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1. Financial frictions and indebtedness of Balkan firms: A comparison with Mediterranean and Central European countries.

Author

Bole, Velimir, Oblak, Ana, Prašnikar, Janez, and Trobec, Domen

Subjects
*FINANCIAL databases, *FINANCIAL management, *LIQUIDITY (Economics), *FINANCIAL crises, *ECONOMIC history
Abstract

Abstract Using a large database of financial data for non-financial corporations, we study the process of debt accumulation and its influence on liquidity through the boom-bust-recovery regimes (2006–2010) in the Balkan countries and benchmark this against the Mediterranean and Central European countries. The domestic amplification effects (through the financial accelerator and collateral pricing) of both the capital surge from developed EU countries at the onset of the crisis and the capital reversal afterwards are the focus of the analysis. We show that domestic generators and amplificators of the crisis have much larger effects in the Balkan countries than in the Mediterranean countries, not to mention the countries of Central Europe. In the boom period, the financial accelerator was several times stronger in the Balkan countries than in the Mediterranean and Central European countries. In the bust and recovery periods, however, the direct effects of the financial accelerator declined, but the indirect effects increased considerably due to liquidity squeezes and contagion, especially strong were corresponding intercompany debt effects. In the Balkan countries, these effects in the bust and recovery periods were at least 50% larger than in the Mediterranean and Central European countries. Higher crisis costs in the Balkan countries, relative to the benchmark regions, could be attributed to the late integration of these economies into international financial and trade flows, weak institutions of financial intermediation, and inexperienced regulators; however, the importance of the contribution of misguided EU convergence doctrine cannot be ignored. Lessons for improving macromanagement in EU periphery countries are suggested. [ABSTRACT FROM AUTHOR]

Published
2018
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2. Global Analysis of General Trade and Operational Licensing

Author

World Bank, International Finance Corporation, and Multilateral Investment Guarantee Agency

Subjects
TAX, REDUCTION IN TIME, INVENTORY, ComputingMilieux_LEGALASPECTSOFCOMPUTING, BUSINESS APPLICATION, VERIFICATION, RADIO STATIONS, LICENSING, BUSINESS REGULATION, BUSINESS REGISTRATIONS, COMPETITORS, PRODUCTIVITY, CELL PHONE, INFORMATION REQUIREMENTS, BREACHES, CAPITAL INVESTMENTS, EVASION, MUNICIPALITIES, THIRD PARTIES, GAMBLING, MUNICIPAL LEVEL, LICENSES, PUBLIC SECTORS, MONOPOLY REGULATIONS, DISTRICT GOVERNMENT, RISK FACTORS, MEDIUM ENTERPRISE, BUSINESS CLIMATES, INFORMATION SHARING, MEDIUM ENTERPRISES, PROTECTION OF COMPETITION, BUSINESS DEVELOPMENT, IMPACT ASSESSMENT, PHOTOS, WRITTEN REQUEST, TAX COLLECTION, REGISTRATION OF BUSINESSES, TRANSPARENCY, REVENUE COLLECTION, CAPITAL INVESTMENT, MUNICIPAL ELECTIONS, CORE BUSINESS ACTIVITIES, BUDGET ALLOCATIONS, PUBLIC SERVICES, BUSINESS ASSOCIATIONS, WRITTEN FORM, DATA ANALYSIS, PRODUCT INFORMATION, ADMINISTRATIVE COSTS, DEREGULATION, CITY COUNCILS, E-GOVERNANCE, IMPACT ASSESSMENTS, REGULATORY REQUIREMENTS, CERTIFICATE, CONDITIONS, ONE-STOP SHOPS, LEGAL IMPLEMENTATIONS, PUBLIC SECTOR, PATENTS, COPYRIGHT, LOCAL OFFICES, PROVISIONS, LOCAL LEVEL, BUSINESS REGISTRATION, MARKETING, TIME FRAME, TELEPHONE, CONSUMERS, ECONOMIC ACTIVITY, PUBLIC OFFERING, BUSINESS SECTOR, MANUFACTURING, NEGOTIATION, BUSINESS ENVIRONMENT, POLITICAL ECONOMY, BUSINESS ACTIVITIES, TAXATION, PHOTO, RESULT, RETAIL OUTLETS, GOVERNMENT REVENUES, REGISTRATION OF BUSINESS, LOCAL GOVERNMENT, LOCAL GOVERNMENTS, CHAMBERS OF COMMERCE, LIABILITY, LICENSE FEE, EQUIPMENT, LICENSE, LOCAL REVENUE, PRIVATE SECTOR, PUBLIC HEALTH, BUSINESS ENVIRONMENTS, BUSINESS OPERATIONS, SUBNATIONAL GOVERNMENTS, CHAMBER OF COMMERCE, LICENSE FEES, FOREIGN INVESTMENTS, LOCAL GOVERNMENT REVENUES, ENFORCEMENT ACTION, BUSINESS ACTIVITY, RADIO FREQUENCIES, INNOVATIONS, JOINT VENTURES, POLICY FRAMEWORK, PUBLIC, BUSINESS PRACTICES, LOCAL AUTHORITIES, MATERIAL, MUNICIPALITY, RADIO, RESULTS, LEASE, BUSINESS ENTRY, INDUSTRIAL PRODUCTION, INSPECTION, NATURAL RESOURCES, BUSINESSES, SAVINGS, BUSINESS REGULATIONS, QUERIES, Data_GENERAL, REGISTRY, BUSINESS ENTITY, INSPECTIONS, LOCAL TAXES, DISCLOSURES, PRINTING PRESSES, TRADE LICENSES
Abstract

This paper examines the general purpose licensing imposed by central or local authorities, and the need to eliminate unnecessary licensing regulations imposed on businesses. This paper does not address the issue of reform of sector-specific or professional licensing regulation, but provides criteria and tools for identifying unnecessary licensing regulations, and their elimination or, in some instances, for changing licensing regulations to free notifications. Indeed, this paper argues that a simplified review of licensing regimes that identifies unnecessary licensing saves energy and resources for well-balanced reform of remaining licensing regulations, eventually providing better protection for the public at large and a more enabling business environment. This paper is primarily oriented towards reform practitioners from governments that intend to reform their business environments; development agencies; donor-funded projects; practitioners of licensing reforms; and others interested in improving state and local governance. This paper is divided into three parts: (1) overview of licensing practices that provides common definitions of licensing, analysis of justified licensing regimes with focus on criteria for their justification, and theoretical overview of unjustified and questionable licenses; (2) analysis of commonly declared functions of unjustified licenses that provides insight into the nature of these licenses and their typology; and (3) four case studies that examine how unjustified licenses can be reformed with examples of unsuccessful, partially successful, and successful reform efforts. The analytical conclusions of this paper summarize criteria for unjustified licenses; describe lessons learned from the reform efforts; and provide a practical set of recommendations to the interested parties.

Published
2012

3. The Role of the Private Sector in Fragile and Conflict-Affected States

Author

Peschka, Mary Porter and Emery, James J.

Subjects
CUSTOMS, LONG-TERM FUNDING, DEPOSIT, PRIVATE SECTOR PARTICIPATION, HIGH UNEMPLOYMENT, INVESTMENT CAPITAL, UNEMPLOYMENT, MANAGEMENT SERVICES, TRANSPARENT WAYS, COMPETITIVENESS, REGULATORY ENVIRONMENT, CENTRAL BANK SUPERVISION, SOCIAL SERVICES, MEDIUM ENTERPRISES, INFORMATION FLOWS, MINES, DEVELOPMENT BANKS, FARMERS, EARNINGS, PHYSICAL INFRASTRUCTURE, LOAN PROGRAMS, CORE BUSINESS ACTIVITIES, ETHNIC GROUPS, INSTITUTIONAL CAPACITY, REMITTANCE, INTERNATIONAL FINANCE, MULTINATIONAL, BUSINESS LEADERS, VALUE CHAIN, SMALL BUSINESSES, INTERNATIONAL BUSINESS, PURCHASING POWER, PROPERTY RIGHTS, ACCOUNTS FOR INDIVIDUALS, MICROFINANCE INSTITUTION, SUPPORT INFRASTRUCTURE, SMALL BUSINESS, CASH MANAGEMENT, ENDANGERED SPECIES, WORKING CAPITAL, TRAINING MATERIALS, ECONOMIC OPPORTUNITY, TELECOMMUNICATIONS COMPANY, BUSINESS REGISTRATION, FINANCIAL SERVICES, FINANCIAL CONSTRAINTS, CASH FLOW, TIME FRAME, DEVELOPMENT ASSISTANCE, ENTREPRENEURS, INTERNATIONAL ACTORS, VOUCHERS, COMMERCIAL ACTIVITY, EXCLUSION, BUSINESS ENVIRONMENT, START-UP, LEGAL SYSTEM, NEW BUSINESSES, RESULT, ECONOMIC SECURITY, INFORMAL ECONOMIC ACTIVITY, REGULATORY FRAMEWORK, NETWORKS, WEB, BUSINESS PLAN, FINANCIAL INSTITUTIONS, ECONOMIC ACTIVITIES, EQUIPMENT, TERM CREDIT, TELECOMMUNICATIONS, BANKING SERVICES, DIVERSIFICATION, ECONOMIC POLICIES, START-UPS, BUSINESS ENVIRONMENTS, BUSINESS INDICATORS, UNION, FOREIGN CURRENCIES, MOBILE PHONE, BUSINESS TRANSACTIONS, LOAN, MARKET DISTORTIONS, REINVESTMENT, CREDIT FACILITIES, MICROFINANCE, GLOBALIZATION, LABOR MARKETS, REPAYMENT, BUSINESS OPPORTUNITIES, FOREIGN INVESTMENT, BUSINESS LIFE, INSTITUTIONAL CAPACITIES, TELEGRAPH, RESULTS, NEW MARKETS, CORRUPTION, COMPARATIVE ADVANTAGE, TRADE TAXES, BUSINESS MANAGEMENT, BUSINESSES, ECONOMIES OF SCALE, FINANCIAL CAPITAL, FRAGILE INSTITUTIONS, BUSINESS COMMUNITY, SOCIAL NETWORKS, PRODUCERS, BANKING SYSTEM, ECONOMIC GROWTH, EMPLOYERS, FINANCIAL SECTOR REGULATION, PRIVATE SECTOR INVESTMENT, FAMILIES, FINANCIAL ASSETS, LOGGING, TECHNICAL ASSISTANCE, INFORMAL LENDERS, MARKET ECONOMIES, AGRICULTURAL PRODUCTION, BUSINESS REGISTRATIONS, FINANCIAL TRANSACTIONS, BALANCE SHEETS, ENABLING ENVIRONMENT, CONFIDENCE-BUILDING, AID EFFECTIVENESS, PROCUREMENT, IMPACT ASSESSMENT, BLACK MARKETS, PRIVATE FINANCIAL INSTITUTIONS, RISK MANAGEMENT, CAPACITY-BUILDING, PAYMENT SYSTEM, PRIVATE SECTOR INVESTMENTS, IMPORT DUTIES, FOREIGN DIRECT INVESTMENT, BORROWER, INVESTMENT OPPORTUNITIES, BUSINESS PROMOTION, LAND OWNERSHIP, BUSINESS ASSOCIATIONS, ENTERPRISE DEVELOPMENT, REGISTRIES, RETAIL STORES, WAGES, FORMAL CREDIT, STREAMS, GROWTH STRATEGY, INSTITUTION, DISPUTE RESOLUTION, LACK OF ACCESS, LABOR MARKET, NATURAL RESOURCE, MEDICAL EXPENSES, SUPERVISION, ENTERPRISE SURVEYS, PROVISION OF CREDIT, HUMAN RIGHTS, COMPETITIVE MARKETS, MARKETING, SCARCE GOODS, ECONOMIC DEVELOPMENT, ENVIRONMENTS, FINANCIAL MANAGEMENT, ACCESS TO FINANCE, DIVIDENDS, INNOVATION, CREDIT HISTORIES, ECONOMIC ACTIVITY, INSURANCE POLICY, ELECTRICITY, MANUFACTURING, FORMAL FINANCIAL SERVICES, BUSINESS ACTIVITIES, COMMERCIAL BANK, GROWTH POTENTIAL, DEPOSIT ACCOUNTS, VULNERABLE PEOPLE, SOCIAL RESPONSIBILITY, REMITTANCES, CARTELS, VILLAGE, ECONOMIC IMPACT, ACCESS TO SERVICES, CHAMBERS OF COMMERCE, BEST PRACTICES, BUSINESS MODEL, TECHNICAL UNIVERSITIES, SUPPLY CHAIN, PRIVATE SECTOR, INTERNATIONAL COMPANIES, BUSINESS OPERATIONS, ACCESS TO RESOURCES, FINANCIAL INSTITUTION, HUMAN RESOURCES, MICROFINANCE INSTITUTIONS, GOVERNMENT REVENUE, SOCIAL EXCLUSION, COMMERCE, ACCESS TO CREDIT, INTERNATIONAL LAW, EXPENDITURES, COMMERCIAL BANKS, LOW-INCOME BORROWERS, LIMITED ACCESS, PRIVATE SECTOR DEVELOPMENT, EXPATRIATES, RADIO, FOREIGN FIRMS, RECEIPTS, NATURAL RESOURCES, LOAN REPAYMENTS, CAPACITY BUILDING, OUTREACH, REGISTRY, OPERATING ENVIRONMENT, ADVISORY SERVICES
Abstract

This paper explores how the private sector can positively contribute to peace-building and conflict prevention, and how that positive private sector role can be supported and enhanced. The starting premise recognizes that the private sector exists in all conflict situations and has the potential to both exacerbate and ameliorate conflict, the outcome of which can be greatly affected by appropriate support from external partners. It also posits that a thriving, legal, private sector is essential to development and peace, as it provides livelihoods and growth, while delivering revenue streams in the form of taxes so governments can provide services to their citizens. It also posits that a thriving, legal, private sector is essential to development and peace, as it provides livelihoods and growth, while delivering revenue streams in the form of taxes so governments can provide services to their citizens. This paper discusses and analyzes the role of the private sector in fragile and conflict-affected states, beginning with its role in the conflicts themselves, and in the immediate peace-building and longer-term reconstruction and development phases. The paper acknowledges that the topic of private sector development cuts across political, governance, and security dimensions, as well as a broad range of development themes. It also considers international efforts to support the private sector in fragile and conflict affected settings to date, identifying gaps and making recommendations to address them. The paper does not focus on detailed operational issues or the use of various reform tools.

Published
2011

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