03. Journals

2,932 items available

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http://hdl.handle.net/10986/2210

These are journal articles published in World Bank journals as well as externally by World Bank authors.

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Now showing 1 - 10 of 323

The Portfolio Theory of Inflation and Policy (In)Effectiveness: A Revisitation (Published online: 14 Sep 2021)

(Taylor and Francis, 2023-08-11) Bossone, Biagio

This article revisits the Portfolio Theory of Inflation (PTI), with a view to further articulating its findings and implications. The article adds to the micro-foundations of the PTI, framing more rigorously the role of global investors as international allocators of capital resources, and providing richer analysis of their interaction with macroeconomic policies at country level. The article explores how country credibility enters the capital allocation choice process of global investors and how global investor choices shape the space available to country policy making, determining the extent to which the effect of macro-policies dissipates into exchange rate depreciation and higher inflation.
Women in Paid Employment: A Role for Public Policies and Social Norms in Guatemala

(Taylor and Francis, 2023-05-03) Almeida, Rita K. ; Viollaz , Mariana

With only 32% of women in the labor market, Guatemala has one of the lowest rates of female labor force participation (FLFP) in the Latin America and Caribbean region and in the world. We explore information from different micro data sets, including the most recent population censuses (2002 and 2018) to assess the drivers of recent progress. Between 2002 and 2018, FLFP increased from an average of 26% to 32% nationwide. This increase was partly explained by increases in the school attainment of women, reduction in fertility and the country’s structural transformation towards services. However, a large part of the increase remains unexplained. Exploring 2018 data, we show that social norms, attitudes towards women and public policies are important determinants of FLFP. The analysis suggests that, taken together, these factors can all become an important source of increased participation of women in the labor market moving forward.
Impacts of Temporary Migration on Development in Origin Countries

(Published by Oxford University Press on behalf of the World Bank, 2023-04-17) Bossavie, Laurent ; Özden, Çağlar

Temporary migration is widespread globally. While the literature has traditionally focused on the impacts of permanent migration on destination countries, evidence on the effects of temporary migration on origin countries has grown over the past decade. This paper highlights that the economic development impacts, especially on low- and middle-income origin countries, are complex, dynamic, context-specific, and multichanneled. The paper identifies five main pathways: (a) labor supply; (b) human capital; (c) financial capital and entrepreneurship; (d) aggregate welfare and poverty; and (e) institutions and social norms. Several factors shape these pathways and their eventual impacts. These include initial economic conditions at home, the scale and double selectivity of emigration and return migration, whether migration was planned to be temporary ex ante, and employment and human capital accumulation opportunities experienced by migrants while they are overseas. Meaningful policy interventions to increase the development impacts of temporary migration require proper analysis, which, in turn, depends on high-quality data on workers’ employment trajectories, as well as their decision processes on the timing of their migration and return. These are currently the biggest research challenges to overcome to study the development impacts of temporary migration.
What Makes Public Sector Data Valuable for Development?

(Published by Oxford University Press on behalf of the World Bank, 2023-04-14) Jolliffe, Dean ; Mahler, Daniel Gerszon ; Veerappan, Malarvizhi ; Kilic, Talip ; Wollburg, Philip

Data produced by the public sector can have transformational impacts on development outcomes through better targeting of resources, improved service delivery, cost savings, increased accountability, and more. Around the world, the amount of data produced by the public sector is increasing rapidly, but we argue the full potential of data to improve development outcomes has not been realized yet. We outline 12 features needed for data to generate greater value for development and present case studies substantiating these features. We argue that a key reason why the transformational value of data has not yet been realized is that suboptimal data—data not satisfying these 12 features—are being supplied. The features are that the data should be of adequate spatial and temporal coverage (complete, frequent, and timely), should be of high quality (accurate, comparable, and granular), should be easy to use (accessible, understandable, and interoperable), and should be safe to use (impartial, confidential, and appropriate).
Quasi-Experimental Evidence on Carbon Pricing

(Published by Oxford University Press on behalf of the World Bank, 2023-03-29) Vrolijk, Kasper ; Sato, Misato

A growing literature suggests that carbon emissions are most efficiently reduced by carbon pricing. The evidence base on the effectiveness of market-based mechanisms, however, faces three key limitations: studies often (a) predict, rather than evaluate effects, (b) show large difference in findings, and (c) cannot always infer causal relations. Quasi-experimental studies can address these challenges by using variation in policies over time, space, or entities. This paper systematically reviews this new literature, outlines the benefits and caveats of quasi-experimental methodologies, and verifies the reliability and value of quasi-experimental estimates. The overall evidence base documents a causal effect between carbon pricing and emission reductions, with ambiguous effects on economic outcomes, and there are important gaps and inconsistencies. This review underscores that estimates should be interpreted with care because of: (a) inappropriate choice of method, (b) incorrect implementation of empirical analysis (e.g., violate identifying assumptions), and (c) data limitations. More cross-learning across studies and use of novel empirical strategies is needed to improve the empirical evidence base going forward.
Government Social Protection Programme Spending and Household Welfare in Lesotho

(John Wiley and Sons, 2023-03-16) Boko, Joachim ; Raju, Dhushyanth ; Younger, Stephen D

Lesotho has notably high levels of poverty and inequality despite a high level of government spending on social protection programmes. We assess the performance of this spending in reducing consumption poverty and inequality, applying benefit incidence and microsimulation methods to 2017/2018 household survey data. We investigate the distributional effects of actual spending as well as those of a hypothetical alternative in which the spending is targeted through a proxy means test (PMT) formula used by the government for some programmes. We find that government spending on social protection programmes in Lesotho substantially reduces poverty and inequality. For most programmes, the hypothetical alternative of targeting spending to poorer households through the government's PMT formula would have no better distributional effects than current programme spending. The exception is postsecondary education bursaries, which are costly and regressive. Retaining bursaries only for poorer students, and reallocating the outlay this saves to a transfer targeted to poorer households through the government's PMT formula, could reduce poverty and inequality significantly.
Did a successful fight against COVID-19 come at a cost?: Impacts of the pandemic on employment outcomes in Vietnam

(Elsevier, 2023-01) Dang, Hai-Anh H. ; Nguyen, Cuong Viet ; Carletto, Calogero

Despite its low middle-income status, Vietnam has been widely praised for its success in the fight against early waves of the COVID-19 pandemic, with a low mortality rate of approximately 100 deaths out of a population of less than 100 million by the end of 2020. We add to the emerging literature on COVID-19 effects on the labor market for poorer countries by analyzing rich individual-level data from Vietnam’s Labor Force Surveys spanning 2015 to 2020. We find post-pandemic increases in unemployment and temporary layoff rates alongside decreases in employment quality. Monthly wages declined even as the proportion of workers receiving below-minimum wages substantially increased, contributing to sharply rising wage inequality. Our findings suggest that more resources should be allocated to protect vulnerable workers, especially as the pandemic continues to cause increasingly severe damage to the global economy.
The Promise and Limitations of Information Technology for Tax Mobilization

(Published by Oxford University Press on behalf of the World Bank, 2022-10-20) Okunogbe, Oyebola ; Santoro, Fabrizio

Tax revenue in many low- and middle-income countries is inadequate for funding investments in public goods and human capital. With high levels of informality and limited state capacity, many tax authorities have difficulty determining the true tax base and collecting taxes efficiently and equitably. Tax authorities are increasingly adopting new technologies to improve administrative processes, reduce taxpayer compliance costs, and enhance their overall effectiveness. This paper reviews the recent literature on the use of technology for tax administration. It highlights the potential of technology to improve tax collection by helping to identify the tax base, monitor compliance, and facilitate compliance. It also identifies possible limitations to the use of technology arising from inadequate infrastructure and connectivity, lack of adoption or resistance by taxpayers and tax collectors, lack of institutional mainstreaming, and an unsupportive regulatory environment.
Income and Wealth Inequality in Hong Kong, 1981–2020: The Rise of Pluto-Communism?

(Published by Oxford University Press on behalf of the World Bank, 2022-10-08) Piketty, Thomas ; Yang, Li

The objective of this paper is to better understand the evolution and institutional roots of Hong Kong's growing economic inequality and political cleavages. By combining multiple sources of data (household surveys, fiscal data, wealth rankings, national accounts) and methodological innovations, two main findings are obtained. First, he evidence suggests a very large rise in income and wealth inequality in Hong Kong over the last four decades. Second, based on the latest opinion poll data, business elites, who carry disproportionate weight in Hong Kong's Legislative Council, are found to be more likely to vote for the pro-establishment camp (presumably to ensure that policies are passed that protect their political and economic interests). This paper argues that the unique alliance of government and business elites in a partially democratic political system is the plausible institutional root of Hong Kong's rising inequality and political cleavages.
Services, Jobs, and Economic Development in Africa

(Published by Oxford University Press on behalf of the World Bank, 2022-08-09) Baccini, Leonardo ; Fiorini, Matteo ; Hoekman, Bernard ; Sanfilippo, Marco

This article presents data and analyzes the structure of employment in 13 African economies at the administrative unit level, with a focus on the role of services. We provide two novel pieces of evidence. First, we present a descriptive snapshot of changes in the composition of employment over time and across geographies. This reveals evidence of structural transformation toward services and service-related occupations at subnational level and provides a fine-grained overview of who works in services and where and how this has changed over time. Second, we provide correlations between services and economic development, using per capita nightlight luminosity as a proxy. We document (1) a strong positive association between high skills services and economic development; (2) substantial heterogeneity across industries within services; and (3) a mediating role of market conditions and technology in the relation between services and economic development. Overall, our work highlights an important role of services activities for employment, skills, and economic development in Africa.