DOCSLIB.ORG

U World Bank Discussion Papers

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
U World Bank Discussion Papers Public Disclosure Authorized UWorld Bank DiscussionPapers Public Disclosure Authorized Credit Policies and the Industrialization of Korea Public Disclosure Authorized YoonJe Cho Joon-Kyung Kim Public Disclosure Authorized Recent World Bank Discussion Papers 1 N L' 2 1$ ( :1.'.*;.rifi au. te111,c,gt k p 1 IiatjC A iJ.luauritt,) Pa reiw :17a,.'entual IPirplctliver .irid I rnij'iu.dl l:'de t.e. KlamsuXV I )CIItiger Nt i. 2 I' I )cvelopruirnvof' Rgirj I,,.nai.a 1 .la ukrt,, irn S,.I,-Sa,ira,n Sah.upathwThil lirajah Nto. 224) '17li .A .litimre 'I iaPs, popOt 1i Ha. J. I'eLers Na I221 l'.l lia.r.l 1Fiu,uucr7iic Iixl'ertretr .4 l'oniat j.m. Tle Jap.inesc D)evelopimentBlank .indITlih J.ql.anEcnninntntc IResearch IiStEtute N.a 222 .1 a, ', r,'uimnnL .I tFclairrct al C lana:Plrn. cilint. ol.a Confim r--ineh liarD, .June 1993. Edited 1v Petcr Harrold. E. C. 1-twa.Jnidt Lou jtiet No'.223 1lie DrioloitentVY o0rIa 11,1 1nate .Soat,' an .1 Sall luior,OinMil 'lan.nsi:on:Ile Caw .in'.ionloli.3 Hotiaiijti Hahn; N i 224 ii;,,vgJ uIaEtirzrontpracn:l Stlral qj-,t, .',ita. CLarter lBrandoa andcilUi iesi; RtatJIaiakuctv Ntia22i E"orties.Irollpc"a.sad OIthir .Alythit abmout*hade: 110oii to. rorf Alerahandeiise pIportsin thir lt ,and()ilaer Mlalor IFdltrriltYlliu1n1,'tnu1. ;.n 1d lita '17W)'.Aleanj ilr evrhlo'pmnCuileutr,ij-).]ean alna etli Nit 226 .\ Olk.l.i Fr1l,8liartI: EdicatilollOII dtritg Ei,c'noniac lianist1o11. Kin Bling Wu NO. 227 Cjtaut' U'ilitna I.aidn bMarkerS;.rsn,.ri of the Iauild Socali,r lExpennmiert.Alain lBertaudi anid Bertrand Relnaud No. 22N 1n'ri(;laIIIr r9ne,tinc nlra D)el-l"pnng Countrie. Edited ly Stijn Claessensantd Sudarshan GooplU No. 229 An.,,sc53rnrnt 1L/ i4ler,ibleGroups tit AIooneolia:Strairulff ;or Soal. Policy Plaranniv..CarclineHarper No. 2311 ka.uunIsltelrldsecri -.t1 ' ft'I Iai;enl Esrvuicrsanc tSi .Su-Sahiaran.4Afu;. Katrine Saito No. 231 ArCultriuraliExtenston an Afri.c. AruniaBaglhec No. 232 TrlconuanuruacatinsSector Refiln in .Asra:liurrd a IM'u' Praoriarisirm. Peter L. Ssitli and Gregory Staplc No. 233 i.uudRef;rtti aridl*nnarn Restricturint in Russia. KareniBrooks and Zvi Lermnan No. 234 11,l'publaonGrouih/, a. in!g Ctuliwurton.and isusiataialle Agricultural Dei-elopmenrr:A Case Stud) iuaAfadagascar. Andrew Keck. Narendra P.Sbarmia. and GershonFeder No. 235 7he DlDesignid AdrruStzo oflhnteroi'ernrneual Tranlsfen:Fiscal Drccntralization in Latin Amecrica. Donald R. Winkler No. 236 Puldhicatid PrivateAgricutruralEvxtcisiont: Beyond Traditoioal Frorntiiers. Dina L. Uniali and Lisa Schwartz No. 237 bidonesiatn Expenenrceuwtih Finarncial Sector lrform. Donald P.Hanna No. 238 lstircide Policiesin DierielopingCountries: Do 771eyEnrourage Excessive Use? junianah Farah No. 23Y Intergoi-erirtenserFiscal Relations in hidonesia:Issues arid Relonn Options. Anwar Shah and Zia Qureshi No. 2411 .Alair,gi,r Redlundancyin OverexploitedFisheries. Joshua John No. 241 InistitutionalCAlatgee arid thc PublicSrcror in IransitiowalEcono"rirs. Salvatore Schiavo-Campo No. 242 Africa Cal Corineie!:Export Oplprtuninies arid Challengtesfor Gamienitsarid HIeromProducts in tire I S. Market.Tvklr Biep. Gail R. Moody.Jan-Hcrndrik van Lecuwcn. and E. Diane White No. 243 LiberalizinCTrade ini Sen'ices. Bernard Holoekmaiand Pierre Sauv6 No. 244 Itsrnlecin Higlher Education: Progress, Constraints,arid PrmrnisirniInitiatia's K. Subbarao. Laura Ranev. Halil Dundar. and Jcnnifer Haworth No. 245 liuat Ue KniouwAbout Acquisition of.Adula Literacy:Is ThereH4ope? Hccn Abadzi NO.246 Fonruulargxa NEationalStrategy oIr InfotnnationTechnology: A Cast Study of Irndia.Napg Hanna No. 247 Iarrproi-itnethe Transfer and LJseof Agricultural nforomiatiota:AGuide to InfonnationTechnology. Willem Zijp No. 248 Outreachand Sustairiabiliti'of Six Rural FinanceInstituriots in Sub-SaharanAfrica. Marc Gurgnd. Glein Pederson. and Jacob Yaron No. 249 Populationand Inncoe Chlangee: Recent Evidence.Allen C. KcUlevand Robert M. Schmidt No. 250 Subtnissionand Evaluatnonof Proposalsor PriatrcPower Gercration Projeas in DevelopingCounrrics. Edited by Pcter A. Cordukes No. 251 Supplyand Dernand for Financeof Small Enterprisesin Gliana. Ernest Aryeece.vAmoah Baah-Nuakoh.Tamara Duggleby HemnamalaHectige. and William E Steel (Continued on the inside back cover) 2 86w X World Bank Discussion Papers Credit Policies and the Industrialization of Korea Yoon Je Cho Joon-Kyung Kim The Wold Batk Whington D.C. Copyright O 1995 The Internaional Bank for Reconstruction and Development/THE%voWltBANK 1818 H Streea N.W. Vshington, D.C. 20433, U.S.A. All rights reserved Manufacturedin the United States of America First printing April 1995 DiscussionPapers present resultsof country analysisor researchthat re circulatedto encourage discussionand com- ment within the developmentcommunity.To present these resultswith the kast possibledelay, the typescriptof this paper has not been prepared in accordancewith the proceduresappropriate to formal printed texts,and the World Bank accepts no responsibilityfor errors. Some sourcescited in this paper maybe informaldocuments that ar not readily available. The findings,interpretations, and conclusionsexpressed in this paper are entirelythose of the author(s)and should not be attributed in any rnanner to the World Bank, to its affiliatedorganizations, or to nembers of its Board of Executive Directors or the countries they represent.The WorldBank does not guaranteethe accuracyof the data included in this publication and acceptsno responsibilitywhatsoever for any consequenceof their use.The boundaries,colors, denomina- tions, and other information shown on any map in this volume do not imnplyon the part of theWorld Bank Group any judgment on the legal status of any territory or the endorsementor acceptanceof such boundaries. The material in this publication is copyrighted.Requests for permissionto reproduce portions of it should be sent to the Office of ehe Publisher at the addrss shown in the copyrightnotice above.TheWorldBank encourage dissemination of its work and will normaly givepernission promptlyanD, when the reproductionis for noncomnmercialpurposes, with- out askinga fee. Permissionto copy portions for cdssroom use is granted throughthe Copyright ClearanceCenter, Inc., Suite 910. 222 Rosewood Drive, Danvers,Massachusetts 01923. US.A. The complete backlistof publicationsftom the World Bank is shown in the annual Indexof P°b&tows. which contains an alphabidcal tile list (with fuil ordering information)and indezs of subjects authors,and countries and regions.The laest edition is availablefree of charge from the DistributionUnit Office of the Publisher,TheWorld Bank, 1818 H Street, N.W.,shington, D.C. 20433, US.A.. or fiom Publications,TheWold Bank. 66. avenue d'Iena. 75116 Paris, FIaCC1 ISSN:0259-21 OX YoonJe Cho is senior financialeconomist in the World Bank (currentlyaffiliated with the StaffAssociation)as well as with the KoreaTax Institute SeouLJoon-KyungKim is a researchfelflow in the KoreaDevelopment Institute Seoul. alwbaryof Congress Cataoging-n-Publication Data Chox,Yoon Je. Credit policiesand the industrializationof Korea /YoonJe Cho, Joon-Kyung Kim. p. cm.-(World Bank discussionpapers; 286) Includesbibliographical references (p). ISBN 0-8213-3246-5 1. Credit contzol-Korea(South) 2. Export credit-Korea (South) 3. Loans,Foreign-Korea (South) 4. Industrialpolicy-Korea (South) 5. Industrialization-Korea (South) 1. Kim.Joon-Kyung. Ix. Tide. m. Series. HG3711.K6C47 1995 382'.64'095195-d0 95-2870 CIP - iii - Contents FOREW ORD ...................................................... v ABSTRACT ....................................................... vi ACKNOWLEDGEMENT .............................................. vii ACRONYMS ................. ................... .................. viii EXECUTIVESUMMARY .............................................. 1 INTRODUCTION .................................................. 11 1. THE POLITICALECONOMY OF KOREA: IT'S RELATIONSHIPTO FINANCIALSECrOR POLICIES ..................................... 15 Foreigncapital and economic growth ....... ....... .. ................. 17 Governmentcontrol over the financialsector ............ .. .............. 18 2. KOREA'SINDUSTRIAL AND MACROECONOMICPOLICY FRAMEWORK ...... 22 Economicreformns in the 1960s: Theinitiation of export-ledgrowth .... ....... 22 Financialreform ............................................. 24 Institutionbuilding ........................................... 24 Industrialpolicy in the 1970s: TheHCI drive ........................... 25 Industrialpolicy in the 1980s:A searchfor liberalization ................... 25 Macroeconomicpolicies .......................................... 26 Exchangerate management ..................................... 26 Inflation ................................................... 27 Fiscalmanagement ........................................... 28 3. THE EVOLUTIONOF FINANCIALSECTOR POLICIES AND DIRECTEDCREPIT PROGRAMS IN KOREA ........................ 29 Post-Koreanwar reconstructionand stabilization (to 1960) .................. 29 Strengtheninggovernment control over the bankingsector and export-ledeconomic growth (1961-71) ............................. 30 Nationalizingcommercial banks and reorganizingthe centralbank .... ...... 31 Policyreforms ............................................... 31 Expandingof exportcredit programs ............................... 33 Adjustinginterest rates ......................................... 33 Facilitatingthe inflow of foreigncapital ............................. 34 Strengtheningselective credit
Load more

Recommended publications
  • Multi-Page.Pdf
    POLICY RESEARCH WORKING PAPER 1458 Public Disclosure Authorized Credit Policies Directed credit programs should be small, narrowly focused, and of limited Lessons from East Asia duration fwith clear sunset provisions).They should be Public Disclosure Authorized Dimitri Vittas financedby long-term funds Yoon Je Cho to preventinflation and macroeconomic instability. Public Disclosure Authorized Public Disclosure Authorized The World Bank FinancialSector Development Department May 1995 POLICY RESEARCH WORKING PAPER 1458 Summary findings Directed credit programs were a major tool of * Credit programs must be financed by long-term development in the 1960s and 1970s. In the 1980s, their funds to prevent inflation and macroeconomic instabilitv. usefulness was reconsidered. Experience in most Recourse to central bank credit should be avoided except countries showed that they stimulated capital-intensive in the very early stages of development when the central projects, that preferential funds were often (mis)used for bank's assistance can help jump-start economic growth. nonpriority purposes, that a decline in financial * They should aim at achieving positive externalities discipline led to low repayment rates, and that budget (or avoiding negative ones). Any help to declining deficits swelled. Moreover, the programs were hard to industries should include plans for their timely phaseour. remove. * They should promote industrialization and export But Japan and other East Asian countries have long orientation in a competitive private sector with touted the merits of focused, well-managed directed internationally competitive operations. credit programs, saying they are warranted when there is * They should be part of a credible vision of economic a significant discrepancy between private and social development that promotes growth with equity and benefits, when investment risk is too high on certain should involve a long-term strategy to develop a sound projects, and when information problems discourage financial system.
    [Show full text]
  • REP21 December 1974
    World Bank Reprint Series: Number Twenty-one REP21 December 1974 Public Disclosure Authorized V.V. Bhatt Some Aspects of Financial Policies and Central Banking in Developing Countries Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Reprinted from World Development 2 (October-December 1974) World Development Vol.2, No.10-12, October-Deceinber 1974, pp. 59-67 59 Some Aspects of Financial Policies and Central Banking in Developing Countries V. V. BHATT Economic Development Institute of the International Bank for Reconstruction and Development mechanism and agency as provided by the existence of a Central Bank. What needs special emphasis at an international level is the rationale and urgency of evolving a sound financial structure through the efficient performance of the twin interrelated functions-as promoters and as regulators of the financial system-by Central Banks. 1. SOME ASPECTS OF FINANCIAL POLICIES .. ~~~The main object of this Section is to show the Economic development is not only facilitated but its . pace is quickened by the appropriate development of the significance of saving and flow-of-funds analysis as an financial system--structure of financial institutions, indicator of a set of financial policies-policies relating instruments and interest rates.1 to the structure of financial institutions, instruments and Instrumentsand interest rates.r interest rates-essential for resource mobilization and In any strategy of development, therefore, it is allocation consistent with a country's development essential to emphasize the evolution of a sound and . 6 c well-integrated financial system from the point of view objectives. In a large number of developing countries, the only both of resource mobilization and efficient allocation.2 reliable data available for understanding the trends in the In Section I of this paper, an attempt is made to economy and for policy purposes relate to monetary delineate the broad contours of a set of financial policies flows and the balance of payments.
    [Show full text]
  • FTSE Korea 30/18 Capped
    2 FTSE Russell Publications 19 August 2021 FTSE Korea 30/18 Capped Indicative Index Weight Data as at Closing on 30 June 2021 Index weight Index weight Index weight Constituent Country Constituent Country Constituent Country (%) (%) (%) Alteogen 0.19 KOREA Hyundai Engineering & Construction 0.35 KOREA NH Investment & Securities 0.14 KOREA AmoreG 0.15 KOREA Hyundai Glovis 0.32 KOREA NHN 0.07 KOREA Amorepacific Corp 0.65 KOREA Hyundai Heavy Industries 0.29 KOREA Nong Shim 0.08 KOREA Amorepacific Pfd. 0.08 KOREA Hyundai Marine & Fire Insurance 0.13 KOREA OCI 0.17 KOREA BGF Retail 0.09 KOREA Hyundai Merchant Marine 1.02 KOREA Orion 0.21 KOREA BNK Financial Group 0.18 KOREA Hyundai Mipo Dockyard 0.15 KOREA Ottogi 0.06 KOREA Celltrion Healthcare 0.68 KOREA Hyundai Mobis 1.53 KOREA Paradise 0.07 KOREA Celltrion Inc 2.29 KOREA Hyundai Motor 2.74 KOREA Posco 1.85 KOREA Celltrion Pharm 0.24 KOREA Hyundai Motor 2nd Pfd. 0.33 KOREA Posco Chemical 0.32 KOREA Cheil Worldwide 0.14 KOREA Hyundai Motor Pfd. 0.21 KOREA Posco International 0.09 KOREA CJ Cheiljedang 0.3 KOREA Hyundai Steel 0.33 KOREA S1 Corporation 0.13 KOREA CJ CheilJedang Pfd. 0.02 KOREA Hyundai Wia 0.13 KOREA Samsung Biologics 0.92 KOREA CJ Corp 0.11 KOREA Industrial Bank of Korea 0.22 KOREA Samsung C&T 0.94 KOREA CJ ENM 0.15 KOREA Kakao 3.65 KOREA Samsung Card 0.08 KOREA CJ Logistics 0.12 KOREA Kangwon Land 0.23 KOREA Samsung Electro-Mechanics 0.81 KOREA Coway 0.36 KOREA KB Financial Group 1.78 KOREA Samsung Electronics 25.36 KOREA Daewoo Engineering & Construction 0.12 KOREA KCC Corp 0.12 KOREA Samsung Electronics Pfd.
    [Show full text]
  • Lessons of Korea's Financial Sector Policies
    ADB INSTITUTE RESEARCH PAPER 47 Financial Repression, Liberalization, Crisis and Restructuring: Lessons of Korea’s Financial Sector Policies Yoon Je Cho November 2002 In the last 50 years, Korea’s financial sector has gone through heavy repression, rapid liberalization, deep crises and finally massive restructurings. However, there is no optimum financial sector policy to be applied at all times and system inertia often prevents the timely adjustment of policy to changed circumstances. Although no agreed international best practice has yet been found to guide successful and rapid economic expansion, financial sector reform should always be tuned to progress in the real sector and the capabilities of financial market infrastructure. adbi.org ADB Institute Research Paper Series No. 47 November 2002 Financial Repression, Liberalization, Crisis and Restructuring: Lessons of Korea’s Financial Sector Policies Yoon Je Cho I ADB INSTITUTE RESEARCH PAPER 47 ABOUT THE AUTHOR Yoon Je Cho is a Professor of Economics at the Graduate School of International Studies, Sogang University, Korea. He received his Ph.D. in economics from Stanford University and was the Vice President of the Korea Institute of Public Finance. Prof. Cho has also served for two terms as a senior counsellor to the Deputy Prime Minister and Minister of Finance and Economy of Korea. Additional copies of the paper are available free from the Asian Development Bank Institute, 8th Floor, Kasumigaseki Building, 3-2-5 Kasumigaseki, Chiyoda-ku, Tokyo 100-6008, Japan. Attention: Publications. Also online at www.adbi.org Copyright © 2002 Asian Development Bank Institute. All rights reserved. Produced by ADBI Publishing. The Research Paper Series primarily disseminates selected work in progress to facilitate an exchange of ideas within the Institute’s constituencies and the wider academic and policy communities.
    [Show full text]
  • The State of the Poor: Where Are the Poor and Where Are They Poorest?1
    The State of the Poor: Where are the Poor and where are they Poorest?1 Extreme poverty in the world has decreased considerably in the past three decades (figure 1). In 1981, more than half of citizens in the developing world lived on less than $1.25 a day. This rate has dropped dramatically to 21 percent in 2010. Moreover, despite a 59 percent increase in the developing world’s population, there were significantly fewer people living on less than $1.25 a day in 2010 (1.2 billion) than there were three decades ago (1.9 billion). But 1.2 billion people living in extreme poverty is still a extremely high figure, so the task ahead of us remains herculean. To accelerate poverty reduction and end extreme poverty by 2030, we need to know who are the poor, where do they live, and where poverty is deepest. How have the different regions of the developing world performed in terms of extreme poverty reduction? Extreme poverty headcount rates have fallen in every developing region in the last three decades. And both Sub‐Saharan Africa (SSA) and Latin America and the Caribbean (LAC) seem to have turned a corner entering the new millennium. After steadily increasing from 51 percent in 1981 to 58 percent in 1999, the extreme poverty rate fell 10 percentage points in SSA between 1999 and 2010 and is now at 48 percent— an impressive decline of 17 percent in one decade. In LAC, after remaining stable at approximately 12 percent for the last two decades of the 20th century, extreme poverty was cut in half between 1999 and 2010 and is now at 6 percent.
    [Show full text]
  • Industrial Bank of Korea
    Industrial Bank of Korea (024110 KS ) More exposed to low interest rates than peers due to lack of portfolio diversification Banks 4Q19 preview: Above-consensus net profit of W339.3bn Company Report For 4Q19, we project Industrial Bank of Korea (IBK) to post consolidated net profit of February 4, 2020 W339.3bn (+12.3% YoY, -10.9% QoQ), which is 2.5-6.2% above the recently lowered consensus (W319.3bn based on Bloomberg; W330.9bn based on FnGuide). Other than seasonal factors, we do not believe there were any major one-off items. We believe total loans grew 0.8% QoQ (+6.8% YTD), with SME loans likely growing 0.9% (Maintain) Buy QoQ (+7.3% YTD). We estimate net interest margin (NIM) slipped 6bps QoQ to 1.75%, hurt by the sharp decline in market interest rates and ultra-low-rate loan programs for Target Price (12M, W) ▼▼▼ 14,000 self-employed borrowers. We expect net interest income of W1.42tr (-1.9% YoY, -1.8% QoQ) and net commission income of W113.1bn (-4.0% YoY, +0.2% QoQ). Share Price (01/31/20, W) 10,750 For 2020, we forecast loan growth of 6.3% and NIM of 1.74% (-10bps YoY). We expect net interest income to remain flat YoY amid an increase in SG&A and provisioning Expected Return 30% expenses, leading to a 5.0% YoY fall in net profit (to W1.62tr). We believe IBK is more exposed to the current ultra-low interest rate environment NP (19F, Wbn) 1,700 than its peers, which have more diversified portfolios and are able to defend their Consensus NP (19F, Wbn) 1,681 group-level earnings through the strengths of their non-banking sub sidiaries (solid fundamentals, ownership expansion, M&As, overseas expansion, etc.).
    [Show full text]
  • Of 21 Voya Emerging Markets Index Portfolio Portfolio Holdings As of August 31, 2021 (Unaudited)
    Voya Emerging Markets Index Portfolio Portfolio Holdings as of August 31, 2021 (Unaudited) Ticker Security Name Crncy Country Price Quantity Market Value VNET 21Vianet Group, Inc. USD China 19.79 8,311 $164,475 QFIN 360 DigiTech, Inc. USD China 22.80 8,162 $186,094 601360 360 Security Technology, Inc. - A Shares CNY China 1.84 29,600 $54,506 1530 3SBio, Inc. HKD China 1.11 111,500 $124,214 JOBS 51job, Inc. USD China 76.80 2,743 $210,662 3319 A-Living Smart City Services Co. Ltd. HKD China 3.97 54,250 $215,608 2018 AAC Technologies Holdings, Inc. HKD China 5.54 72,500 $401,916 AOTHAI Abdullah Al Othaim Markets Co. SAR Saudi Arabia 30.74 4,275 $131,424 M AEV Aboitiz Equity Ventures, Inc. PHP Philippines 0.86 180,620 $155,767 ABG Absa Group Ltd. ZAR South Africa 10.83 70,934 $768,205 ADCB Abu Dhabi Commercial Bank PJSC AED United Arab Emirates 2.04 280,089 $572,661 ADIB Abu Dhabi Islamic Bank PJSC AED United Arab Emirates 1.54 99,971 $153,456 ADNOC Abu Dhabi National Oil Co. for Distribution PJSC AED United Arab Emirates 1.23 199,367 $245,264 DIS ACC ACC Ltd. INR India 33.00 7,090 $233,946 2345 Accton Technology Corp. TWD Taiwan 10.13 50,000 $506,568 2353 Acer, Inc. TWD Taiwan 0.91 286,462 $259,982 ADE Adani Enterprises Ltd. INR India 21.72 26,370 $572,781 ADANIG Adani Green Energy Ltd. INR India 14.60 38,606 $563,753 R ADSEZ Adani Ports & Special Economic Zone, Ltd.
    [Show full text]
  • Confirmed Attendees Include
    7 May 2019 | Seoul 9-10 May 2019 | Tokyo Connecting Korean capital to Building global infrastructure with global infrastructure Japanese capital #iiSeoul #iiTokyo Confirmed attendees include: » Aberdeen Standard Investments » Asset Management One Investments » ABL Life Insurance » Asset Management One » Construction Workers Mutual Aid » AES Infrastructure Advisors Alternative Investments Association » Ahlstrom Capital » AXA Life Insurance » Credit Agricole CIB » AIA Life Insurance » bfinance » Cresta Fund Management » AIA Life Korea » BlackRock » Daido Life Insurance » AIP » Bloomberg NEF » Dai-ichi Life Insurance » AISIN Employees’ Pension Fund » BNP Paribas » Daiwa House Industry Pension Fund » Alberta Investment Management » BOT Lease Corporation » Brookfield Asset Management » Dalmore Capital » Alinda Capital Partners » Cabinet Office of Japan » Dalmore Capital/Pareto Capital » Altamar Infrastructurals » Campbell Lutyens » DB Insurance » AMP » Cantor Fitzgerald » DBJ Asset Management » AMP Capital » Capital Dynamics Inc » DENSO Pension Fund » Antin Infrastructure Partners » CBRE Caledon Capital » Department for International Trade » ArcLight Capital Partners LLC Management » Development Bank of Japan » Argo Infrastructure Partners » CDPQ Asia Pacific » DGB Life Insurance » Asahi Mutual Life Insurance » China Ping An Insurance Overseas » DIF (Holdings) » ASMA Capital Partners BSC » Eaton Partners » Columbia Threadneedle » Engie Secure your place today and gain unrivalled insight into the minds of the investors that are shaping the
    [Show full text]
  • the Wto, Imf and World Bank
    ISSN: 1726-9466 13 F ULFILLING THE MARRAKESH MANDATE ON COHERENCE: ISBN: 978-92-870-3443-4 TEN YEARS OF COOPERATION BETWEEN THE WTO, IMF AND WORLD BANK by MARC AUBOIN Printed by the WTO Secretariat - 6006.07 DISCUSSION PAPER NO 13 Fulfi lling the Marrakesh Mandate on Coherence: Ten Years of Cooperation between the WTO, IMF and World Bank by Marc Auboin Counsellor, Trade and Finance and Trade Facilitation Division World Trade Organization Geneva, Switzerland Disclaimer and citation guideline Discussion Papers are presented by the authors in their personal capacity and opinions expressed in these papers should be attributed to the authors. They are not meant to represent the positions or opinions of the WTO Secretariat or of its Members and are without prejudice to Members’ rights and obligations under the WTO. Any errors or omissions are the responsibility of the authors. Any citation of this paper should ascribe authorship to staff of the WTO Secretariat and not to the WTO. This paper is only available in English – Price CHF 20.- To order, please contact: WTO Publications Centre William Rappard 154 rue de Lausanne CH-1211 Geneva Switzerland Tel: (41 22) 739 52 08 Fax: (41 22) 739 57 92 Website: www.wto.org E-mail: [email protected] ISSN 1726-9466 ISBN: 978-92-870-3443-4 Printed by the WTO Secretariat IX-2007 Keywords: coherence, cooperation in global economic policy making, economic policy coordination, cooperation between international organizations. © World Trade Organization, 2007. Reproduction of material contained in this document may be made only with written permission of the WTO Publications Manager.
    [Show full text]
  • Growth and Economic Thought Before and After the 2008-09 Crisis1
    WPS5752 Policy Research Working Paper 5752 Public Disclosure Authorized Learning from Developing Country Experience Growth and Economic Thought Before and After Public Disclosure Authorized the 2008–09 Crisis Ann Harrison Claudia Sepúlveda Public Disclosure Authorized The World Bank Public Disclosure Authorized Development Economics Vice Presidency August 2011 Policy Research Working Paper 5752 Abstract The aim of this paper is twofold. First, it documents the Second, it explores what these global economic changes changing global landscape before and after the crisis, and the recent crisis imply for shifts in the direction of emphasizing the shift towards multipolarity. In particular, research in development economics. The paper places it emphasizes the ascent of developing countries in the a particular emphasis on the lessons that developed global economy before, during, and after the crisis. countries can learn from the developing world. This paper is a product of the Development Economics Vice Presidency. It is part of a larger effort by the World Bank to provide open access to its research and make a contribution to development policy discussions around the world. Policy Research Working Papers are also posted on the Web at http://econ.worldbank.org. The author may be contacted may be contacted at [email protected] and [email protected]. The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly.
    [Show full text]
  • Global Economic Prospects and the Developing Countries
    Global Economic Prospects and the Developing Countries 2002 © 2001 The International Bank for Reconstruction and Development / The World Bank 1818 H Street, NW Washington, DC 20433 All rights reserved. 01 02 03 04 05—10 987654321 The findings, interpretations, and conclusions expressed here do not necessarily reflect the views of the Board of Executive Directors of the World Bank or the governments they represent. The World Bank cannot guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply on the part of the World Bank any judgment of the legal status of any territory or the endorsement or acceptance of such boundaries. Rights and Permissions The material in this work is copyrighted. No part of this work may be reproduced or trans- mitted in any form or by any means, electronic or mechanical, including photocopying, recording, or inclusion in any information storage and retrieval system, without the prior written permission of the World Bank. The World Bank encourages dissemination of its work and will normally grant permission promptly. For permission to photocopy or reprint, please send a request with complete information to the Copyright Clearance Center, Inc, 222 Rosewood Drive, Danvers, MA 01923, USA, telephone 978-750-8400, fax 978-750-4470, www.copyright.com All other queries on rights and licenses, including subsidiary rights, should be addressed to the Office of the Publisher, World Bank, 1818 H Street NW, Washington, DC
    [Show full text]
  • COVID-19 Crisis Through a Migration Lens Public Disclosure Authorized
    COVID-19 Crisis Through a Migration Lens Public Disclosure Authorized Public Disclosure Authorized COVID-19 Crisis Through a Migration Lens Migration and Development Brief 32 April 2020 Public Disclosure Authorized Public Disclosure Authorized i Migration and Development Brief reports an update on migration and remit- tance flows as well as salient policy developments in the area of international migration and development. The Global Knowledge Partnership on Migration and Development (KNO- MAD) is a global hub of knowledge and policy expertise on migration and development. It aims to create and synthesize multidisciplinary knowledge and evidence; generate a menu of policy options for migration policy mak- ers; and provide technical assistance and capacity building for pilot projects, evaluation of policies, and data collection. KNOMAD is supported by a multi-donor trust fund established by the World Bank. The European Commission, and Deutsche Gesellschaft für Interna- tionale Zusammenarbeit (GIZ) GmbH commissioned by and on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ), and the Swiss Agency for Development and Cooperation (SDC) are the contributors to the trust fund. The views expressed in this paper do not represent the views of the World Bank or the sponsoring organizations. All queries should be addressed to [email protected]. KNOMAD working papers, policy briefs, and a host of other resources on migration are available at www.KNOMAD.org. COVID-19 CRISIS THROUGH A MIGRATION LENS Migration and Development Brief 32 April 2020 Migration and Remittances Team Social Protection and Jobs World Bank Migration and Development Brief 32 iv COVID-19 Crisis Through a Migration Lens Contents Summary..............................................................................................
    [Show full text]