Stand alone books
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Publication
Unleashing Prosperity : Productivity Growth in Eastern Europe and the Former Soviet Union
(Washington, DC : World Bank, 2008)The analysis presented in this report assembles, for the first time, evidence from a variety of sources in the countries of Eastern Europe and the former Soviet Union to show that policy and institutional reforms are important in achieving higher productivity growth. However, significant challenges remain in sustaining that growth. Many countries that started the reform process early, such as the new member states of the European Union, have come to resemble advanced market economies and face challenges in competing successfully in the global economy that are similar to the challenges faced by other European countries. For these new European Union members, the report argues, policies that facilitate innovation and firm expansion will be a key. But for other countries that started the reform process later, such as the countries of Southeastern Europe and the former Soviet Union, there is still a need to address the legacy of transition. For these countries, policies that accelerate restructuring and ease the entry and exit of firms will continue to be essential. This report - part of a series of regional studies of the World Bank's Europe and Central Asia region that has already covered poverty and inequality, the enhancement of job opportunities, trade and integration, migration and remittances, and the challenges posed by aging populations is intended as a contribution to the author thinking about how the World Bank may work more effectively with client states and other partners in the region to promote growth and foster higher living standards in a rapidly changing World. -
Publication
Tools for Institutional, Political, and Social Analysis of Policy Reform : A Sourcebook for Development Practitioners
(Washington, DC: World Bank, 2007)This Sourcebook deals with social analysis in policy reform, encompassing the transition from gaining a better understanding of the distributional impacts of proposed or continuing reform to influencing a more informed and locally embedded process of policy review and design. In a generic sense, the term "social analysis" encompasses institutional, political, and social analyses. These three overlapping areas, derived from different disciplinary backgrounds, focus on the rules and relations that underpin and influence reform outcomes: Institutional analysis looks at the rules that people develop to govern group behavior and interaction in political, economic, and social spheres of life. Institutional analysis is based on an understanding that these rules-whether formally constructed or informally embedded in cultural practice-mediate and distort, sometimes fundamentally, the expected impacts of policy reform. Political analysis looks at the structure of power relations and often-entrenched interests of different stakeholders that affect decision making and distributional outcomes. Political analysis is built on recognition that political interests underpin many areas of policy debate and economic reform, challenging assumptions about the technical nature of policy making. Social analysis looks at the social relationships that govern interaction at different organizational levels, including households, communities, and social groups. Social analysis is built on an understanding of the role of social and cultural norms in governing relationships within and between groups of social actors, with implications for the degree of inclusion and empowerment of specific social groups. -
Publication
Dancing with the Giants: China, India, and the Global Economy
(Washington, DC : World Bank, 2007)This report takes a dispassionate and critical look at the rise of China and India, and asks questions about this growth: Where is it occurring? Who is benefiting most? Is it sustainable? And what are the implications for the rest of the world? The book considers whether the giants' growth will be seriously constrained by weaknesses in governance, growing inequality, and environmental stresses, and it concludes that this need not occur. However, it does suggest that the Chinese and Indian authorities face important challenges in keeping their investment climates favorable, their inequalities at levels that do not undermine growth, and their air and water quality at acceptable levels. The authors also consider China's and India's interactions with the global trading and financial systems and their impact on the global commons, particularly with regard to climate. The book finds that the giants' growth and trade offer most countries opportunities to gain economically. However, many countries will face strong adjustment pressure in manufacturing, particularly those with competing exports and especially if the giants' technical progress is strongly export- enhancing. For a few countries, mainly in Asia, these pressures could outweigh the economic benefits of larger markets in, and cheaper imports from, the giants; and the growth of those countries over the next fifteen years will be slightly lower as a result. The giants will contribute to the increase in world commodity and energy prices but they are not the principal cause of higher oil prices. The giants' emissions of CO2 will grow strongly, especially if economic growth is not accompanied by steps to enhance energy efficiency. At present, a one-time window of opportunity exists for achieving substantial efficiency improvements if ambitious current and future investment plans embody appropriate standards. Moreover, doing so will not be too costly or curtail growth significantly. From their relatively small positions at present, the giants will emerge as significant players in the world financial system as they grow and liberalize. Rates of reserve asset accumulation likely will slow, and emerging pressures will encourage China to reduce its current account surplus. -
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Making Finance Work for Africa
(Washington, DC : World Bank, 2007)Making Finance Work for Africa presents a coherent policy approach that addresses African priorities and can work in African conditions. It challenges the applicability of some conventional views on a range of issues from securities markets and banking regulation to the organization of microfinance institutions. The authors identify promising trends from across sub-Saharan Africa and pinpoint shortcomings. The book will be useful to policy makers, bankers, financial analysts, and economists working in Africa. -
Publication
East Asian Visions : Perspectives on Economic Development
(Washington, DC : World Bank, 2007)East Asian Visions: Perspectives on Economic Development is a collection of essays by 17 eminent East Asians who represent a broad spectrum of backgrounds and experiences. All are senior policy makers, statesmen, or scholars who have either had to deal with or think through some of the most critical financial and developmental issues confronting their countries and the region. Collectively, 10 of them have, at some point in their careers, been at the head of key ministries and central banks; nearly a dozen have been academics and scholars of distinction; several have served as ambassadors to the West and bring a more global strategic perspective; and many have been influential policy advisers and decision makers in governments and international financial agencies. Their essays reflect individual experiences at critical economic junctures and are occasionally quite personal, not surprising since each author selected a topic of his or her own choosing. Given their backgrounds, they have chosen to write about the highly diverse country experiences of East Asia, covering rich, middle income, and poor countries, and they speculate on how their countries fit into a rapidly changing region and globalizing world. Four themes permeate these essays: explaining East Asia's growth and developmental success; the powerful forces of regional integration and building efficiency versus vulnerability; avoiding domestic disintegration given growing public intolerance of increasing inequities, pollution, and corruption; and where will East Asia find its next generation of leaders. -
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An East Asian Renaissance : Ideas for Economic Growth
(Washington, DC: World Bank, 2007)The region has been transformed by these developments, changing from a set of countries that rapidly integrated with the world to one that is also aggressively exploiting the sources of dynamism that lie within Asia. But countries in East Asia now face the domestic side-effects of rapid growth driven by international integration: congestion, conflict, and corruption. The challenge now is to complement global and regional integration with domestic integration. This requires ensuring vibrant cities that are not only linked to the outside world but also well-integrated domestically, strengthening social cohesion and reducing inequality, and providing clean governments which efficiently reinvest the economic returns that accompany fast growth. -
Publication
A Reader in International Corporate Finance, Volume Two
(Washington, DC: World Bank, 2006)The Reader in International Corporate Finance offers an overview of current thinking on six topics: law and finance, corporate governance, banking, capital markets, capital structure and financing constraints, and the political economy of finance. This collection of 23 of the most influential articles published in the period 2000-2006 reflects two new trends: 1) interest in international aspects of corporate finance, particularly specific to emerging markets, and 2) awareness of the importance of institutions in explaining global differences in corporate finance. -
Publication
Reforming Collateral Laws to Expand Access to Finance
(Washington, DC: World Bank, 2006)Most readers, especially those with car loans or home mortgages, know about collateral--property that the lender can take away from the borrower in the event that the borrower defaults. In low/middle income countries, it is understood that conservative lenders exclude firms from credit markets with their excessive collateral requirements. Usually, this is because only some property is acceptable as collateral: large holdings of urban real estate and, sometimes, new motor vehicles. Microenterprises, SMEs, and the poor have little of this property but they do have an array of productive assets that could easily be harnessed to serve as collateral. It is only the legal framework which prevents firms from using these assets to secure loans. In countries with reformed laws governing collateral, property such as equipment, inventory, accounts receivable, livestock are considered excellent collateral. This book aims to better equip project managers to implement reforms to the legal and institutional framework for collateral (secured transactions). It discusses the importance of movable property as a source of collateral for firms, the relationship between the legal framework governing movable assets and the financial sector consequences for firms (better loan terms, increased access, more competitive financial sector), and how reforms can be put in place to change the lending environment. -
Publication
From Inside Brazil : Development in a Land of Contrasts
(Washington, DC: World Bank and Stanford University Press, 2006)The overarching theme of the book is development in a land of contrasts. There have been large economic, social, and political changes. The mass of society is far more expressive and politically involved today. In 1945, the country had 7.4 million voters, about 11 percent of the population. Today it has 120 million voters, or 67 percent of the population. The economy has been modernized, the capitalist ethos spread across regions, mass communication reached every part of the country, and basic education (though of varying quality) has become almost universal. Poverty has been reduced, but inequality remains extremely high. Moreover, the country has become more violent and prone to disorder. Meanwhile, the state has become weaker and less present where it should be present (in the slums and urban fringes), and more present where it should not be. The author captures remarkably well the transformations of the 1990s, when Brazil deepened its insertion into the global economy, opening to imports and to foreign direct investment on the one hand, and increasing its competitiveness on the other. This led to a great expansion of exports, and to the return of large trade surpluses, increasing considerably the share of trade in the country's gross domestic product. However, there is an unfinished agenda with two main imperatives. The first is the need to enter a new and sustainable growth cycle; the second concern is the reform agenda, especially the economic and institutional reforms that are highlighted by this book. Finally, social and environmental issues must remain a high priority. -
Publication
A Reader in International Corporate Finance, Volume One
(Washington, DC : World Bank, 2006)The Reader in International Corporate Finance offers an overview of current thinking on six topics: law and finance, corporate governance, banking, capital markets, capital structure and financing constraints, and the political economy of finance. This collection of 23 of the most influential articles published in the period 2000-2006 reflects two new trends: 1) interest in international aspects of corporate finance, particularly specific to emerging markets, and 2) awareness of the importance of institutions in explaining global differences in corporate finance.