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After a half century of transformative economic progress that moved hundreds of millions of people out of poverty, countries in developing East Asia are facing an array of challenges to their future development. Slowed productivity growth, increased fragility of the global trading system,and rapid changes in technology are all threatening export-oriented, labor-intensive manufacturing—the region’s engine of growth. Significant global challenges—such as climate change and the COVID-19 pandemic—are exacerbating economic vulnerability. These developments raise questions about whether the region’s past model of development can continue to deliver rapid growth and poverty reduction.Agai...
Economic and social progress requires a diverse ecosystem of firms that play complementary roles. Making It Big: Why Developing Countries Need More Large Firms constitutes one of the most up-to-date assessments of how large firms are created in low- and middle-income countries and their role in development. It argues that large firms advance a range of development objectives in ways that other firms do not: large firms are more likely to innovate, export, and offer training and are more likely to adopt international standards of quality, among other contributions. Their particularities are closely associated with productivity advantages and translate into improved outcomes not only for their...
This paper summarizes the latest update of the World Bank Bank Regulation and Supervision Survey. The paper explores and summarizes the evolution in bank capital regulations, capitalization of banks, market discipline, and supervisory power since the global financial crisis. It shows that regulatory capital increased, but some elements of capital regulations became laxer. Market discipline may have deteriorated as the financial safety nets became more generous after the crisis. Bank supervision became stricter and more complex compared with the pre-global financial crisis period. However, supervisory capacity did not increase in proportion to the extent and complexity of new bank regulations. The paper documents the importance of defining bank regulatory capital narrowly, as the quality of capital matters in reducing bank risk. This is particularly true for large banks, because they have more discretion in the computation of risk weights and are better able to issue a variety of capital instruments.
Over a decade has passed since the collapse of the U.S. investment bank, Lehman Brothers, marked the onset of the largest global economic crisis since the Great Depression. The crisis revealed major shortcomings in market discipline, regulation and supervision, and reopened important policy debates on financial regulation. Since the onset of the crisis, emphasis has been placed on better regulation of banking systems and on enhancing the tools available to supervisory agencies to oversee banks and intervene speedily in case of distress. Drawing on ten years of data and analysis, Global Financial Development Report 2019/2020 provides evidence on the regulatory remedies adopted to prevent futu...
TWELVE thousand German scientists and engineers laboured with sixteen thousand slave labourers to build the secret weapons that would reduce London to ruins: how close they came to success! Here is the full story written from secret British and German documents, and from the private papers of the scientists and war leaders who mounted the British Intelligence counter-offensive. In Germany inter-service rivalry undermined the competing weapons projects until all were too late; and in Britain the most tempestuous dispute of the war thundered along the corridors of Whitehall, while senior defence scientists waged their personal battles. For a year, the British War Cabinet was led to believe tha...
This paper discusses the Syrian Refugee Crisis (SRC) and conflicts in Syria and Iraq have weighed on investor sentiment, tourism, and exports but the influx of Syrians is likely to have increased aggregate demand. Labor market conditions deteriorated after the massive influx of refugees and nontradable prices accelerated. The balance of payment suffered pressures on the non-oil current account, owing to lower exports of goods and services and higher imports. The SRC has increased the direct fiscal costs persistently by above one percent of GDP, which could double after counting for quality and capital deterioration. The negative impact is decreasing as the influx of Syrian refugees slowed and the stock pushed up aggregate demand. The influx of more than 10 percent of Jordan’s original population may have certainly increased consumption, particularly, over time as the incomers settled and the likelihood of returning to their home country diminishes. Unemployment grew the most in governorates that host most of the refugees.
The path of economic development is paved with risks and opportunities. On the one hand, facing risk is a difficult challenge; on the other, the opportunity for growth and welfare improvement may never materialize without confronting and even taking risks. This is true for individuals, families, enterprises, and nations. The World Development Report (WDR) 2014 examines how improving risk management can lead to larger gains in development and poverty reduction. It will argue that improving risk management is crucial to reduce the negative impacts of shocks and hazards, but also to enable people to pursue new opportunities for growth and prosperity. Risk management is also a shared responsibility that requires the active participation of different economic and social systems, as well as the State.
Crises and Integration in European Banking Union builds a theory of how the combination of crisis severity and origin indicates whether a crisis will produce deep reform, modest reform, or a persistence of the pre-crisis status quo.
Policy makers and regulators have devoted much effort to reforms aimed at improving financial stability in response to lessons from the 2007-09 crisis. At the same time, much effort has also been directed to promoting greater financial inclusion as an enabler of equal opportunity. To some extent, these endeavors have been exerted in silos, neglecting the possibility that financial inclusion and financial stability could be significantly intertwined, positively or negatively. If there are synergies or trade-offs between inclusion and stability, policy decisions must be informed, and the policy setting, design, and implementation adjusted accordingly. This paper (i) discusses the relationship between financial inclusion and stability, (ii) illustrates empirically interactions between the two financial sector outcomes, and (iii) outlines policy challenges stemming from these interactions.
Now in full color, Manual of Equine Reproduction, 3rd Edition provides a comprehensive look at the reproductive management of horses, including management of stallions, pregnant mares, and neonatal foals. Expert authors use a concise, practical approach in discussing improved therapies and treatments in equine breeding. You'll enhance your skills and knowledge with this book's detailed coverage of techniques used in reproductive examination, breeding procedures, pregnancy diagnosis, foaling, and reproductive tract surgery. - A clinical emphasis includes a step-by-step format of possible scenarios from conception to breeding management. - Practical information includes topics such as breeding...