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Motivations, monitoring technologies, and pay for performance (English)

Monitoring technologies and pay for performance contracts are becoming popular solutions to improve public services delivery. Their track record is however mixed. ... See More +

Policy Research Working Paper WPS7128 DEC 01, 2014

Cordella, Antonio; Cordella, Tito

What makes a currency procyclical ? an empirical investigation (English)

This paper looks at the correlation between the cyclical components of gross domestic product and the exchange rate and classifies countries' currencies as procyclical if they appreciate in good times, countercyclical if they appreciate in bad times, and acyclical otherwise. ... See More +

Policy Research Working Paper WPS7113 NOV 01, 2014

Cordella, Tito; Gupta, Poonam

Asymmetric punishment as an instrument of corruption control (English)

The control of bribery is a policy objective in many developing countries. It has been argued that asymmetric punishments could reduce bribery by incentivizing whistle-blowing. ... See More +

Policy Research Working Paper WPS6933 JUN 01, 2014

Basu, Karna; Basu, Kaushik; Cordella, Tito

Reserve requirements in the brave new macroprudential world (English)

Using a new, large data set on quarterly reserve requirements for the period 1970-2011, this paper provides new evidence on the use of reserve requirements as a countercyclical macroprudential tool in developing countries. ... See More +

Policy Research Working Paper WPS6793 FEB 01, 2014

Cordella, Tito; Federico, Pablo; Vegh, Carlos; Vuletin, Guillermo

Reserve requirements in the brave new macroprudential world (English)

The active use of prudential instruments to regulate the level of credit and influence its allocation, popular in the 1970s and 1980s, fell somehow into disgrace in the 1990s, when the regulatory pendulum swung towards liberalization as a way to foster financial deepening and a more efficient allocation of resources. ... See More +

Publication 86475 JAN 01, 2014

Cordella, Tito; Federico, Pablo; Vegh, Carlos; Vuletin, Guillermo

Macro prudential policies from a micro prudential angle (English)

The standard macro(prudential) models focus on externalities and treat all prudential instruments as alternative, but equivalent, forms of Pigouvian taxes. ... See More +

Policy Research Working Paper WPS6721 DEC 01, 2013

Cordella, Tito; Pienknagura, Samuel

To give or to forgive ? aid versus debt relief (English)

Is generalized debt relief an effective development strategy, or should assistance be tailored to countries' characteristics? To answer this question, the authors build a simple model in which recipient governments reveal their creditworthiness if donors offer them to choose between aid and debt relief. ... See More +

Policy Research Working Paper WPS5859 OCT 01, 2011

Cordella, Tito; Missale, Alessandro

Do procurement rules impact infrastructure investment efficiency ? an empirical analysis of inversao das fases in Sao Paulo state (English)

As a means to reduce delays in public works implementation, a number of Brazilian states have recently reformed their procurement rules allowing contractor price proposals to be assessed before the technical evaluation of submitted bids is undertaken (in a procedure known as inversao das fases). ... See More +

Policy Research Working Paper WPS5528 JAN 01, 2011

Blancas, Luis; Chioda, Laura; Cordella, Tito; Borges de Oliveira, Alexandre; Vardy, Felix

Brazil - Quarterly knowledge report (English)

This Brazil quarterly knowledge report newsletter includes some of the following headings: social assistance and shocks: the food crisis and CCT's by Fruttero, Anna; a critical juncture by Diop, Makhtar; Bolsa familia and entrepreneurship by Lichand, Guilherme; savings, poverty and lifecycle in Brazil by Rocha, Romero; the Brazilian economy and the advent of pre-sal by Firmo, Marcio Gold; a Greenfield moment for investment in Brazil by Marinho, Denise; Ximenes, Jivago; and Firmo, Marcio; a path to efficient public investment management by Velloso, Tarsila; building a public management policy community by Levy, Evelyn; green growth in Brazil by Azeredo, Mauro; summer (or winter): it's time travel by Ximenes, Jivago; and Cordella, Tito; and in the loop: some of the quarter's noteworthy events. ... See More +

Newsletter 57495 AUG 01, 2010

Fruttero, Anna; Diop, Makhtar; Lichand, Guilherme; Rocha, Romero; Firmo, Marcio Gold; Marinho, Denise; Ximenes, Jivago; Velloso, Tarsila; Levy, Evelyn; Azeredo, Mauro; Cordella, Tito

CATalytic insurance : the case of natural disasters (English)

Why should countries buy expensive catastrophe insurance? Abstracting from risk aversion or hedging motives, this paper shows that catastrophe insurance may have a catalytic role on external finance. ... See More +

Policy Research Working Paper WPS5377 JUL 01, 2010

Cordella, Tito; Yeyati, Eduardo Levy