rafmacalaba/datause-encoder-data huggingface dataset:
Table 3: Percent of households informed about various aspects of _desa_ budgets and activity, by re ion.

||Per|centofhouseho|lds informedab|out:|Allthree|
|---|---|---|---|---|---|
|Region:<br>_(kabupaten)_|Useof_desa_<br>funds|Fundsfor<br>development<br>projects|Government<br>Programs<br>available|Allthree|moreopen<br>thanfour<br>_yearsago|
|Sarko|52.9|48.3|48.3|35.8|20.8|
|Batanghari|40.4|47.5|44.1|32.5|19.6|
|Banyumas|45.8|57.4|69.0|39.6|20.6|
|Wonogiri|36.4|48.5|52.7|20.9|11.7|
|Ngada|50.5|41.6|41.3|41.0|26.3|
|Sample<br>Average|45.2|48.7|51.1|34.0|19.8|
|Source:LLI2|data.Average|is unweighted.||||

_Participation_ in _desa_ decision-making was assessed by asking households if they participated in planning _desa_ programs or if they participated in determining sanctions for abuses by _desa_ leaders. In both instances there were three possible responses: no participation, participation by giving opinion before decision was made, and participation in making the decision. About 63 percent reported no participation in _desa_ planning, with 20 percent providing an opinion and 17 percent reporting that they participated in the decision making. The process of determining sanctions was more closed with 80 percent reporting no participation and only 7.4 percent reporting having participated in the decision (Table 4).

|Table4:Participatio|nin_desa_de|cisionmaking|||||
|---|---|---|---|---|---|---|
|District<br>_(kabupaten)_|Participati|onin_desa_pl|anning|Participation<br>on_desa_lead|indeterminin<br>ers|gsanctions|
||None|Provided<br>Input|Decision<br>making|None|Provided<br>Input|Decision<br>making|
|Sarko|55.8%|29.2%|15.0%|72.5%|18.8%|8.8%|
|Batanghari|66.7%|24.2%|9.2%|80.0%|16.3%|3.8%|
|Banyumas|74.0%|19.0%|7.0%|90.9%|7.4%|1.7%|
|Wonogiri|79.5%|9.6%|10.9%|94.1%|2.9%|2.9%|
|Ngada|37.7%|20.9%|41.4%|69.5%|10.9%|19.7%|
|Sampleaverage|62.7%|20.6%|16.7%|81.4%|11.3%|7.4%|
|Source:LL12data.|Averageisu|nweighted.|||||

14
debt service guarantee by Mobil to debtholders. Using a sample of daily data from January 1997 to March 2000, we find that off-taker credit quality and, more importantly, the market's assessment of the output buyer's economic prospects drive project bond credit spreads and the:r pricing. Also, seemingly unrelated events in emerging debt markets spillover to project bond niarkets and affect risk perceptions and prices in this segment. Furthermore, we document how the judicious use of an output price contingent debt service guarantee by shareholders can significantly reduce project risks and that markets reward issuers through tighter credit spreads.

Our main contribution consists in showing how the firm as a nexus of contract allocates contracted and non-contracted risks between different stakeholders and how markets assess the latter in the pricing of financial claims. We show that, in the presence of contractual incompleteness, bondholders and shareholders share residual risks over time in spite of covenants otherwise meant to pre-empt risk shifting. This type of risk shifting originates from incomplete contracts and the non-recourse (stand-alone) feature of project finance. It does not necessarily result from the deliberate attempt by management to pursue high risk, low value activities in order to increase shareholder value at the expense of debtholders (debt agency) although project managers and shareholders could still exploit their informational advantages in leaving output supply contracts incomplete in a manner beneficial to their private interests.

Our findings hold important lessons for global project finance because they show that market risk perception are a function of a project's contractual structure. In particular, the reception that a project bond will receive in global capital markets depends on the project's ability to address investors' concerns about residual risks so that well-designed projects can reap significant financial gains through lower borrowing costs and longer debt maturities. We identify five such design features. Judicious guarantees by parents that enjoy a particular hedging advantage and a deliberate attempt to match debt service cash flow profiles with payment ability are recognized by the markets as enhancing a project's appeal.
observations for high income and low capital control samples, respectively) and the simplicity of the model.

# **_5._ CONCLUSIONS**

> The determinants of international portfolio diversification have attracted considerable attention in the literature. Empirical studies have examined mostly equity holdings across a small number of industrial economies, and in most cases conclude that the extent of international diversification falls short of what would be predicted **by** standard portfolio equilibrium models the home bias puzzle.

This paper explores empirically the role of risk and. return factors in the observed evolution of net foreign asset positions of a large number of industrial and developing economies. Its objective is to examine whether international capital flows respond to market incentives and, if so, whether this conclusion can be generalized to all countries in the world or only particular subsets of them. Thus, the paper does not attempt to reconcile the observed extent of diversification with theoretical predictions, but instead tries to assess empirically the role of changing fundamentals in the actual evolution of international portfolios, taking implicitly as given their 'home bias'.

> The paper adopts a dynamic approach accoting to which international and domestic investors achieve in the long run their desired portfolio allocation of assets across countries. Frictions and adjustment costs, however, can make short-run portfolios differ from their long-run counterparts.

Based on a standard Markowitz-Tobin portfolio diversification framework, the paper develops a reduced-form model of net foreign asset positions. The model yields a long-run equilibrium condition in which the ratio of **NFA** to the total wealth of domestic residents depends on four factors: investment returns in the home country relative to the rest of the world, investment risk in the home country relative to the rest of the world, the degree of co- movement between investment returns at home and abroad, and the ratio of foreign-owned to domesticowned wealth.

> The paper fo'cuses on the empirical estimation **of** this long-run equilibrium condition, using data on foreign asset and liability stocks for a large number of industrial and developing countries spanning the period from the 1960s to the present. With these data and capital stock estimates, the wealth of each country's residents can be computed. In addition, the paper

22
This statistical significance can be summarized as follows:

- a. In budgetary autonomy, schools tend to behave more autonomously than what is intended by education policy, and sponsorship does not seem to matter

- b. In terms of personnel management, autonomy implemented at the school level is higher policy intent, regardless of school sponsorship

- c. In the area of parent participation in school finance the score for policy intent in Bangkok Metropolitan Administration (BMA) schools is higher than the scores of other schools, and higher than the score for policy intent

- d. In the area of school and student assessment policy implementation lags behind intent; there are no clear differences among school sponsors

- e. School accountability is mixed, with some policies showing higher implementation scores and others showing higher intent scores, with no clear differences found among sponsors

# **5. Is policy** **_implementation_ of autonomy and accountability important for student learning?**

One of the key objectives of SABER is to assist governments in monitoring education policies conducive to improved education quality. Schools can be classified by type of school financing: public, private-subsidized, and fully private. In principle, classifying schools by the source of school financing should reflect the degree of autonomy that schools may have in selecting students and teachers, and in being more autonomous and, to some extent, more accountable.

Table 8 shows the implementation scores for schools classified by its source of financing. Public schools are completely funded by with government funds; private-subsidized schools receive government funds to cover their operational expenses but can have significant autonomy in selecting students and teachers; private-independent schools are reliant on private tuition and are completely autonomous in their selection of students and teachers.

The results of SABER implementation scores tend to be aligned with the source of school financing. Public schools tend to have lower implementation scores than private-subsidized schools, and both of these types of schools tend to show lower SABER scores than privateindependent schools.

20
World Bank surveys are generally done in a decentralized manner, making it difficult to synthesize the lessons that have emerged from these ambitious and often expensive efforts. Still, as the Bank continues its survey efforts, it is worth investigating what we have learned from its experiences to date. We first present a brief overview of World Bank surveys organized by research topic, including technology, incentives, market structure, transaction environment, the role of the state, and the importance of micro data in understanding macro phenomena. We note that to analyze the effects of policy intervention it is often important to collect panel data and to define industries at sufficiently disaggregated levels. Building on our "survey of surveys," we review the literature on survey design, highlighting the point that questions themselves can bias responses and provide some guidelines for recognizing the direction of this bias and minimizing it when possible.

While we address only firm surveys conducted by the World Bank, we believe that this discussion is also relevant to policy analysts outside the Bank. The World Bank has probably conducted more surveys in developing countries than any other single institution. As a result of the large number of surveys and survey topics, the Bank now possesses enormous institutional knowledge not just from the data collected, but from the survey experiences themselves. The Bank should share this knowledge with its member countries. This paper represents such an attempt.<sup>3</sup>

# **II. GENERAL DATA ISSUES AND THE BANK'S EXPERIENCE**

Rigorous policy analysis requires a great deal of data. Ideally, the data are longitudinal (i.e., firm level information collected at discrete points over time) and fairly dissagregated (i.e., industries are defined as narrowly as possible). Only with panel data can one investigate the effects of policy interventions and the process of economic growth. Consider, for example, the

> ' See Blank and Grosh (1999) for a complementary paper on household surveys. They suggest that political will, appropriate resources and careful planning are key requirements for developing analytical capacity. With these prerequisites in place, policy-makers must concentrate on four areas to strengthen the analytical capacity of their country: appropriate training of policy analysts; use of external technical assistance to work closely with local counterparts; establishment of fully staffed policy analysis units; and direct participation of staff members in the development and implementation of the research agenda. Our paper builds on Blank and Grosh by assuming the will and resources are in place, and discusses the best methods for gathering the data.

3
We thus turn to program impacts on a range of health care seeking behavior relevant to young children for beneficiary and nonbeneficiary households. Panel A of Appendix Table 11 indicates that, among beneficiaries, _Pantawid_ increased the timely initiation (i.e. within the first trimester) of antenatal care, postnatal care within 24 hours, institutional or in-facility delivery, children with the mumps, measles, and rubella (MMR) vaccine<sup>30</sup> , growth monitoring, and general curative care seeking.<sup>31</sup> We also examine the content of antenatal care using maternal recall and find that _Pantawid_ significantly improved the completeness of antenatal care.<sup>32</sup> The _Pantawid_ program thus appears to have been successful at increasing utilization and quality of care. However, again, the interactions with saturation, presented in panels B-D of Appendix Table 11, suggest that increases in saturation dampened gains in growth monitoring and postnatal care within 24 hours.

Table 6 examines care seeking by nonbeneficiary households and shows no significant impacts (panel A). A particular threat to our identification would arise from changes in health service utilization that covary in saturation; however, we find no such effects (panels B, C, and D). Indeed, for above median saturated villages, the interaction effect, although never significant, is generally positive (with the exception of growth monitoring and curative cake seeking for young children), if anything, suggesting positive spillovers. These findings thus do not suggest that a decrease in health care constituted a complementary channel to the price increase of protein-rich foods.

# _Sub-group Imbalance in Baseline Characteristics_

Although the baseline characteristics were balanced between treatment and control communities, child height was not one of the measured indicators. Furthermore, as impacts are greatest in highly saturated villages, characteristic balance in this subgroup also needs to be investigated. While all the characteristics in low-saturated villages appear balanced, a handful of

> 30 We use the MMR vaccine as a marker for complete immunization as it is the last vaccine in the WHO/Unicef extended immunization schedule for the first year of life (WHO 2003).

> 31 The first three of these measures are based on children ages 6 to 36 months, since they refer to care around the birth, while the last two measures of more general care seeking are based on children ages 6 to 60 months. 32 Our measure of the content of ANC is the proportion of the ten following actions: measurement of weight, height, and blood pressure, urine and blood samples, administering the tetanus toxoid injection, iron tablets, and deworming pills, and discussing complications, including guidelines on where to go in the case of complications. The _Pantawid_ survey elicited these data through maternal recall of ANC received during the last pregnancy (in the preceding two years).

28
_Table 12:_ Bulgaria's External Debt (in US$ million)

||12i:|1<br>2|IM|I|1920(e)|19220|1922(Q|
|---|---|---|---|---|---|---|---|
|Convertible Currency<br>|5,218|7.081|8,889|10,224|11,030|12,122|13,374|
|External Debt||||||||
|of which MLT|3,695|5,070|6,475|7,520|7,402|7,864|8,415|
|ST|1,523|2,011|2,414|2,704|3,272|3,125|3,054|
|Interest Arrears|0|0|0|0|357|1,133|1,905|
|By Creditor||||||||
|IFIs|310|490|700|660|752|1,517|2,150|
|Bilateral|1,519|1,620|1,703|1,238|1,063|1,169|1,380|
|Commercial Banks|3,362|4,599|6,111|7,256|8,223|8,626|9,071|
|of which MLT|2,146|2,978|4,178|4,924|5,057|4,886|4,752|
|ST|1,216|1,621|1,933|2,332|2,881|2,775|2,663|
|Interest Arrears|0|0|0|0|285|965|1,656|
|Other Private Creditors|27|372|375|1,070|993|810|773|
|Interest Arrears|0|0|0|0|0|0|0|
|Reserves excl. Gold|1,182|850|1,462|1,013|125|544|757|
|Deposits in BIS Banks|1,381|1,085|1,780|1,176|653|-|-|

Source: IIF, Country Report, dated November 19, 1991 However, deposits in BIS-reporning banks throughout 1990 amounted to about US$630 million at the end of March, US$570 million at the end of June, and US$590 million at the end of September. The difference between Bulgarian BIS deposits and official reserves might reflect foreign exchange earnings kept abroad by Bulgarian enterprises reluctant to surrender earnings to the authorities.

No new commercial lending is foreseen until the govemment is ready to assume responsibility for the debt outstanding.

_Table 13:_ Bulgaria's External Financing Flows (in US$ million)

||1987|18|I292|1990|<br>21|1222(f)|
|---|---|---|---|---|---|---|
|External Borrowing, Net<br>|1,009|2,181|1,299|<br>202|1,450|1,590|
|of which|||||||
|Commercial Banks|530|1,501|1,114|<br>497|685|<br>700|
|Disbursements|916|1,260|2,363|212|0|0|
|Repayments|-282|416|-1,637|-383|<br>0|0|
|Due|-282|-416|-1,637|-2,033|-1,030|<br>-663|
|Rescheduled/Postponed|||0|1,650|1,030|<br>663|
|ST Credits, Net|-103|657|388|374|0|0|
|Interest Arrears|0|0|0|294|685|700|
|Other Private Creditors|296|146|675|-140|-150|<br>-15|
|Disbursements|53|140|669|213|10|<br>40|
|Repayments||-33|-87|-342|-152|<br>-58|
|Due||-33|-87|-342|-152|<br>-58|
|Rescheduled/Postponed|0|0|0|0|0|0|
|ST Credits, Net|243|39|93|-12|-8|-3|
|Interest Arrears|0|0|0|0|0|0|

Source: HF, Country Report, dated November 19, 1991 22
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19
_Ingo Borchert and Mattia Di Ubaldo_ of mutually exclusive binary variables that proxy for the depth of services PTAs. Depth can be captured either by a count measure tallying the number of substantial provisions included in services chapters<sup>15</sup> , or by indicator variables for the presence of specific policy configurations of key provisions in a certain policy area. The construction of these latter variables will be explained in detail in section 4.2 below. At the most disaggregated level, **SPolij** _,_ **t** could stand for individual PTA provisions.<sup>16</sup> Because of its particular significance in internal services market liberalization, we control for (time-varying) EU membership in all models.

We include a demanding set of fixed effects in all models, namely at the exporter-year, importer-year and country-pair level. This represents current best practice in the estimation of structural gravity models (Baier et al., 2019), and addresses several endogeneity concerns.

The country-pair fixed effects _λ_ **ij** account for all bilateral time-invariant factors that could affect bilateral trade (or VA sourcing) or the existence and content of a services PTA: conventional gravity variables such as distance, similarity of legal systems etc. Importantly, the use of country-pair fixed effects also addresses self-selection into signing a PTA. If there were any (economic or political) characteristics of country pairs that provided an incentive of conclude a services PTA, then the dyadic fixed effects _λ_ **ij** will absorb these factors as long as such features are time-invariant (Baier and Bergstrand,

> are plurilateral ones since “mixed agreements” require ratification by individual EU member states. At the same time, the Commission negotiates on behalf of member states, which _de facto_ renders these agreements akin to bilateral ones. To resolve these competing considerations, we keep this set of agreements separate.

> 15Following the approach adopted in other papers that exploit the WB-DTA 2.0 data, we approximate vertical depth with the count of services related provisions, and group PTAs in quartiles of the resultant depth distribution.

> 16 Where appropriate we show results based upon individual provisions; generally, however, provisions tend to be correlated, and indeed are sometimes collinear. Hence, including many or all them comprehensively is not feasible whereas arbitrarily including only selected provisions is potentially liable to omitted variable bias.

21
<!-- Start of picture text --> Figure 1.5 Costa Rica: Foreign Direct Investment Inflows<br>1970-2003<br>700<br>600<br>500<br>400<br>300<br>200<br>100<br>0<br>FTZ Law<br>FTZ Law Reform<br>Export Promotion Import Liberalization<br> US$ millions<br>Capital Account Liberalization Intel’s Arrival<br>1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003<br><!-- End of picture text --> Source: Prepared by the authors based on figures from Banco Central de Costa Rica.

Complementing the previous paragraphs, it should be pointed out that, thanks to the liberalization process, Costa Rica’s economy has succeeded in reducing its extremely high dependence on traditional activities, such as coffee, bananas, sugar and beef, for the generation of foreign exchange earnings. In fact, as shown in Figure 1.6, owing to the economic liberalization exports of non-traditional products have substantially increased their relative importance in total exports, from 38.6% in 1982 to 64.9% in 1992 and 87% in 2003. Such increased diversification of exports currently provides Costa Rica with greater economic stability and a more stable source of foreign exchange, thus avoiding the recurrent problems of the past, when a good economic performance was dependent on whether the price of coffee increased as a consequence of external impacts (for example, sleet in Brazil). Moreover, we might wonder about what the condition of Costa Rica’s economy would be, given the current crisis of the coffee sector, if this major diversification of exports had not taken place.

<!-- Start of picture text --> Figure 1.6 Costa Rica: Relative importance of<br> non-traditional products exports in total exports<br>1982-2003<br>100%<br>90%<br>80% 38.6%<br>50.0%<br>70% 64.9% 7 5.1% Non-traditional<br>60% 87.0% products<br>50%<br>40% Traditional<br>30% products<br>20%<br>10%<br>0%<br>1982 1987 1992 1997 2003<br><!-- End of picture text --> Source: Prepared by the authors based on figures from Banco Central de Costa Rica.

It is also worth pointing out that the sustained growth of Costa Rica’s exports has been associated to an increase in the number of exporting firms **,** as well as to an important participation of micro, small and medium-sized enterprises in this process. In fact, as 9