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751. Reinventing the Media Investor

Author:
Don Podesta
Publication Date:
03-2010
Content Type:
Working Paper
Institution:
National Endowment for Democracy
Abstract:
That is the message that Sasa Vucinic, managing director of the Media Development Loan Fund (MDLF), is sending to the media development community. It also neatly encapsulates the formula that Vucinic says is the key to building sustainable independent media and reflects the way his organization operates.
Topic:
Markets and Mass Media
Political Geography:
United States

752. Regulation of Executive Compensation in Financial Services

Publication Date:
02-2010
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
Many people argue that inappropriate compensation policies in financial companies contributed to the World Financial Crisis. Some say the overall level of pay was too high. Others criticize the structure of pay, claiming that contracts for CEOs, traders, and other key professionals induced them to pursue excessively risky and short-term strategies.
Topic:
Economics, Markets, Financial Crisis, and Governance

753. Information Sharing and Cross-Border Entry in European Banking

Author:
Caterina Giannetti, Nicola Jentzsch, and Giancarlo Spagnolo
Publication Date:
02-2010
Content Type:
Working Paper
Institution:
Centre for European Policy Studies (CEPS)
Abstract:
Asymmetries can severely limit the cross-border border expansion of banks, if entering banks can only obtain incomplete information about potential new clients. Such asymmetries are reduced by credit registers, which distribute financial data on bank clients. Asymmetrically distributed information and adversely selected pools of borrowers constitute severe barriers for foreign banks when they enter new markets. In many instances, these problems force banks to either form 'alliances with incumbents' or simply enter through mergers and acquisitions (M). Yet such entry modes do not automatically lead to intensified competition as they may leave the number of competitors unchanged. Thus, institutions that reduce information asymmetries in credit markets (thereby encouraging entry through branches) may be very important if the objective is strengthening competition in addition to market integration. Recently, these institutions – credit registers – have received greater attention among academics and policy-makers in Europe, although there is still a remarkable lack of understanding of their empirical impact on banking.
Topic:
Economics, International Trade and Finance, Markets, and Monetary Policy
Political Geography:
Europe

754. Crisis in the eurozone and how to deal with it

Author:
Paul De Grauwe
Publication Date:
02-2010
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies (CEPS)
Abstract:
The crisis that started in Greece culminated into a crisis of the Eurozone as a whole. How did we get into this mess? To answer this question it is useful to distinguish the three actors that have played a role in the development of the crisis: Greece, the financial markets (including the rating agencies) and the eurozone authorities. Let us analyse the role of these three actors in the drama.
Topic:
Economics and Markets
Political Geography:
Europe and Greece

755. The Impact of the Crisis on the Real Economy

Author:
Daniel Gros and Cinzia Alcidi
Publication Date:
01-2010
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies (CEPS)
Abstract:
This crisis was caused by a combination of asset price bubbles, mainly in the real estate sector, and a credit bubble that led to excessive leverage. This is wellknown. What is less well-known is that on both accounts the euro area was affected by both 'bubble' symptoms as much as the US.
Topic:
Economics, Markets, and Financial Crisis
Political Geography:
United States and Europe

756. Better Jobs in Better Supply Chains

Publication Date:
03-2010
Content Type:
Policy Brief
Institution:
Oxfam Publishing
Abstract:
This paper is intended for senior managers in all companies that source goods from developing countries. Examples are drawn mainly from the garment and agriculture industries but the learning is transferable to other industries, including electronics, construction, and services.
Topic:
Development, Economics, International Trade and Finance, Markets, Poverty, and Labor Issues

757. Defining Success: The Case against Rail Transit

Author:
Randal O'Toole
Publication Date:
03-2010
Content Type:
Working Paper
Institution:
The Cato Institute
Abstract:
Over the past four decades, American cities have spent close to $100 billion constructing rail transit systems, and many billions more operating those systems. The agencies that spend taxpayer dollars building these lines almost invariably call them successful even when they go an average of 40 percent over budget and, in many cases, carry an insignificant number of riders. The people who rarely or never ride these lines but still have to pay for them should ask, “How do you define success?"
Topic:
Government, Markets, and Infrastructure
Political Geography:
America

758. The Costs and Benefits of Duty-Free, Quota-Free Market Access for Poor Countries: Who and What Matters

Author:
Kimberly Elliott, Antoine Bouët, David Laborde Debucquet, and Elisa Dienesch
Publication Date:
03-2010
Content Type:
Working Paper
Institution:
Center for Global Development (CGD)
Abstract:
This paper examines the potential benefits and costs of providing duty-free, quota-free market access to the least developed countries (LDCs), and the effects of extending eligibility to other small and poor countries. Using the MIRAGE computable general equilibrium model, it assesses the impact of scenarios involving different levels of coverage for products, recipient countries, and preference-giving countries on participating countries, as well as competing developing countries that are excluded. The main goal of this paper is to highlight the role that rich and emerging countries could play in helping poor countries to improve their trade performance and to assess the distribution of costs and benefits for developing countries and whether the potential costs for domestic producers are in line with political feasibility in preference-giving countries.
Topic:
Economics, International Political Economy, International Trade and Finance, Markets, and Third World

759. Making Trade Preferences Work for the Poorest Countries

Author:
Kimberly Ann Elliott
Publication Date:
04-2010
Content Type:
Policy Brief
Institution:
Center for Global Development (CGD)
Abstract:
Trade preference programs can reduce poverty and promote prosperity and stability in the world's poorest countries, but they often fall short of their intended goals. They regularly exclude commodities that poor countries can produce competitively, such as agricultural products and clothing, and many programs must be frequently renewed, creating uncertainty and discouraging investment. Extending comprehensive, usable, and predictable quota-free market access to all least developed countries could provide a critical boost to the world's poorest people with only trivial effects on preference-giving countries. G-20 leaders should embrace trade preference reform this year to promote growth and stability in the world's poorest countries.
Topic:
International Trade and Finance, Markets, Poverty, and Third World

760. Are Borders Barriers? The Impact of International and Internal Ethnic Borders on Agricultural Markets in West Africa

Author:
Jenny C. Aker, Michael W. Klein, Stephen A. O'Connell, and Muzhe Yang
Publication Date:
04-2010
Content Type:
Working Paper
Institution:
Center for Global Development (CGD)
Abstract:
This paper addresses two important economic issues for Africa: the contribution of national borders and ethnicity to market segmentation and integration between and within countries. Market pair regression analysis provides evidence of higher conditional price dispersion for both a grain and a cash crop between markets separated by the Niger-Nigeria border than between two markets located in the same country. A regression discontinuity analysis also confirms a significant price change at the international border. The international border effect is lower, however, if the cross-border markets share a common ethnicity. Ethnicity is also linked to higher price dispersion within Niger; we find a significant intranational border effect between markets in different ethnic regions of the country. This suggests that ethnic similarities diminishing international border effects could enhance international market integration, and ethnic differences could contribute to intranational market segmentation in sub-Saharan Africa. We provide suggestive evidence that the primary mechanism behind the internal border effect is related to the role of ethnicity in facilitating access to credit in agricultural markets. We argue that the results are not driven by differences in price volatility or observables across borders.
Topic:
Agriculture, Economics, Ethnic Conflict, and Markets
Political Geography:
Africa, West Africa, and Nigeria