Private Sector Development, Privatization, and Industrial Policy
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Publication
Innovation Agencies: Cases from Developing Economies
(World Bank, Washington, DC, 2019-11-13)Many high-income and developing countries have established agencies to promote innovation. This study examines the origin and evolution, organizational structure, policy interventions, delivery challenges, and evaluation mechanisms of 13 innovation agencies in developing countries and one case (SPRING in Singapore) for comparison purposes. This study does not assume that the only approach to improving innovation lies in a dedicated agency – each innovation system is governed differently and the same intervention may have very different results in different contexts. Rather, our goal is to capture how these agencies dealt with the major challenges that confront establishing an innovation agency in a developing country context, where innovation is often hampered by significant market, coordination, and institutional failures, investments in innovation tend to be limited, and the capabilities required for effective innovation are often lacking. The analysis is presented according to seven building blocks that emerged from the analysis of the cases’ patterns and dynamics as pre-requisites for the success of innovation agencies, including a clear but adaptable mission, capable staff, effective governance and management structures, diagnostic-based interventions, robust monitoring and evaluation (M&E), sustainable funding, and strategic partnerships and networks. A diagnosis of NIS gaps and global trends is required to design policy interventions. -
Publication
Republic of Armenia Export-led Industrial Development Strategy: Implementation Review and Recommendations on New Toolset
(Washington, DC, 2015-06)The lessons learned from the implications of the global crisis for the Armenian economy led the Government of Armenia to refine its approach to economic development policy. The business environment, the market structure, and the incentive pattern had not fostered reallocation of resources into more productive areas or the emergence of internationally competitive products and services. Despite numerous initiatives and multiple efforts, there was no holistic approach or actionable roadmap for supporting private sector development. The pressing need to restore economic growth despite a small domestic market led the Armenian government to search for new sources of growth in export-oriented industries. At the end of 2011, the Government of Armenia adopted its export-led industrial development strategy. The strategy set as targets improving the general business environment and sector-specific initiatives to address market failures and expand exports. The strategy builds on both a general (crosscutting) and an industry-customized toolset. -
Publication
Armenia : Diagnostic Review of Consumer Protection and Financial Literacy, Volume 1. Key Findings and Recommendations
(Washington, DC, 2012-06)The objectives of the diagnostic review of consumer protection and financial literacy for Armenia are: (i) to assess the existing financial consumer protection framework, by reviewing laws, regulations and practices in Armenia compared to international good practices; and (ii) to provide recommendations on ways to improve consumer protection and financial literacy in Armenia. The review provides a detailed assessment of the institutional, legal and regulatory framework in four financial segments, namely banking, non-bank credit institutions, securities, and insurance. Many key steps have already been taken in financial consumer protection, especially at the regulatory and institutional levels. Regarding the institutional framework, adequate resources need to be allocated to the consumer protection team and modern supervisory tools should be made available. Consumer organizations should be strengthened and motivated to assist the Central Bank of Armenia (CBA) in market monitoring. In terms of consumer disclosure, the CBA should issue regulations that require financial institutions to provide clear, understandable, timely, comparable and standardized information to consumers. In the area of regulation of business practices, the CBA should require that sales agents are well trained and should test them regularly. All financial institutions should regularly analyze the complaints received and the analysis should be provided to the CBA. The Steering Committee for the National Strategy of Financial Education should become the key body to manage financial education in Armenia.