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Este estudo visa contribuir para o debate da flexibilização do mercado de trabalho, demonstrando evidência empírica na relação entre a política de remunerações e os arranjos contratuais celebrados pelas entidades empregadoras, que culminam numa maior segmentação do mercado. O presente estudo utiliza os dados dos Quadros de Pessoal, uma fonte administrativa, referente ao ano 2012, e submete a um teste empírico os argumentos da teoria da segmentação em médias empresas em Portugal. Os resultados alcançados através da análise multivariada apontam para a presença de três tipos de empresas, os quais se designaram por "Competitivo", "Mercados Internos de Trabalho" e "Incentivo", de acordo com as suas características próprias. As empresas do cluster "Competitivo" caracterizam-se por salários baixos, com utilização acentuada de contratos flexíveis, empregando categorias vulneráveis de trabalhadores. As empresas que pertencem ao cluster "Mercados Internos de Trabalho" apresentam um salário hora acima da média do mercado de trabalho, revelando uma relação positiva entre a antiguidade e este fator, todavia também engloba empresas que recorrem com frequência à utilização de contratos flexíveis. Por último, as empresas do cluster "Incentivo" destacam-se por apresentar salários e prestações regulares elevadas, revelando estar consideravelmente acima do mercado de trabalho e não recorrendo com tanta frequência à utilização de contratos flexíveis. Os resultados obtidos revelam que existe uma segmentação no mercado de trabalho em Portugal, mas este não é dual. Esta evidência corrobora os resultados obtidos para as grandes empresas, revelando que não existem diferenças significativas entre empresas de média e grande dimensão. This study aims to contribute to the debate on labour market flexibilization, demonstrating empirical evidence about the relation between the compensation policy and the contractual arrangements, which culminate in a greater labour market segmentation. This study uses data from Quadros de Pessoal, an administrative source, regarding the year of 2012, and submits to an empirical test the arguments of the theory of segmentation in medium-sized enterprises in Portugal. The results obtained through the multivariate analysis point out to the presence of three types of enterprises, which are known as "Competitivo", "Mercados Internos de Trabalho" and "Incentivo", according to their own characteristics. The enterprises in the cluster "Competitivo" are characterized by low wages, with a marked use of flexible contracts employing vulnerable categories of workers. The companies that belong to the cluster "Mercados Internos de Trabalho" have an hourly wage above the labour market, revealing a positive relation between the seniority and this factor however it also includes a group of companies that frequently use flexible contracts. Finally, the companies in the cluster "Incentivo" stand out for having high wages, as well as regular benefits, also revealing that they are considerably above the labour market and do not appeal so often to the use of flexible contracts. Thereby, the results prove that there is a segmentation in the labour market in Portugal, but this is not dual. This evidence is in line with the obtained results for large enterprises, revealing that there are no considerable differences between medium and large enterprises.

Although domestic workers are generally engaged in informal contracts with hourly and daily wages, some have formally written contracts and are paid monthly. Hourly and daily wages suggest flexible arrangements, whereas the monthly payment system may be used to develop a stable relationship. Using original data from a sample of domestic workers in Portugal, we offer empirical evidence on predictors of four types of arrangement that combine formality and stability. The results from multinomial logistic regression indicate that the wage level is a crucial predictor of the type of contract. Households seem to make a trade-off between stable contracts and high-level wages. However, the odds of being given a formal and stable contract increase when domestic workers have specific skills or are responsible for care, and there are trust-related issues. Our findings suggest that the use of flexible and informal labour has its limitations even in an activity perceived as non-skilled. info:eu-repo/semantics/publishedVersion

ACL-4; International audience; The marketing of fresh fish in Kribi, Cameroon, faces many uncertainties and implies the use of specific assets. In this chain, actors build hybrid coordination mechanisms, with contractual arrangements which rely heavily on trust. The recent implementation of an organized market, which was designed to foster transparency in transactions, has reduced the role of network linkages. However it cannot be said that inter-individual trust has been entirely substituted by the competitive mechanism.

Following the partial lifting of nuclear-related sanctions in November 2013 under the interim Joint Plan of Action (JPOA), Iran's economy rebounded in 20141 and is estimated to have expanded by 0.5 percent in 2015. A less accommodative monetary policy stance reduced inflationary pressures, with the Consumer Price Index falling to 8.9 percent in February 2016, from a peak of 45.1 percent in June 2013. Notwithstanding this positive development,the pace of job creation has remained weak and the unemployment rate rose to 11.7 percent in 2015, up from 10.6 percent in 2014. The fiscal balance of the central government also deteriorated, mostly due to low oil prices, from a deficit of 1.2 percent of GDP in 2014 to a deficit of 2.7 percent of GDP in 2015. Similarly, the current account surplus is estimated to have shrank from 3.8 percent of GDP in 2014 to 0.6 percent of GDP in 2015 due to falling oil receipts.

The regulation of employment relationships dates back to the process of industrialization where workers had dangerous and injurious working conditions. However, pervasive poor conditions, together with a wide range of contractual arrangements, demand additional efforts from national and international institutions. The Employment Relationship Recommendation (Recommendation 198) (ILO 2006) and the Decent Work Agenda, illustrate the International Labor Organization’s (ILO 2002) efforts to guarantee protection of workers’ rights in labor laws and other regulations, including collective agreements. These initiatives also attempt to bring more hidden types of employment relationships under the protection of the law. However, the assessment of the impact of such initiatives is still missing in the literature. Our article attempts to fill this gap and to offer empirical evidence on the role of regulations in the labor market of domestic workers (...) FCT

Freight forwarders play a key role in moving goods across international borders. They arrange transport, oversee customs clearance on behalf of their clients, and more generally troubleshoot issues that arise while goods are in transit. This paper reports the results from a survey of 153 freight forwarding firms in Serbia. Respondents report on firm characteristics, operational choices, and conditions at the border posts and terminals where imported goods are cleared for release. One key purpose of the study is to investigate operational trade-offs between time and cost that arise when import shipments are in transit. In three of four hypotheticals, respondents suggest that money savings dominate time savings. Responses regarding real operational decisions such as route choices reinforce this finding. Respondents also reported penalty rates for late delivery of import shipments as well as the value of a typical import shipment. From these responses, it is estimated that the contracted value of one additional (unexpected) day of delivery time in Serbia appears to be approximately 1 percent of the value of the underlying shipment.

Monetary remittances represent the most visible transnational activity of migrants and can be considered as a function of migrant’s ability of producing savings from income and of remitting (supply side), and of the type of claims of family members, either left in the country of origin or residing abroad with the migrant (demand side). Hence, migrant’s remitting capacity is directly linked to the level of economic integration at destination. However, what happens to remittances when the labor market becomes uncertain and the earning potential decreases? Based on a recent survey, this paper explores the effect of the economic crisis on income trends and on the flow of monetary remittances sent to the families left home among three surveyed groups in Turin, Moroccans, Peruvians and Romanians. Results show a widespread worsening of the average economic conditions since the outbreak of the crisis in 2008. The protracted economic instability seems to have effects on migrants’ ability to keep remittance flows constant over time, with differentiated outcomes according to the national groups. While Moroccans show a higher propensity in receiving remittances, Peruvians are those who resist more to a remittance drop over the last five years. Beyond economic determinants, observed patterns in remittance trends can also be explained by migrant household characteristics in Italy and abroad and to unobserved variables (distance) related to the country of origin.

This paper is organized as follows: section one briefly presents the structure of MFS implementations and in particular the four key roles which must be fulfilled. Section two describes the case study implementations and the partnership arrangements between the key actors. Section three describes the importance of aligning competitive forces, economic motivation and partner roles. Section four presents key lessons related to the four underlying businesses of an MFS implementation, distinguishing between the direct and indirect revenue that can accrue to the core businesses of the partner organizations. It also presents key lessons related to the distribution of this revenue between partners.

This article examines rationales for public intervention in health insurance markets from the perspective of public economics. It draws on the literature of organizational design to examine alternative public intervention strategies, including issues of contracting, purchaser provider splits, and regulation of competition. Health insurance reforms in four Latin American countries are then considered in light of the insights provided by the theoretical literature. Health care expenses and lost labor earnings due to illness—not to mention the direct effects of feeling lousy and dying young—represent a major source of risk for individuals and families. Exposure to such risks is costly in itself (if individuals are risk averse), but can also have long-term effects, especially on the poor. Selling assets, withdrawing children from school to care for ill parents, and exiting the labor market can leave low-income families trapped in poverty. This article addresses the role of government in spreading and reducing health risks with particular emphasis on the design and organization of the relevant institutions in Latin America. Faced with wide disparities in both health needs and access to medical care across regions and income groups, and with continuing pressures on public finances arising from the macroeconomic crises of the 1980s and 1990s, a number of countries in the region have adopted wide-ranging health sector reforms that continue today (Greene, Zevallos, and Suarez 1999). Generally, among the higher-income countries, there has been a move toward extending explicit insurance coverage to those outside the formal labor market. At the same time, these countries have examined the ways in which insurance and health care have been delivered and have instituted reforms that are meant to improve allocative and production efficiency in the sector. Lower-income countries in the region have not proceeded as far in terms of explicit health insurance reform, which requires a certain administrative capacity, and have tended to concentrate on running public hospitals and clinics better.

A contratualização desenvolvida na Estratégia Saúde da Família é um tema ainda pouco estudado. É introduzida no Brasil em diferentes modelos, de acordo com o ente federativo contratante e o estatuto jurídico do prestador de serviços contratado; e em Portugal, a partir de modelo único de contratualização público-público com as Unidades de Saúde Familiar. Apresenta-se neste artigo o panorama atual da contratualização nos dois países, por meio de estudo de casos, e discutem-se seus atributos de planejamento conjunto, responsabilização com autonomia e sistema de incentivos ao desempenho. As principais contribuições da contratualização são: melhor coordenação das organizações de saúde; substituição da lógica hierárquica de comando-controle pela de maior participação; e responsabilização dos profissionais com melhor desempenho das suas atividades. Conclui-se que um dos elementos facilitadores é sua construção gradual, em um ambiente de aprendizagem permanente, com o protagonismo dos profissionais de saúde; e que seus maiores desafios são a transparência na condução dos processos, o fortalecimento dos mecanismos de auditoria e dos sistemas de informação, bem como a revisão permanente dos indicadores de monitoramento e sua adequação às necessidades de saúde da população. The contractual arrangements adopted in the Family Health Strategy are a topic as yet scantly addressed in studies. It is introduced in Brazil in different models in accordance with the contracting entity and the legal status of the contracted service provider; and in Portugal, it is based on a model of inter-governmental contractual arrangements with the Family Health Units. In this paper, the current status of contractual arrangements in both countries is presented and their attributes of joint planning, accountability with autonomy and performance-based incentive programs are discussed. The main contributions are: better coordination of the health organizations; substitution of the hierarchical command-control logic with greater participation; and accountability of professionals with enhanced performance of their activities. The conclusion reached is that one of the facilitating elements is gradual construction, in an environment of ongoing learning, with health professionals playing the leading role. However, the major challenges include transparency in the implementation of processes, the enforcement of sound auditing mechanisms and information systems, as well as the continuous review of indicators and their suitability for the health needs of the population.

Scielo WOS:000341564300030 The contractual arrangements adopted in the Family Health Strategy are a topic as yet scantly addressed in studies. It is introduced in Brazil in different models in accordance with the contracting entity and the legal status of the contracted service provider; and in Portugal, it is based on a model of inter-governmental contractual arrangements with the Family Health Units. In this paper, the current status of contractual arrangements in both countries is presented and their attributes of joint planning, accountability with autonomy and performance-based incentive programs are discussed. The main contributions are: better coordination of the health organizations; substitution of the hierarchical command-control logic with greater participation; and accountability of professionals with enhanced performance of their activities. The conclusion reached is that one of the facilitating elements is gradual construction, in an environment of ongoing learning, with health professionals playing the leading role. However, the major challenges include transparency in the implementation of processes, the enforcement of sound auditing mechanisms and information systems, as well as the continuous review of indicators and their suitability for the health needs of the population. publishersversion published

The essay aims mostly at analyzing the regulation of the Natura 2000 network (the ?Habitats directive?), in the wider context of the other tools established to protect the Biodiversity. This is the purpose of the Natura 2000 ecological network established by the ?Habitats directive?, which was adopted in 1992 (the network, which also embraces areas established under the ?Birds? directive). In particular, the article 6 of the Directive 92/43/EEC plays a crucial role in the management of the sites that make up the Natura 2000 network. With the spirit of integration in mind, it indicates the various tasks involved so that the nature conservation interests of the sites can be safeguarded. The essay analyzes the trasposition of this Directive in Italy with attention to the environmental appropriate assessment, setting out the circumstances within which plans and projects with negative effects may or may not be allowed. It analyzes also the application of the precautionary principle to the administrative procedure provided to express the environmental appropriate assessment. Thus, the Habitats Directive also governs the compensatory measures. These measures constitute measures specific to a project or plan, additional to the normal practices of implementation of the ?Nature? directives. They aim to offset the negative impact of a project and to provide compensation corresponding precisely to the negative effects on the species or habitat concerned. The compensatory measures constitute the ?last resort?. They are used only when the other safeguards provided for by the directive are ineffectual and the decision has been taken to consider, nevertheless, a project/plan having a negative effect on the Natura 2000 site. The main purpose of the essay is to understand the extension of the Natura 2000 network and if it is possible to use contractual arrangements in order to limit the current ?size? of the environmental appropriate assessment.

This note presents practical guidance on how to implement a framework for managing fiscal commitments from Public-Private Partnerships (PPPs). It draws on specific regional operational experience and on World Bank Institute (WBI)'s wider thematic engagement with different partners worldwide. The note provides practical advice on how to: consistently identify and assess fiscal commitments arising from PPPs during project preparation and implementation; incorporate these into the project approval process, including budgeting for these appropriately; and strengthen the monitoring and reporting of fiscal commitments over the lifetime of the project. It explains the fiscal commitments that can arise from PPP projects; why governments may find it difficult to assess and manage these fiscal commitments and incorporate them into project selection; and the key components of an institutional framework to manage fiscal commitments at both the development and implementation stages of a project, including the roles, responsibilities, and processes for managing PPP fiscal commitments.

This thesis aims to better understand the individual decisions of insurance and reinsurance market actors facing different information types, the coverage of extreme risks, and the contractual arrangements between insurers and reinsurers. The insurance context of extreme risks is characterized by the intensification and the increased number of natural and industrial disasters for the last twenty years in the world, which makes it difficult to properly evaluate the event characteristics and questions the insurability of these risks due to the presence of uncertainties. The thesis is composed of two parts using a wide range of quantitative tools. The first part focuses on the analysis of information effects on insurance decisions, especially the premium that actors are willing to pay or to accept in order to transfer or to take specific risks. The available information can lead to situations of risk or ambiguity, distinguishing two ambiguity types: imprecision in which the information is consensual but imprecise, and conflict where there is a disagreement between experts. This part is based on surveys distributed to a representative sample of the population as potential insurance buyers (chapter 2) or to insurance professionals (chapter 3) in order to study demand and supply behaviors. This part also presents an experimental approach in which participants are paid according to their performance (chapter 4). The second part examines the reinsurance market. After presenting the characteristics and mechanisms of the market (chapter 5), reinsurance supply is examined through auction behaviors of reinsurers (chapter 6). 8ased on a proprietary data-base, this part identifies the underlying factors of reinsurance premiums which depend on the risk characteristics, but also on the treaties, the reinsurers and the market., Cette thèse vise à mieux comprendre les décisions individuelles des acteurs des marchés de l'assurance et de la réassurance face à différents types d'information, la couverture des risques extrêmes, et les arrangements contractuels entre assureurs et réassureurs. Le contexte général de l'assurance des risques extrêmes est marqué par une intensification et un accroissement des catastrophes naturelles et industrielles depuis une vingtaine d'années dans le monde, ce qui rend délicat une évaluation correcte des caractéristiques des événements et questionne l'assurabilité de ces risques du fait de la présence d'incertitudes. La thèse est constituée de deux parties utilisant une large palette d'outils quantitatifs. La première partie se concentre sur l'analyse des effets de l'information sur les décisions d'assurance, en particulier sur les primes que les agents sont prêts à payer ou accepter pour transférer ou supporter des risques spécifiques. L'information disponible peut donner lieu à des situations de risque ou d'ambiguïté, en distinguant deux types d'ambiguïté: l'imprécision, situation dans laquelle l'information est consensuelle mais imprécise, et le conflit, situation où il y a désaccord entre experts. Cette partie s'appuie sur des enquêtes distribuées auprès d'un échantillon représentatif de la population en tant qu'acheteurs potentiels d'assurance (chapitre 2) ou auprès de professionnels de l'assurance (chapitre 3) afin d'étudier les comportements d'assurance du côté de l'offre et de la demande. Cette partie présente aussi une approche expérimentale de ces comportements avec rémunération des participants (chapitre 4). La seconde partie étudie le marché de la réassurance. Après avoir présenté les spécificités et mécanismes de ce marché (chapitre 5), l'offre de réassurance est analysée à travers des comportements d'enchères de réassureurs (chapitre 6). A partir d'une base de données exclusive, cette partie détermine les facteurs explicatifs des primes de réassurance qui dépendent des caractéristiques des risques, mais également de celles des traités, des réassureurs et du marché.

The bank insolvency framework in Poland should be modernized to ensure financial stability, maintain the continuity of critical functions in the banking system, and protect depositors and creditors, while assigning losses according to a pre-established creditor hierarchy. Several country experiences in Europe and elsewhere have demonstrated the effectiveness of new bank resolution measures by the European commission. A key aspect of the resolution process is for the authorities to swiftly assess and revalue the balance sheet of the intervened bank. Other particularities of modern resolution procedures relate to maintaining the integrity of secured financial contracts to prevent disruptions in financial market transactions including in payments and settlements systems. The treatment of systemically important institutions should rely on extraordinary resolution tools which are necessary if a bank is too large to be purchased or for its liabilities to be readily assumed. The purpose of this paper is thus to describe and recommend new features that can be added to strengthen the Polish legislation for handling commercial bank insolvencies. The paper focuses on the legal issues related to insolvency of banks (including commercial banks and cooperative banks). The banking sector's share in the total assets of the credit sector amounts to 89 percent while cooperative banks control 6 percent. The only wholly-owned state bank is the development bank Bank Gospodarstwa Krajowego (BGK) which is subject to supervision by the Polish Financial Supervisory Authority (KNF).

Between 2000 and 2005 infrastructure made a net contribution of only 0.3 percentage points to the improved per capita growth performance of Niger, one of the lowest in Sub-Saharan Africa. Raising the country's infrastructure endowment to that of the region's middle-income countries (MICs) could boost annual growth by about 4.5 percentage points, mainly by improving the condition of the road network. Niger has made significant progress in some areas of its infrastructure. Important reforms liberalizing the water supply and information and communication technology (ICT) sectors have boosted performance. In particular, reforms in urban water are among the most promising on the continent. Increased competition in the ICT market has contributed to the rapid expansion of mobile services. NIGELEC, the national power utility, has enhanced its performance. The Nigerien portions of regional corridors are in relatively good or fair condition. Air transport connectivity has improved. Niger has the potential to close this funding gap by tapping alternate sources of financing or adopting lower-cost technologies. There is plenty of room for private sector participation in Niger's infrastructure sectors, in particular ICT. Meanwhile, the adoption of alternate lower-cost technologies in the water supply, power, and road sectors would reduce the financing gap by almost a half ($219 million).

The study assessed the contribution of contract farming of banana to the agrarian reform beneficiaries as an alternative to leaseback arrangement in Calinan District, Davao City. Specifically, the study aimed to characterize and compare the contractual schemes of contract growing and leaseback arrangement using the adapted growership model from the contract farming framework, identify the factors that influenced ARBs decision to engage in contract farming, and identify other potential gains that can be derived from growership other than economic gains. The analysis utilized primary data that were gathered through surveys and interviews among ARBs who were engaged in such contractual arrangements. Results showed that contract growing as governed by production and sales agreement is focused on banana production that involves the participation of growers (ARBs) who produced either individually or collectively through agricultural cooperative, while leaseback arrangement operates under land use agreement. The amount of land rent is P18,000 per ha per yearr with P500 annual increase. Using econometric approach, education and farm size were found to be significant factors that influenced ARBs decision to engage in contract growing with 70% probability of participation based on Logit regression. In terms of social gains such as self-fulfillment and confidence, there is no significant difference on this in both contractual arrangements. Moreover, the formation of cooperatives in both ventures is essential for it to become effective. The success of every contractual agreement largely depends on the collaboration of stakeholders. Having this, there should be an enhancement and strengthening of cooperatives that will organize ARBs through which collaborative farming can be obtained.

This assessment forms part of the joint International Monetary Fund (IMF) World Bank Indonesia Financial Sector Assessment Program (FSAP) which is being undertaken during 2009-2010. The assessment, which covers the private sector equity and corporate bonds securities system's observance of the Committee on Payment and Settlement Systems / International Organization of Securities Commissions (CPSS/IOSCO) recommendations for securities settlement systems, was conducted during an ad hoc mission. The assessment focuses on two types of trades. First the clearing and settlement process is assessed as regards equity transactions traded on the stock exchange Indonesian Stock Exchange (IDX), cleared through the Clearing and Guarantee Corporation (KPEI) clearing system (e-CLEARS) and settled through the Central Securities Depository for the Stock Exchange securities (KSEI) settlement system (C-BEST). In addition, the assessment focuses on corporate bond transactions, which are traded outside the exchange and settled through the KSEI settlement system (C-BEST).

Maintaining smallholder competitiveness in the changing market for pigs and pig meat remains an important development challenge, particularly in the context of pro-poor public policymaking. With the ongoing rapid changes in market organizations to respond to changing consumer demand and market requirements, there are viable institutional options and market organizations for smallholders to remain active participants in the pig industry where they are substantially contributing in terms of total output. Results from this study suggest that there is limited scope for smallholder pig producers to participate in formal contracts; however, smallholders were found to participate in informal contracts with cooperatives and with input/output traders that facilitated their access to pig markets. But what drives these smallholders to participate in these types of contractual arrangements for pig and piglet production? A multinomial logit model is applied to reveal the determinants influencing the choice of contractual arrangements by smallholder pig producers in four provinces in Northern Vietnam. Results suggest that the significant determinants of smallholders’ participation in contractual arrangements are age, proportion of time spent in pig-raising, location, distance to veterinary shops, and access to animal health services.

This assessment of the payment systems in Thailand was undertaken in the context of the International Monetary Fund (IMF) and the World Bank Financial Sector Assessment Program (FSAP) exercise for Thailand in January 2007. It covers the Bank of Thailand Automated High-value Transfer Network (BAHTNET), which is a real time gross settlement (RTGS) system. The Bank of Thailand (BOT) conducted a comprehensive self-assessment of BAHTNET observance of the Core Principles for Systemically Important Payment Systems (CPSIPS). It was professionally done and was made available to the mission in advance. The Thai authorities were fully cooperative and all relevant documentation to fulfill the assessment of BAHTNET was provided on time and without difficulties. The logistical support and warm hospitality of the officials of the BOT are greatly appreciated.

Securities settlement systems should have a well-founded, clear and transparent legal basis in the relevant jurisdiction. The laws, regulations, rules and procedures governing the operations and activities of Thailand Securities Depositories (TSD) are public and accessible to participants. In particular, participants receive comprehensive documentation covering the rules, requirements, procedures and instructions of TSD. This documentation is available on request and is accessible on the TSD website. The public authorities' regulations are also available to the general public on the websites of the Ministry of Commerce (MoC), the Securities and Exchange Commission (SEC) and the Bank of Thailand (BOT). It is recommended to implement adequate legal measures that ensure the netting arrangement is legally protected even in the event of the insolvency of a participant.

In project finance, sponsors and lenders set up a special purpose vehicle (SPV) that receives limited or no-recourse lending for the design, construction and management of a specific project with limited economic life. A network of nonfinancial contracts (NFCs) is set up in order to limit the managerial discretion of project sponsors, to make cash flows better verifiable for lenders, and to reduce the negative impact of unexpected events on project cash flows. Using a sample of more than 1,000 project finance loans worth about US$195 billion closed between 1998 and 2003, we study negotiation of financial packages between sponsors and lenders and their cost. We use a two-stage least squares methodology to model the joint determination of spread and leverage. Our results confirm the widespread adoption of a business practice in which sponsors tend first to set up the contractual network of the project finance transaction, and only later seek financing and negotiate the level of spread and the debt-to-equity ratio with a bank syndicate. In this negotiation process, we find that lenders: (1) rely on the network of contracts as a mechanism to control agency costs and project risks, (2) are reluctant to price the credit more cheaply if sponsors are involved as project counterparties in the relevant contracts, and finally (3) do not consider sponsor involvement as a contractual counterparty of the SPV when determining the level of leverage. Overall, the lack of NFCs increases loan cost some 19 bps, and the use of NFCs signed by counterparties other than project sponsors reduces loan cost by some 110 bps. Furthermore, the absence of NFCs is responsible for a drop of 1.1 bps in the debt-to-equity ratio used for deals. Further, results indicate that - in contrast to the level of the D/E ratio - country and industry risk do not influence the level of spread, which is instead driven by the negotiated leverage and by the existence of NFCs. Finally, our findings indicate that sponsors face a trade-off between higher financial leverage and lower interest rate levels during negotiation of loan terms with lenders.

After decades of war, with a dilapidated infrastructure and millions of people dead, wounded or displaced, Vietnam could have been considered a hopeless case in economic development. Yet, it is now about to enter the ranks of middle-income countries. The obvious question is: How did this happen? This paper goes one step further, asking not which policies were adopted, but rather why they were adopted. This question is all the more intriguing because the process did not involve one group of individuals displacing another within the structure of power. To answer this question, the paper relies on the insights of those who were actually involved in the economic experiments, conceptual discussions, and political maneuvering that led to the adoption of key reforms. Especially, it builds on a series of long and regular conversations with H. E. the late Vo Van Kiet, one of Vietnam's leading figures. In doing so, it brings into the open the inside story of Doi Moi, a process that is not known by outsiders and remains opaque to most Vietnamese. The relevance of this exercise is not merely historical. Understanding how reforms were engineered may yield valuable lessons for other developing countries. It is also relevant for Vietnam, as two decades of rapid economic growth have resulted in dramatic changes in its economy and society. While praising the decision-making processes that allowed Vietnam to successfully emerge from poverty, the paper also explores the adjustments that could be needed for it to become an industrial country.

Paper presented at:- Pompeu Fabra University. 9th Annual Conference of the International Society for New Institutional Economics (ISNIE), 22-24 September 2005, Barcelona (Spain).- CESUR, IST, UTL. 9th International Conference on Competition and Ownership of Land Passenger Transport - Thredbo 9, 5-9 September 2005, Lisbonne, http://www.civil.ist.utl.pt/thredbo9/proceedings/html/ws_b_by_id.htm; International audience; This paper investigates the impact of ownership structure and contractual choices on technical efficiency in the French urban public transport sector. The central proposition, which relies on classical contract theory arguments, is that ownership regime and contractual practices are key determinants of performances.To test this proposition, we use an original panel data set covering 135 different French urban transport networks over the period 1995-2002 and we apply a stochastic frontier methodology.The econometric results corroborate our proposition: the technical efficiency of urban public transport operators depends on the ownership regime and on the type of contract governing their transactions.