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Year: 2021 Publisher: Washington, D.C. : The World Bank,
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In the past two decades, insights from behavioral sciences, particularly behavioral economics, have been widely applied in the design of social programs such as pensions, social security, and taxation. This paper provides a survey of the existing literature in economics on the application of behavioral insights to infrastructure sectors, focusing on water and energy. Various applications of behavioral insights in the literature are examined from the perspectives of the three main actors in the infrastructure sectors: policy makers, service providers, and consumers. Evidence is presented from the literature on how behavioral regularities, such as imperfect optimization, limited self-control, and nonstandard preferences, affect the strategies, decisions, and actions of policy makers, service providers, and consumers, often leading to suboptimal outcomes for service investment, delivery, access, and use. The paper also highlights how behavioral interventions such as anchoring, framing, nonpecuniary incentives, and altering the choice architecture can lead to improvements in performance, adoption, consumption, and other outcomes of interest in the infrastructure sectors.
Behavioral Economics --- Development Planning and Policy --- Energy --- Energy and Economic Development --- Infrastructure --- Infrastructure Economics --- Infrastructure Economics and Finance --- Publicly-Provided Goods --- Water --- Water Economics --- Water Resources --- Water Supply and Sanitation Economics
Book
Year: 2021 Publisher: Washington, D.C. : International Monetary Fund,
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Some central banks have maintained overvalued official exchange rates, while unable to ensure that supply of foreign exchange meets legitimate demand for current account transactions at that price. A parallel exchange rate market develops, in such circumstances; and when the spread between the official and parallel rates is both substantial and sustained, price levels in the economy typically reflect the parallel market exchange rate. “Recognizing reality” by allowing economic agents to use a market clearing rate benefits economic activity without necessarily leading to more inflation. But a unified, market-clearing exchange rate will not stabilize without a supportive fiscal and monetary context. A number of country case studies are included; my thanks to Jie Ren for pulling together all the data for the country case studies, and the production of the charts.
Finance: General --- Foreign Exchange --- Price Level --- Inflation --- Deflation --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Comparative or Joint Analysis of Fiscal and Monetary Policy --- Stabilization --- Treasury Policy --- Current Account Adjustment --- Short-term Capital Movements --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- International Financial Markets --- Currency --- Foreign exchange --- Finance --- Exchange rates --- Multiple currency practices --- Exchange rate policy --- Currency markets --- Foreign exchange market --- Azerbaijan, Republic of
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