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We estimate the respective contributions of institutions, geography, and trade in determining cross-country income levels using recently developed instruments for institutions and trade. Our results indicate that the quality of institutions "trumps" everything else. Controlling for institutions, geography have at best weak direct effects on incomes, although it has a strong indirect effect through institutions. Similarly, controlling for institutions, trade has a negative, albeit, insignificant direct effect on income, although trade too has a positive effect on institutional quality. We relate our results to recent literature, and where differences exist, trace their origins to choices on samples, specification, and instrumentation.

Foreign Exchange --- Labor --- Macroeconomics --- Production and Operations Management --- Demography --- Economic Integration --- Macroeconomic Analyses of Economic Development --- Political Economy --- Comparative Analysis of Economic Systems --- Personal Income, Wealth, and Their Distributions --- Macroeconomics: Production --- Labor Economics: General --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Health: General --- Demographic Economics: General --- Labour --- income economics --- Currency --- Foreign exchange --- Health economics --- Population & demography --- Personal income --- Purchasing power parity --- Productivity --- Human capital --- National accounts --- Health --- Production --- Population and demographics --- Income --- Industrial productivity --- Labor economics --- Population --- China, People's Republic of

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Sukuk, the shari’a-compliant alternative mode of financing to conventional bonds, have expanded considerably over the last decade. We analyze the stock market reaction to two key features of this financial instrument: sukuk type and characteristics of the shari’a scholar certifying the issue. We use the event study methodology to measure abnormal returns for a sample of 131 sukuk from eight countries over the period 2006-2013 and find that Ijara sukuk structures exert a positive influence on the stock price of the issuing firm. We observe a similar positive impact from shari’a scholar reputation and proximity to issuer. Overall our results support the hypotheses that the type of sukuk and the choice of scholars hired to certify these securities matter for the market valuation of the issuing company.

Securities --- Investment banking --- Banks and banking, Investment --- Investment banks --- Financial institutions --- Blue sky laws --- Capitalization (Finance) --- Investment securities --- Portfolio --- Scrip --- Securities law --- Underwriting --- Investments --- Religious aspects --- Islam. --- Law and legislation --- Finance: General --- Information and Market Efficiency --- Event Studies --- Comparative Analysis of Economic Systems --- General Financial Markets: General (includes Measurement and Data) --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Finance --- Stock markets --- Financial instruments --- Financial markets --- Stock exchanges --- Malaysia

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This paper presents a general equilibrium model of interenterprise arrears, characterized by n-stage production technology with random productivity shocks. The model shows that large interenterprise arrears in transition economies may reflect substantial business risks in those countries and that rapid privatization and commercialization may contribute to a huge initial accumulation of trade credits and arrears. The paper also suggests that administrative measures aimed at immediate reduction of IEA such as imposition of prepayments and penalty charges, would not be as effective as partial equilibrium frameworks suggest. Consequently, a fundamental solution should be sought instead in reducing business risks or improving enterprise information. Finally, the paper discusses the relevance of the model to Russian experience in 1993 and 1994.

Econometrics --- Exports and Imports --- Macroeconomics --- Money and Monetary Policy --- General Equilibrium and Disequilibrium: General --- Monetary Policy --- Socialist Institutions and Their Transitions: Financial Economics --- Comparative Analysis of Economic Systems --- International Lending and Debt Problems --- Comparison of Public and Private Enterprises and Nonprofit Institutions --- Privatization --- Contracting Out --- Computable and Other Applied General Equilibrium Models --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- International economics --- Econometrics & economic statistics --- Monetary economics --- Trade credits --- Arrears --- General equilibrium models --- Monetary base --- External debt --- Economic sectors --- Econometric analysis --- Money --- Debts, External --- Econometric models --- Money supply --- Russian Federation

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This paper examines the indirect role the IMF plays in combating corruption in the Baltic and CIS countries by promoting structural reforms that help improve economic governance and thus reduce opportunities for rent-seeking behavior. The analysis draws on examples of actual experience with corruption and outlines some of the structural measures under IMF-supported arrangements, which, if successfully implemented, can be expected to help gradually alleviate corruption. It also summarizes IMF-wide initiatives under way to strengthen public sector transparency and accountability, and highlights the key structural areas likely to receive emphasis in the IMF’s future policy advice to countries in the region.

Banks and Banking --- Labor --- Macroeconomics --- Environmental Economics --- Criminology --- Models of Political Processes: Rent-seeking, Elections, Legislatures, and Voting Behavior --- Structure and Scope of Government: General --- Illegal Behavior and the Enforcement of Law --- Comparative Analysis of Economic Systems --- Bureaucracy --- Administrative Processes in Public Organizations --- Corruption --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Comparison of Public and Private Enterprises and Nonprofit Institutions --- Privatization --- Contracting Out --- Environmental Economics: General --- Corporate crime --- white-collar crime --- Banking --- Civil service & public sector --- Environmental economics --- Commercial banks --- Civil service reform --- Environment --- Crime --- Financial institutions --- Economic sectors --- Banks and banking --- Civil service --- Environmental sciences --- Kyrgyz Republic

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This paper examines the merits of the British budget management system that was inherited in Anglophone African countries and which has changed substantially in the United Kingdom since the 1960s. It considers whether the disappointing budgetary performance in Africa is due to weaknesses in the inherited British system, other external influences, or domestic developments. It finds that all three factors have played a role in the widespread problems with budget management systems. Reforms in institutional arrangements are needed, especially in budget execution. Technical reforms will be ineffective unless there are concomitant changes to enhance accountability, improve governance, and increase compliance.

Accounting --- Budgeting --- Public Finance --- Fiscal Policy --- Structure, Scope, and Performance of Government --- Fiscal Policies and Behavior of Economic Agents: General --- National Government Expenditures and Related Policies: General --- National Budget --- Budget Systems --- Economic History: Government, War, Law, and Regulation: Africa --- Oceania --- Fiscal and Monetary Policy in Development --- Comparative Analysis of Economic Systems --- National Budget, Deficit, and Debt: General --- Public Administration --- Public Sector Accounting and Audits --- Budgeting & financial management --- Public finance & taxation --- Public finance accounting --- Budget planning and preparation --- Expenditure --- Budget execution and treasury management --- Fiscal accounting and reporting --- Expenditure control --- Public financial management (PFM) --- Budget --- Expenditures, Public --- Finance, Public --- United Kingdom