Development Economics: Regional & Country Studies eJournal最新文献

{"title":"The Exit of Russia’s Regions from the Crisis over January-April 2021","authors":"N. Zubarevich","doi":"10.2139/ssrn.3886359","DOIUrl":"https://doi.org/10.2139/ssrn.3886359","url":null,"abstract":"The effects on the pace of economic development of the 2020 crisis caused by the pandemic significantly differed across Russia’s regions. The trajectory of exit from the crisis in January-April 2021 displayed some dramatic territorial differences, which must be taken into account when implementing regional policies and the measures of financial support for the regions.","PeriodicalId":105668,"journal":{"name":"Development Economics: Regional & Country Studies eJournal","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134531521","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Effects of Usury Ceilings on Consumers Welfare: Evidence from the Microcredit Market in Colombia","authors":"Laura Romero","doi":"10.2139/ssrn.3875587","DOIUrl":"https://doi.org/10.2139/ssrn.3875587","url":null,"abstract":"Interest rate caps, also called usury ceilings, are a widely used policy tool to protect consumers from excessive charges by loan providers. However, they are often cited as a barrier for the advancement of financial inclusion, as they may reduce the incentives to provide loans to lower-income borrowers and and to invest in branching networks, particularly in remote and isolated locations. In this paper, I exploit a change in the usury ceiling applied to micro-loans in Colombia to understand the effects of this policy across geographic markets. To quantify the welfare implications of this policy, I structurally estimate a demand and supply model that incorporates the changes in size and composition of the potential market caused by this policy change, in a context where the distribution of branching networks has a crucial role in the optimal pricing strategies of loan providers. I find that the policy generated an increase in consumer surplus at the national level that is explained by greater credit availability for riskier borrowers and the expansion of branching networks in areas that were previously under-served. A counterfactual exercise reveals that the welfare gains associated to this policy depend greatly on additional investment in branching networks, as the opening of new branches in some locations is needed to compensate the consumer welfare loss associated with the subsequent increase in interest rates after the relaxation of the ceiling. <br>","PeriodicalId":105668,"journal":{"name":"Development Economics: Regional & Country Studies eJournal","volume":"90 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115750878","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A Tullock Index for Assessing the Efficiency of Redistribution","authors":"Luke Petach","doi":"10.2139/ssrn.3872776","DOIUrl":"https://doi.org/10.2139/ssrn.3872776","url":null,"abstract":"I propose two alternative versions of a \"Tullock Index\" for assessing the efficiency of redistribution. In the spirit of the Atkinson (1970) inequality index, the Tullock Index is constructed with reference to either (A) the maximum inequality reduction attainable with current transfer spending, or (B) the minimum transfer spending necessary to achieve current post-transfer inequality. Deviations from either of these ideals represent inefficiencies in the transfer system, insofar as its purported justification is an egalitarian one. Using Current Population Survey (CPS) microdata from 1988 to 2014, I construct annual estimates of the Tullock Index at the national level for the United States. The Tullock Index is increasing over this period, suggesting the pattern of redistribution has become less efficient. State-level panel fixed-effects estimates show that redistributional inefficiency is related to higher state-level poverty rates, lower employment-to-population ratios, and lower levels of overall employment. Finally, comparisons of the Tullock Index to other state-level indicators of institutional quality suggest that the efficiency of redistribution responds to changes in the quality of local governance.","PeriodicalId":105668,"journal":{"name":"Development Economics: Regional & Country Studies eJournal","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123111274","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Stability of Money Demand Function in Sri Lanka: A Bound Cointegration Approach","authors":"R. A. Rathnasiri","doi":"10.4038/WJM.V12I1.7514","DOIUrl":"https://doi.org/10.4038/WJM.V12I1.7514","url":null,"abstract":"The importance of demand for money has become a prominent research topic in monetary economics due to its role in monetary policy formulation. This paper investigates empirically the determinants of money demand function in Sri Lanka over the period 1977-2019. This study estimates both short run and long run money demand function using monetary aggregates M1 and M2 based on time series data. The explanatory variables used in the study comprised with stability variables such as Inflation rate, exchange rate and Gross Domestic product, Opportunity cost variables such as short run interest rate and long term interest rate and other macroeconomic variables such as government expenditure, interest rate spread and economic crisis. Annual time series data has been taken to estimate eterminants of money demand. The estimates of the long run relationship is obtained by using bound cointegration technique and the vector error correction technique was used to estimate of the short run dynamics of the long run equation. Findings of the study confirmed real GDP, interest rate, government expenditure, inflation rate, interest rate spread and economic crisis has significant relationship with the money demand in Sri Lanka. According to the stability test, the empirical results show that the both M1 and M2 money demand functions are stable for the period 1977-2019. Results indicate that both M1 and M2 are suitable for the monetary policy formulation. Thus, Sri Lanka’s current practice of monetary targeting framework using broad money as an intermediate target is viable. This study provides the policy challenges that Sri Lankan economy meets to develop favorable macroeconomic environment in order to manage money demand for a sustainable growth.","PeriodicalId":105668,"journal":{"name":"Development Economics: Regional & Country Studies eJournal","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117132971","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Health Expenditures, Remittances, and Climate Vulnerability: Evidence from Bangladesh","authors":"Gazi Hassan, S. Mahmud","doi":"10.2139/ssrn.3857411","DOIUrl":"https://doi.org/10.2139/ssrn.3857411","url":null,"abstract":"Remittances’ effect on a household’s health outcome (e.g. Infant mortality) is ambiguous, but the impact on health expenditure is positive and less equivocal in literature. This paper puts the relationship between health expenditure and remittances into a stress test to see whether it survives the adverse impact of climate change. Using a natural experiment of rainfall-driven remittances, we provide an experimental measure for remittances’ effect on the health expenditure among rural households in southern Bangladesh. Health expenditure and remittances are jointly related; therefore, we use the instrumental variable approach. The treatment of remittances is randomly assigned to households who suffered losses due to a natural shock from the cyclone-Roanu enabling the instrument, exogenous variation in rainfall interacted with cyclone affected migrant household’s distance to the local weather stations, to identify the average treatment effect for the treatment group (cyclone-affected remittances recipient households). We find that while remittances cause household health expenditures to increase, the marginal effect of remittances is heterogeneous and negative conditional on the household’s exposure to the level of vulnerability proxied by the household’s distance to cyclone shelter. In other words, the health expenditure-remittances nexus gets weaker with the adverse effect of climate change. Specifically, we find that an increase in remittances by a Taka increases health expenditure by 0.24 Taka (24 Paisa) in the absence of any climate hazard but reduces health expenditure by 0.10 Taka (or 10 Paisa) if the measure of climate vulnerability increases by one standard deviation from its mean value. For countries like Bangladesh, which is exceptionally vulnerable to natural hazards, climate vulnerabilities can render the financing of health care costs through remittances unsustainable even if households receive regular and sizable flows.","PeriodicalId":105668,"journal":{"name":"Development Economics: Regional & Country Studies eJournal","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128328055","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Death Toll of Price Limits and Protectionism in the Russian Pharmaceutical Market","authors":"M. Khvan, Evgeny Yakovlev","doi":"10.2139/ssrn.3821615","DOIUrl":"https://doi.org/10.2139/ssrn.3821615","url":null,"abstract":"How harmful can government regulations and protectionism be? We provide evidence of a sizable negative impact of government interventions on population health. In 2012, the Russian government implemented a strategy to increase the affordability of pharmaceutical drugs and develop domestic generics for the majority of medications. It set price limits and implemented protectionist regulations that favor local producers of generics and biosimilars in several large groups of medicines. We show that the mortality rate for conditions affected by public programs reversed a previously declining trend and increased by 40% after the interventions compared to the overall mortality and an unaffected (control) group of diseases. For some affected diseases, the mortality more than doubled. Additionally, the growth is more notable among the elderly, in rural compared to urban areas, and areas with a shortage of medical facilities.","PeriodicalId":105668,"journal":{"name":"Development Economics: Regional & Country Studies eJournal","volume":"2162 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130055259","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Opportunities, Constraints and Critical Supports for Achieving Sustainable Local Pharmaceutical Manufacturing in Africa: With a Focus on the Role of Finance, Final Report","authors":"Frederick M. Abbott, Ryan B. Abbott, J. Fortunak, Padmashree Gehl Sampath, D. Walwyn","doi":"10.2139/ssrn.3811733","DOIUrl":"https://doi.org/10.2139/ssrn.3811733","url":null,"abstract":"The Open Society Foundations Public Health Program commissioned an interdisciplinary team to examine the extent to which gaps in financing are an obstacle to more robust local production of pharmaceutical products (including diagnostics, vaccines and treatments (DVT)) and personal protective equipment (PPE) with focus on Africa. The Report is posted here. The Executive Summary and an Addenda compilation (which includes 3 supplemental research reports) are posted along with the Report at the website of Nova Worldwide Consulting.<br><br>The overall findings of the study are that gaps in financing pose a constraint on the localization of pharmaceutical production in Africa. The gaps are not mainly due to a lack of financial capital in global financial markets that might be deployed for this purpose. The main problems are associated with the market environment in the sense that sustainable business operations require adequate demand, and market demand for pharmaceutical products in Africa is limited by various factors. In addition, comparatively weak infrastructure (recognizing variation among countries) makes it difficult to compete with large efficient foreign suppliers that are bolstered by foreign government support. Potential investors appear to perceive relatively high risks associated with investing in pharmaceutical manufacturing in Africa.<br><br>Transforming political engagement:<br><br>The COVID-19 pandemic may serve as adequate impetus to transform local production of pharmaceuticals into a governmental priority. Government commitment at a high level is required to engage the financial levers that will support localization of production.<br><br>Sustainable business models:<br><br>Particularly outside the vaccine sector, successfully operating a pharmaceutical manufacturing facility means addressing a market with sufficient demand to generate revenue and profits. Alternatively, or as a supplement, governments may provide direct subsidies, guaranteed offtake agreements, tax credits, local production pricing premiums, and other measures to substitute for market demand. These forms of support are commonly used for “infant industries”, and there should be plans to withdraw such support once a business has achieved sustainability.<br><br>The social impact investor market:<br><br>African governments should consider a program to encourage sovereign wealth funds and other financial asset managers to invest in local production on the African continent as a way to accomplish important social goals. To facilitate this objective, there should be some type of backstop or guarantee of the social impact investments within reasonable parameters. The African Development Bank may be helpful in establishing mechanisms for this purpose.<br><br>Opportunities for advocacy:<br><br>There is substantial room for advocacy by civil society to move Africa toward greater self-sufficiency in the production of pharmaceutical products. At the high level of political comm","PeriodicalId":105668,"journal":{"name":"Development Economics: Regional & Country Studies eJournal","volume":"73 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132155757","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Localizing Digital Land Administration in Customary Tenure Regimes to Secure Individual Tenure: Intervention by RNBA in the Hills of Manipur","authors":"P. Choudhury, Navin Kumar Amang","doi":"10.2139/ssrn.3803942","DOIUrl":"https://doi.org/10.2139/ssrn.3803942","url":null,"abstract":"Context: Land tenure in North East India is governed under customary laws with adequate autonomy and protection under the Indian Constitution. Most land in the hill areas remains un-surveyed and lacks land records. Moreover land relations remain patriarchal, with poor recognition of women’s land rights. Land conflicts within communities and as a result of development interventions are intensifying in the absence of documented land rights; land use changes from traditional shifting cultivation to long-term uses, like horticulture and paddy terraces, also call for tenure security and documentation to incentivize investments and access to the entitlements. Interventions: The Rongmei Naga Baptist Association (RNBA), an NGO network, with support from NR Management Consultants - Centre for Land Governance (NRMC-CLG) piloted a community mapping exercise in the Manipur Hills. The project trained local youth to use a mobile phone linked to a differential global positioning system (DGPS) to map and document long-term land use rights with concurrence from local communities resulting in legitimate village institutions issuing Land Tenure Certificates with joint title (including women’s names), spatial details, and documentation of customary norms. The process involved local and customary institutions and was shared with state-level actors, including members of autonomous district councils (ADC), clan leaders, and Government officials. Lessons: Documented and transparent evidence of land rights can reduce conflicts in customary tenure landscapes. A fit for purpose land administration solution can help village councils to develop their own digital land administration system quickly document land tenure in the un-surveyed hill regions. Scaling up and sustaining mapping and land rights documentation across the Manipur Hill districts, however, requires political participation of higher tribal institutions, such as the ADC and Hill Area Committee (HAC), as well as champions within the State administration.","PeriodicalId":105668,"journal":{"name":"Development Economics: Regional & Country Studies eJournal","volume":"94 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116321756","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Moving Mountains: Geography, Neighborhood Sorting, and Spatial Income Segregation","authors":"V. Ye, C. Becker","doi":"10.2139/ssrn.3810127","DOIUrl":"https://doi.org/10.2139/ssrn.3810127","url":null,"abstract":"Using a novel geospatial panel combined with data from the 2015 American Community Survey (ACS), we investigate the effect of topography – altitude and terrain unevenness – on income segregation at the neighborhood level. Specifically, we perform large-scale counterfactual simulations by estimating household preferences for topography, altering the topographical profile of each city, and observing the resulting neighborhood sorting outcome. We find that unevenness contributes to the segmentation of markets: in the absence of hilliness, rich and poor households experience greater mixing. Hillier cities are more income-segregated because of their unevenness; the opposite is true for flatter cities.","PeriodicalId":105668,"journal":{"name":"Development Economics: Regional & Country Studies eJournal","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129712738","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Factors of Early-Stage Entrepreneurial Aspirations in Asia Pacific Economies","authors":"Nhan H. Huynh","doi":"10.18488/JOURNAL.1006.2021.111.10.23","DOIUrl":"https://doi.org/10.18488/JOURNAL.1006.2021.111.10.23","url":null,"abstract":"This paper directly explores the determinants of growth aspirations for the early-stage entrepreneurs in Asia Pacific economies. By studying the relationship between five orientations of the early-stage entrepreneurs and their growth aspirations, this study can provide a comprehensive understanding to stimulate the entrepreneurial activities in examined countries. The data source is extracted from a sample of firms in 14 Asia Pacific economies participated in the 2015 Global Entrepreneurship Monitor Adult Population Survey. This study employs the binary logistic regression with a dummy variable of country orientations. The results demonstrate no significant relationship between innovative orientation, entrepreneurial probability and the firms' growth aspirations. The updated technology and new product or service implementations can neither deteriorate nor stimulate the early-stage entrepreneurial companies' growth aspirations in Asia Pacific countries. The relations of international orientation, increase-income motivation and high-risk aversion with growth aspirations are significantly negative. This denotes an adverse influence of the internationalisation and the income growth expectations, and frustration to the Asia Pacific firms' growth aspirations. The results also indicate that firms from factor-driven and efficiency-driven economies have fewer growth aspirations than those from innovation-driven countries. Although having some limitations, this study sheds light on the entrepreneurship understanding of both policymakers, academics and professional businesspersons.","PeriodicalId":105668,"journal":{"name":"Development Economics: Regional & Country Studies eJournal","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125996299","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}