Using a comprehensive and proprietary data set on international private equity activity, this paper studies the determinants of buyout investments across 61 countries and 19 industries over 1990-2017.
... See More + The study finds evidence that macroeconomic conditions, development of stock and credit markets, and the regulatory environment in a country are important drivers of international buyout capital flows. The paper shows that countries with low unemployment, more active stock and credit markets, and better rule of law receive more buyout capital. A difference-in-differences approach is used to explore the regulatory reforms some countries have adopted over the sample period. The findings are that countries receive significantly more buyout capital following investor protection and contract enforcement reforms. The impact of regulatory reform is more pronounced in countries with better corporate governance standards and education. Buyout investment responds to these factors more so than foreign direct investment and gross domestic fixed investment.
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Policy Research Working Paper WPS9191 MAR 23, 2020
This study aims to provide practical solutions for expanding access to affordable housing and infrastructure services for employees of Industrial Parks, and to recommend strategies and programs (including financing schemes) for the Ethiopian Government to support the recommended solutions.
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Affordable housing is an important policy agenda in Rwanda, where housing challenges are serious. To serve more than half of the population, Rwanda needs a radical change in its approach to housing that goes beyond the conventional delivery by professional developers.
... See More + This report defines those currently unserved by the market as low-income households and explores housing solutions for them. First, the report addresses a primary need to define housing affordability in terms of and according to household income. Establishing housing affordability will be the first step to enable the government to design a housing program dedicated to low-income households. The report discusses land readjustment and incremental housing construction as key underlying mechanisms of both upgrading and sites and services, as they help reduce costs and or increase efficiency of developing land for infrastructure and housing. A detailed review of the national and local laws, policies, and programs in Rwanda demonstrates that the Government of Rwanda has indeed made concerted efforts to improve its planning documents, zoning regulations, and building codes to facilitate incremental development and land adjustment. Using unplanned settlements and greenfield sites within and around the City of Kigali, the report examines applicability of land readjustment and incremental housing to upgrading and sites and services schemes. In search for a model for innovative, low-cost housing development, the report reviews a housing developed by Swiss Resource Centre and Consultancies for Development (Skat) in Rwanda, with the funding from Swiss Agency for Development and Cooperation (SDC). The report makes recommendations for improving the regulatory framework and practices in Rwanda to deliver on its ambition to create affordable housing for low-income households.
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Affordable housing is an important policy agenda in Rwanda, where housing challenges are serious. To serve more than half of the population, Rwanda needs a radical change in its approach to housing that goes beyond the conventional delivery by professional developers.
... See More + This report defines those currently unserved by the market as low-income households and explores housing solutions for them. First, the report addresses a primary need to define housing affordability in terms of and according to household income. Establishing housing affordability will be the first step to enable the government to design a housing program dedicated to low-income households. The report discusses land readjustment and incremental housing construction as key underlying mechanisms of both upgrading and sites and services, as they help reduce costs and or increase efficiency of developing land for infrastructure and housing. A detailed review of the national and local laws, policies, and programs in Rwanda demonstrates that the Government of Rwanda has indeed made concerted efforts to improve its planning documents, zoning regulations, and building codes to facilitate incremental development and land adjustment. Using unplanned settlements and greenfield sites within and around the City of Kigali, the report examines applicability of land readjustment and incremental housing to upgrading and sites and services schemes. In search for a model for innovative, low-cost housing development, the report reviews a housing developed by Swiss Resource Centre and Consultancies for Development (Skat) in Rwanda, with the funding from Swiss Agency for Development and Cooperation (SDC). The report makes recommendations for improving the regulatory framework and practices in Rwanda to deliver on its ambition to create affordable housing for low-income households.
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This paper examines the state of reverse mortgage markets in selected countries around the world and considers the potential benefits and risks of these products from a financial inclusion and economic benefit standpoint.
... See More + Despite potentially increasing demand from aging societies -- combined with limited pension income -- a series of market failures constrain supply and demand. The paper discusses a series of market failures on the supply side, such as adverse selection, moral hazard, and the costly regulation established to address these problems, leading to only a small number of providers, even in developed markets. Demand-side constraints are equally relevant, in particular high non-interest costs, abuse concerns, and the inability of reverse mortgages to cover key risks facing the elderly, particularly health and elder care. In developing countries, constraints are likely to be even higher than in advanced economies, due to high transaction costs and lack of consumer knowledge and protection. The enabling conditions for such markets to develop are outlined, along with examples of regulatory oversight. The paper concludes that these still seem to be largely products of last resort rather than well-considered purchases as part of good retirement planning.
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Policy Research Working Paper WPS9134 JAN 30, 2020
The paper makes two main contributions. First, it analyzes net foreign assets and liabilities in selected Arab countries over the past two decades, emphasizing the relative significance of direct versus portfolio investment.
... See More + It distinguishes between foreign direct investment, portfolio equity investment, official reserves, and external debt. Second, the paper examines the effects of policy variables that affect the accumulation of net foreign assets and its components, analyzing how the existence of a sovereign wealth fund, the country's exchange rate regime, and the development of its financial system affect its net foreign assets. The main findings show that the presence of a sovereign wealth fund is positively and statistically significantly associated with foreign direct investment in Arab countries. Financial development (defined as credit to the private sector as a percentage of gross domestic product) is also statistically significant across various regressions. The more financially developed a country is, the more it should invest in riskier assets, such as portfolio assets. But Arab investors are more risk averse than investors elsewhere. Oil-exporting countries tend to invest more in debt assets than in portfolio assets. For oil-importing countries, financial development is the most important determinant of foreign direct investment.
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Policy Research Working Paper WPS9103 JAN 06, 2020
