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This paper is a policy review of the role of investment climate in post-conflict situations. It summarizes the broad range of ways in which conflict negatively affects the investment climate, from macroeconomic instability to a degraded regulatory framework. It stresses that attention needs to be paid to the broader "enabling environment," including institutions, governance, capacity, and social capital. It suggests that a vibrant private sector underpinned by a good investment climate is particularly important in the post-conflict recovery phase for three reasons: it generates employment, provides public services where the state has retrenched, and builds social capital. By addressing these important "greed and grievance" factors, the private sector helps reduce the likelihood of a return to conflict. The paper concludes by distilling key lessons relating to the management of the post-conflict reform process. Despite the importance of a good investment climate, greater effort is needed to ensure that private sector development reforms are included in the first round of post-conflict policymaking. Local ownership of reforms and enhanced local capacity to implement them is key to sustainable improvements in the investment climate. Development partners have an important role to play in facilitating dialogue and promoting partnerships between public and private sector stakeholders. At the same time, development partners need to ensure that their presence in fragile post-conflict economies does not damage the very sector they are trying to support.

Bank Policy --- Banks and Banking Reform --- Capacity Enhancement --- Conflict and Development --- Contract --- Contract Enforcement --- Debt Markets --- E-Business --- Emerging Markets --- Enabling Environment --- Exchange --- Finance --- Finance and Financial Sector Development --- Financial Literacy --- Good --- International Economics & Trade --- Investment --- Investment Climate --- Labor Markets --- Local Capacity --- Macroeconomic Instability --- Macroeconomic Stability --- Macroeconomics and Economic Growth --- Physical Security --- Political Economy --- Post Conflict Reconstruction --- Private Sector Development --- Property --- Property Rights --- Regulatory Framework --- Return --- Security --- Social Capital --- Social Conflict and Violence --- Social Development --- Social Protections and Labor --- Trade and Regional Integration

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The authors combine the literature on financial crises in emerging markets and developing economies with that on international migrations by investigating whether the increasingly large flows of workers' remittances can help reduce the probability of current account reversals. The rationale for this stands in the great stability and low cyclicality of remittances as compared with other private capital flows: these properties, combined with the fact that remittances are cheap inflows of foreign currencies, might reduce the probability that foreign investors suddenly flee out of emerging markets and developing economies and trigger a dramatic current account adjustment. The authors find that remittances can have such a beneficial effect. In particular, they show that a high level of remittances, as a ratio of GDP, makes the relationship between a decreasing stock of international reserves (over GDP) and a higher probability of current account crises less stringent. The same occurs, though less neatly, for the positive relationship between an increasing stock of external debt (over GDP) and the probability of current account reversals. The results point also to a threshold effect of remittances: the mechanisms just described are, in fact, much stronger when remittances are above 3 percent of GDP.

Banking System --- Capital Flows --- Capital Inflows --- Consumption --- Country of Origin --- Currencies and Exchange Rates --- Currency Crises --- Currency Depreciation --- Current Account --- Debt Markets --- Economic Theory and Research --- Economies --- External Debt --- Finance and Financial Sector Development --- Financial Crises --- Financial Literacy --- Foreign Currencies --- Foreign Currency --- Foreign Debt --- Foreign Direct Investment --- Health, Nutrition and Population --- International Economics & Trade --- International Reserves --- Macroeconomic Instability --- Macroeconomic Management --- Macroeconomics and Economic Growth --- Population Policies --- Private Capital --- Remittances --- Welfare

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The first comprehensive history of the Turkish economyThe population and economy of the area within the present-day borders of Turkey has consistently been among the largest in the developing world, yet there has been no authoritative economic history of Turkey until now. In Uneven Centuries, Şevket Pamuk examines the economic growth and human development of Turkey over the past two hundred years.Taking a comparative global perspective, Pamuk investigates Turkey's economic history through four periods: the open economy during the nineteenth-century Ottoman era, the transition from empire to nation-state that spanned the two world wars and the Great Depression, the continued protectionism and import-substituting industrialization after World War II, and the neoliberal policies and the opening of the economy after 1980. Making use of indices of GDP per capita, trade, wages, health, and education, Pamuk argues that Turkey's long-term economic trends cannot be explained only by immediate causes such as economic policies, rates of investment, productivity growth, and structural change.Uneven Centuries offers a deeper analysis of the essential forces underlying Turkey's development-its institutions and their evolution-to make better sense of the country's unique history and to provide important insights into the patterns of growth in developing countries during the past two centuries.

Economic development --- History --- Turkey --- Turkey. --- Economic conditions. --- 1950s. --- 1970s. --- 1980. --- Asian crisis. --- Balkans. --- Democrat Party. --- GDP. --- Great Depression. --- Industrial Revolution. --- North America. --- Ottoman government. --- Ottoman institutions. --- Ottoman reforms. --- War of Independence. --- Western Europe. --- World War I. --- World War II. --- agriculture. --- capital movements. --- capital. --- developed countries. --- developing countries. --- developing-country. --- economic development. --- economic environment. --- economic growth. --- economic history. --- economic institutions. --- economic policies. --- economic power. --- empire. --- external support. --- financial globalization. --- foreign capital. --- foreign trade. --- growth rates. --- growth. --- human capital. --- human development. --- income distribution. --- income per capita. --- independence movements. --- industrialization. --- institutional changes. --- institutions. --- international trade. --- investment. --- labor force. --- labor movements. --- labor unions. --- labor. --- land. --- macroeconomic instability. --- mid-1950s. --- modern Turkey. --- multiparty political system. --- nation-state. --- nineteenth century. --- open economy. --- per capita GDP. --- per capita income. --- per capita incomes. --- physical capital. --- political developments. --- political system. --- productivity. --- protectionism. --- reforms. --- technological changes. --- technological progress. --- western European states. --- world averages. --- world wars.