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  • Document

    South - North migration and trade : a survey

    Policy Research Working Papers, World Bank, 1996
    Can trade liberalization be used to deter South North immigration? Is trade a substitute for migration? Not necessarily. Assuming that migration generates externalities, the South should liberalize trade, while the North should impose an (optimal) immigration tax.
  • Document

    Regulating market risk in banks : a comparison of alternative regulatory regimes

    Policy Research Working Papers, World Bank, 1996
    Market risk is an increasingly important issue for banks and so for bank regulation. Stephanou compares three approaches to setting risk based capital adequacy standards: the building bloc approach, the internal models approach, and the precommitment approach. Regulators have traditionally used simple models to measure banks' capital adequacy.
  • Document

    Integrating the unofficial economy into the dynamics of post - socialist economies : a framework of analysis and evidence

    Policy Research Working Papers, World Bank, 1996
    The growth of the unofficial economy in the postsocialisteconomies of much of Eurasia suggests that economic reform shouldbe accelerated - that even bolder stabilization, liberalization,and privatization efforts are called for. Incorporating the unofficialeconomy into the overall analysis also leads to different implicationsfor tax policy and social protection.
  • Document

    Privatization, public investment, and capital income taxation

    Policy Research Working Papers, World Bank, 1997
    Huizinga and Nielsen investigate the optimal boundary between the public and private production sectors. They use a model in which government and private production coexist in which a range of production activities can be carried out by either the government or the private sector.In effect, the government determines which activities to maintain within the public sector and which to privatize.
  • Document

    Ownership and corporate governance : evidence from the Czech Republic

    Policy Research Working Papers, World Bank, 1997
    The Czech Republic's mass privatization scheme improved the management of privatized firms by concentrating ownership. And contrary to expectations, banks with an (indirect) equity stake in a privatized firm have a positive influence on the firm's corporate governance.The Czech Republic's mass privatization scheme changed the governance of many firms in a short time.
  • Document

    Are markets learning? : behavior in the secondary market for Brady bonds

    Policy Research Working Papers, World Bank, 1997
    Traders' behaviour in assessing the sovereign risk of Brady countries is not constant over time - and it responds especially to market uncertainty. Herd behaviour increases with risk, leading (in a volatile environment) to even more volatility.Over time, however, as traders' experience and information stock grows, risk premia may become less volatile.
  • Document

    EU accession of Central and Eastern Europe : bridging the income gap

    Policy Research Working Papers, World Bank, 1997
    The countries of Central and Eastern Europe (CEE) have much to gain from implementing policies that increase investment, support the development of human capital, and promote the legal, regulatory, and policy framework needed for market mechanisms to function.
  • Document

    New Systems for Old Age Security: Theory, Practice, and Empirical Evidence

    Policy Research Working Papers, World Bank, 1999
    Initial empirical investigations suggest that countries concerned about growth should consider pension reform a potentially powerful tool for improving the welfare of both old and young.James summarizes the major findings and recommendations in Averting the Old Age Crisis, describing problems in traditional pension systems and proposals for reform.
  • Document

    Institutional Obstacles to Doing Business: Region by Region Results from a Worldwide Survey of the Private Sector

    Policy Research Working Papers, World Bank, 1999
    More than 3,600 entrepreneurs world-wide respond to a survey about problems with uncertainty in dealings with the state.Case studies and anecdotal evidence have suggested that uncertainty about policies, laws, and regulations has hampered development of the private sector in many developing countries.
  • Document

    The Restructuring of Large Firms in Slovakia

    Policy Research Working Papers, World Bank, 1999
    Large industrial firms in Slovakia have restructured more rapidly than expected, including firms regarded as "nonviable" only a few years ago. Rapid privatization is an important determinant of successful restructuring.

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