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Sex ratios at birth rose sharply in the South Caucasus countries after 1991, but recent data indicate that this trend is turning. What caused this rise, and what can be done to accelerate its normalization? Traditional kinship systems in the region are similar to those of other settings with sex-selection: structured for collaboration among male kin and dependence only on sons, not daughters. Yet it is anomalous to find sex-selection in a region that under the Soviet Union has for long been substantially urbanized and gender-equitable in public life-factors associated with declines in sex-selection elsewhere. Sex-selection manifested itself only after the sudden economic and governance meltdown following the dissolution of the Soviet Union in 1991. Jobs, basic services, and social protection mechanisms unraveled. People scrambled for coping mechanisms, and sons offer the traditional form of support under uncertainty. Basic services, pensions, and safety nets have been rebuilt, but the process involved years of policy changes. Strengthening these institutions, and maintaining credible continuity of expectations in them, is critical to accelerating normalization of sex ratios.

Economic Shocks --- Gender --- Gender & Development --- Gender & Health --- Gender & Law --- Governance --- Health --- Health Monitoring & Evaluation --- Population --- Population Policies --- Poverty --- Social Protection

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Transactional sex is believed to be an important risk-coping mechanism for women in Sub-Saharan Africa and a leading contributor to the HIV/AIDS epidemic. This paper uses data from a panel of women in rural Tanzania whose primary occupation is agriculture. The analysis finds that following a negative shock (such as food insecurity), unmarried women are about three times more likely to have been paid for sex. Regardless of marital status, after a shock women have more unprotected sex and are 36 percent more likely to have a sexually transmitted infection. These empirical findings support the claims that transactional sex is not confined to commercial sex workers and that frequently experienced shocks, such as food insecurity, may lead women to engage in transactional sex as a risk-coping behavior.

Adolescent Health --- Economic Shocks --- Gender --- Gender & Health --- Gender & Law --- Health Monitoring & Evaluation --- Health, Nutrition and Population --- HIV/AIDS --- Population Policies --- Sexually Transmitted Infections

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This paper reviews the evolving literature that links financial development, financial crises, and economic growth in the past 20 years. The initial disconnect-with one literature focusing on the effect of financial deepening on long-run growth and another studying its impact on volatility and crisis-has given way to a more nuanced approach that analyzes the two phenomena in an integrated framework. The main finding of this literature is that financial deepening leads to a trade-off between higher economic growth and higher crisis risk; and its main conclusion is that, for at least middle-income countries, the positive growth effects outweigh the negative crisis risk impact. This balanced view has been revisited recently for advanced economies, where an emerging and controversial literature supports the notion of "too much finance", suggesting that there might be a threshold beyond which financial depth becomes detrimental for economic growth by crowding out other productive activities and misallocating resources. Nevertheless, the growth/crisis trade-off is alive and strong for a large share of the world economy. Recognizing the intrinsic trade-offs of financial development can provide a useful framework to design policies targeting financial deepening, diversity, and inclusion. In particular, acknowledging the trade-offs can highlight the need for complementary policies to mitigate the risks, from financial macroprudential policies to monetary policy frameworks that monitor the growth of credit and asset prices.

Crisis --- Development --- Economic Conditions and Volatility --- Economic Growth --- Economic Shocks --- Economic Theory & Research --- Finance --- Growth --- Industrial Economics --- Industry --- Macroeconomics and Economic Growth --- Macroprudential Policies --- Productivity --- Risk --- Volatility

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This paper seeks to provide evidence on the extent of household vulnerability to exogenous economic shocks in the Pacific region and consider policy options that help to manage this risk. Characteristics of the region such as remoteness, small size, dispersion, and urbanizing populations lead to pronounced vulnerabilities. The paper presents macroeconomic and distributional analysis and complements it with results of a micro-simulation model customized for this work based on a model used previously by the World Bank to analyze the impacts of the Food and Fuel Price Crisis. The results of micro-simulations serve to highlight the very high levels of economic vulnerability faced in the region. Impacts of economic shocks are not confined to well-off individuals, but have major impacts on the poor. Even moderate shocks are likely to push sizeable fractions of the population below the poverty line. The shocks considered are not worst case scenarios, but those that can and have occurred frequently. The results show that households are hard hit by increases in oil prices, especially in remote islands where freight costs are higher, while countries on aggregate, and individual households, are exposed to volatility in the prices of the one or two imported food commodities that they depend on. Livelihoods are also often driven by external demand. In particular, many poor households in countries like Papua New Guinea have livelihood strategies centered on cash crops. The results point to the importance of helping households of the Pacific to manage the risk inherent in their lives while prudently using macroeconomic tools at the disposal of the government.

Economic Shocks --- Emerging Markets --- Food & Beverage Industry --- Industry --- Macroeconomics and Economic Growth --- Markets & Market Access --- Micro-Simulation --- Poverty --- Poverty Reduction --- Private Sector Development --- Rural Poverty Reduction --- Transport --- Transport Economics Policy and Planning --- Volatility

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The recent political upheavals in the Middle East and North Africa region have exposed growing concerns about conflict risk, political stability, and reform prospects across its societies. Given the prevalence of oil and gas resource endowments in the region, which a voluminous literature suggests can be associated with adverse development consequences, this paper examines the interplay between their associated rents and political economy trajectories. The contribution of the paper is threefold: first, to examine the quantitative evidence of violent conflict in the region since 1960; second, to provide a nuanced review of the regional case study literature on the relationship between resource endowments, political stability, and conflict risk; and third, to assess how prospective political transitions have implications for the World Bank Group's work in the region on public sector management and private sector development. The authors find that resources and regimes have intersected to provide stability and limited violent conflict in the region, but that these development patterns have yielded a set of policy choices and development patterns that are proving increasingly brittle and unsustainable. A major institutional challenge for reforms will be to consolidate a requisite degree of intertemporal credibility and stability in these regimes, while expanding inclusiveness in state-society relations.

Conflict Risks --- Economic Shocks --- Economic Theory & Research --- Emerging Markets --- Environmental Economics & Policies --- Labor Policies --- Macroeconomics and Economic Growth --- Political Stability --- Political Transitions --- Post Conflict Reconstruction --- Poverty Reduction --- Public Sector Development --- Resource Wealth