Report Series: World Bank Working Papers
World Bank Working Papers present the results of economic, financial, or technical research; country experience or analysis; operational evaluations; or detailed background or case studies. These are typically works in progress, published to stimulate public discussion of ongoing research. These books tend to be short, ranging typically between 64 and 128 pages in length. This series was superseded by the World Bank Studies series in 2011 [see Books - Series (active)]. Smaller, chapter-sized articles can be found in the Policy Research Working Papers collection.
Published titles
Search Results
1 - 10 of 219
-
Publication
Comparing European and U.S. Securities Regulations : MiFID versus Corresponding U.S. Regulations
(Washington, DC: World Bank, 2010)The purpose of this paper is to compare the European Union (EU) and United States (U.S.) securities regulations. In November 2007, the market in financial instruments directive 2004/39/EC (MiFID) came into force in the EU, and brought about deep changes in the market infrastructure. The same year regulations National Market System (NMS) in the U.S. was fully enacted and reformed equities markets. This study compares MiFID with the corresponding U.S. regulations, and primarily focuses on the regulatory and supervisory framework, trading venues, and the provision of investment services. Implementation of the rules enforcement and right to redress are beyond the scope of this paper. Likewise, the paper does not intend to judge the effectiveness of the two regulatory systems. -
Publication
Legal Frameworks for Tertiary Education in Sub-Saharan Africa : The Quest for Institutional Responsiveness
(Washington, DC: World Bank, 2009)Prospects for future economic growth in Sub-Saharan Africa will depend in significant measure on the continent's capacity to cultivate the higher order skills and expertise needed to acquire knowledge and utilize it to advance economic and social development. Recognition of this reality is leading policy makers and politicians across the region to renew their attention to the role that tertiary education can play in undergirding knowledge-based strategies for growth and competitiveness. As this awareness has grown, fuller understanding of the relationship between human capital formation and economic growth, the types of tertiary education policies that can nurture this relationship, and the national-level conditions that shape the possibilities for success in these endeavors has been pursued by the World Bank through a series of analytical studies. This analytical work culminated in 2008 with the completion of the region's flagship report entitled accelerating catch-up: tertiary education for growth in Sub-Saharan Africa. This report examined the human resource implications of more knowledge-intensive strategies for growth in Africa within the context of globalize competition and argued the need for more conscious management of education policies in order to align education sector outputs, especially postsecondary graduates and research, with national strategies for economic growth and poverty alleviation. In doing so, the report issued a clear call for more autonomous, flexible, and responsive institutions of tertiary education capable of adjusting their missions and programs to fast-paced changes in the technologies, economic relations, and trade regimes that can spell the difference between a nation's competitiveness and stagnation within the global economic arena. It also highlighted the critical role of governance arrangements at the level of tertiary education systems as well as individual tertiary institutions in determining capabilities for flexibility and responsiveness that enable timely adaptation to change. -
Publication
Regulation by Contract : A New Way to Privatize Electricity Distribution?
(Washington, DC: World Bank, 2003-09)In with the performance of recently privatized electricity distribution companies. Governments complain that tariffs have increased without visible improvements in service. Investors contend that they have not earned reasonable returns on their investments. Both sides often express dissatisfaction with the new independent regulatory commissions established at the time of privatization. In particular, investors argue that the commissions have not lived up to their commitments and almost always side with consumer interests. Some investors claim that the design of the new regulatory system in many developing and transition economies is fundamentally flawed. They often recommend that independent regulatory commissions be supplemented or replaced by more explicit "regulation by contract." This paper examines whether regulation by contract or a combination of regulation by contract and regulatory independence would provide a better regulatory system for developing countries that wish to privatize some or all of their distribution systems. The paper: Describes the key characteristics of regulation by contract as it has been implemented in several developing countries Focuses on how regulatory contracts in several countries handle certain key issues (pass-through of power-purchase costs, foreign exchange fluctuations, loss reduction and the obligation to serve) Describes the strengths and weaknesses of different approaches for dealing with disputes that inevitably arise in the application of regulatory contracts Compares and contrasts some recent experiences of distribution entities in Latin America and India. Examines some of Brazil's recent problems that may have arisen because Brazil adopted a flawed variant of regulation by contract. The paper concludes with a discussion of some lessons that can be learned from the experience of several countries. -
Publication
Quasi-Fiscal Activities, Hidden Government Subsidies, and Fiscal Adjustment in Armenia
(Washington, DC: World Bank, 2003-09)This paper aims to develop a detailed analysis of quasi-fiscal deficits and subsidies, and their impact on Armenia's fiscal performance in the second part of the 1990s. Based on the flow-of-funds approach, we estimate the magnitude of the quasi-fiscal deficits and the incidence of quasi-fiscal subsidies in Armenia, as well as identify main recipients and sources of quasi-fiscal financing. The principal finding of the paper is that while quasi-fiscal deficits in Armenia remain considerable, their recent decline has been a major contributing factor to Armenia's fiscal adjustment. The paper also shows that households remain a major ultimate recipient of quasi-fiscal subsidies. Thus, the main distortive impact of quasi-fiscal subsidies is on social policy and equity, rather than on enterprise restructuring and private sector performance. Still, the current level of public sector deficit in Armenia remains too high, which requires an additional adjustment effort. The paper suggests that to make fiscal adjustment sustainable a further strengthening of financial control, accounting and reporting in the public sector is needed, including through better Government monitoring of debts and other liabilities accumulated by the large state enterprises and phasing out the phenomenon of implicit (hidden subsidies), such as debt-for-equity swaps. The proposed approach to the analysis of quasi-fiscal deficits and subsidies, based on estimates of accumulated debts in the public sector and its main parts, seems to be fully applicable to other economies in transition, especially to those low-income CIS countries, which are heavily dependent on energy imports. -
Publication
Broadcasting and Development : Options for the World Bank
(Washington, DC: World Bank, 2003-09)Broadcasting can have a significant part to play in the fight to reduce global poverty. At least 77 percent of the world's population is estimated to be within easy access of broadcast technology (compared to perhaps 4 percent for the Internet), broadcast services are easily accessible by the illiterate and those that speak minority languages. Broadcast operations have been proven sustainable even in low income rural areas. They can play an important role in information transfer (conveying crop prices and employment opportunities, for example). They have played an important role in a range of development projects-including interactive radio instruction, where they have been found to be a highly cost effective intervention. Access to broadcast technologies also has been found to correlate with improved access to government services. Convergence of information and communications technologies (ICT) is allowing broadcast services to be provided over telecommunications networks and Internet services to use broadcast systems. Differentiating broadcast and telecommunications is becoming increasingly anachronistic, many countries are already moving towards a model of convergence regulation that encompasses both sub-sectors. For the World Bank Group to be involved in telecommunications while eschewing broadcast will frequently involve forcing our client countries into suboptimal policy and regulatory solutions. Further, the use of broadcast to provide Internet services is a potential development opportunity that should not be ignored by the Bank in its operations. -
Publication
Private Sector Participation in the Power Sector in Europe and Central Asia : Lessons from the Last Decade
(Washington, DC: World Bank, 2003-06)The Californian power crisis appears to have greatly rekindled the latent doubts on moving to more competitive market structures for such an essential service as electricity. The recent collapse of Enron and several other industrial giants, as well as doubts about the reliability of external audits (resulting, in particular, in the collapse of Arthur Anderson) and the slide in the stock values of AES and other companies has eroded the confidence in the institutional pillars of the market, such as corporate disclosure, external audit, and oversight by regulators and Security Exchange Commissions. Major energy investors, at least in North America, seem to be anxious to clean up their balance sheets to eliminate from their portfolio unprofitable and risky investments. Against this backdrop, the objective of this study is to review the experiences in the ECA regio -
Publication
Private Participation in Infrastructure in Developing Countries : Trends, Impacts, and Policy Lessons
(Washington, DC: World Bank, 2003-04)Governments have long recognized the vital role that modern infrastructure services play in economic growth and poverty alleviation. For much of the post-Second World War period, most governments entrusted delivery of these services to state-owned monopolies. But in many developing countries, the results were disappointing. Public sector monopolies were plagued by inefficiency. Many were strapped for resources because governments succumbed to populist pressures to hold prices below costs. Fiscal pressures, and the success of the pioneers of the privatization of infrastructure services, provided governments with a new paradigm. Many governments sought to involve the private sector in the provision and financing of infrastructure services. The shift to the private provision that occurred during the 1990s was much more rapid and widespread than had been anticipated at the start of the decade. By 2001, developing countries had seen over $755 billion of investment flows in nearly 2500 infrastructure projects. However, these flows peaked in 1997, and have fallen more or less steadily ever since. These declines have been accompanied by high profile cancellations or renegotiations of some projects, a reduction in investor appetite for these activities and, in some parts of the world, a shift in public opinion against the private provision of infrastructure services. The current sense of disillusionment stands in stark contrast to what should in retrospect be surprise at the spectacular growth of private infrastructure during the 1990s. -
Publication
Measuring Social Capital : An Integrated Questionnaire
(Washington, DC: World Bank, 2004)The idea of social capital has enjoyed a remarkable rise to prominence in both the theoretical and applied social science literature over the last decade. While lively debate has accompanied that journey, thereby helping to advance our thinking and to clarify areas of agreement and disagreement, much still remains to be done. One approach that we hope can help bring further advances for both scholars and practitioners is the provision of a set of empirical tools for measuring social capital. The purpose of this paper is to introduce such a tool-the Integrated Questionnaire for the Measurement of Social Capital (SC-IQ)-with a focus on applications in developing countries. The tool aims to generate quantitative data on various dimensions of social capital as part of a larger household survey (such as the Living Standards Measurement Survey or a household income/expenditure survey). Specifically, six dimensions are considered: groups and networks; trust and solidarity; collective action and cooperation; information and communication; social cohesion and inclusion; empowerment and political action. The paper addresses sampling and data collection issues for implementing the SC-IQ and provides guidance for the use and analysis of data. The tool has been pilot-tested in Albania and Nigeria and a review of lessons learned is presented. -
Publication
Electronic Safety and Soundness : Securing Finance in a New Age
(Washington, DC: World Bank, 2004-02)This monograph and its technical annexes identify and discuss four key pillars that are necessary to foster a secure electronic environment and the safety and soundness of financial systems worldwide. Hence, it is intended for those formulating policies in the area of electronic security and those working with financial services providers (such as executives and management). The detailed annexes of this monograph are relevant for chief information and security officers and others who are responsible for securing network systems. First, the monograph defines electronic finance (e-finance) and electronic security (e-security) and explains why these areas require attention. Next, it presents a picture of the emerging global security industry. Then, it develops a risk management framework to assist policymakers and practitioners in understanding the tradeoffs and risks inherent in using an open network infrastructure. It also provides examples of tradeoffs that may arise with respect to technological innovations, privacy, quality of service, and security in the design of an e-security policy framework. Finally, it outlines issues in four critical and interrelated areas that require attention in the building of an adequate e-security infrastructure. These are: (i) the legal, regulatory, and enforcement framework; (ii) external monitoring of e-security practices; (iii) public-private sector cooperation; and (iv) the business case for practicing layered e-security that will improve internal monitoring. -
Publication
Development of Non-bank Financial Institutions and Capital Markets in European Union Accession Countries
(Washington, DC: World Bank, 2004-02)This paper assesses the role of non-bank financial institutions and capital markets in the financial sectors of the eight first-wave of Eastern European EU accession countries (the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia, and Slovenia), the current state of development and prospects for future growth, and the likely impact on these segments of the financial system of accession to the EU. Throughout the paper, the level of development of nonblank financial institutions and capital markets in the accession countries is benchmarked against comparable development levels seen in existing EU member states. The paper concludes with a series of policy recommendations to facilitate future development of non-bank forms of financial intermediation.