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  • Document

    The Baltics : banking crises observed

    Policy Research Working Papers, World Bank, 1996
    Lessons learned from banking crises in three Baltic republics crises that all developed in the context of simultaneous transition and adjustment, putting tremendous strain on banks and their enterprise borrowers.Fleming, Chu, and Bakker compare the banking crises experienced in Estonia, Latvia, and Lithuania, examining the causes, effects, and policy responses.The starting point for the thr
  • Document

    Private pension funds in Hungary : early performance and regulatory issues

    Policy Research Working Papers, World Bank, 1996
    The early performance of Hungary's voluntary private pension funds suggests that concerns about Hungary's ability to implement successful pension reform may be exaggerated.Despite the limited scope resulting from the high payroll taxes for the compulsory, unfunded public pillar in Hungary's pension system, the early performance of the voluntary private pension funds has been encouraging and in
  • Document

    Regionalism versus multilateralism

    Policy Research Working Papers, World Bank, 1996
    Do the forces that regional integration arrangements set up encourage or discourage a trend toward globally freer trade? We don't know yet. The literature on regionalism versus multilateralism is growing as economists and political scientists grapple with the question of whether regional integration arrangements are good or bad for the multilateral system.
  • Document

    Brazil's efficient payment system : a legacy of high inflation

    Policy Research Working Papers, World Bank, 1996
    Brazil has an impressive, efficient, highly automated payment system, driven at least in part by the need for rapid payment clearing and settlement in a high inflation environment.
  • Document

    Trade and the accumulation and diffusion of knowledge

    Policy Research Working Papers, World Bank, 1996
    The accumulation of knowledge affects trade performance and competitiveness, but trade also (through imports) affects the accumulation of knowledge.Padoan examines the properties of a dynamic disequilibrium model focused on trade specialization and the accumulation of knowledge.
  • Document

    The evolution of payments in Europe, Japan, and the U.S. : lessons for emerging market economies / David B. Humphrey ... [et al.]

    Policy Research Working Papers, World Bank, 1996
    Lessons from the evolution of payment systems in Europe, Japan, and the United States provide a useful guide for emerging market economies in improving their own payment arrangements to foster economic growth.Some payment arrangements are more efficient than others in promoting economic growth in a market based economy.
  • Document

    Nations, conglomerates, and empires : the tradeoff between income and sovereignty

    Policy Research Working Papers, World Bank, 1996
    Why after the break-up of such multinational states as the Soviet Union, Czechoslovakia, and Yugoslavia, whose republics justified their decision by claiming that they wanted to regain their sovereignty, did the new states express strong desire to join the European Union, thus dissipating the very sovereignty they had sought?One of the apparent inconsistencies in the break-up of such multinatio
  • Document

    Small is beautiful : preferential trade agreements and the impact of country size, market share, efficiency and trade policy

    Policy Research Working Papers, World Bank, 1996
    The smaller the volume (or share) of imports from the trading partner, the larger the impact of a preferential trade agreement on home country welfare - because the smaller the imports, the smaller the loss in tariff revenue.
  • Document

    Pensions in Germany

    Policy Research Working Papers, World Bank, 1996
    Germany's pension system has a multipillar structure and relies increasingly on privately funded plans. Its public pillar is not as generous or redistributive as is often claimed.Germany's pension system was originally designed as a scaled premium system. It formally became a pay as you go system in 1957.
  • Document

    Determinants of public expenditure on infrastructure : transportation and communication

    Policy Research Working Papers, World Bank, 1996
    Governments that are not committed to alleviating poverty - or that are extremely committed to it - spend less from the central budget on infrastructure. Governments with only limited commitment to alleviating poverty adopt strategies to increase the productivity of the poor by investing in infrastructure.

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