Is there a quot;middle income trapquot;? Theory suggests that the determinants of growth at low and high income levels may be different. If countries struggle to transition from growth strategies that are effective at low income levels to growth strategies that are effective at high income levels, they may stagnate at some middle income level; this phenomenon can be thought of as a quot;middle income trap.quot; This paper does not find evidence for (unusual) stagnation at any particular middle income level.
... See More + However, it does find evidence that the determinants of growth at low and high income levels differ. These findings suggest a mixed conclusion: middle-income countries may need to change growth strategies to transition smoothly to high-income growth strategies, but this can be done smoothly and does not imply the existence of a middle income trap.
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Policy Research Working Paper WPS7104 NOV 01, 2014
Some of the headings included in this issue of the Development Economics Prospects Group (DECPG) daily economic news are as follows: financial markets; high income economies; and developing economies in Sub-Saharan Africa.
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Improving access to productive employment is a key policy challenge, especially in low-income countries (LICs), where the only asset in abundance is labor.
... See More + Building on ongoing research on earnings mobility, this study uses unusually rich longitudinal data from Ghana and Tanzania to identify engines of, and barriers to, earnings and earnings mobility. It examines the role of individual characteristics such as gender, age, and skills and characteristics of the job, but it also focuses on the role of job switches for example, moves into and out of self-employment. It zooms in particularly on the drivers of transitions between low-paying and high-paying jobs, and addresses questions such as whether being low paid is a transitory or permanent phenomenon, and whether it has a scarring effect on an individualapos;s employment prospects. The extent to which earnings dynamics differ for women and young adults is also discussed in detail. The cross-country comparison of earnings dynamics and labor market transitions helps shed light on the institutional factors that promote labor market mobility and entrepreneurship. The report is organized as follows: chapter one gives introduction. Chapter two presents a brief review of related literature. Chapter three gives a descriptive overview of the labor markets in the two countries. Chapter four examines the determinants of earnings levels. Chapter five examines determinants of earnings growth. Chapter six focuses on low-pay and high-pay transitions and analyzes whether the experience of being in a low-paying job undermines an individualapos;s future earnings prospects. Chapter seven discusses key policy implications.
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Publication 88483 MAY 29, 2014
Falco, Paolo; Kerr, Andrew; Paci, Pierella; Rijkers, Bob
This report presents a summary of the projected global economic growth for 2014. Global growth is projected to accelerate at a greater rate in 2014 than the previous year.
... See More + Much of the initial acceleration reflects a pick-up in high-income country growth, which after years of extreme weakness and outright recessions, appear to be finally emerging from the global financial crisis. Although developing country growth in 2013 was relatively weak, it has been improving, partly reflecting strengthening growth in high-income countries, but also a recovery from earlier weakness in large middle-income countries, such as India and China. However, prospects will be sensitive to market reactions to quantitative easing withdrawal. On a positive note, strengthening trade is expected to be a bolstering factor.
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Bitcoin has had a volatile journey since it was launched in 2009, attracting attention among conventional investors as well as the black market.
... See More + Regulators and policy makers are also following Bitcoin, raising the occasional eyebrow as they evaluate Bitcoinapos;s risks and benefits and how to regulate this little understood virtual currency. Some media reports have confused Bitcoin with more popular electronic money (e-money) schemes used in many low-income countries to reach the unbanked. But the two are markedly different and should not be conflated. This brief provides information about Bitcoin and contrasts Bitcoin with e-money to avoid alarm about the former to the detriment of the latter.
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Bitcoin has had a volatile journey since it was launched in 2009, attracting attention among conventional investors as well as the black market.
... See More + Regulators and policy makers are also following Bitcoin, raising the occasional eyebrow as they evaluate Bitcoinapos;s risks and benefits and how to regulate this little understood virtual currency. Some media reports have confused Bitcoin with more popular electronic money (e-money) schemes used in many low-income countries to reach the unbanked. But the two are markedly different and should not be conflated. This brief provides information about Bitcoin and contrasts Bitcoin with e-money to avoid alarm about the former to the detriment of the latter.
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Bitcoin has had a volatile journey since it was launched in 2009, attracting attention among conventional investors as well as the black market.
... See More + Regulators and policy makers are also following Bitcoin, raising the occasional eyebrow as they evaluate Bitcoinapos;s risks and benefits and how to regulate this little understood virtual currency. Some media reports have confused Bitcoin with more popular electronic money (e-money) schemes used in many low-income countries to reach the unbanked. But the two are markedly different and should not be conflated. This brief provides information about Bitcoin and contrasts Bitcoin with e-money to avoid alarm about the former to the detriment of the latter.
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Japanapos;s contributions to the World Bank Group (WBG) totaled United States (U.S.) 11,611.8 million dollars for fiscal years 2009-14. In the first six months of fiscal year 2014, Japan contributed U.S. 1,082.7 million dollars to the International Development Association (IDA), U.S. 31.8 million dollars to International Bank for Reconstruction and Development (IBRD) and IDA trust funds (TFs), and U.S. 266.9 million dollars to Financial Intermediary Funds (FIFs).
... See More + The number of active TFs at end of FY14 was 65, including 33 IBRD and IDA TFs, 16 FIFs, and 16 International Finance Corporation (IFC) TFs. Japan ranked 4th among development partners in terms of contributions to WBG TFs over fiscal years 2009-14. Japanese contributions were received mainly from the ministry of finance, at 62 percent, and the ministry of foreign affairs, at 37 percent. This portfolio at a glance brief contains the following headings: WBG TFs receiving cash contributions; top WBG TF agreements (first two quarters of FY14); IBRD and IDA TF disbursements; and WBG TF portfolio comparisons.
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New Zealandapos;s contributions to the World Bank Group (WBG) totaled United States (U.S.) 133.9 million dollars for fiscal years 2009-14. In the first six months of fiscal year 2014, New Zealand contributed U.S. 15.6 million dollars to the International Development Association (IDA), U.S. 0.8 million dollars to Financial Intermediary Funds (FIFs), and U.S. 1.0 million dollar to International Finance Corporation (IFC) trust funds (TFs).
... See More + The number of active TFs at end of FY14 was 21, including 12 International Bank for Reconstruction and Development (IBRD) and IDA TFs, 6 FIFs, and 3 IFC TFs. New Zealand ranked 22nd among development partners in terms of contributions to WBG TFs over fiscal years 2009-14. New Zealandapos;s contributions were received mainly from the New Zealand Agency for International Development (NZAID) within the ministry of foreign affairs, at 56 percent. This portfolio at a glance brief contains the following headings: WBG TFs receiving cash contributions; top WBG TF agreements (first two quarters of FY14); IBRD and IDA TF disbursements; and WBG TF portfolio comparisons.
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Austriaapos;s contributions to the World Bank Group (WBG) totaled United States (U.S.) 1,123.6 million dollars for fiscal years 2009-14. In the first six months of fiscal year 2014, Austria contributed U.S. 14.0 million dollars to International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA) trust funds (TFs), U.S. 7.5 million dollars to Financial Intermediary Funds (FIFs), and U.S. 15.8 million dollars to International Finance Corporation (IFC) TFs.
... See More + The number of active TFs at end of FY14 was 59, including 25 IBRD and IDA TFs, 7 FIFs, and 27 IFC TFs. Austria ranked 19th among development partners in terms of contributions to WBG TFs over fiscal years 2009-14. Austrian contributions were received mainly from the federal ministry of finance, at 89 percent. This portfolio at a glance brief contains the following headings: WBG TFs receiving cash contributions; top WBG TF agreements (first two quarters of FY14); IBRD and IDA TF disbursements; and WBG TF portfolio comparisons.
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Belgiumapos;s contributions to the World Bank Group (WBG) totaled United States (U.S.) 1,490.1 million dollars for fiscal years 2009-14. In the first six months of fiscal year 2014, Belgium contributed U.S. 157.8 million dollars to the International Development Association (IDA), U.S. 5.0 million dollars to International Bank for Reconstruction and Development (IBRD) and IDA trust funds (TFs), and U.S. 70.8 million dollars to Financial Intermediary Funds (FIFs).
... See More + The number of active TFs at end of FY14 was 36, including 23 IBRD and IDA TFs, 12 FIFs, and 1 International Finance Corporation (IFC) TF. Belgium ranked 16th among development partners in terms of contributions to WBG TFs over fiscal years 2009-14. Belgian contributions were received mainly from the Belgian Agency for Development Cooperation, at 79 percent. This portfolio at a glance brief contains the following headings: WBG TFs receiving cash contributions; top WBG TF agreements (first two quarters of FY14); IBRD and IDA TF disbursements; and WBG TF portfolio comparisons.
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Franceapos;s contributions to the World Bank Group (WBG) totaled United States (U.S.) 6,520.2 million dollars for fiscal years 2009-14. In the first six months of fiscal year 2014, France contributed U.S. 10.3 million dollars to International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA) trust funds (TFs), U.S. 418.4 million dollars to Financial Intermediary Funds (FIFs), and U.S. 1.3 million dollars to International Finance Corporation (IFC) TFs.
... See More + The number of active TFs at end of FY14 was 67, including 46 IBRD and IDA TFs, 15 FIFs, and 6 IFC TFs. France ranked 6th among development partners in terms of contributions to WBG TFs over fiscal years 2009-14. French contributions were received mainly from the ministry of foreign affairs, at 67 percent, the Agence Francaise de Developpement, at 13 percent, and the ministry of economy, finance, and industry, at 10 percent. This portfolio at a glance brief contains the following headings: WBG TFs receiving cash contributions; top WBG TF agreements (first two quarters of FY14); IBRD and IDA TF disbursements; and WBG TF portfolio comparisons.
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Australiaapos;s contributions to the World Bank Group (WBG) totaled United States (U.S.) 3,638.2 million dollars for fiscal years 2009-14. In the first six months of fiscal year 2014, Australia contributed U.S. 54.9 million dollars to International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA) trust funds (TFs), U.S. 114.0 million dollars to Financial Intermediary Funds (FIFs), and U.S. 3.7 million dollars to International Finance Corporation (IFC) TFs.
... See More + The number of active TFs at end of FY14 was 128, including 107 IBRD and IDA TFs, 15 FIFs, and 6 IFC TFs. Australia ranked 10th among development partners in terms of contributions to WBG TFs over fiscal years 2009-14. Australian contributions were received mainly from the Australian Agency for International Development (AusAID), at 97 percent. This portfolio at a glance brief contains the following headings: top WBG TFs receiving cash contributions; top WBG TF agreements (first two quarters of FY14); IBRD and IDA TF disbursements; and WBG TF portfolio comparisons.
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Canadaapos;s contributions to the World Bank Group (WBG) totaled United States (U.S.) 5,797.6 million dollars for fiscal years 2009-14. In the first six months of fiscal year 2014, Canada contributed U.S. 13.3 million dollars to International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA) trust funds (TFs), U.S. 152.8 million dollars to Financial Intermediary Funds (FIFs), and U.S. 1.4 million dollars to International Finance Corporation (IFC) TFs.
... See More + The number of active TFs at end of FY14 was 132, including 93 IBRD and IDA TFs, 17 FIFs, and 22 IFC TFs. Canada ranked 5th among development partners in terms of contributions to WBG TFs over fiscal years 2009-14. Canadian contributions were received mainly from the Canadian International Development Agency (CIDA), at 80 percent, and the department of finance, at 11 percent. This portfolio at a glance brief contains the following headings: WBG TFs receiving cash contributions; top WBG TF agreements (first two quarters of FY14); IBRD and IDA TF disbursements; and WBG TF portfolio comparisons.
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Denmarkapos;s contributions to the World Bank Group (WBG) totaled United States (U.S.) 1,484.7 million dollars for fiscal years 2009-14. In the first six months of fiscal year 2014, Denmark contributed U.S. 61.2 million dollars to International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA) trust funds (TFs), U.S. 58.6 million dollars to Financial Intermediary Funds (FIFs), and U.S. 3.7 million dollars to International Finance Corporation (IFC) TFs.
... See More + The number of active TFs at end of FY14 was 96, including 69 IBRD and IDA TFs, 12 FIFs, and 15 IFC TFs. Denmark ranked 13th among development partners in terms of contributions to WBG TFs over fiscal years 2009-14. Danish contributions were received mainly from the royal ministry of foreign affairs and Danish International Development Agency (DANIDA), at 87 percent. This portfolio at a glance brief contains the following headings: WBG TFs receiving cash contributions; top WBG TF agreements (first two quarters of FY14); IBRD and IDA TF disbursements; and WBG TF portfolio comparisons.
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The European Commissionapos;s (ECapos;s) contributions to the World Bank Group (WBG) totaled United States (U.S.) 2,912.3 million dollars for fiscal years 2009-14.
... See More + In the first six months of fiscal year 2014, the EC contributed U.S. 223.5 million dollars to International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA) trust funds (TFs), U.S. 7.5 million dollars to Financial Intermediary Funds (FIFs), and U.S. 15.8 million dollars to International Finance Corporation (IFC) TFs. The number of active TFs at end of FY14 was 131, including 116 IBRD and IDA TFs, 5 FIFs, and 10 IFC TFs. The EC ranked 8th among development partners in terms of contributions to WBG TFs over fiscal years 2009-14. EC contributions were received mainly from EuropeAid (DEVCO). This portfolio at a glance brief contains the following headings: WBG TFs receiving cash contributions; top WBG TF agreements (first two quarters of FY14); IBRD and IDA TF disbursements; and WBG TF portfolio comparisons.
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Finlandapos;s contributions to the World Bank Group (WBG) totaled United States (U.S.) 838.0 million dollars for fiscal years 2009-14. In the first six months of fiscal year 2014, Finland contributed U.S. 20.5 million dollars to International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA) trust funds (TFs), and U.S. 27.5 million dollars to Financial Intermediary Funds (FIFs).
... See More + The number of active TFs at end of FY14 was 64, including 44 IBRD and IDA TFs, 11 FIFs, and 9 International Finance Corporation (IFC) TFs. Finland ranked 17th among development partners in terms of contributions to WBG TFs over fiscal years 2009-14. Finnish contributions were received from the ministry for foreign affairs, at 99 percent, and the ministry of employment and economy, at 1 percent. This portfolio at a glance brief contains the following headings: WBG TFs receiving cash contributions; top WBG TF agreements (first two quarters of FY14); IBRD and IDA TF disbursements; and WBG TF portfolio comparisons.
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Germanyapos;s contributions to the World Bank Group (WBG) totaled United States (U.S.) 8,339.2 million dollars for fiscal years 2009-14. In the first six months of fiscal year 2014, Germany contributed U.S. 708.3 million dollars to the International Development Association (IDA), U.S. 150.6 million dollars to International Bank for Reconstruction and Development (IBRD) and IDA trust funds (TFs), and U.S. 305.9 million dollars to Financial Intermediary Funds (FIFs).
... See More + The number of active TFs at end of FY14 was 63, including 48 IBRD and IDA TFs, 12 FIFs, and 3 International Finance Corporation (IFC) TF. Germany ranked third among development partners in terms of contributions to WBG TFs over fiscal years 2009-14. German contributions were received mainly from the Federal Ministry for Economic Cooperation and Development (BMZ), at 73 percent, and from Kreditanstalt fur Wiederaufbau (KfW), at 21 percent. This portfolio at a glance brief contains the following headings: WBG TFs receiving cash contributions; top WBG TF agreements (first two quarters of FY14); IBRD and IDA TF disbursements; and WBG TF portfolio comparisons.
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Icelandapos;s contributions to the World Bank Group (WBG) totaled United States (U.S.) 14.8 million dollars for fiscal years 2009-14. In total, Iceland contributed U.S. 9.7 million dollars to the International Development Association (IDA), U.S. 4.0 million dollars to International Bank for Reconstruction and Development (IBRD) and IDA trust funds (TFs), U.S. 0.8 million dollars to Financial Intermediary Funds (FIFs), and U.S. 0.2 million dollars to International Finance Corporation (IFC) TFs.
... See More + The number of active TFs at end of FY14 was 12, including 8 IBRD and IDA TFs, 3 FIFs, and 1 IFC TF. Icelandic contributions to WBG TFs over fiscal years 2009-14 were received from the ministry for foreign affairs. This portfolio at a glance brief contains the following headings: WBG TFs receiving cash contributions; top WBG TF agreements (first two quarters of FY13); IBRD and IDA TF disbursements; and WBG TF portfolio comparisons.
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Irelandapos;s contributions to the World Bank Group (WBG) totaled United States (U.S.) 430.2 million dollars for fiscal years 2009-14. In the first six months of fiscal year 2014, Ireland contributed U.S. 9.6 million dollars to International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA) trust funds (TFs), U.S. 35.2 million dollars to Financial Intermediary Funds (FIFs), and U.S. 1.2 million dollars to International Finance Corporation (IFC) TFs.
... See More + The number of active TFs at end of FY14 was 47, including 28 IBRD and IDA TFs, 9 FIFs, and 10 IFC TFs. Ireland ranked 20th among development partners in terms of contributions to WBG TFs over fiscal years 2009-14. Irish contributions were received from the department of foreign affairs and trade or Irish aid, at 92 percent, and the department of environment, community, and local government, at 8 percent. This portfolio at a glance brief contains the following headings: WBG TFs receiving cash contributions; top WBG TF agreements (first two quarters of FY14); IBRD and IDA TF disbursements; and WBG TF portfolio comparisons.
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