The optimal provision of loan guarantees or deposit insurance is examined in the context of an overlapping generations model. It is demonstrated that even in the face of a market imperfection that precludes diversification of the private sector’s loan portfolio to eliminate risk, full...

It is shown that the inefficiencies created by the “soft” budget constraint, enjoyed by enterprises in Eastern Europe and elsewhere, will continue so long as governments are unable credibly to threaten not to bail out loss-makers. Commitment to a “hard” budget constraint can best be...

Cambodians have displayed tremendous resilience. The National Strategic Development Plan (NSDP) has been formulated using the comprehensive Rectangular Strategy of the Royal Government of Cambodia and synthesizes the Cambodia Millennium Development Goals (CMDG), the National Poverty Reduction...

This paper considers the implications of the prospective aging of the U.S. population for the social security system and concludes that the large and growing cashflow surpluses of the social security trust funds should be saved to help insulate living stands against this change. A number of...

The paper surveys the major economic, financial, and administrative issues that confront social security systems in Latin America. The larger systems have contributed substantially to public sector financial disequilibria. Expenditures of the younger systems with more limited coverage could...

The Poverty Reduction Strategy Paper (PRSP) prepared by the Burkinabè government forms the principal benchmark for all development actors, and reaffirms the urgency of attacking poverty from a structural perspective. It is the primary tool for coordination of all interventions and of public aid...

The Welfare Improvement Strategy (WIS) of Uzbekistan has the objective of improving living standards of its people with the help of strong economic policies for all priority areas of development. The report reviews economic and social policies and assesses the living standards of its people. It...

The health of the population in Guinea is also one of the determinants of poverty, owing to its impact on the ability of the population to work with vigor. There are large disparities depending on the urban/rural residence and administrative region. In terms of the poverty level of households,...