Beyond the Washington Consensus: Institutions MatterWorld Bank Publications, 1998 M01 1 - 158 pages This report examines the precise nature of the required institutional reforms needed to achieve higher sustained rates of growth and to make a dent in poverty reduction and provides a framework for their design and implementation. The more modest objective is to examine how the concepts of the new institutional economics are useful for analyzing and designing institutions and to evaluate how political economy concepts can be used to develop strategies for implementing institutional reforms. Employing some of these concepts, the report demonstrates that sound institutional reform can be technically and politically viable in the following key sectors: banking; capital markets and legal institutions; educational institutions; judicial reforms; and public administration. |
Contents
26 | |
27 | |
28 | |
29 | |
31 | |
32 | |
34 | |
37 | |
39 | |
41 | |
42 | |
43 | |
44 | |
45 | |
46 | |
47 | |
48 | |
49 | |
50 | |
51 | |
52 | |
53 | |
55 | |
56 | |
57 | |
58 | |
60 | |
61 | |
62 | |
67 | |
68 | |
74 | |
75 | |
92 | |
94 | |
95 | |
96 | |
98 | |
103 | |
105 | |
107 | |
109 | |
111 | |
112 | |
113 | |
114 | |
115 | |
116 | |
118 | |
119 | |
121 | |
122 | |
123 | |
124 | |
125 | |
126 | |
128 | |
131 | |
134 | |
135 | |
136 | |
137 | |
139 | |
145 | |
149 | |
Other editions - View all
Common terms and phrases
actors adverse selection agencies assets asymmetric information behavior benefits Brazil bureaucracy capital Caribbean central bank Chapter Chile closure Colombia common-law countries Company Law compensation Composite Institutional Index contracts corruption coun creditor rights crisis decentralization deposit insurance depositors education reform effective enforcement equity ex ante example exit policies external Figure firms implementation improve incentives increase institutional change institutional development institutional reforms Inter-American Development Bank investors judges judicial system judiciary LAC region Latin America legal origin loan markets measures mechanisms ment Mexico ministry monitoring moral hazard organizations origin avg ownership concentration parents parties percent performance political potential principal-agent problems problems protection public administration Public Management public sector rates regressions regulation require risk risk-shifting role rule of law safety nets Shahid Javed Burki shareholder rights social structure Table teachers tion tional tive variables vote Washington World Bank
Popular passages
Page 70 - efficiency and integrity of the legal environment as it affects business, particularly foreign firms" produced by the country-risk rating agency Business International Corporation.
Page 69 - Meeting; (3) cumulative voting or proportional representation of minorities in the board of directors is allowed; (4) an oppressed minorities mechanism is in place; (5) the minimum percentage of share capital that entitles a shareholder to call for an Extraordinary Shareholders...
Page 65 - Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, the United Kingdom and the United States (ie the 'Ten' minus Belgium plus Switzerland).
Page 70 - The index is formed by adding 1 when: (1) the country imposes restrictions, such as creditors' consent or minimum dividends to file for reorganization; (2) secured creditors are able to gain possession of their security once the reorganization petition has been approved (no automatic stay); (3) secured creditors are ranked first in the distribution of the proceeds that result from the disposition of the assets of a bankrupt firm; and (4) the debtor does not retain the administration of its property...
Page 70 - high government officials are likely to demand special payments and illegal payments are generally expected throughout lower levels of government in the form of bribes connected with import and export licenses, exchange controls, tax assessment, policy protection, or loans.
Page 70 - Assessment of the law and order tradition in the country produced by the country-risk rating agency International Country Risk (ICR).
Page 70 - The average percentage of common shares owned by the three largest shareholders in the 10 largest non-financial, privately owned domestic firms in a given country. A firm is considered privately owned if the state is not a known shareholder in it.
Page 24 - North (1990, p. 73) defines organizations as "purposive entities designed by their creators to maximize wealth, income, or other objectives defined by the opportunities afforded by the institutional structure of the society.
Page 69 - The index is formed by adding 1 when: 1. the country allows shareholders to mail their proxy vote; 2. shareholders are not required to deposit their shares prior to the General Shareholders
Page 70 - Index created by examining and rating companies' 1990 annual reports on their inclusion or omission of 90 items. These items fall into seven categories (general information, income statements, balance sheets, funds flow statement, accounting standards, stock data and special items).