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Small States, Smart Solutions
Small states face special hurdles in achieving development gains. These states spend significantly more of their GDP on producing public goods and services, and they face higher connectivity costs than do their larger brethren. Small States, Smart Solutions examines how some small states use international trade and telecommunications technology to outsource services such as justice, banking supervision, public utilities regulation, high-quality medicine, and education. Sourcing these services internationally poses unique challenges but also opens broad opportunities. The eight case studies in this book, based on interviews with government officers and citizens, describe pioneering initiatives undertaken by some small states to better the quality of life of their citizens.
Disinflation, Fiscal Sustainability, and Labor Market Adjustment in Turkey
This paper analyzes the effects of monetary policy and fiscal adjustment on output and unemployment in Turkey. The model on which the analysis is based accounts for rural-urban migration, a large urban informal sector, flexible exchange rates, a dollarized banking system, and interactions between default risk on government liabilities, credibility, and inflation expectations. The short- and long-run effects of a rise in official interest rates and tax increases are analyzed. The results highlight the importance of accounting for the link between default risk and credibility in understanding the real and financial effects of macroeconomic adjustment.
India in Search of Glory
India and the Indians have made some progress in 75 years after Independence. The number of literates has gone up. The Indians have become healthier and their life expectancy at birth has gone up. The proportion of people below the poverty line has also halved. But the shine from the story fades when India is compared with that of the East Asian Tigers and China. It looks good but not good enough. India looks far away from the glory it seeks. This issue forms the core subject matter of this book. It tries to argue why India could not achieve more and what all it could have achieved. It paints a picture of its possible future and highlights the areas that need immediate attention.
The dragon and the elephant
China and India are the most extraordinary economic success stories of the developing world. Both nationsÂ’ economies have grown dramatically over the past few decades, elevating them from two of the worldÂ’s poorest countries into projected economic superpowers. As a result, the numbers of Chinese and Indians living in poverty have rapidly fallen and per capita incomes in China and India have quadrupled and doubled, respectively. This book investigates the reasons for these staggering accomplishments and the lessons that can be applied both to other developing nations and to the problem of poverty that remains in these two countries. The contributors pay particular attention to agriculture ...
Sovereign Debt and the Financial Crisis
The book presents and discusses policy-relevant research on the current debt challenges which developing, emerging market and developed countries face. Its value added lies in the integrated approach of drawing on theoretical research and evidence from practitioners' experience in developing and emerging market countries.
Exploring Lebanon's Growth Prospects
Abstract: This paper attempts to identify Lebanon's greatest constraints to economic growth, following a growth diagnosis approach. It concludes that fiscal imbalances and barriers to entry are most binding on long-term growth. Macroeconomic imbalances and related perceived risks affect the nature of investment decisions in Lebanon, in favor of liquid instruments rather than longer-term productive investments. Further, many barriers to entry discourage agents from investing in a number of markets: legal impediments to competition, corruption, and a set of fiscal incentives favoring the allocation of resources to non-tradable sectors, where potential demand and investment opportunities are scarcer. In turn, using a steady-state computable general equilibrium model, the paper assesses the long-term growth impact of a selected set of policy reforms envisaged to lift such constraints. Results suggest that 1 to 2 percentage points of additional GDP growth per year could be gained through public expenditure reform, greater domestic competition, and tax harmonization.
Small States in the Global Economy
This collection of papers presented to the Commonwealth Secretariat/World Bank Joint Task Force conferences sets out an agenda for future national, regional and international actions to address economic vulnerabilities of small states.
High consumption Volatility
A history of repeated external and domestic shocks has made economic insecurity a major concern across the Caribbean region. Of particular concern to all households, especially the poorest segments of the population, is the exposure to shocks that are generated by catastrophic events or natural disasters. The author shows that despite high consumption growth, the Caribbean region suffers from a high volatility of consumption that decreases household welfare. After presenting some empirical evidence that consumption volatility is higher in the Caribbean region than in the rest of the world, he makes some empirically testable inferences that help explain consumption volatility. The author deve...
The Great Recession and Developing Countries
The book provides one of the most detailed and comprehensive reviews of the growth experience of a group of low and middle income countries before and during the global crisis. It then explores their growth prospects after the recovery and how they may be shaped by the new global economic environment.
