|5297.77|5293.28|5281.99|
|Max|5332.58|5332.58|5332.58|5332.58|5332.58|5332.58|
|**Actual price**|**2024 USD/ha**||||||
|Min|0.42|0.75|0.01|0.00|7.85|0.00|
|Q1|111.78|109.44|108.47|117.69|110.83|111.73|
|Q5|245.26|244.14|244.86|252.63|242.84|246.14|
|Median|912.27|914.14|915.34|919.02|914.65|914.94|
|Q99|5100.16|5308.69|5228.31|5297.77|5293.28|5281.99|
|Max|706084.72|814811.52|425830.51|438432.94|878804.17|878804.17|
|**Area, ha**|||||||
|Min|0.00|0.00|0.00|0.00|0.00|0.00|
|Q1|0.11|0.11|0.11|0.11|0.11|0.11|
|Q5|0.33|0.33|0.33|0.34|0.34|0.33|
|Median|2.72|2.71|2.72|2.72|2.71|2.72|
|Q99|10.05|10.18|10.23|10.16|10.09|10.15|
|Max|129.05|374.60|223.16|104.86|147.98|374.60|

31
of exporting ...rms. We address this issue by incorporating the methodology of Rajan and Zingales (1998) into the framework of survival analysis. This enables us to look for a speci...c channel through which ...nancial development promotes export survival while controlling for country, ...rm and product ...xed e¤ects.

Third, we contribute to the food safety standards and trade literature. Most of the works have focused on the quantitative assessment of the e¤ects of standards on trade essentially by including standards–count of noti...cations–as explanatory variables in gravity equations (Otsuki et al. 2001, Moenius 2006, Disdier et al. 2008). We distinguish ourselves from this literature relying on an innovative measure of product sanitary risk. Our measure captures the need at the product level for ...nance to comply with the food safety regulation.

The remainder of the paper is organized as follows. The next section brie‡y discusses some key features of the data that motivated our empirical framework. Section 3 introduces the empirical strategy. Section 4 presents our African ...rm-level data and gives some descriptive statistics. Section 5 reports the main estimation results. Section 6 shows some robustness checks. And ...nally, section 7 concludes.

# 2 Motivation

## 2.1 Access to Finance and Trade Duration

The theoretical literature shapes a role for ...nance on trade mainly at the time of entry, when access to ...nancing is the most critical (Das et al., 2007; Berman and Hericourt forth). The prominence of ...rms entry and subsequent exit from export markets suggests that initial entry costs are not as high as theoretical models predict. The high proportion of failures in trade relationships, past the ...rst two years of exporting, can be explained by the high costs of sustaining in the export market (Besedes 2007). This calls for a role of access to ...nance along the life of trade relationships. Long lasting trade relations depend on a well-functioning ...nancial system both in the origin and destination country. In 2006, the average ratio of private credit to GDP was 110 percent in the OECD, 31 percent in Latin America–notoriously under-banked–and only 20 percent in Africa. The latter is most certainly biased upwards since a large number of African countries do not report any data. Additionally, the majority of ...rms located in these ...ve countries are small and medium sized ...rms, for which the lack of technical quali...cations and necessary capital investments constrain their ability to remain and expand on foreign export markets.

We use ...rm-level survey data to further show the relevance of access to ...nance for ...rms export survival.<sup>1</sup> We use answers from surveyed exporters in Ghana, Mali, Malawi,

> 1The survey data –100 responding companies–serves as anecdotal evidence. It highlights the importance of access to ...nance for exporting activity. It is by no means a representative sample of all

4
16 Table 2.3 Agricultural Growth & Institutional Lending (Percentage)

|Agric<br>..........................................................<br>........................<br>..................<br>..|ultural GDP Growth<br>..........................................................|Insitutional Credit/ Agricultural GDP<br>.....................................<br>....**..........**......**.....**<br>**.**..<br>__. _. ...|
|---|---|---|
|1989/90|3.03|7.0|
|1990/91|4.96|6.4|
|1991/92|9.5|5.1|
|1992/93|-5.29|5.4|
|1993/94|2.86|4.4|
|1994/95|9.49|_5.1_|
|average excluding 1992/93|5.05|5.6|

Source: Government of Pakistan: Economic Surveys and State Bank of Pakistan <!-- Start of picture text --> Agricultural Growth and Institutional Lending<br>1989/90 to 1994/95<br>10<br>6-<br>10<br>29 90 90/91 91/92 93/94 94 95<br>.2<br>.4<br>-- I A3 ODPGrow1& - lutit.U.osl C.d4WAAg. ODP<br><!-- End of picture text --> If the agriculture growth target is set at a much higher rate of 8 percent (the upper bound growth scenario), more capital-intensive technology will be required, pushing the mvestment/GDP rate to 3 percent (Table 2.4). Assuming that the proportion of self-financed investment changes modestly (about two percentage points of the needed credit) the investment credit required from institutional sources would be 17 percent of agricultural GDP (Table 2.4). Total credit needed from institutional sources thus would depend on various factors and could valy between 3 to 17 percent of agricultural GDP under alternative assumptions.