W O R L E) B A N K P O L I C Y A N D R E S E A R C H

1 Y T T * 1 T -E n r Janwuary-March 2000

Volume 11, Number 1

5 New Research

8 Publications and Data

16 Order Form

How do policymakers use World Bank research?

Polcyinakers in developing and transition economies rely more 84 percent-reported using analyticI) reports from the Bank (figure 1).on 'World Bank research than on research from any other Respondents cited the World Bank

I more often than any of the 16 othersource outside their own agencies. Most find the Bank's national and international sources

included in the survey. The results ofanalytic work to be useful, relevant, objective, and technically sound, Bank studies are finding their way

into the policy dialogue and influ-according to a recent survey. And they want to see more of it. encing decisionmaking, according to

respondents. Fully 80 percent of

respondents using Bank research

World Bank research focuses on enhancing the understand- reported that it has contributed to policy development, and

ing of poverty, improving the design of Bank-financed pro- half of those reported that it has had an important effect on

jects and programs, increasing the effectiveness of aid, policymaking.

recognizing emerging problems and responding to crises, Among respondents who have used the Bank's analytic

and supporting policy-oriented research capacity in devel- reports, 71 percent find them very useful, 25 percent some-

oping and transition economies. This research is used by a what useful, and just 4 percent not at all useful. The major-

variety of audiences, including policymakers, teachers and ity of policymakers surveyed find Bank research relevant,

researchers, and the Bank's own lending program staff. technically sound, and objective (figure 2). Only 3 percent

To find out how useful each of these groups finds its of respondents believe that Bank research is not at all

research, the Bank has conducted a series of analyses and objective-a reassuring finding given concerns about the

surveys. In 1995 it analyzed the impact its research has had dominance of the "Washington consensus" in Bank work.

on the academic and research community. In 1997 it inves- Only 5 percent rate Bank research as not at all relevant,

tigated the influence of Bank research on the Bank's lending belying the claim that Bank researchers live in an "ivory

programs and projects. It now has examined how policy- tower." And contrary to expectations, the majority of

makers in developing and transition economies use Bank respondents prefer comprehensive studies to synopses, case

research (box 1). studies, or country studies. Even when merely keeping up

with their field-rather than facing new problems or learn-

How useful do policymakers find Bank research? ing about new areas-policymakers prefer full-length

The results of the survey of policymakers show that reports.

Bank research is clearly having an influence in this Policymakers speak highly of the Bank's research pro-

community. An overwhelming majority of those surveyed- gram, which they believe provides valuable and relevant

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The 0Bank,Xto dtermine hofw well tits re\searchis meeting the The0 intrvew wer coWnuced irn six0 languages-three-;0Snees o oicymakersadministered a qustionnaretot 271 quarters of them by telehone, the res by mail or0 i S:t:; l ; hihlee poicymkes in 36 devloing and trnsitio fax Interviewers first contate tehihetlevl polcmaerin Q

0loan fless than $100,000 to;thse wt loans of morethan lietreondthe survthmls; other responden0$25 mill onialsiofheBk'lnding rxgions. The0S includedsc miitryoffcl\ks asdeut ;minsters, permanent

g j$overnmnt oficilswere selected to 0reprejsentagnces sertais technica adviers researc departm0e ient heads, ndl00;;;0

t workig on poetyreduction andsocilwlfar;0 00 macroeco advser to;00$0t0X highcr-level policymakers.00f000000000n:omics, internationa l trade,andfinance;nat resources To0 ;00000 ; ;reduce thet chance ofbiasV in theiresponses, tSquesu6tions

and Sth environment; infrstrucureneg;an @the ;u:rban relatingexsiey to; th Ban wer placd tthe ed f hsetr and prvt secto deeomn an puli set qusIonnire decreasing ,th visiblt of the Bank roleinmanagmet the suvy

information on important topics. Most believe that Bank How can the Bank improve the impact of its research?studies are addressing the important problems they face as In an effort to identify ways to improve its research, the

policymakers. And most are satisfied with the Bank's cur- Bank asked respondents to indicate how its studies could

rent mix of studies, which is made up largely of compre- be made more useful. The main concern-expressed by

hensive and comparative reports, wvith selected case studies about two-thirds of respondents-is the need for greater

and synopses. involvement by country nationals in Bank research.

F I G U R E 1More policymakers use World Bank analytic reports than those from other external sotirces-national and international

Percentage of respondents using source's reports

100

80

60

40

20

World UNDP Research Local IMF Other WTO GATT WHO ILO FAO UNICEF OECD ADB AfDB EBRD IDBBank centers univer- sources

sities

Note: The number of respondents is 271.Source: World Bank, 1999 policymakers survey.

2 World Bank Policy and Research Bulletin January-March 2000

The Bank is increasingly The World Bank is the single A second area for improve-

recognizing the benefits of ment identified by survey respon-

cooperative research with local most important outside source dents is access to research findings.

partners. In 1999 more than Sixty percent of respondents citedhalf of all research projects of research for policymakers in a need for better access to informa-

involved local researchers, up tion, data, and research findings.

from less than a quarter in developing and transition Greater dissemination, more trans-

1995. Such partnerships allow lation, and less technical exposition

researchers in developing and economies of research techniques and findings

transition economies to learn all could help improve access.

state-of-the-art analytic techniques from world-class Nearly 60 percent of respondents find research reports

experts. Local researchers provide information on local written in English to be very useful, but nearly 70 percent

conditions and insights into the implications of research indicate that translating reports would make them even

findings for local policy-and their participation more so. The desire for translated reports was particularly

improves the dissemination of those findings. And the strong in the Middle East and North Africa, where 90 per-

work with Bank staff and project consultants helps create cent of respondents expressed a desire for translated reports,

and sustain networks of researchers that improve access to and in Sub-Saharan Africa, where 80 percent of respondents

information on data, new techniques, and future partners. did so.

For more than a decade the Bank has systematically Although the Bank's premier annual research publica-

encouraged the development of regional research capacity tion, the World Development Report, is published in nine

by supporting regional initiatives that link existing institu- languages and some other reports are also translated, most

tions and creating new centers that serve researchers in shorter Bank research reports are published only in English.

neighboring countries. The survey results suggest that poli- Translating all reports would increase access, but given

cymakers believe even more should be done to build local declining research funding, doing so would mean scaling

capacity and improve the quality of research by involving back research efforts. The decision to translate reports is

more local researchers in Bank analytic work. thus not a simple one.

FI G U R E 2Policymakers have positive impressions of World Bank research

Percentage of respondents

70

60Mostly

50 Somewhat

40

30

20

10

0Is Bank research ... ... objective? ... relevant? .. . too academic? ... influential? ... technically sound?

(233) (238) (224) (226) (229)

Note: The numbers in parentheses refer to the number of respondents for each question.Source: World Bank. 1999 policymakers survey.

January-March 2000 World Bank Policy and Research Bulletin 3

Some respondents indicated a preference for less techni-

cal and more accessible reports, suggesting that some Bank Second AnnualW Bank Colnference oreports are too academic. The WorldBankResearch Observer Delopmet Econoics (ABCDE)i Euopeis intended to address this concern. Its articles review the

findings of recent research, explaining the underlying tech- Development iing at the MillnniumJune 26-28,200

niques or relegating them to an appendix. The Bulletin also

presents current research issues and results in a nontechnical peing and we1lcoing addressesway. The survey results suggest that more such channels of ionel Jospin, Pirnie Ministe, France

ames D. DWolfiensohrn, President, Wod Bankdissemination may be needed. Laurent Fabius, Minister of Eonomy, Finance,

Access to the Bank's research findings could be increased and I tFrancePiere-lai Mut,Chairmn, Conseil d'Anals

dramatically if use of the Internet were widespread through- conomique

out the world, as many of the Bank's research findings are Jean-Fran-ois Rischard, WcDrld Bank

posted on its Website. Use of the Internet is still uncommon

in many developing and transition economies, however, Arritya Sen, Nobel laurelte in econormics

limiting the value of disseminating results electronically. Robbert Mundel, Nobel laureate in e cononmics

Only 28 percent of all respondents use the Bank's Website, sph . Stig:itz

and use in some regions, such as Sub-Saharan Africa, is Ro ble: Openness and Development

much lower. Moreover, the survey results may overestimate Da oi and Alan Winters

Internet use, since many of the respondents were identified 0 *

through Websites, suggesting the possibility of an upward Nicholas Stern

bias in the results. So, until telecommunications systems IrnTi 0 Adelman

and access improve in the poorest countries, the Bank will G h, Poety Re and Ineqaty:Lessons ~Learned

continue to produce and distribute paper reports. T.N.Snivasan

Interestingly, the unmet need cited by the fewest F o Bouggnon

respondents-only 39 percent-was for research on policy- Knowledge, Inno n, and Deveoment

makers' own sectors or countries. This finding suggests that P Aghion

policymakers recognize the need for broad knowledge on SOcia Caia, Governance, and pInstituions

difficult issues and believe that they can draw on other Jonef Ritzenjean Phiipp iPlatreautresources to apply the findings of new research to their own Global Governantce: acl i New Fra'ework

situations. jean-franMis Risehard an1dfohers

Meeting the needs of policymakers Laurent Fabis, Minister of E6ornomy, Finance, and Industy,

The survey results show that policymakers value research. Franc ejean-Fran ik icad, Wbied Bank

Three-quarters of respondents reported that their agencies Pierre-AlAiMuet, Chikrman, Conseil d'Anlj:e &onomique

conduct research-nearly 60 percenit of them often. And

more than 80 percent of the agencies had contracted with SiteBeConencCenter,Paris

others to conduct research, nearly half of them doing so

often in the previous two years. Pariciaton by nvitti noct JeanCtist Bas

The demand for research is clearly high. And the Bank is basor rW ExtcrnalAff3irs Counselor, ld Bank,playing an important role in meetinig that demand. 66 avne d'Ikna, 751:16PrsFane teL. 33-1-40-

6 69-30L35 or Boris PleskOVic (plesovicvorldbank.g),

Research Administrator, Wld Bk, 1818 H Street NW

RomMC4-385, Wasbingion, DC 20433, tel. 202-473-1062.

Paper from the conferece and from the 12th ABCDE in

Wshington, aDC, ae abvailablat www (.worldbak.org/

4 World Bank Policy and Research Bulletin January-March 2000

New Ideas about Old Age Security ing, water and sanitation, and income

New R e s e ar cl n David Ellerman and consumption.Office of the Vice President, The study will survey 800 ran-

The research projects described Development Economics domly chosen households in six com-here are directed by World Bank In 1994 the World Bank published a munities (four poor, two nonpoor) instaff andfunded by the Bank's seminal work on pension reform- Delhi, India, and conduct focus groupcentral Research Support Budget Averting the OldAge Crisis (New York: and participatory appraisals and open-(RSB). Research proposals beingpre- Oxford University Press). Since then ended, in-depth interviews with keypared with RSB funding are listed on new experience and research have informants. Using data on households'page 8. For information about the accumulated, and more countries have access to the three types of resourcesresearch projects described here, con- turned their attention to reforming and on cultural and socioeconomictact the researchers at the Bank's their pension systems. There have factors, the study will examine howmain address (tee back page). been other developments too: investor mechanisms for social interaction-

protection challenges associated with traditional and modern-translateInnovative Meclianisms for individual retirement accounts havc into concrctc support when house-Raising Development Finance: emerged, individual accounts have holds are in crisis.Securitization become politically acceptable in many RSBJfunding: $39,800Dilip Ratha countries, many economies have Staff weeks: 24Development Prospects Group adopted multipillar reforms, and thereWith investor appetite for risk appar- have been unexpected changes in Systemic Corporate Distressently dampened by the recent finan- short-term rates of return. and Its Resolutioncial crises in emerging markets, This research project will reexam- Simeon Djankov, Stijn Claessens,developing countries seeking to raise ine the evidence and thinking on pen- and Ashoka Alodydevelopment finance may need sions and retirement security. The aim Financial Sector Strategy and Policyinnovative ways to enhance the credit is to help ensure that the new experi- Department and Development Prospectsratings of new issues. This research ence and the new thinking are Groupproject will look at the prospects for reflected in national policy decisions. East Asian policymakers face formida-using securitization bundling future RSBfunding: $38,955 ble challcnges in cnsuring recoveryhard currency receivables (remittances, Staff weeks: 3 from the region's financial crisis.export earnings, privatization Comprehensive corporate and financialproceeds) for sale to investors as Risk Management and Social restructuring programs are needed, pro-securities. Capital in a Poor Urban grams that involve inherent tradeoffs

The study will look at the recent Community: A Qualitative and and complex sequencing issues.experiences of Argentina, Mexico, Quantitative Analysis This research project will examineand Repiblica Bolivariana de Vijayendra Rao and Michael Woolcock some of the analytical and policyVenezuela with securitization and Development Research Group issues in systemic corporate restructur-draw on interviews with investment As developing country populations- ing in East Asia. It will document thebankers, legal experts. and credit rat- and poverty-become increasingly extent of corporate distress and itsing agencies. It will try to identify concentrated in cities, understanding causes through basic descriptive statis-types of products or receivables that how poor urban households cope with tics, use case study materials to illus-would lend themselves well to secririti- risk and vulnerability increases in trate analytical issues, and reviewzation, and the features required in a importance. Combining qualitative policy options. It will focus in particu-supportive domestic legal and regula- and quantitative methods, this project lar on the legal and institutionaltory environment. will study how cultural processes and framework for bankruptcy and onRSBfunding: $29,500 social capital affect living standards political economy issues, including theStaff weeks: 5 and mitigate risk in three areas: hous- sharing of losses (between debtors and

January-March 2000 World Bank Policy and Research Bulletin 5

creditors and among creditors) and instruments for export. It is a classic kets using a data set collected in thethe congruence of broader political example of an industrial cluster: a Punjab region of Pakistan that includesobjectives with the technical needs for community-based industrial network information on the timing and spatialrestructuring. consisting primarily of small and altocation of water transactions. ByRSB funding: $40,000 medium-size firms-each specializing identifying the conditions under whichStaff weeks: 6 in one or more stages of a multistage markets work, the study aims to help

production process-and forced by guide legal and regulatory reforms toThe Economics of Ethnicity and imperfect markets to rely on its own bring about those conditions.Entrepreneurship in Africa resources for expansion. RSB funding: $26,000Taye Alemu Mengistae and Mary Shirley This study will analyze how the Staff weeks: 16Development Research Group Sialkot cluster operates, collectingThis project is an exploratory effort to information from its firms on produc- Agriculture and the WTO 2000find out whether ethnic identity-of tion, labor force, finances, marketing, Negotiations: Economic Analysisentrepreneurs and of their employees and institutional setting. The aim is to of Issues and Options forand business contacts-matters in enter- identify the channels through which Developing Countriesprise productivity growth, wage deter- the industrial network affects produc- Anthony Venables and Gershon Federmination, and investment in Africa. It tion and to compare the performance Development Research Groupwill also look at whether the degree to of these channels with that of market- This research project is part of a larger,which ethnic identity matters is related based alternatives. integrated program of research, policyto the institutional environment. RSBAfunding: $26,000 analysis, and capacity building aimed

The study will analyze survey data at strengthening the participation ofon manufacturing firms in Ethiopia Market Development and developing countries in the new roundand Ghana and then compare results Allocative Efficiency: Irrigation of multilateral trade negotiationsfor the two countries. The data Water in the Punjab under the World Trade Organizationinclude the ethnic origins of entrepre- Gershon Feder, Hananjacoby, (WTO). It focuses on agriculturalneurs, the ethnic mix of their employ- and Rinku Murgai trade liberalization and domestic pol-ees and business contacts, and the Development Research Group icy and institutional reforms in agri-entrepreneurs' access to and use of for- The allocative efficiency of markets for cultuire-areas where many developingmal credit and insurance institutions. irrigation water-in contrast with economies, still dependent on theirThe work is intended to guide future, other rural markets-has received lit- rural sector, have much to gain.more extensive research on these issues tle analytical attention, in large part Research will look at the interests ofin Africa and to identify possible data because of the scarcity of good micro- developing countries in each of theand analytical problems. level data. This project aims to help areas of the "built-in agenda"-marketRSBfunding: $20,000 fill that gap. access, domestic support, and exportStaff weeks: IO The intertemporal and spatial competition-and key issues on the

dimensions of water demand distin- new tirade agenda-including state trad-An Empirical Study of the guish irrigation water markets from ing, intellectual property, sanitary andSurgical Instrument Cluster others. The importance of timely sup- phytosanitary requirements, and techni-of Sialkot, Pakistan ply, along with lack of storage, creates cal barriers to trade. Studies focusing onJohn Wall potential demand for insurance and regions, subregions, and countries willSouth Asia Region, Poverty Reduction thus an additional role for water mar- assist governments in developing nego-and Economic Management Sector Unit kets. And because transporting water tiating positions and objectives.In Sialkot, Pakistan, a cottage industry is extremely costly, spatial competition Project activities will include athat repaired surgical instruments for among suppliers is limited. series of regional workshops and train-local hospitals transformed itself into a The study will analyze the alloca- ing seminars for policymakers andcompetitive manufacturer of surgical tive efficiency of irrigation water mar- production of a handbook on agricul-

6 World Bank Policy and Research Bulletin January-March 2000

tural trade issues with analytical tools maintenance using data from the intensive manufactured exports. The

and databases on current levels of Bangladesh health sector. It will pay study will draw on global panel data

agricultural protection. special attention to the role of the sets on geographic, demographic, and

RSB support: $500, 000 government in determining the institutional and policy variables for

Staff weeks: 151 efficiency of maintenance in [he 1965-97. The growth analysis will be

public and private sectors, through its based on a dynamic endogenous

Firm Analysis and Competitiveness equipment purchasing decisions and growth model, and the comparative

Surveys through regulation. advantage analysis on an extended

David Dollar and Paul Collier The study's basic theoretical tools Heckscher-Ohlin framework.

Development Reseairch Group will be microeconomic models of Estimated models will be used to

Lack of good-quality data on develop- dynamic capital theory and opera- undertake some policy simulations rele-

ing country firms has hindered policy tions, and its main empirical tool will vant to current debates in the literature.

analysis and research. This data collec- be hazard analysis of maintenance RSB support: $35, 000

tion project aims to develop and imple- intervals and equipment lifetimes. The Staff weeks: 12

ment a survey instrument capable of analyses will use data on equipment

producing firm-level data that can be maintenance and compliance with Links between Income Growthused to analyze a broad range of issues maintenance regulations in the and Reductions in Malnutritionwithin and across developing countries. Bangladesh health sector and reference Harold Alderman

In addition to collecting basic informa- data from major U.S. hospitals. Rural Development Department and

tion on firms, the survey will cover The results should be useful to Development Research Group

such topics as corporate finance, tech- practitioners concerned with life-cycle Do malnutrition rates reflect a sepa-nology, investment, foreign links, con- costing of projects, government pro- rate dimension of poverty than is con-

tract enforcement, government curement, and health sector regula- veyed by income poverty rates? If so,

regulation, and corporate governance. tion, and to researchers interested in what are the implications for policy?The survey's design will build on the microeconomics of maintenance This research project will study the

experience with earlier firm surveys and depreciation and the calculation relationship of income (or expendi-

and will be pilot-tested in each of the of the capital stock. ture) poverty to nutrition in several

three countries chosen for initial RSB support: $50,000 ways. It will use cross-sectional data

implementation--Bolivia, India, and Staff weeks: 4 from Living Standards MeasurementMorocco. The results of the full-scale Study (LSMS) surveys to analyze the

surveys in these countries will be Geography, Growth, and impact of household expenditures on

posted on the World Wide Web. The Comparative Advantage in malnutrition among children under

project will include activities to Sub-Saharan Africa age six. Through cross-country analy-strengthen developing countries' Ibrahim Elbadawi and Paul Collier sis, it will look at the effect of GNP

capacity to implement high-quality Development Research Group and income distribution on malnutri-firm surveys and to analyze the results The sustained economic slowdown in tion rates and consider what policies

for policy purposes. Sub-Saharan Africa over the past two might account for differences inRSB support: $100, 000 decades is likely to continue well into effects across countries. And it willStaff weeks: 127 the 21st century. Recently, much of use cross-country panel data to

the literature on the reasons for this examine links between malnutritionMaintenance arid Regulation of decline have focused on geography rates and GNP growth as well asMedical Equipnient in Bangladesh and demography. changes in such contributors as

Shanta Devarajan This study aims to contribute to education and access to piped waterDevelopment Research Group that literature by analyzing the region's and sanitation.

This study will examine the microeco- growth performance and its potential RSB support: $28,000

nomic determinants of equipment comparative advantage in labor- Staff weeks: 4

January-March 2000 World Bank Policy and Research Bulletin 7

The Macroeconomic Impact of . German Foundation for International

Bank Capital Requirements in Pubi I tiC ati 0o n s Development, Development Policy

Developing Countries 1 US Forum, Villa Borsig, Reiherwerder,

Giovanni Majnoni an141 Ilata D-1 3505 Berlin, Germany. Quantities

Financial Sector Strategy and Policy are limited.

Department For information on how to order the

Under the recently proposed revision Wlorld Bank publications reviewed in Cultivating Peace: Conflict and

of the capital adequacy requirements this issue, seepage 16 Collaboration in Natural Resourceset out by the Basle Committee on Management

Banking Supervision, requirements B 0 0 K S Daniel Buckles, editor

may increase for banks operating in or Why does conflict occur over the use

lending to higher-risk developing Inclusion, Justice, and Poverty of natural resources? How are external

countries. What are the macroeco- Reduction factors built into local conflicts? What

nomic effects of such changes likely Gudrun Kochendorfer-Lucius and governing mechanisms are conducive

to be? Boris Pleskovic, editors to equitable and sustainable natural

Using data for individual banks in Published by the German Foundation resource management by communi-

developing countries, this study airns for International Development ties? When do local strategies for

to help answer that question by look- The papers in this volume were pre- conflict management need to be com-

ing at the effect of the capital require- sented at the 1999 Villa Borsig Winter plemented or replaced by external or

ments under the 1988 Basle Capital Workshop. The workshop, the second new mechanisms? How can research

Accord. The study will use economet- in a series providing a forum for help identify opportunities for turning

ric techniques to assess to what extent European researchers to contribute to conflict into collaboration? Why is

developing country banks met the early discussions on the World Bank's colla'boration in natural resource man-

requirements by increasing their capi- World Development Report, was spon- agenient so difficult?

tal and to what extent they instead sored by the Dcvelopment Policy This book grapples with those

curtailed their lending. The analysis Forum of the German Foundation for questions. Case studies analyze specific

will shed light on factors that affected International Development and the natural resource conflicts in 10 coun-

their choices, such as level of capital World Bank. tries and the interventions of people

market development, external capital For the 2000/01 report, which will close to the conflicts (in some cases,

flows, and macroeconomic conditions. focus on poverty, the workshop the authors themselves). Four concept

RSB support: $11,500 explored the complex relationship papers draw the case studies together

Staff weeks: 4 between poverty and exclusion. The around the thcmes of culturc, socicty,

workshop papers looked at old lessons peace, and policy.

on poverty and exclusion-and at new

R E S E A R C H P R 0 P 0 S A L directions. They examined the inter- Risks and Reconstruction:U N D E R P R E P A R A T I O N play of economic and social forces in Experiences of Resettlers

exclusion, and the role of ethnicity, and IRefugees

Biodiversity, Habitat Conservation, culture, and discrimination. They dis- Michael M. Cernea and Christopher

and Valuing Natural Resources in cussed the impact of inequality and McD,owell, editors

the Amazon Estuary exclusion on growth, and the politics With some 30 million people as

GayatriAcharya and Dennis MIahar of poverty reduction. And they looked refugees or in refugee-like situations

World Bank Institute, Environment and at how empowering the poor can be and about 10 million people displaced

Natural Resources Division key to successful interventions to and rzsettled every year by develop-

RSB support. $30, 000 reduce poverty. ment programs, the world's interest inFor information on obtaining refugees and forced resettlers has

copies of this book, contact the grown considerably in recent years.

8 WMrld Bank Polity and Research Bulletin Jannary-March 2000

This book offcrs at comparative analy- government attempts to limit or guide porters, although the reasons why aresis of these two gtoups of displaced the selection of technologies are likely unclear. This article analyzes the linkspeople. It explores the condition of to have a negative effect on growth between a producer's total factor pro-being displaced, the risks of impover- because they discourage producers ductivity and its decision to partici-ishment and social disarticulation, the from purchasing the most appropriate pate in the export market, usingrights and entitlements of those and efficient machines. manufacturing data from the Republicuprooted, and, most important, how of Korea and Taiwan (China).these groups can reconstruct their Do Trade Patterns and Technologylivelihoods. Flows Affect Productivity Growth? Vintage Technologies and Skill

The book analyzes the risks faced Wolfgang Keller Constraints: Evidence from U.S.by these populations and discusses This article presents a model suggest- Exports of New and Usedproblem resolution approaches, good ing that the pattern of a country's Machinessafeguarding practices, and successful intermediate goods imports affects its Giorgio Barba Navaretti, Isidroreconstruction and development expe- level of productivity because a country Soloaga, and Wendy Takacs

riences. It also explores possible syner- that imports such goods primarily Countries importing productiongies between refugee research and from technological leaders receives machinery must choose between newresettlemenit research. Scholars and more technology than a country and used equipment. This article lookspractitioners report on new empirical that imports primarily from follower at that choice in the presence of labor-research, ideas, and development pro- countries. The analysis is based on saving technical progress and comple-jects from such countries as Argentina, industry-level data for machinery mentarity between technologies andChina, Colombia, Greece, and India, goods imports and productivity from skills within the firm, using data onas well as from Africa. Although the eight OECD countries for 1970-91. U.S. exports of metalworking machinefocus is on developing countries, expe- tools. The results indicate that techno-riences from developed countries are Foreign Investment and logical factors and skill constraintsalso discussed. Productivity Growth in Czech may be as important as factor prices in

Enterprises determining the choice of technologyJ 0 U R N A L S Simeon Djankov and Bernard Hoekman in developing countries.

This article uses firm-level data for theThe articles summarized below Czech Republic to show that during An Argument for Deregulatingappear in the Janutary issue of the 1992-96 foreign investment had the the Transfer of AgriculturalWorld Bank Economic Review, predicted positive impact on the total Technologies to Developingvol. 14, no. 1. factor productivity growth of recipient Countries

firms. Together, joint ventures and for- David Gisselquist andJean-MarieA SYMPOSIUM ON TRADE AND eign direct investment appear to have GretherTECHNOLOGY a negative spillover effect on firms that This article analyzes the institutional

do not have foreign partnerships. arrangements governing the interna-International Knowledge Flows tional transfer of new agricultural

and Economic Performance: Productivity and Turnover in the technologies, examining the cases ofA Review of the Evidence Export Market: Micro-Level agricultural machinery in BangladeshGiorgio Barba Navaretti and Evidence from the Republic of and seed varieties in Turkey. TheDavid G. Tarr Korea and Taiwan (China) analysis shows that allowing theThe literature reviewed by this article Bee Yan Aw, Sukkyun Chung, and private transfer of technologies andfinds much evidence that imported MarkJ Roberts refocusing input regulations ontechnologies raise total factor produc- Widespread empirical evidence indi- externalities could lead to significanttivity in importing countries, particu- cates that exporting producers have productivity and income gains inlarly in developing countries. However, higher productivity than nonex- developing countries.

January-March 2000 World Bank Policy and Research Bulletin 9

A SYMPOSIUM ON GEOGRAPHICAL method calls for constructing an Corporate Performance in theTARGETING extensive data set from a large number East Asian Financial Crisis

of sources, integrating the set into a Stijn Claessens, Simeon Djankov,

Geographical Targeting for Poverty geographic information system, and and Lixin Colin Xu

Alleviation: An Introduction to tlhe using an econometric model to map This article compares the growth and

Special Issue the spatial distribution of poverty. financing patterns of East Asian cor-David Bigman and Hippolyte Fofack porations in the years before the 1997

Geographical targeting may be a Combining Light Monitoring financial crisis with those in other

viable way to allocate resources for Surveys with Integrated Surveys countries. It finds little microeco-

poverty alleviation in developing to Improve Targeting for Poverty nomic evidence that corporate growthcountries. Efficiency can be increased Reduction: The Case of Ghana was weakening but some support for

and leakage to the nonpoor reduced Hippolyte Fofack the argument that many firms had a

by targeting increasingly smaller areas. Many countries have recently begun weak financial structure that left them

This article, and others in this issue, to construct poverty maps based on vulnerable to an economic downturn.

propose several techniques for aug- light monitoring surveys that rely on

menting data to produce more short questionnaires. This article Industrial Policy: Growth Elixirdetailed poverty maps, which show shows that such poverty maps are or Poison?the spatial distribution of living inaccurate and could lead to targeting Howard Pack

standards. errors. Combining light monitoring If ind-ustrial policies were important in

surveys with more detailed integrated accelerating growth in Japan and the

Combining Census and Survey surveys can help researchers to build Republic of Korea-the two East

Data to Trace the Spatial poverty maps with finer disaggregation Asian countries that pursued secroral

Dimensions of Poverty: A Case and thus to reduce targeting errors. selectivity most intensively-there

Study of Ecuador may be lessons for countries still in theJesko Hentschel, Jean Olson Lanjouw, The articles summarized below early stages of industrialization.

Peter Lanjouw, andJavier Poggi appear in the February issue of the Conversely, if the contribution was

The development of poverty maps has World Bank Research Observer, small, more conventional policies

been hampered by data problems: thie vol. 15, no. 1. should be pursued unless governments

data needed on income or consump- can imqprove on the efforts of Japan

tion typically are available only from A SYMPOSIUM ON FIRMS AND THE and K.orea.

small surveys, and census data have EAST ASIAN CRISIS

the required sample size but generally

lack the required information. This Crisis, Adjustment, and Reform Financial Safety Nets:article uses the case of Ecuador to in Thailand's Industrial Firms Lessons from Chiledemonstrate how sample survey data David Dollar and Mary Hallward- Philip L. Brock

can be combined with census data to Driemeier Financial safety nets protect depositors

construct poverty maps. New data on Thailand's industrial against loss. Because they often also

firms shed light on the origins of the cover losses to bank owners and bor-

Community Targeting for Poverty East Asian financial crisis and on the rowers, they can encourage risk taking

Reduction in Burkina Faso response of the manufacturing adjust- by the private sector-an action that

David Bigman, Stefan Dercon, ment program supported by the inter- may promote financial deepening but

Dominique Guillaume, and national financial institutions. The at a high budgetary cost to the govern-

Michel Lambotte conclusion? In retrospect, the macro- ment. Poorly designed safety nets may

This article develops a method for tar- economic program-which assumed have to be suspended during crises to

geting antipoverty programs and pub- quick export recovery-was too prevent losses from mounting and to

lic projects to poor communities. The tight. limit the government's liability.

10 World Bank Policy and Research Bulletin January-March 2000

Lessons in Structuring Derivatives groups, drug cartels, and other characteristics that affected their

Exchanges social actors, the causes of violence performance before the crisis as well

George Tsetsekos and Panos Varangis have changed. They include both as their ability to deal with its after-The instruments that allow market external events (end of the cold war) math. The level of development in

participants to manage risk-known and internal changes (economic liber- each economy affected how these

as derivatives because they represent alization, coal and oil development, characteristics interacted with firm

contracts whose payoff at expiration is effects of the global trade in illicit performance and valuation. And the

determined by the price of the under- narcotics), concentration of ownership may havelying asset-are traded in organized The violence in Colombia is highly influenced economies' institutional

exchanges or over the counter by complex in part because of these mul- development.

derivatives dealers. The success of tiple causes. This paper combines dis-

such an exchange depends on the parate existing theories to develop an Privatization of the Powersoundness of its foundations, the integrated framework that identifies and Natural Gas Industriesstructure adopted, and the products four levels of causality-structural, in Hungary and Kazakhstantraded. institutional, interpersonal, and Technical Paper 451

individual-and recognizes the Hungary and Kazakhstan have

Growth and Institutions: mutually reinforcing role played by privatized much of their electric

A Review of the Evidence factors at different levels. Underlying power and natural gas industries,

Janine Aron the causes of violence in Colombia are but following different strategies and

Recent events and disappointing minimal state presence in many parts starting from different points. The

economic growth trends have focused of the country, widespread corruption Hungarian power and gas sectors hadattention on the role of institutions and impunity, a high level of societal a long history of being relatively wellin determining a country's growth. acceptance of violence, and regional managed. In contrast, KazakhstanThis article critically reviews the litera- fragmentation. inherited pieces of the old systemsture that tries to link quantitative designed to serve the Soviet Union's

measures of institutions with growth East Asian Corporations: needs and had to develop new organi-of GDP over time. The evidence Heroes or Villains? zations to manage the system. Has the

suggests a link between the quality Stijn Claessens, Simeon Djankov, privatization in these two countries

of institutions and investment and and Larry H. P Lang been a success? What lessons can

growth, but the evidence is by no Discussion Paper 409 other countries learn from theirmeans robust. East Asian corporations differ from experience?

their counterparts in other countries This paper analyzes how each

D I S C U S S I 0 N, in important ways. Before the recent country dealt with the key issuesT E C H N I C A L, A N D financial crisis these differences were in restructuring and privatizing the

R E L A T E D P A P E R S viewed as one of the reasons for the power and gas sectors, including

success of East Asian economies. But industry structure, the wholesale

Violence in Colombia: many scholars now argue that the market, labor and management

Building Sustainable Peace weak corporate governance and relations, the regulatory framework,and Social Capital financing structures of East Asian cor- and privatization objectives and

World Bank Country Study porations are partly to blame for the methods.In the past decade the violence crisis.

Colombia has long suffered has grown This paper shows that East Asianin scale and intensity to dominate the corporations have high leverage and

daily lives of most citizens. As remote concentrated ownership, are typicallyguerrilla activity has turned into coun- affiliated with business groups, and

trywide "war," involving paramilitary operate in multiple industries-

January-March 2000 World Bank Policy and Research Bulletin 11

P O L I C Y R E S E A R C H Risk and Efficiency How Inadequate Provision of Public

W O R K I N G P A P E R S in East Asian Banks Infrastructure and Services Affects

Luc Laeven Private Investment

Working Papers disseminate the WPS 2255 * Contact Rose Vo, room Ritva Reinikka and Jakob Svensson

findings of work in progress and MC9-624, fax 202-522-2031. WPS 2262 e Contact Hedy

encourage the exchange of ideas hical. d Sladovich, room MC2-609, fax

among Bank staff and all others A Heckscher-Ohlin-von Thunen 202-522-1154.interested in development issues.

Working Papers can be down- Model of International Specialization When Is Growth Pro-Poor?

loaded from the Website www. world Anthony I Venables and Nuno Limdo Evicdence from the DiverseloadedfiorglresWearchlworkingpaeorl WPS 2256 * Contact Lili Tabada, Experiences of India's Statesbank. org/research/workingpapers or

room MC3-333, fax 202-522-1159. Martin Ravallion and Gaurav Dattrequested from the contact person W'26 otcJspIreindicated at the Banks main address. Infrastructure, Geographical WPS 2263 - Contactjoseph Israel

Disadvantage, and Transport CostsUniversal Service Obligations in Nuno Limdo andAnthonyJ Venables Do J\Iore Unequal Countries

Utheity Ne nedsiofthePoon Aotrgntis anWPS 2257 * Contact Lili Tabada, Redistribute More? Does the

Privtizatis of the Poor inArgentinas room MC3-333, fax 202-522-1159. Median Voter Hypothesis Hold?Privatizations

Branko MilanovicOmar Chisari and Antonio Estache Market Access Bargaining B Contc

WPS 2250 * Contact Gabriela Chenet- in the Uruguay Round: S 2264 -556,tax 202-

Smith, room J3-282, fax 202- Rigid or Relaxed Reciprocity? Sader, room MC3-556 fax 202-

334-8350. J. Michael Finger, Ulrich Reincke, 522-1153.

and Adriana Castro The Political Economy of DistressWill Bon a foro Afrcat WPS 2258 * Contact Lili Tabada, in East Asian Financial Institutionsa Bonanza for Africa?Daniel Cohen, Nicolai Kristensen, room MC3-333, fax 202-522-1159. Paola Bongini, Stijn Claessens,

and Giovanni Ferniand Dorte Verner Predicting Currency Fluctuations WPS 2265 CtroV

WPS 2251 * Contact Hazel Vargas, and Crises: Do Resident Firms room - fax Rose2V 01

room 18-138, fax 202-522-2119. Have an Informational Advantage?

Productivity Growth, Capital Daniel Kaufrann, Gil Mehrez, The [mpact of Adult Deathsand Sergio Schmukler on Children's Health

Accumulation, and the Banking WPS 2259 * Contact Emily Khine, in Northwestern Tanzania

room MC3-341, fax 202-522-3518. Martha Ainsworth and InnocentEjaz Ghani and Vivek Suri Semai

WPS 2252 * Contact Nancy Mensah, Regional Integration Agreements: WPS 2266 * Contact Sheila Fallon,

room MC8-134, fax 202-522-1557. A Force for Convergence or room MC3-558, fax 202-522-1153.

Revenue Recycling and the Welfare Divergence?Effects of Road Pricing Anthony J Venables Do Fligh Interest Rates DefendIan W H. Parry WPS 2260 * Contact Lili Tahada, Currencies during Speculative Attacks?IandAntonlo MigueW Bento Paroom MC3-333, fax 202-522-1159. Aart K-raayand Antonio Miguel R Ben toWPS 2253 * Contact Roula Yazigi, Is Knowledge Shared within WPS 2267 M Contact R-na Bonfeled,

room MC2-533, fax 202-522-3230. Households? room MC3-354, fax 202-522-3518.

Kaushik Basu, Ambar Narayan, The Structure of Social DisparitiesDoes "Grease Money" Speed Up and Martin Ravallion in Education: Gender and Wealththe Wheels of Commerce? WPS 2261 * Contact Michelle Deon Filmer

Daniel Katifinann and Shang-Jin Wei Mason, room MC4-322, fax 202- WPS 2268 * Contact Sheila Fallon,WPS 2254 - Contact Hedy Sladovich, 522-1158. room MC3-558, fax 202-522-1153.

room MC2-609, fax 202-522-1154.

12 World Bank Policy and Research Bulletin Januag-March 2000

Context Is Everything: Measuring Evaluating the Case for Export New Tools and New Tests in

Institutional Change in Transition Subsidies Comparative Political Economy:

Economies Arvind Panagariya The Database of Political Institutions

Nauro F Campos WPS 2276 * Contact Lili Thorsten Beck, George Clarke, Alberto

WPS 2269 * Contact Jason Victor, Tabada, room MC3-333, fax 202- Groff Philip Keefer, and Patrick Walsh

room MC4-362, fax 202-522-1158. 522-1159. WPS 2283 * Contact Paulina Sintim-

Aboagye, room MC3 -422, faxThe Optimal Income Tax When Determinants of Bulgarian 202-522-1155.

Poverty Is a Public "Bad" Brady Bond Prices

Waly Wane Nina Budina and Tzvetan MVantchev The Use of Asset Management

W/PS 2270 * Contact Hedy Sladovich, WPS 2277 * Contact Nina Companies in the Resolution

room MC2-609, fitx 202-522-1154 Budina, room MC3-353, fax 202- of Banking Crises:

522-3518. Cross-Country ExperienceCorporate Risk around the World Daniela K/ingebiel

Stijn Claessens, Simeon Djankov, Liquidity Constraints and Investment WPS 2284 * Contact Rose Vo, room

and Tatiana Nenova in Transition Economies: MC9-624, fax 202-522-2031

WIPS 2271 * Contact Rose Vo, room The Case of Bulgaria

MC9-624, fax 202-522-2031. Nina Budina, Harrm Garretsen, Industrial Environmental Performance

and Eelke de Jong in China: The Impact of InspectionsOinershlp versus Environment: eWPS 2278 * Contact Nina Susmita Dasgupta, Benoit Laplante,DPisentangling the Sources Budina, room MC3-353, fax 202- Nlandu Mamingi, and Hua Wang

of Public Sector Inefficiency 522-3518. WVPS 2285 * Contact Yasmin D'Souza,

A4nn P? Bartel and Ann E. Harrison ro C-2 a 0-9-20WIPS 2272 * Cont-act Sheila Fal/on, Broad Roads in a Thin Country:

room MC3-558, fix 202-522-1153. Infrastructure Concessions in Chile Transparency, Liberalization,

1Andre's Gdmez-Lobo and Banking Crises

inThemVauen ofPrEventhingo Maia and Sergio Hinojosa Gil Mehrez and Daniel KaufinannIn Tembien, Ethiopia HWPS 2279 * Contact Gabriela Chenet- WPS 2286 * Contact Diane Bouvet,

Julian A. Lampietti, Christine Poulos, Smith, room J3-147, fax 202-676-9874 room J3-273, fax 202-334-8350.

and Dale Whittington Willingness to Pay for Air Quality The Vicious Circles of Control:

W/PS 2273 * Contact Tourya Tourougui, Improvements in Sofia, Bulgaria Regional Governments and Insiders

room MC2-521, fix 202-522-3230. Hua Wang and Dale Whittington in Privatized Russian Enterprises

How Access to Urban Potable WIPS 2280 * Contact Roula Yazigi. Raj M. Desai and Itzhak GoldbergHowAess and Sewerbage Connctis room MC2-533, fax 202-522-3230. W/PS 2287 * Contact Sophia Cox,Water and Sewerage ConnectionsromH-3fa2052078Affects Child Mortality External Sustainability: A Stock

Anqing Shi Equilibrium Perspective Ten Years of Transformation:

WIPS 2274 * Contact Paulina Sintim- Ce'sar Calderdn, Norman Loayza, Macroeconomic Lessons

Aboagye, room MC3-422, fax and Luis Serven Charles Wyplosz

202-522-1155. WPS 2281 * Contact Hazel Vargas, WPS 2288 * Contact Mani Jandu,

Who GiefrnVitroom I8-138, fax 202-522-2119. room MC4-386, fax 202-522-0304.Who Gained fromn Vietnam's Boom

in the 1990s? An Analysis of Poverty Managing Fiscal Risk in Bulgaria Exchange Rate Overvaluation

and Inequality Trends Hana Polackova Brixi, Sergei Shatalov, and Trade Protection:

Paul Glewwe, Michele Gragnolati, and Leila Zlaoui Lessons from Experience

and Hassan Zaman WIPS 2282 * Contact Leila HowardJ Shatz and David G. Tarr

WV'S 2275 * Contact Patricia Sader, Zlaoui, room H4-317, fix 202- WPS 2289 * Contact Lili Tabada,

room MC3-556, ftx 202-522-1153. 522-2754. room MC3-333, fax 202-522-1159.

January March 2000 World Bank Policy and Research Bulletin 13

Decentralization and Corruption: Sources of Ethnic Inequality Disinflation and the Supply Side

Evidence across Countries in Vietnam Pierre-Richard Agenor and Lodovico

Raymond Fisman and Roberta Gatli Dominique van de Walle and Piz2ati

WPS 2290 * Contact Emily Khine, Dileni Gunewardena WPS 2304 * Contact Tanya Loftus,

room MC3-341, fax 202-522-3518. WPS 2297 * Contact Hedy Sladovich, roorn J4-282, fax 202-676-9810.

room MC2-609, fax 202-522-1154 TIncentives for Pollution Control: The Impact of Bankmg Cnses on

Regulation and Public Disclosure Fiscal Deficits, Monetary Reform, Money Demand and Price Stability

Je'rome Foulon, Paul Lanoie, and Inflation Stabilization in Romania Maria Soledad Martinez Peria

and Benoit Laplante Nina Budina and Sweder van WPS 2305 * Contact Agnes Yaptenco,

W/PS 2291 * Contact Yasmin D 'Souza, Wijnbergen room MC3-446, fax 202-522-1155.

room MC2-635, fax 202-522-3230 W/PS 2298 * Contact Nina Budina, International Contagion: Implications

Dividing the Spoils: Pensions, room MC3-353, fax 202-522-3518. for Policy

Privatization, and Reform Household Savings in Transition Roberto Chang and Giovanni Majnoni

in Russia's Transition Economies WVPS 2306 * Contact Elena Mekhova,

Ethan B. Kapstein Cevdet Denizer, Holger C. Wolf room MC9-622, fax 202-522-2031.

and Branko Milanovic and Yvonne Ying Surveying Surveys and Questioning

WPS 2292 * Contact Patricia Sader, WPS 2299 * CoontactAla Cubukcu, Questions: Learning from World

room MC3-556, fax 202-522-1153. room H4-347, fax 202-522-2754Banlk Experience

Should Capital Flows Be Regulated? Single Mothers in Russia: Household Francesca Recanatini, Scott j Wallsten,

A Look at the Issues and Policies Strategies for Coping with Poverty and Lixin Colin Xu

Roumeen Islam Michael Lokshin, Kathleen Mullan WPS 2307 * Contact Paulina Sintim-

WPS 2293 * Contact Roumeen Islam, Harris, and Barry Popkin Aboagye, room MC3-422, fax 202-

room MC4-327, fax 202-522-1158. WPS 2300 * Contact Patricia Sader, 522-1155.

Reforming the Urban Water System room MC3-556, fax 202-522-1153. How Small Should an Economy's

in Santiago, Chile Identifying Welfare Effects from Fiscal Deficit Be? A Monetary

Mary M Shirley, L. Colin Xu, Subjective Questions Programming Approach

andAna Maria Zuluaga Martin Ravallion and Michael Lokshin Paul Beckerman

WPS 2294 * Contact Paulina Sintim- WPS 2301 * Contact Patricia WIPS 2308 * Contact Hazel Vargas,

Aboagye, room MC3-422, fax 202- Sader, room MC3-556, fax 202- room 18-138, fax 202-522-2119.

522-1155. 522-1153. Whait Drives Private Saving

Resolving Bank Failures in Argentina: Why Liberalization Alone Has Not around the WorldRecent Developments and Issues Improved Agricultural Productivity in Norman Loayza, Klaus Schmidt-

Augusto de la Torre Zambia: The Role of Asset Ownership Hebbel, and Luis Serve'n

WPS 2295 * Contact AMarga de and Working Capital Constraints WIPS 2309 * Contact Emily

Loayza, room 15-112, fix 202- Klaus Deininger and Pedro Olinto Khine, room MC3-341, fax 202-

522-2106 WPS 2302 * Contact Maria 522-3518.

An Ecological and Historical Fernandez, room MC3-341, fax How Politics and Institutions

Pcrspective on Agricultural 202-522-1151. Affect Pension Reform in Three

Development in Southeast Asia Malaria and Growth Postcommunist Countries

Yujiro Hayami E Desmond McCarthy, Holger Wolf MitchellA. Orenstein

W/PS 2296 * Contact Pauline and Yi Wu WIPS 2310 * Contact Marianne

Kokila, room MC3-510, fax 202- WPS 2303 * Contact Hedy Sladovich, Leenaerts, room J2-002, fax 202-

522-1151. room MC2-609, fax 202-522-1154. 676-0961.

14 World Banzk Policy and Research Bulletin January-March 2000

The Buenos Aires Water Concession Regulatory Reform, Competition, E L E C T R 0 N I C

Lorena Alcdzar, ManuelA. Abdala, and Innovation: A Case Study of the I N F O R M A T I O N A N D D A T A

and Mary M. Shirley Mexican Road Freight Industry Analysts and policymakers seeking a

W7PS 2311 * Contact Paulina Sintim- Mark A. Dutz, Aydin Hayri, better understanding of economic and

Aboagye, room MC.3-422, fax 202- and Pablo Ibarra social development in Africa have

522-1155. WPS 2318 * Contact Hedy Sladovich, often lacked adequate reference tools.

room MC2-609, fax 202-522-1154. African Development Indicators 2000Measuring Governance, Corruption, provides the most detailed collectionand State Capture: How Firms and Externalities and Production of development data on Africa in oneBureaucrats Shape the Business Efficiency

Environment in Transition Economies Gunnar EfskelandJoel S. Hellman, GeraintJones, Daniel WPS 2319 * Coon tact Hedy Sladovich, 50 African countries on more than

500 indicators. The data for mostKaufinann, and Miark Schankerman room MC2-609. fax 202-522-1154. indicators are a al, coringWPS 2312 * Contact Diane Bouvet m~~~~~~idicators are annual, covering

WPTS 2312 * Contact Diane Bouvet, Does More Intense Competition Lead selected years from 1980 to 1998.room J3-273, fax 202-334-8350.

to Higher Growth? The indicators are grouped inHow Interest Rates Changed Mark A. Dutz and Aydin Hayri chapters on such topics as national

under Financial Liberalization: WPS 2320 * Contact Hedy Sladovich, accounts, aid flows, external debt and

A Cross-Country Review room MC2-609. fax 202-522-1154. related flows, government finance,

Patrick Honohan Algorithms for Purchasing AIDS agriculture, infrastructure, public

WPS 2313 * Contact Agnes Yaptenco, Vaccines enterprises, employment, and social

room MC3-446, firx 202-522-1155. David Bishai, Maria K Lin, and s W indicators. This year's edition includes

Technological Leadership and Foreign B. Kiyonga new purchasing power parity indica-Investors' Choice of Entry Mode WPS 2321 * Contact Patricia Sader, tors. A brief introduction to each

Beata K Smarzynska room MC3-556 fax 202-522-1153. limitations Technical notes define the

WPS 2314 * Cont-act Lili Tabada, c . . * theroom MC3 -333, frx 202-522-1159. Self-Targeted Subsidies: indicators and identify their source.

The Distributional Impact of the The data are also available onInvestment in Natural Gas Pipelines in Egyptian Food Subsidy System CD-ROM. The CD-ROM offers time

the Southern Cone of Latin America Richard H. Adams Jr. serics of most indicators back to 1970

Aleandro Jadresic WPS 2322 * Contact Moira Coleridge- and allows users to transfer data to

WPS 2315 * Contact Mina Salehi, Taylor, room MC4-554, fax 202- other programs for further manipula-

room I10-118, fix 202-522-2029. 522-3283. tion, such as mapping, charting, and

Distributional Outcomes of a Globalization and Firms' Financing benchmarking.For information on ordering these

Decentralized Welfare Program Choices: Evidence from Emerging data products see page 16. They areEmanuela Galasso and Martin EconomiesRavallion Sergio Schmukler and Esteban Vesperoni also available in depository libraries

WPS 2316 * Contact Patricia WPS 2323 * Contact Emily Khine, aroundthe worlds Forathe locatoonofSader, room MC4-773, fax 202- room MC3-341, fax 202-522-3518. the neanrest such llbrariy g to www.

522-1153. ~~~~~~~~~~~~~~~~~~worldbank. orglbtmllextpbllibrariesl522-1153. Give Growth and Macroeconomic libdir.htm or send a fax to 202-

Trade Negotiations in the Presence Stability in Russia a Chance: Harden 522-2631.

of Network Externalities Budgets by Eliminating Nonpayments Up-to-date country data are alsoKeiko Kubota Brian Pinto, Vladimir Drebentsov, and available on the Web, from the Africa

WPS 2317 * Contact Lili Tabada, Alexander Morozov Live Database. For information go to

room MC3-333, fax 202-522-1159 WPS 2324 * Contact Helena Makarenko, www. worldbank.org/html/extpb/aldb.

room H4-304, fax 202-522-2753. htm

January-March 2000 World Bank Policy and Research Builletin 15

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16 World Bank Policy and Research B,ulletin January-March 2000