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  • Author: M.S. Quresh
  • Publication Date: 04-2006
  • Content Type: Working Paper
  • Institution: United Nations University
  • Abstract: This paper revisits the pollution haven hypothesis in the context of Pakistan by offering a systematic analysis of its trade and production patterns. Using bilateral trade statistics from 1975-2003, we test the hypotheses that Pakistan's net exports of pollutionintensive products have increased to the OECD countries. We also investigate if the stringency of environmental governance in the importing countries plays a role in determining Pakistan's exports of pollution-intensive products. The results reveal that there has been a change in the composition of output and exports towards pollutionintensive manufacturing that parallels the opening of the economy. Overall, the findings appear to be in favour of the pollution haven hypothesis and call for effective environmental policy response for poverty alleviation and sustainable development.
  • Topic: Development, International Trade and Finance, Poverty
  • Political Geography: Pakistan, Asia
  • Author: Lakhwinder Singh
  • Publication Date: 03-2006
  • Content Type: Working Paper
  • Institution: United Nations University
  • Abstract: Innovations spur science-based trade and industrial development in a fast changing pace of globalization. Knowledge accumulation and diffusion have been increasingly recognised as fundamental factors that play an important role in long-run economic growth. This paper focuses on the long-term innovation strategy of industrial and technological development in developing countries. Growth theory, empirical evidence and several indicators of innovation have been pressed into service to draw important lessons from historical experience of the developed and newly industrializing countries for the industrial development of the developing economies. Technology development and public technology policy experience of the East Asian countries have been examined to reinvent the role of public technology policy that can be adopted to develop national innovation system to nurture and build innovative capabilities in the developing economies in the dynamic global economy.
  • Topic: Development, Economics, Industrial Policy, International Trade and Finance
  • Political Geography: East Asia
  • Author: Grzegorz W. Kolodko
  • Publication Date: 02-2006
  • Content Type: Working Paper
  • Institution: United Nations University
  • Abstract: Institutions are not only created and built, but al so, and especially, need to be learnt. It is a process which takes place in all economies, but acquires a special importance in less advanced countries. Not only theoretical arguments, but also the practical experience over the past 15 years demonstrates that faster economic growth, and hence also more broadly, socioeconomic development, is attained by those countries which take greater care to foster the institutional reinforcement of market economy. However, progress in market-economy institution building is not in itself sufficient to ensure sustained growth. Another indispensable component is an appropriately designed and implemented economic policy which must not confuse the means with the aims.
  • Topic: Development, Economics, Globalization, International Trade and Finance
  • Author: Marcia Byrom Hartwell
  • Publication Date: 02-2006
  • Content Type: Working Paper
  • Institution: United Nations University
  • Abstract: A key issue for development in the late twentieth and early twenty -first centuries has been an escalation of violence during post-conflict transitions. A long-term goal for international donor involvement is to assist in building legitimate and effective political, economic, and legal institutions. However, research and observation has revealed that increased violence is commonplace during peace processes and strongly influences the ways in which these institutions are formed. In turn post-conflict violence itself is strongly influenced and motivated by the way in which peace agreements have been negotiated. This study addresses some of the reasons for escalation of violence following peace agreements. It describes the underlying dynamics including the relationship between perceptions of justice as fairness, formation of post-conflict identity, political processes of forgiveness and revenge; and the policy implications for development particularly in relation to peace conditionality tied to aid.
  • Topic: Conflict Prevention, Development, International Trade and Finance, Peace Studies
  • Author: Laura Sabani, Silvia Marchesi
  • Publication Date: 02-2006
  • Content Type: Working Paper
  • Institution: United Nations University
  • Abstract: Since the 1970s, prolonged use of resources by the IMF has consistently expanded, among both low- and middle-income countries. Overall, this phenomenon suggests a lack of effectiveness of Fund supported programmes. In the literature conditional lending failure has been explained by looking both at the characteristics of the borrowing countries (demand-side factors) and at the possible influence of IMF specific interests (supply-side factors). Among the latter it has been suggested that non- compliance with conditionality might be attributed to the lack of credibility of the IMF threat of interrupting financial assistance in case of policy slippages. In this paper we critically review this literature and we propose a novel explanation, according to which it is the repeated nature of the IMF involvement, together with the fact that the Fund acts simultaneously as a lender and as a monitor (and as an advisor) of economic reforms, that weakens the credibility of the IMF threat. Specifically, we argue that Since the 1970s, prolonged use of resources by the IMF has consistently expanded, among both low- and middle-income countries. Overall, this phenomenon suggests a lack of effectiveness of Fund supported programmes. In the literature conditional lending failure has been explained by looking both at the characteristics of the borrowing countries (demand-side factors) and at the possible influence of IMF specific interests (supply-side factors). Among the latter it has been suggested that non- compliance with conditionality might be attributed to the lack of credibility of the IMF threat of interrupting financial assistance in case of policy slippages. In this paper we critically review this literature and we propose a novel explanation, according to which it is the repeated nature of the IMF involvement, together with the fact that the Fund acts simultaneously as a lender and as a monitor (and as an advisor) of economic reforms, that weakens the credibility of the IMF threat. Specifically, we argue that the IMF desire to preserve its reputation as a good monitor/advisor may distort its lending decisions towards some laxity, which may be exacerbated by the length of the relationship between a country and the Fund. Therefore, we claim that prolonged use of IMF resources is not only a consequence of a lack of effectiveness of conditional lending but it might itself be a determinant of conditionality failure.
  • Topic: Economics, International Organization, International Trade and Finance, Markets
  • Author: Tony Addison
  • Publication Date: 02-2006
  • Content Type: Working Paper
  • Institution: United Nations University
  • Abstract: Much has changed in international finance in the twenty years since UNU-WIDER was founded. This paper identifies five broad contours of what we might expect in the next twenty years: the flow of capital from ageing societies to the more youthful economies of the South; the growth in the financial services industry in emerging economies and the consequences for their capital flows; the current strength in emerging market debt, and whether this represents a change in fundamentals or merely the effect of low global interest rates; the impact of globalization in goods markets in lowering inflation expectations, and therefore global bond yields; and the implications of the adjustment in global imbalances between Asia (in particular China) and the United States for emerging bond markets as a whole. The paper ends by noting the paradox that today we see ever larger amounts of capital flowing across the globe in search of superior investment returns, and yet the financing needs of the poorer countries are still largely unmet.
  • Topic: Development, Economics, International Trade and Finance
  • Political Geography: United States, China, Asia
  • Author: Ayodele Odusola
  • Publication Date: 01-2006
  • Content Type: Working Paper
  • Institution: United Nations University
  • Abstract: Nigeria is governed by a federal system, hence its fiscal operations also adhere to the same principle, a fact which has serious implications on how the tax system is managed. The country's tax system is lopsided, and dominated by oil revenue. It is also characterized by unnecessarily complex, distortionary and largely inequitable taxation laws that have limited application in the informal sector that dominates the economy. The primary objective of this paper is to prepare a case study on tax policy reforms in Nigeria, with the specific objectives of examining the main tax reforms in the country; highlighting tax revenue profile and composition; analysing possible distributional impacts on the poor; discussing major problems that could prevent effective tax implementation in the country; and offering suggestions for reforms.
  • Topic: Development, Economics, International Trade and Finance
  • Political Geography: Africa, Nigeria
  • Author: Andrew F. Cooper, Ramesh Thakur, John English
  • Publication Date: 10-2005
  • Content Type: Policy Brief
  • Institution: United Nations University
  • Abstract: This document is based on a forthcoming book that examines the feasibility of creating an institution known as the “L20”, a summit of twenty world leaders whose objective would be to break the international deadlock over some of the most pressing problems facing the world. In a climate of despondency over the achievements of existing global institutions such as the G7/8, the United Nations, the World Bank and others in dealing with these major issues—which include terrorism, HIV/AIDS, globalization and the “global apartheid” between the developed North and the developing South —this document asks what is new and unique about the L20 that might enable it to make the breakthrough where others are deemed to have failed. Is the L20 destined to be the defining institution of the 21st century, or is it doomed to remain merely an idea?
  • Topic: Development, Globalization, International Trade and Finance, United Nations
  • Author: Fabrizio Carmignani, Abdur Chowdhury
  • Publication Date: 12-2005
  • Content Type: Working Paper
  • Institution: United Nations University
  • Abstract: We study whether financial openness facilitates the economic integration of formerly centrally planned economies with the EU- 15. Two dimensions of economic integration are considered: cross-country convergence of per-capita incomes and bilateral trade in goods and services. We find that more financially open economies effectively catch-up faster and trade more with the EU-15. These integration-enhancing effects occur over and above any effect stemming from domestic financial deepening and other factors determining growth and trade.
  • Topic: Development, Economics, International Trade and Finance
  • Political Geography: Europe
  • Author: Robert Lensink, Niels Hermes
  • Publication Date: 12-2005
  • Content Type: Working Paper
  • Institution: United Nations University
  • Abstract: This paper aims to investigate the relationship between financial liberalization on the one hand and saving, investment and economic growth on the other hand, using a new dataset for measuring financial liberalization for a sample of 25 developing economies over the period 1973-96. We find no evidence that financial liberalization affects domestic saving and total investment (although there are some signs to believe that liberalization may actually reduce rather than increase domestic saving), whereas it is positively associated with private investment, as well as with per capita GDP growth. We find a negative relationship between financial liberalization and public investment. These results suggest that financial liberalization leads to a substitution from public to private investment, which may contribute to higher economic growth.
  • Topic: Development, Economics, Emerging Markets, International Trade and Finance