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Dealing with Public Risk in Private Infrastructure
Many infrastructure privatizations still leave governments—and thus taxpayers—exposed to significant financial risks. This book examines these risks and considers how governments should respond to investors' requests for guarantees and other forms of government support. The report examines how governments can decide which risks to bear and which to avoid, how they can reduce the risks that private investors face without giving guarantees, and how they can measure, budget, and account for the risks they do take on.
Financial Openness, Democracy, and Redistributive Policy
What explains the spread of both democracy and financial openness at this time in history, given the constraining impact of financial market integration on national policy autonomy? International policy coordination is part of the answer, but not all. Also important is the presence of cost-effective redistributive schemes that provide insurance against the risk of financial instability.
Reviving Private Investment in Developing Countries
The aim of the research described in this volume is to examine the behavior of private domestic investment in a sample of seven developing economies: Chile, Colombia, Egypt, Indonesia, Morocco, Turkey, and Zimbabwe. The studies represent a first step toward understanding the investment process in developing countries and the scope for government policy to affect private capital formation. Such issues will become increasingly important in the future as more developing countries try to encourage private investment. Four key issues emerge in the analysis of the determinants of private investment and its role in adjustment programs in developing countries. The first is the impact of changes in the exchange rate; the second major concern is the existence of crowding out of private activity as a result of government borrowing in domestic financial markets through interest rates or quantity rationing. A third and related issue is whether government spending, particularly that on investment, "crowds in" or "crowds out" private capital formation. Fourth, the effects of uncertainty are important in determining the response of private agents to changes in the incentive structure.
Managing Financial and Corporate Distress
A World Bank, International Monetary Fund, and Brookings Institution publication More than three years have elapsed since the East Asian financial crisis erupted, threatening economic and financial stability in the region and beyond. Although many of the region's economies have since staged a remarkable turnaround, much additional restructuring and reform is needed. Managing Financial and Corporate Distress: Lessons from Asia, stands out from other works on the East Asian crisis by moving beyond macroeconomic assessments to offer an institutional treatment of the microeconomic aspects of the corporate and bank restructuring. Contributors draw on their practical, hands-on expertise in various aspects of finance to provide complementary perspectives on how best to set in place strong and responsive institutions that might be able to resolve and avoid future crises in other emerging markets.
Global Development Finance 2008
'Global Development Finance' the World Bank's annual report on the external financing of developing countries provides monitoring and analysis of development finance, identifying key emerging trends and policy challenges in international financial flows that are likely to affect the growth prospects of developing countries. As major financial institutions currently recognize losses from the U.S. subprime mortgage market crisis and rebuild their balance sheets through a more conservative approach to lending and risk management, the central theme of this year's report will be the market for international bank credit to developing countries.It is an indispensable resource for governments, economists, investors, financial consultants, academics, bankers, and the entire development community. 'Vol I: Analysis and Outlook' reviews recent trends in financial flows to developing countries.
Global Development Finance 2004 - The Changing Face of Finance
This publication contains the World Banks annual review of global financial conditions facing developing countries. This volume (the first part of a two volume set) looks at recent trends in and prospects for financial flows to developing countries. It highlights sources of vulnerability and risk in the recovery of private finance flows, including the likely increases in interest rates in advanced economies and volatility in major currencies and financial markets, as well as problems of macroeconomic management in developing countries. It also presents the World Banks assessment of the global outlook in the light of the recent economic recovery. (Please note that the two volume set (including summary and country data tables for 136 countries, as well as summary data for regions and income groups) is also available separately (ISBN 0821357417).
Review, Analysis, and Outlook
"International private capital flows to developing countries reached a record net level of $491 billion in 2005. This surge in private capital flows offers national and international policy makers a major opportunity to bolster development efforts if they can successfully meet three challenges. The first is to ensure that more countries, especially poorer ones, enhance their access to developmentally beneficial international capital through improvements in their macroeconomic performance, investment climate, and use of aid. The second is to avoid sudden capital flow reversals by redressing global imbalances through policies that recognize the growing interdependencies between developed and d...
Global Development Horizons 2011
The first report in the new Global Development Horizons series looks at the multipolar global economy that is emerging and its implications for development, addressing the associated structural changes in growth dynamics, corporate investment, and international monetary and trade arrangements.
Risk Reduction and Public Spending
January 1998 Government spending on risk reduction could improve welfare in developing economies, either by alleviating a risk-market failure or by reducing uncertainty in otherwise distorted markets. As governments grow richer, the share of their GDP devoted to public spending rises. Public spending in the United States was 7.5 percent of GDP in 1913. It is 33 percent today. Although industrial countries spend twice as much as developing countries, government spending on goods and services is the same in both groups of countries. The difference is almost entirely due to transfer payments, which are about 22 percent of GDP in the industrial world. Most of these transfer payments-pensions, he...
Global Development Finance 2006
"International private capital flows to developing countries reached a record net level of $491 billion in 2005. This surge in private capital flows offers national and international policy makers a major opportunity to bolster development efforts if they can successfully meet three challenges. The first is to ensure that more countries, especially poorer ones, enhance their access to developmentally beneficial international capital through improvements in their macroeconomic performance, investment climate, and use of aid. The second is to avoid sudden capital flow reversals by redressing global imbalances through policies that recognize the growing interdependencies between developed and d...
