|
on Central and Western Asia |
| By: | Shilpi Kapur; Sukkoo Kim |
| Abstract: | We explore the impact of British colonial institutions on the economic development of India. In some regions, the British colonial government assigned property rights in land and taxes to landlords whereas in others it assigned them directly to cultivators or non-landlords. Although Banerjee and Iyer (2005) find that agricultural productivity of non-landlord areas diverged and out-performed relative to landlord areas after 1965 with the advent of the Green Revolution, we find evidence of superior economic performance of non-landlord regions in both the pre- and the post-independence periods. We believe that landlord and non-landlord regions diverged because their differing property rights institutions led to differences in incentives for development. |
| JEL: | N45 O10 P14 |
| Date: | 2006–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:12613&r=cwa |
| By: | Fargues, Philippe |
| Abstract: | The view that international migration has no impact on the size of world population is a sensible one. But the author argues, migration from developing to more industrial countries during the past decades may have resulted in a smaller world population than the one which would have been attained had no international migration taken place for two reasons: most of recent migration has been from high to low birth-rate countries, and migrants typically adopt and send back to their home countries models and ideas that prevail in host countries. Thus, migrants are potential agents of the diffusion of demographic modernity, that is, the reduction of birth rates among nonmigrant communities left behind in origin countries. This hypothesis is tested with data from Morocco and Turkey where most emigrants are bound for the West, and Egypt where they are bound for the Gulf. The demographic differentials encountered through migration in these three countries offer contrasted situations-host countries are either more (the West) or less (the Gulf) advanced in their demographic transition than the home country. Assuming migration changes the course of demographic transition in origin countries, the author posits that it should work in two opposite directions-speeding it up in Morocco and Turkey and slowing it down in Egypt. Empirical evidence confirms this hypothesis. Time series of birth rates and migrant remittances (reflecting the intensity of the relationship kept by emigrants with their home country) are strongly correlated with each other. Correlation is negative for Morocco and Turkey, and positive for Egypt. This suggests that Moroccan and Turkish emigration to Europe has been accompanied by a fundamental change of attitudes regarding marriage and birth, while Egyptian migration to the Gulf has not brought home innovative attitudes in this domain, but rather material resources for the achievement of traditional family goals. Other data suggest that emigration has fostered education in Morocco and Turkey but not in Egypt. And as has been found in the literature, education is the single most important determinant of demographic transition among nonmigrant populations in migrants ' regions of origin. Two broader conclusions are drawn. First, the acceleration of the demographic transition in Morocco and Turkey is correlated with migration to Europe, a region where low birth-rates is the dominant pattern. This suggests that international migration may have produced a global demographic benefit under the form of a relaxation of demographic pressures for the world as a whole. Second, if it turns out that emigrants are conveyors of new ideas in matters related with family and education, then the same may apply to a wider range of civil behavior. |
| Keywords: | Population Policies,Gender and Social Development,Anthropology,Voluntary and Involuntary Resettlement,Human Migrations & Resettlements |
| Date: | 2006–11–01 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wbrwps:4050&r=cwa |
| By: | Grais, Wafik; Pellegrini, Matteo |
| Abstract: | This paper focuses on the corporate governance arrangements of institutions offering Islamic financial services (IIFS) aimed at protecting stakeholders ' financial interests. Many IIFS corporate governance issues are common with those of their conventional counterparts. Others are distinctive. In particular they offer unrestricted investment accounts that share risks with shareholders but without a voting right. This paper first reviews internal and external arrangements put in place by IIFS to protect stakeholders ' financial interests. It discusses shortcomings notably in terms of potential conflict of interest between shareholders and holders of unrestricted investment accounts. It then suggests a corporate governance framework that combines internal and external arrangements to provide safeguards to unrestricted investment account holders without overburdening IIFS ' financial performance. The paper uses a review of 13 IIFS and regulatory information from countries where IIFS have developed the most. |
| Keywords: | Banks & Banking Reform,Financial Intermediation,Corporate Law,Non Bank Financial Institutions,Investment and Investment Climate |
| Date: | 2006–11–01 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wbrwps:4053&r=cwa |
| By: | Grais, Wafik; Pellegrini, Matteo |
| Abstract: | This paper reviews institutions offering Islamic financial services (IIFS) corporate governance challenges and suggests options to address them. It first points out the importance of corporate governance for IIFS, where it would require a distinct treatment from conventional corporate governance and highlights three cases of distress of IIFS. It then dwells on prevailing corporate governance arrangements addressing IIFS ' needs to ensure the consistency of their operations with Islamic finance principles and the protection of the financial interests of a stakeholders ' category, namely depositors holding unrestricted investment accounts. It raises the issues of independence, confidentiality, competence, consistency, and disclosure that may bear on pronouncements of consistency with Islamic finance principles. It also discusses the agency problem of depositors holding unrestricted investment accounts. The paper argues for a governance framework that combines internal and external arrangements and relies significantly on transparency and disclosure of market relevant information. |
| Keywords: | Banks & Banking Reform,Corporate Law,Non Bank Financial Institutions,Investment and Investment Climate,Privatization |
| Date: | 2006–11–01 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wbrwps:4052&r=cwa |
| By: | Grais, Wafik; Pellegrini, Matteo |
| Abstract: | The structures and processes established within an institution offering Islamic financial Services (IIFS) for monitoring and evaluating Shariah compliance rely essentially on arrangements internal to the firm. By being incorporated in the institutional structure, a Shariah supervisory board (SSB) has the advantage of being close to the market. Competent, independent, and empowered to approve new Shariah-conforming instruments, an SSB can enable innovation likely to emerge within the institution. The paper reviews the issues and options facing current arrangements for ensuring Shariah compliance by IIFS. It suggests a framework that draws on internal and external arrangements to the firm and emphasizes market discipline. In issuing its fatwas, an SSB could be guided by standardized contracts and practices that could be harmonized by a self-regulatory professionals ' association. A framework with the suggested internal and external features could ensure adequate consistency of interpretation and enhance the enforceability of contracts before civil courts. The review of transactions would mainly be entrusted to internal review units, which would collaborate with external auditors responsible for issuing an annual opinion on whether the institution ' s activities has met its Shariah requirements. This process would be sustained by reputable entities such as rating agencies, stock markets, financial media, and researchers who would channel signals to market players. This framework would enhance public understanding of the requirements of Shariah and lead to more effective options available to stakeholders to achieve improvements in Islamic financial services. |
| Keywords: | Banks & Banking Reform,Corporate Law,National Governance,Non Bank Financial Institutions,Governance Indicators |
| Date: | 2006–11–01 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wbrwps:4054&r=cwa |
| By: | Reuben Gronau |
| Abstract: | An important part of the literature on regulatory economics is based on the US experience, where a well-established regulator faces a privately owned monopoly. It is sometimes forgotten that this model does not apply in many places where a newly established regulator faces a government owned, or a newly privatized, company. It definitely does not apply to the case of the Israeli communication industry where the government serves as regulator and at the same time is the owner of the wireline monopolist. The paper follows the regulatory experience of the Israeli communication industry over the last 20 years, analyzing its impact on consumers' welfare, the monopoly's profitability and its productivity. Though the Israeli institutions may look to a Western observer today as unique they were quite common in most of the developed economies prior to the wave of privatizations and deregulation in the 90s. The lessons learned from the Israeli experience have, however, more than a historic interest, and may be relevant for the regulatory process in general. |
| JEL: | K2 L43 L5 L51 L96 |
| Date: | 2006–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:12617&r=cwa |