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An Economic Integration Zone for the East African Community : Exploiting Regional Potential and Addressing Commitment Challenges

Dobronogov, Anton; Farole, Thomas
Fonte: Banco Mundial Publicador: Banco Mundial
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16.27%
Integration in the East African Community offers significant opportunities not only to expand trade among member states, but more importantly to scale up regional production to take advantage of much larger global market opportunities. Special economic zones are a potentially valuable instrument to facilitate the integration of regional value chains in support of this scaling up. They also have the potential to deliver powerful demonstration effects on the benefits of integration and to help entrench the integration process. This paper discusses the proposal for developing an "economic integration zone" in the East African Community. The benefits of such a zone could be substantial, as would be the practical challenges to implementation -- in particular the political economy challenges. However, a number of institutional and commercial solutions exist to address these challenges.

Russian WTO Accession : What Has Been Accomplished, What Can Be Expected

Tarr, David
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
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This paper summarizes the principal reform commitments that Russia has undertaken as part of its World Trade Organization (WTO) accession negotiations, providing detailed assessments in banking, insurance, and agriculture. The paper assesses the gains to the Russian economy from these commitments, based on a summary of several modeling efforts undertaken by the author and his colleagues. The author compares Russian commitments with those of other countries that have recently acceded to the WTO to assess the claim that the demands on Russia are excessive due to political considerations. He explains why Russian WTO accession will result in the elimination of the Jackson-Vanik Amendment against Russia. Finally, he discusses the remaining issues in the negotiations and the time frame for Russian accession as of the fall of 2007.

Kyrgyz Republic - Financial Sector Assessment

World Bank
Fonte: Washington, DC Publicador: Washington, DC
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This Financial Sector Assessment (FSA) summarizes the structural and developmental aspects of the 2006 FSAP Update report for the Kyrgyz Republic. The stability and prudential oversight aspects of that report, including the factual updates of ROSCs and the results of the Anti Money Laundering and Combating the Financing of Terrorism (AML/CFT) assessment, are summarized in the Financial System Stability Assessment (FSSA) that was discussed by the IMF Board, as part of the Article IV Consultation, in May 2007. This FSA should be read together with the FSSA in order to get a full sense of the findings and recommendations of the 2006 Kyrgyz Republic FSAP Update. The key conclusion of the FSAP Update is that key challenges today pertain to the regulation, supervision and development of the non bank finance sector, and to access to finance.

Trade Finance during the 2008–9 Trade Collapse : Key Takeaways

Chauffour, Jean-Pierre; Malouche, Mariem
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
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Trade finance matters for trade, and when financial markets and world trade collapsed three years ago, a shortage in trade finance was hailed as a possible culprit. Because of the potential for global repercussions, world leaders called on the international community to act swiftly to avoid a depression. Governments and international institutions intervened to mitigate the impacts of the crisis. Then the economy bounced back, and trade picked up. But what did we learn from the crisis? In retrospect, what role did trade finance actually play? Did the freeze in the financial markets cause the unprecedented drop in global trade in 2008-9? This note presents evidence on the role of trade finance during 2008-9 and highlights a few takeaways on the data and knowledge gap of trade finance and government interventions during financial crises.

Globalization, Wages and the Quality of Jobs : Lessons for Policy Makers

World Bank
Fonte: Washington, DC Publicador: Washington, DC
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This note summarizes the results and describes the policy implications of the recently published book globalization, wages, and the quality of jobs that evaluates some of the effects of trade and foreign investment on workers. This book contains a framework for analysis, a literature review, and five country studies that provide the foundation for three main lessons for policy makers that are described at the end of this note.

The Cost of Adjustment to Green Growth Policies : Lessons from Trade Adjustment Costs

Porto, Guido
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
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16.52%
Green growth policies confront firms and workers with adjustments that may create welfare costs for different segments of the population and cause reductions in near-term actual versus potential gross domestic product. There is little evidence on the cost of adjustment to climate change measures, and only limited evidence for more general environmental policies, especially in developing countries. Therefore, this paper canvasses the research on adjustment costs to trade policies to draw analogies and highlight differences compared with the potential impacts of green growth policies. Trade policies affect prices and work directly on technology choice. In the presence of adjustment costs, firms may experience impacts on wages, employment, and incentives to adopt alternative technologies. Both types of trade policy impacts may be amplified by technology availability and credit constraints. Many green growth policies are likely to work via the same mechanisms, that is, taxes on emissions or changes in technology requirements. However...

Belarus : Financial Sector Assessment

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
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16.34%
The Financial System Assessment (FSA) is based on the work of the joint International Monetary Fund (IMF)-World Bank Financial Sector Assessment Program (FSAP) updates that visited Belarus from September 17, 2007 to September 30, 2008. The principal objective of the FSAP update was to assist the authorities in evaluating progress, assessing potential vulnerabilities of the financial system, and determining future challenges. The IMF and the World Bank, an aide-memoire, technical notes on a detailed assessment of compliance with Basel Core Principles (BCP) principles of Banking supervision, summary assessment of compliance with the International Organization of Securities Commissions (IOSCO) principles, and access to finance, and background notes on stress-testing and the insurance sector have been submitted to the authorities. Overall, the supervisory framework for banks has significantly improved since the 2004 FSAP, though concerns remain in some crucial dimensions. The new Banking code was passed in 2006, and secondary legislation is updated on a regular basis. While the majority of recommendations made by the 2004 BCP assessment have been adopted or are in process of implementation...

Bangladesh Development Update, October 2015; On a Stable Path

World Bank
Fonte: Dhaka, Bangladesh Publicador: Dhaka, Bangladesh
Tipo: Report; Economic & Sector Work :: Economic Updates and Modeling; Economic & Sector Work
ENGLISH; EN_US
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Progress on reducing extreme poverty and boosting shared prosperity need to be further enhanced in the near-term by sustaining Gross Domestic Product (GDP) and remittances growth, creating jobs, containing inflation, and making progress on improving the quality of public service delivery. Private investments need to increase significantly to achieve the government’s 7 percent growth target for FY16. Moving forward in the immediate future, stronger attention is needed to (i) achieve safety and labor rights compliance in the garment industry, (ii) complete the critical ongoing road, electricity and gas development projects, (iii) implement the Public Private Partnership (PPP) law, (iv) improve the efficiency and solvency of the banking sector through better banking supervision and oversight by the Bangladesh Bank and corporate governance reforms in public banks, and (v) provide access to serviced land to domestic and foreign investors through the Special Economic Zones (SEZs) initiative.

India Development Update, April 2013

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Economic Updates and Modeling; Economic & Sector Work
ENGLISH; EN_US
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16.42%
The economy is likely to expand by 5.0 percent in FY2013. Although the slowing momentum of economic growth may have bottomed out in the third quarter of FY2013, even a substantial pickup in the last quarter of the fiscal year is unlikely to lift the growth rate of real Gross Domestic Product (GDP) at factor cost much beyond 5.0 percent given the weakness observed over the previous three quarters. Inflation and fiscal deficit have declined, but the current account deficit has widened. The Reserve Bank of India (RBI) has had to strike a tough balance between providing some monetary stimulus and restraining further price growth. As inflation, measured by the wholesale price index, has begun to decelerate in recent months, the authorities may gain additional policy room. Continued progress on the reform agenda is key to mitigating downside risks. The authorities' ability to respond to negative external shocks is more limited today than during the 2008-09 global crisis. Additional efforts may be needed to create the fiscal space for India's progress towards universal health coverage. The depreciation of the rupee appears to have lost steam...

El Salvador - Public Expenditure Review : Enhancing the Efficiency and Targeting of Expenditures, Volume 2. Chapters and Statistical Tables

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Public Expenditure Review; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
16.36%
This Public Expenditure Review (PER), produced jointly by the World Bank and the Inter-American Development Bank (IADB), is an in-depth economic and sector report on El Salvador. The study builds on the analysis and recommendations of the PER delivered in 2004 that concluded that El Salvador faced the dual challenge of addressing deteriorating fiscal trends while financing key investments required to accelerate growth and meet pressing social needs. This report is intended to provide the government with practical and useful near-and medium-term recommendations that will support the country's efforts to ensure sustainable fiscal balances and establish effective and transparent mechanisms to allocate public resources to promote broad-based economic growth, improve social indicators, and reduce poverty. Hence, the government knows that El Salvador is faced with two fiscal challenges that will have great influence on the economic performance over the coming years. The first is the need to improve the fiscal balance...

Benin - Constraints to Growth and Potential for Diversification and Innovation : Country Economic Memorandum

World Bank
Fonte: World Bank Publicador: World Bank
Tipo: Economic & Sector Work :: Country Economic Memorandum
ENGLISH
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With favorable geographical location, macroeconomic stability, debt reduction, progress on structural reforms, and political stability, Benin will seem to have the foundations for a dynamic, diversified economy. Yet the country's economic structure has not evolved, remaining highly dependent on cotton and transit trade, and per-capita growth has slowed down in recent years. The government has requested the World Bank's assistance in understanding the constraints to growth and evaluating the country's potential for diversification and innovation as it seeks to lead the country to emerging market status by 2020. The government is well aware that the vulnerabilities associated with the country's dependence on cotton and transit trade impede the attainment of this goal. Response to the government's request, the objective of the Benin Country Economic Memorandum (CEM) is therefore to identify and analyze the key economic and institutional constraints to growth, including through diversification and innovation. The CEM contains four main chapters...

Africa's Pulse, September 2011 : An Analysis of Issues Shaping Africa's Economic Future

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research :: Newsletter; Publications & Research
ENGLISH; EN_US
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This Africa's pulse newsletter includes the following heading: recent economic trends; and the challenge of employment in Africa: raising the productivity of the informal sector.

World Investment and Political Risk 2009

Multilateral Investment Guarantee Agency
Fonte: World Bank Publicador: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH
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Political risk is a top concern for corporate foreign investors from industrialized but also developing countries when venturing into emerging markets. At the same time, these investors maintain a positive outlook on economic and business prospects in the developing world, which is expected to attract a growing share of global foreign direct investment (FDI) as the world economy slowly, recovers. Positive business sentiment over emerging markets amid concerns over political perils point to a sustained need to mitigate these perils. This, added to the rise of South-based investors, offers opportunities and challenges for the political risk insurance (PRI) industry. In the current context of high uncertainty, understanding how investors perceive and deal with political risks helps to map out the role of PRI in the emerging post-crisis investment landscape. This report focuses on FDI and PRI for long-term investment, and only covers political risk in developing countries. Although political risk also affects other forms of private capital flows...

Bangladesh - Towards Accelerated, Inclusive and Sustainable Growth : Opportunities and Challenges, Volume 2. Main Report

World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Economic & Sector Work :: Country Economic Memorandum; Economic & Sector Work
EN_US
Relevância na Pesquisa
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In Bangladesh, growth needs to accelerate to absorb the burgeoning labor force and continue making dents in poverty. Such acceleration will require sustained growth in exports and remittances. It will also need an increase in investment both public and private. However, growth acceleration alone will not be enough to absorb the labor force. This will need an improvement in employment intensity of growth, and a further improvement in inclusiveness of service delivery. Moreover, to help ensure that growth acceleration is sustained, the ex-ante and ex-post effects of climate change will need to be addressed. Finally, urbanization offers opportunities to accelerate growth, but can also undermine it if not proactively managed. Bangladesh's Gross National Income (GNI) per capita more than tripled in the past two-and-a-half decades, from an average of US$251 in the 1980s to US$784 by 2011. This growth was accompanied by impressive progress in human development. Yet, after 40 years of independence, Bangladesh remains a low-income country with nearly 50 million people still impoverished and its economic growth potential under-exploited. It is therefore important to understand the drivers underpinning Bangladesh's growth process, what enabled the drivers to move Bangladesh forward...

International Political Risk Management : Needs of the Present, Challenges for the Future

Moran, Theodore H.; West, Gerald T.; Martin, Keith
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH; EN_US
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The main subjects discussed in this publication, International Political Risk Management: Needs of the Present, Challenges of the Future, -providing coverage based on bilateral investment treaties (BITs), unifying terrorism and traditional political violence insurance, incorporating recent experiences in the power sector in risk management plans, and improving protection against regulatory takings-are at the core of investors' concerns in the current marketplace. The book is organized into 4 parts. Part I discusses new perspectives on political risk insurance products. Part II examines private power projects in emerging markets. Part III focuses on the challenge of managing regulatory risk and Part IV deals with the international political risk insurance industry in 2010.

Taking Stock : An Update on Vietnam's Recent Economic Developments, July 2013; Diem lai : cap nhat tinh hinh phat trien kinh te Viet Nam

World Bank
Fonte: Hanoi Publicador: Hanoi
Tipo: Economic & Sector Work :: General Economy, Macroeconomics and Growth Study; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
16.27%
The global economy appears to be transitioning toward a period of more stable albeit moderate pace of growth. Global Gross Domestic Product (GDP), which slowed in mid-2012, is recovering and a modest acceleration in quarterly GDP is expected during the course of 2013. In the developing world growth remains solid, but there are some signs of easing. More than four years after the financial crisis started, global industrial output is only 5.3 percent higher than its pre-crisis peak. While the global financial market conditions continue to improve, eventual phasing out of quantitative easing in advanced economies is beginning to worry investors. The improvement in financial conditions can be seen in lower yields on long-term debt, higher stock market returns and near-record flow of gross capital to developing countries. Vietnam's economy is experiencing its longest spell of slow growth since the onset of economic reforms in the late-1980s. Real GDP grew by 5 percent in 2012, the lowest level since 1998. The economy extended its slow growth into the first half of 2013...

Russia Economic Report, No. 31, March 2014 : Confidence Crisis Exposes Economic Weakness

World Bank
Fonte: Moscow Publicador: Moscow
Tipo: Economic & Sector Work :: Economic Updates and Modeling
ENGLISH; EN_US
Relevância na Pesquisa
16.27%
Real Gross Domestic Product or GDP growth slowed to an estimated 1.3 percent in 2013 from 3.4 percent of 2012. In January 2013, we projected 3.6 percent growth for 2013, but while the global economy has continued to improve at a moderate pace, Russia's is struggling to find its footing. The first part of this report explores the recent economic developments that underlie this slowdown. To emerge from the downturn with improved long-term prospects Russia will need a combination of cyclical and structural policy measures. As the relative weight of the reasons for Russia's downturn is tilted toward structural factors, structural measures will need to lead the rebound. The lack of more comprehensive structural reforms in the past has led to a gradual erosion of investor confidence. This was masked by a growth model based on large investment projects, continued increases in public wages, and transfers, all fueled by sizeable oil revenues. Recent events around the Crimea have compounded the lingering confidence problem into a crisis of confidence and more clearly exposed the economic weakness of this growth model. Investor pessimism became the decisive factor affecting Russia's economic outlook...

Costa Rica : Five Years after CAFTA-DR, Assessing Early Results for the Costa Rican Economy

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Foreign Trade, FDI, and Capital Flows Study
ENGLISH; EN_US
Relevância na Pesquisa
16.46%
The Dominican Republic - Central America - United States Free Trade Agreement (CAFTA-DR) has been fundamental in creating a stable framework for Costa Rica's trade with the United States. For Costa Rica, CAFTA-DR is more than a trade agreement. Besides eliminating tariffs and reducing non-tariff barriers between member countries, CAFTA-DR also introduced major changes to the legal framework of member countries, reducing barriers to services, promoting transparency, and ensuring a secure and predictable environment for investors. This report analyses how CAFTA-DR has impacted the Costa Rican economy in the five years after ratification, both on a macro level and in key specific sectors. The report shows that CAFTA-DR is yielding benefits to the Costa Rican economy, but it is too early to provide a complete account just after five years. The agreement has succeeded to further trade integration between Costa Rica, the US, and other CAFTA-DR countries. Exports to the US began increasing several years before the agreement...

An analysis of maritime transport and its costs for the Caribbean

Fuchsluger, Joachim
Fonte: ECLAC Publicador: ECLAC
EN
Relevância na Pesquisa
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Includes bibliography; Introduction The Caribbean is largely made up of small and specialised open island economies, which import a large proportion of their consumer goods. In addition, any local production of goods and services is heavily dependent on the import of raw materials and unfinished parts. In 1996, the Caribbean's level of foreign trade, as a proportion of GDP, was 78 per cent, compared with 25 per cent for Latin America for the same period (Hoffmann, 1997);. Based on these figures, it can be inferred that Caribbean countries are more dependent on foreign trade than other regions. Maritime transport is the primary mode of commercial transport for the Caribbean. For island States such as these, trade in goods is conducted either by air or by sea. However, from an economic standpoint, air transport is only feasible for certain types of products and, as such, maritime transport remains the sole mode of transport for most goods. From this, it can be concluded that Caribbean countries are more dependent on maritime transport than other regions. Most Caribbean countries export only a few commodities such as bananas, sugar or bauxite -- commodities for which a buyer can easily choose alternative sources of supplies. This means that countries in the region must accept prices determined by the international market for their export products. Moreover...

A Cost Benefit Analysis of Forest Certification at The Forestland Group

Schreiber, Jenna
Fonte: Universidade Duke Publicador: Universidade Duke
Tipo: Masters' project
Publicado em 06/12/2012
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This project evaluates the costs and benefits of the Forest Stewardship Council’s (FSC) forest certification for a large timber management organization (TIMO). FSC certification is a voluntary, market-based program that promotes sustainable forest management through third-party certification. The TIMO in this case study manages 3.3 million acres of land certified under FSC, and this project evaluated both the direct and indirect costs and benefits of certification. This project was able to quantify the direct and indirect costs and benefits of forest certification through surveys, financial analyses and regression analyses. On average, forest certification is a net-positive program for the client, earning an estimated $771,000 of additional annual revenue. Certification premiums paid for finished wood products are significantly higher than certification premiums for certified stumpage. Certified wood products receive an overall price premium of 10.5% while the premium for certified stumpage ranges from 1.6-4.3%. Price premiums for finished wood products are considerably higher for domestic sales than for export sales. The domestic sale of finished wood products generates a statistically significant price premium of 30.0% as compared to the statistically significant but much lower premium for exported wood products of 3.4%. This project provides evidence that there are financial incentives for forestland owners to maintain forest certification. FSC has marketed both the ecological and financial benefits of maintaining forest certification. Previous studies of forest certification have generally concluded that the ecological benefits of forest certification are clear but that the desired financial benefits have not yet materialized. This project demonstrates that a large timberland owner can receive meaningful financial benefits from its forest certification program.