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Workers' social identity affects their choice of occupation, and therefore the structure and prosperity of the aggregate economy. This paper studies this phenomenon in a setting where work and identity are particularly intertwined: the Indian caste system. Using a new dataset that combines information on caste, occupation, wages, and historical evidence of subcastes' traditional occupations, the paper shows that caste members are still greatly overrepresented in their traditional occupations. To quantify the effects of caste-level distortions on aggregate and distributional outcomes, the paper develops a general equilibrium Roy model of occupational choice. The authors structurally estimate the model and evaluate counterfactuals that remove castes' ties to their traditional occupations, through their direct preferences, and via their parental occupations and social networks. The findings show that the share of workers employed in their traditional occupation decreases substantially. However, the effects on aggregate output and productivity are very small-and in some counterfactuals even negative-because gains from a more efficient human capital allocation are offset by productivity losses from weaker caste networks and reduced learning across generations. The findings emphasize the importance of caste identity in coordinating workers into occupational networks that enable productivity spillovers.

Caste --- Human Capital Allocation --- Institutions --- Labor Markets --- Networks --- Occupational Choice --- Occupational Identity --- Productivity --- Social Protections and Labor

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Financial liberalization may have a positive effect on growth not only through the increase in the quantity of the available funds, but also through a more efficient allocation of resources across firms and sectors. Despite this intuitive appeal, there is little empirical evidence on the positive effect of financial liberalization on capital allocation. The main difficulty of investigating the linkage between liberalization of financial markets and capital allocation efficiency lies in the fact that the efficiency of capital allocation is not directly observable. One way to address this issue is to evaluate the effect of financial liberalization within the Heckscher-Ohlin framework. Producing and exporting products inconsistent with a country's factor endowments constitutes a serious misallocation of the funds, which undermines competitiveness of the economy and inhibits its long run growth. This paper tests the allocative efficiency hypothesis by evaluating the effect of stock market liberalization on the survival of different product categories using export data for 91 countries over the period of 1975-2003. Preliminary results suggest that after liberalization of the domestic stock market, products employing intensively scarce factors exit at a relatively higher rate from a country's export portfolio. In other words, following liberalization episodes, a country tends to rebalance its export portfolio towards products consistent with its factor's endowments.

Capital Allocation --- Currencies and Exchange Rates --- Debt Markets --- Economic Theory & Research --- Emerging Markets --- Equity Market Liberalization --- Financial Liberalization --- International Economics & Trade --- International Trade --- Macroeconomics and Economic Growth --- Markets and Market Access --- Poverty Reduction

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Corporate governance deals with the ways in which the rights of outside suppliers of equity finance to corporations are protected and receive a fair return. Good practices reduce the risk of expropriation of outsiders by insiders and thus the cost of capital for issuers. Capaul and Fremond review the experience of the preparation of 15 corporate governance country assessments across five continents. The assessments have been prepared under the umbrella of the joint World Bank/IMF initiative of the "Reports on the Observance of Standards and Codes" (ROSCs). The assessments focus on the rights of shareholders, the equitable treatment of shareholders, the role of stakeholders, disclosure and transparency, and the duties of the board of listed companies, and use the OECD Principles of Corporate Governance as benchmark. The authors give an overview of the actual and potential contribution of the assessments to policy dialogue, diagnostic and strategic work, lending and nonlending operations, and technical assistance and capacity, and presents the unfinished agenda. This paper-a product of the Corporate Governance Unit, Private Sector Advisory Services Department-is part of a larger effort in the department to disseminate lessons learned in the assessment of the compliance of countries to global standards. The authors may be contacted at ofremond@worldbank.org or mcapaul@worldbank.org.

Access To Capital --- Bank Policy --- Banks and Banking Reform --- Capacity Building --- Capital Allocation --- Corporate Governance --- Corporate Law --- Debt Markets --- Emerging Markets --- Equity --- Exchange --- Finance --- Finance and Financial Sector Development --- Financial Literacy --- Good --- Governance --- Governance Indicators --- International Financial Institutions --- Law and Development --- Lending --- Market --- Microfinance --- National Governance --- Private Sector Development --- Prof Profits --- Property --- Property Rights --- Return --- Risk of Expropriation --- Shareholders --- Transparency

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Financial Risk Measurement is a challenging task, because both the types of risk and the techniques evolve very quickly. This book collects a number of novel contributions to the measurement of financial risk, which address either non-fully explored risks or risk takers, and does so in a wide variety of empirical contexts.

risk assessment --- mortgage portfolio --- insider trade --- contagion effect --- risk capital --- liquidity risk --- hedonic modeling --- rolling wavelet correlation --- inverse coefficient of variation --- exchange traded funds --- sovereign risk/debt --- securitized real estate and local stock markets --- portfolio optimization --- portfolio analysis --- risk premium --- performance measurement --- risk analysis --- contagion --- outperformance probability --- Sharpe ratio --- probability of default --- small and medium enterprises --- RAROC --- sovereign defaults --- risk attribution --- multiresolution analysis --- credit ratings --- debt maturity structure --- herding --- asset-backed securities --- modern portfolio theory --- housing segments --- analytic hierarchy process --- African countries --- Asian firms --- decentralization --- credit scoring --- dependence --- mutual funds --- spillover effect --- capital allocation --- copulas --- matched filter --- institutional holding --- crop insurance --- factor investing --- wavelet coherence and phase difference --- risk --- value-at-risk --- rearrangement algorithm

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Critics and defenders of multinational corporations often agree on at least one thing: that the activities of multinationals are creating an overwhelmingly powerful global market that is quickly rendering national borders obsolete. The authors of this book, however, argue that such expectations commonly rest on a myth. They examine key activities of multinational corporations in the United States, Japan, and Europe and explore the relationship between corporate behavior and national institutions and cultures. They demonstrate that the world's leading multinationals continue to be shaped decisively by the policies and values of their home countries and that their core operations are not converging to create a seamless global market. With a wealth of fresh evidence, the authors show that Japanese and German multinationals, in particular, remain only weakly committed to laissez-faire policy orientations and continue to exhibit strong allegiance to national goals in such areas as investment and employment. They also bring to light the consequences of enduring differences in government policies on, for example, industrial cartels, capital markets, and research and development. The authors agree that the world economy is becoming more complex and integrated as overt barriers to trade and investment fall away. But they conclude that the extent of this integration is decisively limited by structural divergence at the level of the firm. The book will be essential reading for those seeking to understand the growing interdependence of still-distinctive industrial societies and the wellsprings of the true global economy.

Competition, International. --- International business enterprises. --- 658.114 --- AA / International- internationaal --- 347.720.1 --- 338.048 --- 338.046.1 --- 382.11 --- 338.50 --- 338.6 --- Forms of enterprise in general. Private businesses --- Aard, definitie, eigenschappen van handelsvennootschappen. Bedrijfspatrimonium. Multinationale bedrijven. --- Fusies van ondernemingen. Industriële concentratie. --- Grote ondernemingen. --- Theorie van het internationale evenwicht. Economische onafhankelijkheid van een natie. Globalisering. Mondialisering. --- Vormen van monopolistische orde (algemeenheden). Economisch malthusianisme. --- Wetenschappelijk onderzoek en ontwikkeling. --- 658.114 Forms of enterprise in general. Private businesses --- Competition, International --- International business enterprises --- Business enterprises, International --- Corporations, International --- Global corporations --- International corporations --- MNEs (International business enterprises) --- Multinational corporations --- Multinational enterprises --- Transnational corporations --- Business enterprises --- Corporations --- Joint ventures --- International competition --- World economics --- International relations --- International trade --- War --- Grote ondernemingen --- Fusies van ondernemingen. Industriële concentratie --- Vormen van monopolistische orde (algemeenheden). Economisch malthusianisme --- Wetenschappelijk onderzoek en ontwikkeling --- Aard, definitie, eigenschappen van handelsvennootschappen. Bedrijfspatrimonium. Multinationale bedrijven --- Theorie van het internationale evenwicht. Economische onafhankelijkheid van een natie. Globalisering. Mondialisering --- Economic aspects --- Internationale ondernemingen. --- Concurrentie. --- Baden-Württemberg. --- Bank of Tokyo. --- Banyu Pharmaceuticals. --- Bayerische Vereinsbank. --- DRAM memory chips. --- Daimler-Benz. --- European Union. --- Federal Reserve System. --- Finanzplatz Deutschland. --- General Ceramics. --- Gerlach, Michael. --- Hitachi. --- Mitsui group. --- New Economic Order. --- Nippon Steel. --- Quandt family. --- Sanwa group. --- accounting standards. --- administrative heritage. --- aerospace industry. --- antitrust policies. --- automotive industry. --- biotechnology industry. --- branch banking. --- capital allocation process. --- capital mobility. --- chemical industry. --- churning corporate shares. --- constructivist theory. --- corporate nationality. --- corporatism. --- cosmocorp. --- deregulation. --- developmental democracy. --- dual-use technology. --- economies of scale. --- electronics industry. --- fascism. --- global corporation. --- globalization. --- growth theory. --- high technology industries. --- hysteresis. --- institutionalism. --- leveraged buyouts. --- liberal democracy. --- marketization. --- nationalization. --- path dependence. --- portfolio investment. --- principal-agent analogy. --- relationship banking.