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Bank Ownership and Performance in the Middle East and North Africa Region

Farazi, Subika; Feyen, Erik; Rocha, Roberto
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
36.64%
Although both domestic and foreign private banks have gained ground in MENA in recent years, state banks continue to play an important role in many countries. Using a MENA bank-level panel dataset for the period 2001-08, the paper contributes to the empirical literature by documenting recent ownership trends and assessing the role of ownership and bank performance in MENA while accounting for key bank characteristics such as size and balance sheet composition. The paper analyzes headline performance indicators as well as their key drivers and finds that state banks exhibit significantly weaker performance, despite their larger size. This result is mainly driven by a larger holding of government securities, higher costs due to larger staffing numbers, and larger loan loss provisions reflecting weaker asset quality. The results reflect both operational inefficiencies and policy mandates. The paper also provides a detailed performance analysis of foreign and listed banks. Foreign banks are fairly new in MENA...

Gender and Asset Ownership : A Guide to Collecting Individual-Level Data

Doss, Cheryl; Grown, Caren; Deere, Carmen Diana
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
46.78%
Ownership and control over assets such as land and housing provide direct and indirect benefits to individuals and households, including a secure place to live, the means of a livelihood, protection during emergencies, and collateral for credit that can be used for investment or consumption. Unfortunately, few studies - either at the micro or macro levels- examine the gender dimensions of asset ownership. This paper sets out a framework for researchers who are interested in collecting data on individual level asset ownership and analyzing the gender asset gap. It reviews best practices in existing surveys with respect to data collection on assets at both the household and individual levels, and shows how various questions on individually owned assets can be incorporated with a minimum of effort and cost into existing multi-topic household surveys, using examples of three Living Standard Measurement Study surveys: the 1998-99 Ghana survey, the 2000 Guatemala survey, and the 1997-98 Vietnam survey questionnaires. The analysis shows that it is feasible to add a minimal set of questions to enable calculation of the gender asset gap. Adding a series of extra questions will permit a more satisfactory and nuanced analysis of asset acquisition...

Effects of Privatization and Ownership in Transition Economies

Estrin, Saul; Hanousek, Jan; Kocenda, Evzen; Svejnar, Jan
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
46.56%
The paper evaluates the effects of privatization in the post-communist economies and China. In post-communist economies privatization to foreign owners results in a rapid improvement in performance of firms, while performance effects of privatization to domestic owners are less impressive and vary across regions, coinciding with differences in policies and institutional development. In China relatively more estimates suggest that privatization to domestic owners improves the level of performance. Concentrated private ownership has a stronger positive effect on performance than dispersed ownership in the post-communist economies, but foreign joint ventures rather than wholly owned foreign firms have a positive effect in China. Worker or collective ownership does not have a negative effect. In the post-communist economies new firms are equally or more efficient than firms privatized to domestic owners, and foreign start-ups are more efficient than domestic ones. Privatization is not associated with lower employment. When accompanied by complementary reforms...

Procurement in Infrastructure : What Does Theory Tell Us?

Estache, Antonio; Iimi, Atsushi; Ruzzier, Christian
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
36.45%
Infrastructure has particular challenges in public procurement, because it is highly complex and customized and often requires economic, political and social considerations from a long time horizon. To deliver public infrastructure services to citizens or taxpayers, there are a series of decisions that governments have to make. The paper provides a minimum package of important economic theories that could guide governments to wise decision-making at each stage. Theory suggests that in general it would be a good option to contract out infrastructure to the private sector under high-powered incentive mechanisms, such as fixed-price contracts. However, this holds under certain conditions. Theory also shows that ownership should be aligned with the ultimate responsibility for or objective of infrastructure provision. Public and private ownership have different advantages and can deal with different problems. It is also shown that it would be a better option to integrate more than one public task (for example...

Assessing Asset Indices

Filmer, Deon; Scott, Kinnon
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
46.66%
This paper compares how results using various methods to construct asset indices match results using per capita expenditures. The analysis shows that inferences about inequalities in education, health care use, fertility, child mortality, as well as labor market outcomes are quite robust to the specific economic status measure used. The measures-most significantly per capita expenditures versus the class of asset indices-do not, however, yield identical household rankings. Two factors stand out in predicting the degree of congruence in rankings between per capita expenditures and an asset index. First is the extent to which per capita expenditures can be explained by observed household and community characteristics. In settings with small transitory shocks to expenditure, or with little measurement error in expenditure, the rankings yielded by the alternative approaches are most similar. Second is the extent to which expenditures are dominated by individually consumed goods such as food. Asset indices are typically derived from indicators of goods which are effectively public at the household level...

Gender and Asset Ownership : A Guide to Collecting Individual-Level Data

Doss, Cheryl; Grown, Caren; Deere, Carmen Diana
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
66.98%
Ownership and control over assets such as land and housing provide direct and indirect benefits to individuals and households, including a secure place to live, the means of a livelihood, protection during emergencies, and collateral for credit that can be used for investment or consumption. Unfortunately, few studies - either at the micro or macro levels- examine the gender dimensions of asset ownership. This paper sets out a framework for researchers who are interested in collecting data on individual level asset ownership and analyzing the gender asset gap. It reviews best practices in existing surveys with respect to data collection on assets at both the household and individual levels, and shows how various questions on individually owned assets can be incorporated with a minimum of effort and cost into existing multi-topic household surveys, using examples of three Living Standard Measurement Study surveys: the 1998-99 Ghana survey, the 2000 Guatemala survey, and the 1997-98 Vietnam survey questionnaires. The analysis shows that it is feasible to add a minimal set of questions to enable calculation of the gender asset gap. Adding a series of extra questions will permit a more satisfactory and nuanced analysis of asset acquisition...

Investing Back Home : Return Migration and Business Ownership in Albania

Kilic, Talip; Carletto, Calogero; Davis, Benjamin; Zezza, Alberto
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
46.72%
In view of its increasing importance, and the dearth of information on return migration and its impacts on source households, this study uses data from the 2005 Albania Living Standards Measurement Study survey and assesses the impact of past migration experience of Albanian households on non-farm business ownership through instrumental variables regression techniques. Moreover, considering the differences in earning potentials and opportunities for skill acquisition in different destination countries, the impact of household past migration experience is differentiated by main migrant destinations, namely Greece and Italy. The study also tests for the hypothesis of the existence of migration cycles, by differentiating the time spent abroad based on the year of return. The empirical results indicate that household past migration experience exerts a positive impact on the probability of owning a non-farm business. While one additional year in Greece increases the probability of household business ownership by roughly 7 percent...

The Nature and Dynamics of Poverty Determinants in Burkina Faso in the 1990s

Fofack, Hippolyte
Fonte: World Bank, Washington, D.C. Publicador: World Bank, Washington, D.C.
EN_US
Relevância na Pesquisa
46.39%
The author investigates the determinants and dynamics of poverty during the five-year growth period that followed the 1994 CFA franc devaluation in Burkina Faso. Results show that the nature and dynamics of poverty determinants are influenced by the spatial location of households and that the post-devaluation growth period did not significantly alter the pattern of poverty determinants. The most significant determinants of poverty over the growth period include the burden of age dependency, human and physical assets, household amenities, and spatial location. Though consistently significant at the national level, the direction of association between these determinants and welfare depends on their nature. While the burden of age dependency is consistently negatively associated with welfare, asset ownership is positively associated. The probability of being poor declines with increasing share of household assets and increases with the burden of age dependency. There are some variations at the regional level, however...

World Bank Research Digest, Vol. 3(1)

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
36.48%
In this issue: food price crisis in Africa; focus: the Doha development agenda; when is deposit insurance a good idea? Returns to capital in micro-enterprises; new global poverty estimates; ports and maritime transport in West and Central Africa; the consequences of child labor; and gender and asset ownership.

Institutional Agenda and PPP Options for Water Supply and Sewage in Ludhiana

Ramanujam, S.R.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Trabalho em Andamento
EN_US
Relevância na Pesquisa
36.55%
Water supply and sewage (WSS) operations in Ludhiana resemble that of many Indian cities; service levels are poor when compared to benchmarks; cost recovery is low; the municipal corporation subsidises operating deficits; the Government finances capital expenditure; assets are created through a State owned entity; internal capacity, systems and procedures are weak. The State Government has taken a decision to make key municipal corporations (including Ludhiana) responsible for future asset creation and also expects them to share capital expenditure. To improve the quality of service, the city needs immediate capital investments and change in management practices. Key institutional actions to achieve this are a) WSS operations focusing on higher cost recovery, b) increased contribution from the municipal corporation to WSS capital expenditure financing as opposed to O & M financing and c) modern governance structure for WSS operations.

Towards an Understanding of Lodging Asset Management and its Components

Jackson, Leonard Anthony
Fonte: FIU Digital Commons Publicador: FIU Digital Commons
Tipo: Artigo de Revista Científica Formato: application/pdf
Relevância na Pesquisa
36.49%
Lodging asset management has emerged as one of the most important areas of strategic hotel management. Increasingly, lodging companies are soliciting the services of asset management firms or developing internal asset management competencies. This article synthesizes and discusses the essential components of dynamic lodging asset management. The article provides a detail background on asset management and its importance and explains the role of lodging asset managers and their working relationships with ownership and operators. The article also discusses the competencies and skills of asset managers.

Decentralization, incentives, and asset ownership

Le, Nhat
Fonte: Universidade Nacional da Austrália Publicador: Universidade Nacional da Austrália
Tipo: Working/Technical Paper Formato: 262055 bytes; 350 bytes; application/pdf; application/octet-stream
EN_AU
Relevância na Pesquisa
56.48%
This paper develops a model to explain why mass privatization can become troublesome when taking into account asymmetry of information and economies of scale. It also shows that, in early stages of reforms, organizational form is irrelevant, but cooperation among the contractual parties is necessary for efficiency. We then incorporates repeated-game framework into the model to study how property rights are gradually formed in China and how informal social mechanisms work to promote cooperation. One distinct feature of China’s reforms is the contingent devolution of power: local firms and agencies are offered a high degree of autonomy for achieving cooperation and high investment. Such a contingent delegation combined with capital mobility creates market booms within the old regime. Later, this regime is gradually replaced by a new ownership structure.; no

Bank Ownership and Lending Patterns during the 2008-2009 Financial Crisis : Evidence from Latin America and Eastern Europe

Cull, Robert; Martínez Pería, María Soledad
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
36.62%
This paper examines the impact of bank ownership on credit growth in developing countries before and during the 2008-2009 crisis. Using bank-level data for countries in Eastern Europe and Latin America, it analyzes the growth of banks' total gross loans as well as the growth of corporate, consumer, and residential mortgage loans. Although domestic private banks in Eastern Europe and Latin America contracted their loan growth rates during the crisis, there are differences in foreign and government-owned bank credit growth across regions. In Eastern Europe, foreign bank total lending fell by more than domestic private bank credit. These results are primarily driven by reductions in corporate loans. Furthermore, government-owned banks in Eastern Europe did not act counter-cyclically. The opposite was true in Latin America, where the growth of government-owned banks' corporate and consumer loans during the crisis exceeded that of domestic and foreign banks. Contrary to the case of foreign banks in Eastern Europe...

Decentralizing the Provision of Health Services : An Incomplete Contracts Approach

Jack, William
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
36.74%
The author studies the allocation-between a central government and a local authority--of responsibility for planning, financing, and operations for the delivery of health services, in the context of an incomplete contracts model. In this model, inputs are required of both the central government and local authorities but they are unable to write down, and commit to, a complete and binding contract describing the actions both should take. The model is meant to capture the tradeoff between central and local authority in decisions about both financing and the provision of services. Each party provides a specific input--for example, the central government establishes a drug procurement system while the local authority designs and implements an incentive scheme to get doctors to carry out their responsibilities appropriately. The responsibility for delivery of services is identified with the ownership of essential infrastructure, such as the clinic or hospital. The author finds that to maximize the joint surplus of the two public bodies: Ownership of the facility should be given to the party that most values the well-being of local residents. (This way...

Asset Distribution, Inequality, and Growth

Deininger, Klaus; Olinto, Pedro
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
36.45%
With the recent resurgence of interest in equity, inequality, and growth, the possibility of a negative relationship between inequality and economic growth, has received renewed interest in the literature. Faced with the prospect that high levels of inequality may persist, and give rise to poverty traps, policymakers are paying more attention to the distributional implications of macroeconomic policies. Because high levels of inequality may hurt overall growth, policymakers are exploring measures to promote growth and equity at the same time. How the consequences of inequality are analyzed, along with the possible cures, depends partly on how inequality is measured. The authors use assets (land) rather than income - and a GMM estimator - to examine the robustness of the relationship between inequality and growth that has been observed in the cross-sectional literature, but has been drawn into question by recent studies using panel techniques. They find evidence that asset inequality - but not income inequality - has a relatively large negative impact on growth. They also find that a highly unequal distribution of assets reduces the effectiveness of educational interventions. This means that policymakers should be more concerned about households' access to assets...

Asset ownership among households caring for orphans and vulnerable children in rural Zimbabwe: The influence of ownership on children's health and social vulnerabilities

Crea, Thomas M.; Lombe, Margaret; Robertson, Laura A.; Dumba, Lovemore; Mushati, Phyllis; Makoni, J.C.; Mavise, Gideon; Eaton, Jeffrey W.; Munatsi, Brighton; Nyamukapa, Constance A.; Gregson, Simon
Fonte: Taylor & Francis Publicador: Taylor & Francis
Tipo: Artigo de Revista Científica
EN
Relevância na Pesquisa
46.82%
The high prevalence of human immunodeficiency virus/acquired immune deficiency syndrome in sub-Saharan Africa has resulted in a dramatic increase in orphans and vulnerable children (OVC) over the past decade. These children typically rely on extended family networks for support, but the magnitude of the crisis has resulted in traditional familial networks becoming overwhelmed and more economically and socially vulnerable. Previous research consistently demonstrates the positive influence of household asset ownership on children's well-being. Using data from impoverished households caring for OVC in rural Manicaland Province, Zimbabwe, this study explores the influence of household asset ownership on OVC health vulnerability (HV) and social vulnerability (SV). Findings indicate that asset ownership is associated with significantly lower SV, in terms of school attendance and birth registration. Yet, assets do not emerge as a direct influence of OVC HV as measured by disease and chronic illness, although having a chronically ill adult in the household increases HV. These findings suggest that asset ownership, specifically a combination of fixed and movable assets, may offset the influence of other risk factors for children's SV.

Ownership of Capital in Monetary Economies and the Inflation Tax on Equity

Chami, Ralph; Cosimano, Thomas F.; Fullenkamp, Connel
Fonte: SSRN eLibrary Publicador: SSRN eLibrary
Tipo: Artigo de Revista Científica Formato: 16009813 bytes; application/pdf
Publicado em //1998 EN_US
Relevância na Pesquisa
36.75%
Asset pricing models have only partially captured the true inflation risk of equities. The contribution of this paper is to identify and quantify the extra inflation tax on equities that results when ownership of physical capital is separated from nominal ownership of the firm in a production economy with money. We add money to the standard stochastic growth model with production and explicitly distinguish firm ownership of physical capital from household ownership of stock certificates. We prove that the effect of this distinction is to make the value of the firm equal to the firm's capital stock divided by inflation. We then derive the standard asset-pricing conditions from the consumer's Euler equations and show that the effect of inflation on asset returns differs from the effects found in other papers by the addition of a wealth tax. The wealth tax reflects the government's ability to tax the entire future dividend stream at once by taxing the real value of stock certificates, rather than taxing the dividend flow period by period. We show analytically as well as in simulations that the wealth tax effect is significant. This suggests that the presence of the wealth tax is responsible for the greater inflation anxiety in the stock market.

Commentary: Ownership Neutrality and Practical Complications

Shay, Stephen E.
Fonte: New York University Publicador: New York University
Tipo: Artigo de Revista Científica
EN_US
Relevância na Pesquisa
36.73%
In "Reconsidering the Taxation of Foreign Income," Jim Hines analyzes the consequences of taxing, as opposed to exempting, active foreign business income by comparing the expected effects on capital ownership of a "pure" worldwide income taxation system with the effects on capital ownership of a "pure" territorial taxation regime. Consistent with his earlier work, Hines asserts that a capital ownership neutrality analysis supports exempting foreign active business income from home country residence taxation and points to global welfare losses from taxing income on a worldwide basis with a credit for foreign taxes. As he has previously, Hines sets up his discussion of capital ownership neutrality by criticizing the "older wisdom" of international tax policy that established a "tension between policies that maximize national welfare - NN - and policies that maximize global welfare - CEN." According to Hines, perhaps the most critical of the assumptions underlying the traditional investment location neutrality framework is that "home country taxation does not directly or indirectly affect foreign firms." Hines argues that if greater investment abroad triggers greater investment by foreign firms in the residence country, "[t]he NN implication that home countries maximize their own welfare by subjecting foreign income to taxation with only deductions for foreign income tax payments then no longer follows." If the productivity of an investment depends on its ownership (without regard to the location of the investment) and home and foreign firms compete for ownership of capital around the world...

The property-rights theory of the firm with endogenous timing of asset purchase

de Meza, David; Lockwood, Ben
Fonte: Suntory and Toyota International Centres for Economics and Related Disciplines, London School of Economics and Political Science Publicador: Suntory and Toyota International Centres for Economics and Related Disciplines, London School of Economics and Political Science
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em /12/1998 EN; EN
Relevância na Pesquisa
36.65%
The standard property-rights theory of the firm assumes that prior to investing in human capital, team members meet and negotiate asset ownership. This paper endogenizes the event sequence in a matching model of market equilibrium. Equilibria exist in which, for strategic and efficiency reasons, agents invest in human capital and buy assets prior to matching and simple ownership arrangements are chosen. As in the original work, ownership of physical assets affects the incentive to invest. However, in this setting ownership creates rent shifting, search and asset transfer advantages, so new results emerge. It is no longer necessarily true that key agents own. As for the form of integration, there may be multiple Pareto-rankable equilibria.

An empirical investigation of changes in asset ownership patterns: Microeconomic aspects and macroeconomic consequences.

Munoz, Sonia
Fonte: London School of Economics and Political Science Thesis Publicador: London School of Economics and Political Science Thesis
Tipo: Thesis; NonPeerReviewed Formato: application/pdf
Publicado em //2005 EN
Relevância na Pesquisa
46.69%
This thesis provides an empirical investigation of the causes and consequences of shifting asset ownership patterns. Chapter 1 analyses the dynamics of the ownership structure of risky asset portfolios. The results show that household portfolio behaviour is better explained by infrequent decisions on their portfolio, rather than continuous adjustments as standard theory predicts. The model shows that there is strong persistence in both risky and safe asset holding decisions since households develop a taste for the assets that they hold and do not change portfolios frequently. Chapter 2 evaluates the increasing exposure of households to risky financial as sets in Europe and the impact of holdings and revaluations of risky assets on consumption, particularly as these are becoming increasingly widely held. The analysis provides evidence of wealth effects in two countries that differ dramatically in their financial structure and capital markets, unlike high frequency studies which have found little such effect. Chapter 3 considers another main household asset, real estate. The chapter looks in depth into the United States housing market and tests the importance of wealth effects resulting from house price movements. I find evidence of strong housing wealth effects that is robust over three different estimation methods that allow for heterogeneity among states.