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This book is a point of departure for cities that would like to reap the many benefits of ecological and economic sustainability. It provides an analytical and operational framework that offers strategic guidance to cities on sustainable and integrated urban development.
Economic volatility has come into its own after being treated for decades as a secondary phenomenon in the business cycle literature. This evolution has been driven by the recognition that non-linearities, long buried by the economist's penchant for linearity, magnify the negative effects of volatility on long-run growth and inequality, especially in poor countries. This collection organizes empirical and policy results for economists and development policy practitioners into four parts: basic features, including the impact of volatility on growth and poverty; commodity price volatility; the financial sector's dual role as an absorber and amplifier of shocks; and the management and prevention of macroeconomic crises. The latter section includes a cross-country study, case studies on Argentina and Russia, and lessons from the debt default episodes of the 1980s and 1990s.
The historical frequency of banking crises is quite similar in high- and middle-to-low-income countries, with quantitative and qualitative parallels in both the run-ups and the aftermath. We establish these regularities using a unique dataset spanning from Denmark's financial panic during the Napoleonic War to the ongoing global financial crisis sparked by subprime mortgage defaults in the United States.Banking crises dramatically weaken fiscal positions in both groups, with government revenues invariably contracting, and fiscal expenditures often expanding sharply. Three years after a financial crisis central government debt increases, on average, by about 86 percent. Thus the fiscal burden...
Many governments have faced serious instability as a result of their contingent liabilities. But conventional public finance analysis and institutions fail to address such fiscal risks. This book aims to provide motivation and practical guidance to governments seeking to improve their management of fiscal risks. The book addresses some of the difficult analytical and institutional challenges that face reformers tooling up to manage government fiscal risks. It discusses the inadequacies of conventional practices as well as recent advances in dealing with fiscal risk.
Facing and overcoming destabilizing challenges associated with the historical phenomenon of boom-and-bust economies.
May 1996 The authors present simulation results on the benefits of alternative power tariffs for Nigeria and Indonesia, based on several closely related models of the firm. Nigeria is representative of developing countries where the public sector is inefficient and manufacturers provide their own electricity to compensate for that inefficiency. The use of private generators by Nigerian manufacturers is virtually ubiquitous, even though the government, to protect its monopoly, did not encourage that use in the 1980s. About 89 percent of a sample of Nigerian firms produced some of their power needs internally. But many large firms underused their power plants because of the substantial quantit...