Suchergebnisse

Kosovo is one of the poorest countries in Europe (World Bank 2010). In 2009, 35 percent of the population lived below the poverty line. This note was prepared primarily as a key input to the Kosovo country partnership strategy (FY2012 to FY2015) and aims to provide an overview of gender disparities in three major domains: human capital, labor market, and entrepreneurship. The note provides a broad picture of gender disparities in Kosovo in education, health, and access to economic opportunities. Lack of statistical data on Kosovo, and particularly of gender-disaggregated data, limits the depth and scope of this gender diagnostic. Men and women in Kosovo have lower education levels than men and women in the European Union (EU). Women comprise less than 10 percent of all entrepreneurs and 0.3 percent of top management positions. This note is organized as follows: section one highlights gender differences in human capital focusing on education and health outcomes; section two describes men's and women's relative employment patterns; section three focuses on gender disparities in entrepreneurship and career advancement in business and politics; and section four provides concluding observations.

Movable assets tangible or intangible often account for most of firm's capital stock. Thus it is important for jurisdictions to develop adequate laws on secured transactions to allow borrowers and lenders to recognize movable assets as collateral, supporting financing secured with such assets. Though the legal and regulatory framework is essential to any secured transactions system, the efficacy of a secured transactions law also requires an effective registration mechanism for interests in movable property. This report focuses on analysis of such institutions, highlighting the importance of a publicly accessible registry where information on interests in movable assets can be registered. The main goals of collateral registries are to provide public notice of interests in movable assets and to establish priority in the assets described in the notice for secured creditors. This report also addresses the different registration mechanisms for security interests in movable property and their effectiveness in achieving the two goals stated above. It does so using the results of a 2010 World Bank Group survey on collateral registries. The report emphasizes the practices and features available in different registries and key characteristics of effective collateral registries. The experiences of jurisdictions that have instituted best practice registries show how technology can improve the efficiency of collateral registries.

Sustainable economic growth and strong institutions are interlinked, and the present report summarizes recent economic and fiscal developments in West Bank and Gaza (WB&G) as well as providing a broad overview of institutional accomplishments to date. The present report begins by discussing the apparent slowdown in economic growth in WB&G and the current fiscal crisis facing the Palestinian Authority (PA)-resulting partly from lower-than-expected external support this year. A further drop in donor funding would likely reduce growth, which would in turn further aggravate the fiscal situation in the coming year. A protracted fiscal crisis, in turn, risks jeopardizing the gains made in institution-building and thereby losing what has been painstakingly achieved over the past years. In addition, the report highlights that in order for the PA to sustain the reform momentum and its achievements in institution-building, remaining Israeli restrictions must be lifted and any reductions in international aid flows must be carefully calibrated and managed. Economic growth in WB&G has slowed down in 2011, and together with the shortfall in external financing, this has led to a fiscal crisis for the PA. Economic growth in WB&G remains robust but appears to be slowing due to economic and political uncertainty, so that the International Monetary Fund (IMF) has revised the projected real Gross Domestic Product (GDP) growth rate for 2011 from 9 down to 7 percent. Despite some improvement, unemployment remains stubbornly high and labor force participation low in WB&G.

In 2008, when food prices rose precipitously to record highs, international attention and local policy in many countries focused on safety nets as part of the response. Now that food prices are high again, the issue of appropriate responses is again on the policy agenda. This note sets out a framework for making quick, qualitative assessments of how well countries' safety nets prepare them for a rapid policy response to rising food prices should the situation warrant. The framework is applied using data from spring 2011, presenting a snap?shot analysis of what is a dynamically changing situation. Based on this data safety net readiness is assessed in 13 vulnerable countries based on the following criteria: the presence of safety net programs, program coverage, administrative capacity, and to a lesser degree, targeting effectiveness. It is argued that these criteria will remain the same throughout time, even if the sample countries affected will be expected to vary. Based on this analysis the note highlights that though a number of countries are more prepared than they were in 2008, there is still a significant medium term agenda on safety net preparedness in the face of crisis. In this context, strategic lessons from the 2008 food crisis response are presented to better understand the response options and challenges facing governments and policy makers. The note concludes by calling for continued investment and scale up of safety nets to mitigate poverty impacts and help prevent long term setbacks in nutrition and poverty.

Portability of social benefits across professions and countries is an increasing concern for individuals and policy makers. Lacking or incomplete transfers of acquired social rights are feared to negatively impact individual labor market decisions as well as capacity to address social risks with consequences for economic and social outcomes. The paper gives a fresh and provocative look on the international perspective of the topic that has so far been dominated by social policy lawyers working within the framework of bilateral agreements; the input by economists has been very limited. It offers an analytical framework for portability analysis that suggests separating the risk pooling, (implicit or actual) pre-funding and redistributive elements in the benefit design and explores the proposed alternative approach for pensions and health care benefits. This promising approach may serve both as a substitute and complement to bi- and multilateral agreements.

This paper reviews a small community-based school feeding program launched in Togo in response to the 2007/08 food price crisis. The discussion focuses on the operational and policy lessons emerging from the program, to better understand opportunities for scale up and sustainability in the future. A focus of the discussion is how to build safety nets in fragile states and in situations where there is weak and fragmented government capacity to deliver services to disadvantaged and vulnerable communities. In this context school feeding is explored as an entry point through the use of informal mechanisms based on the commitment of communities and civil society. The analysis is premised on quantitative and qualitative analysis carried out at program sites. The discussion identifies the operational challenges and opportunities in customizing school feeding within Togo with an emphasis on targeting, cost effectiveness, procurement and institutional aspects. Evidence on the economic and social benefits of the program is also presented, focusing on dietary impacts, as well as household and local community effects. The objective of the discussion is to share lessons learned from evaluation findings so that they can be useful for implementing similar programs in the future in Togo itself or in other countries. Findings from the analysis highlight the possibilities of implementing school feeding in a low capacity setting and the scope for using the program as a springboard towards a broader and more comprehensive social safety net.

This assessment finds that Argentina has made significant progress to improve its securities regulatory system within the existing legal framework. Specifically, Argentina operates a highly, even uniquely, transparent securities regulatory program. The assessment also finds that the Argentine securities regulator has dedicated professional staff, active on-site inspection programs, pro-active investigation of complaints, a road map to transition by 2012 to international accounting standards (IFRS) and plans to modernize auditing standards, the ability to assist foreign regulatory authorities to the extent of its current powers, and a commitment to use the powers it has to meet its mandate, achieve international benchmarks, and build on its practical experience to strengthen regulatory oversight. At the same time this assessment finds areas, of which the securities regulator is well aware, that need to be improved. These include that: (i) the complex structure of the market may be a source of inefficiency and an impediment to price formation and best execution; (ii) the regulator has insufficient administrative power to oversee comprehensively the regulatory performance by certain self-regulatory organizations affecting equity and private debt markets with respect to their members and to supervise, discipline and enforce its rules and the securities laws over such members directly; (iii) the ability to cooperate domestically and with foreign regulators is constrained by securities and banking secrecy law; (iv) the legal underpinning for protecting customer funds held by intermediaries needs enhancements; (iv) there are no existing market disruption contingency plans at the regulatory level; and (v) the markets offer some products that may require additional, tailored monitoring and explanation to external participants. This assessment of the International Organization of Securities Commissions (IOSCO) objective and principles of securities regulation was conducted between May 11 and May 26, 2011 in Buenos Aires, Argentina and includes references to certain post on-site improvements. The assessment included a review of the main securities laws, executive decrees, and general resolutions that relate to the mandate of the Comision Nacional de Valores (CNV) and underpin the public offer and trading of securities in Argentina.

Italian Ministry of Foreign Affairs ; The purpose of this review is to canvas policies and, to the extent possible, practices of major multilateral and bilateral development agencies, aimed at including disability in development. Development that includes disability, as referenced in this review, is understood as development in which persons with disabilities participate as both actors and beneficiaries. It can be achieved by disability specific initiatives, by adding disability-specific components to development programs, by fully inclusive programming, designed to include disability concerns into all development processes, or by a combination of these approaches. While this review does not claim to be exhaustive, it does attempt to provide as comprehensive as possible an overview of policies and practices on disability and development (D&D), both within and among the United Nations (UN) system, and among major bilateral development agencies. It should be noted that this is a dynamic issue and thus many development agencies are either in the process of crafting new disability policies or strategies or are currently reviewing their existing approaches with a view to modifying or amending them. Section two of this report reviews the international legal and policy framework pertinent to the consideration of D&D with particular attention to the Convention on the Rights of Persons with Disabilities (CRPD) and Millennium Development Goals (MDGs). Section three reviews multilateral agencies and structures, particularly those within the UN system, and reviews their existing policies and/or practices related to D&D. Section four includes coverage of regional structures supporting the inclusion of disability in development. Section five identifies bilateral development agencies that, either as matter of written policy or as evidenced through practice, have taken steps to design and implement programs and practices that are inclusive of disability. Section six provides conclusions.

This assessment covers the transparency of monetary policy in the Republic of Indonesia, and in particular, BI's role in the formulation and implementation of this policy. It forms part of the Financial Sector Assessment Program (FSAP) for Indonesia, which was conducted jointly by the IMF and the World Bank during 2009-2010. The assessment was primarily undertaken during the first FSAP mission in October 2009 with subsequent refinements through written communications with the authorities. The assessment was conducted according to the IMF's code of good practices on transparency in monetary and financial policies, as issued in September 1999, and supporting documents as approved in July 2000. The assessment is primarily based on information available as of October 2009, in particular on the relevant laws and regulations then in force. After receiving a draft version of this assessment, Bank Indonesia (BI) took a number of steps to enhance transparency, and the ratings in some practices have been marked up accordingly. The review also incorporates a wide range of other materials published by the Indonesian authorities, including those on their website and draws extensively on a self-assessment and a response to a questionnaire. In addition, the assessment was informed by discussions held during the FSAP mission with the authorities at a senior level and with various departments and divisions of BI, as well as with representatives of the private financial sector.

In El Salvador, the banking safety net emergency liquidity assistance, resolution and deposit insurance- faces particular challenges given it operate in the context of official dollarization. The economy was officially dollarized in 2000 with the adoption of the law on financial integration and of the United States (US) dollar as legal tender. Dollarization constrains a central bank's ability to act as a lender of last resort (LOLR) and provide emergency liquidity assistance (ELA). This note discusses the weaknesses of the current framework and recommendations to ensure the safety net functions more effectively and efficiently. To address systemic liquidity risk in the context of official dollarization, the Banco Central de Reservas (BCR) should be provided with more powers and funds to provide emergency liquidity assistance to banks. The bank resolution scheme, which has not been tested, and the deposit insurance fund, which has insufficient funds, both need to be strengthened. Appropriate roles and formal mechanisms to monitor and manage systemic risk and events should be put in place. However the roles and responsibilities of the various institutions involved in the safety net are not always consistent with their objectives, powers, and mandates, while a well-specified strategy to preserve the stability of the system (e.g., with clear responsibilities for monitoring systemic risks and taking macro prudential decisions) and definition or formal measurement of systemic risk have not yet been established. Furthermore, coordination with foreign supervisors of international banks does not include designing contingency plans to address a possible cross-border event. This paper is divided into following four parts: part one is introduction; part two gives systemic liquidity management and emergency liquidity assistance; part three is bank resolution and deposit insurance; and part four gives crisis management arrangements.

The capital markets in Salvador are small and relatively underdeveloped, and have played a very limited role in the economy. On average, institutional investors invest less than 10 percent of their total assets in capital market instruments. In 2009, there were only five new issuances of corporate bonds and three in the case of equity. Banks and pension funds are the main institutional investors. The current market architecture and the natural monopoly it grants to the exchange hamper market development and prevent the modernization of the regulatory framework. There is an urgent need to overhaul of the regulatory framework to promote sound market development in the short-to-medium term. The regulatory framework should guarantee a level playing field between bonds and bank deposits, which should be reflected in the investment guidelines for institutional investors. The exchange should reposition itself to become more competitive and strategic at the local and regional level. The investment funds law should be finally approved to broaden and diversify the investor base. The importance of this reform is paramount as the current reliance on just two main institutional investors (banks and pension funds), with investment limitations (35 percent each per issue), creates a major limitation for new issuances. In the medium -to long- run, it is recommended to explore gradually integrating the individual markets at the regional level. This paper is divided into following four parts: part one gives current market situation; part two gives regulatory and supervisory framework; part three gives recommendations; and part four is reference section.

Armenia gained its independence from the Soviet Union in 1991 and inherited a traditional Soviet- style command economy. After a period of hyperinflation and economic contractions, progress on basic reforms led to greater macroeconomic stability. The reform effort strengthened after 2000, aided by return flows of investment from the diaspora. Recognized for its prudent fiscal management and improved business environment, Armenia received a Rehabilitation Credit (RC) from the World Bank in 1995 and a series of five Structural Adjustment Credits(SACs) from 1996-2003 to maintain stability, accelerate growth, and sustain reform. The PRSC program in Armenia centered on four main themes that supported Armenia's poverty- reduction objectives: i) consolidating macroeconomic discipline and strengthening governance;ii) sharpening competition and entrenching property rights; iii) mitigating social and environmental risks; and iv) modernizing the rural economy. The PRSC also identified good governance and reduction of corruption as essential to achieving pro-poor growth. Furthermore, reforms implemented under the PRSC were intended to make the social sectors more efficient, raise the quality of services, and increase access for the poor.

Doing business in India 2009 is the first country specific subnational report of the doing business series that measures business regulations and their enforcement across India. Doing business in India 2009 covers 10 out of the 12 previously measured cities, and documents their progress. It adds 7 new locations, expanding the study to 17 locations. Comparisons with the rest of the world are based on the indicators in doing business 2009. The indicators in doing business in India 2009 are also comparable with the data in other subnational and regional doing business reports. The indicators are used to analyze economic outcomes and identify what reforms have worked, where, and why. Other areas that significantly affect business, such as a country's proximity to markets, the quality of infrastructure services (other than services related to the trading across borders indicator), the security of property from theft and looting, the transparency of government procurement, macroeconomic conditions, or the underlying strength of institutions, are not directly studied by doing business.

This study begins by considering the banking sector and then moves on to issues relating to improving access to finance to support Nigeria's economic growth vision. The second part of the study refers to issues relating to longer-term finance: both the sources of financing, such as pensions and insurance, and their uses in providing financing for resolving Nigeria's crucial infrastructure shortfalls in infrastructure and housing. The final part of the study returns to the fundamental 'plumbing' of the financial system focusing on the legal and regulatory foundation for creditor rights and corporate insolvency, instituting sound corporate governance standards for corporations and banks, and providing secure and low cost transmittal of payments and remittances. While it is difficult to identify a common theme running through this volume without compromising the diversity and nuance of the recommendations, the overarching theme supported by this volume is the importance of exchange of reliable information as the basis for financial transactions between unconnected third parties. Implementation of systems designed to strengthen accounting and reporting standards for banks and corporations, the registration of movable and immovable property, property liens and credit histories as well as exchange of information about prices, interest rates, fees and charges for financials services will considerably enhance the functionality of financial systems and prove crucial in establishing a trusted and robust market-based financial system in support of stable economic growth and development in Nigeria.

Many analysts consider that lack of security is a major obstacle to growth in Colombia. This paper identifies a structural downturn in economic growth-of nearly two percentage points per year-as a result of the increase in illicit crops and crime rates after 1980. A decline in total factor productivity has been the key channel linking crime and economic growth. Political upheavals and high levels of inequality and poverty motivated the adoption of a new constitution in 1991. The constitution mandated additional fiscal expenditures to curb social tensions. Major progress has been made in terms of public safety and, to a lesser extent, in the provision of health and education. However, long?run growth will continue to be constrained by inadequate transport infrastructure and low international trade volumes.