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What triggers inflation in emerging market economies?
"Emerging market economies (EMEs) have experienced a noticeable decline in inflation since the mid-1990s. Whether this stable price environment in EMEs is likely to endure and what kind of policies need to be followed to ensure price stability, however, still continue to be questions of considerable policy relevance. Doma ̇and Ycel investigate the factors associated with the start of 24 inflation episodes in 15 EMEs between 1980 and 2001. They use pooled probit analysis to estimate the contribution of the key factors to inflation starts. Their empirical results suggest that increases in the output gap, agricultural shocks, and expansionary fiscal policy raise the probability of inflation starts in EMEs. Their findings also indicate that a more democratic environment and an increase in capital flows relative to GDP reduce the probability of inflation starts. This papera product of the Poverty Reduction and Economic Management Sector Unit, Europe and Central Asia Regionis part of a larger effort in the region to enhance knowledge on the inflationary process and its policy implications"-- World Bank web site.
Exchange Rate Regimes and Pass-Through
We seek to demonstrate the variations in the exchange rate pass-through (ERPT) and identify the shift in the price-setting behavior by placing the emphasis on the implemented exchange rate and monetary policy regimes. Having a history of several distinct monetary regimes, Turkey exhibits a genuine laboratory in this respect. Our empirical results reveal that the pass-through from exchange rates to domestic prices has changed dramatically. We detect breaks in the pass-through coefficients at three episodes, all of which coincide with a shift in monetary/exchange rate regime, lending support to the view that monetary and exchange rate regimes might be among the major determinants of the ERPT process.
The World Bank Research Program, 2005-2007
This pocket-sized reference on key environmental data for over 200 countries includes key indicators on agriculture, forestry, biodiversity, energy, emission and pollution, and water and sanitation. The volume helps establish a sound base of information to help set priorities and measure progress toward environmental sustainability goals.
Measuring the International Mobility of Skilled Workers (1990-2000)
Caribbean, Central America, and Western and Eastern Africa. Repeating the exercise for 1990 and 2000 allows the authors to evaluate the changes in brain drain intensity. Western Africa, Eastern Africa, and Central America experienced a remarkable increase in the brain drain during the past decade. The database delivers information that is rich enough to assess the changes in the international distribution of migration rates, to test for the (push and pull) determinants per skill group, to evaluate the growth effects of migration on source and destination countries, and to estimate the relationships between migration, trade, foreign research and development, and remittances. This paper a product of the Trade Team, Development Research Group is part of a larger effort in the group to measure the extent of the brain drain as part of the International Migration and Development Program"-- World Bank web site.
Teachers' Salaries and Professional Profile in Mexico
"Teachers' salaries have often been highlighted as an important issue in discussions on school improvement. The level and structure of teacher remuneration affect morale and the ability to focus on and devote adequate time to teaching. Lopez-Acevedo examines who teachers are, whether teachers are underpaid, and whether teachers face higher compensation uncertainty than their counterparts face. The results show that teachers in basic education consistently work fewer hours than their occupational counterparts. Regression analysis shows that teachers in basic public schools are better paid early in their professional lives than are other comparable individuals. Because retirement benefits are usually generous, teachers stay within the profession. This paper-- a product of the Poverty Reduction and Economic Management Division, Latin America and the Caribbean Region-- is part of a larger effort in the region to examine teachers' incentives"-- World Bank web site.
Investment Climate Reform - Going the Last Mile
Over time, the initiative is establishing a dynamic of reform and public-private partnership that will facilitate the tackling of more complicated structural reforms. Complementing the systemic approach and framework reform efforts of governments and international agencies, competitiveness partnerships mobilize the local business community to catalog concrete problems across the full spectrum of investment climate concerns, pinpoint solutions, campaign for their adoption, and follow up on reform implementation. The author attempts to determine the applicability of competitiveness partnerships to different settings by modeling the interactions between several key success factors, thus providing a pertinent tool for development professionals, government officials, and private sector advocates who wish to establish a renewed implementation dynamic through this kind of results-oriented reform process"--Abstract.
Resolving Systemic Financial Crises
"Claessens, Klingebiel, and Laeven analyze the role of institutions in resolving systemic banking crises for a broad sample of countries. Banking crises are fiscally costly, especially when policies like substantial liquidity support, explicit government guarantees on financial institutions' liabilities, and forbearance from prudential regulations are used. Higher fiscal outlays do not, however, accelerate the recovery from a crisis. Better institutions-- less corruption, improved law and order, legal system, and bureaucracy-- do. The authors find these results to be relatively robust to estimation techniques, including controlling for the effects of a poor institutional environment on the likelihood of financial crisis and the size of fiscal costs. Their results suggest that countries should use strict policies to resolve a crisis and use the crisis as an opportunity to implement medium-term structural reforms, which will also help avoid future systemic crises. This paper-- a product of the Financial Sector Operations and Policy Department-- is part of a larger effort in the department to study financial crisis resolution"-- World Bank web site.
Finance India
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