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In 2010, the Latin American and Caribbean region showed great resilience to the international financial crisis and became the world region with the fastest-growing flows of both inward and outward foreign direct investment (FDI). The upswing in FDI in the region has occurred in a context in which developing countries in general have taken on a greater share in both inward and outward FDI flows. This briefing paper is divided into five sections. The first offers a regional overview of FDI in 2010. The second examines FDI trends in Central America, Panama and the Dominican Republic. The third describes the presence China is beginning to build up as an investor in the region. Lastly, the fourth and fifth sections analyze the main foreign investments and business strategies in the telecommunications and software sectors, respectively.
Prior to the initiation of economic reforms and trade liberalization 36 years ago, China maintained policies that kept the economy very poor, stagnant, centrally-controlled, vastly inefficient, and relatively isolated from the global economy. Since opening up to foreign trade and investment and implementing free market reforms in 1979, China has been among the world's fastest-growing economies, with real annual gross domestic product (GDP) growth averaging nearly 10% through 2016. In recent years, China has emerged as a major global economic power. It is now the world's largest economy (on a purchasing power parity basis), manufacturer, merchandise trader, and holder of foreign exchange reserves.The global economic crisis that began in 2008 greatly affected China's economy. China's exports, imports, and foreign direct investment (FDI) inflows declined, GDP growth slowed, and millions of Chinese workers reportedly lost their jobs. The Chinese government responded by implementing a $586 billion economic stimulus package and loosening monetary policies to increase bank lending. Such policies enabled China to effectively weather the effects of the sharp global fall in demand for Chinese products, but may have contributed to overcapacity in several industries and increased debt by Chinese firms and local government. China's economy has slowed in recent years. Real GDP growth has slowed in each of the past six years, dropping from 10.6% in 2010 to 6.7% in 2016, and is projected to slow to 5.7% by 2022.The Chinese government has attempted to steer the economy to a "new normal" of slower, but more stable and sustainable, economic growth. Yet, concerns have deepened in recent years over the health of the Chinese economy. On August 11, 2015, the Chinese government announced that the daily reference rate of the renminbi (RMB) would become more "market-oriented." Over the next three days, the RMB depreciated against the dollar and led to charges that China's goal was to boost exports to help stimulate the economy (which some suspect is in worse shape than indicated by official Chinese economic statistics). Concerns over the state of the Chinese economy appear to have often contributed to volatility in global stock indexes in recent years.The ability of China to maintain a rapidly growing economy in the long run will likely depend largely on the ability of the Chinese government to implement comprehensive economic reforms that more quickly hasten China's transition to a free market economy; rebalance the Chinese economy by making consumer demand, rather than exporting and fixed investment, the main engine of economic growth; boost productivity and innovation; address growing income disparities; and enhance environmental protection. The Chinese government has acknowledged that its current economic growth model needs to be altered and has announced several initiatives to address various economic challenges. In November 2013, the Communist Party of China held the Third Plenum of its 18th Party Congress, which outlined a number of broad policy reforms to boost competition and economic efficiency. For example, the communique stated that the market would now play a "decisive" role in allocating resources in the economy. At the same time, however, the communique emphasized the continued important role of the state sector in China's economy. In addition, many foreign firms have complained that the business climate in China has worsened in recent years. Thus, it remains unclear how committed the Chinese government is to implementing new comprehensive economic reforms.China's economic rise has significant implications for the United States and hence is of major interest to Congress. This report provides background on China's economic rise; describes its current economic structure; identifies the challenges China faces to maintain economic growth; and discusses the challenges, opportunities, and implications of China's economic rise.
Substantial increases in agricultural investments in developing countries are needed to combat poverty and realize food security and nutrition goals. There is evidence that agricultural investments can generate a wide range of developmental benefits, but these benefits cannot be expected to arise automatically and some forms of large-scale investment carry risks for host countries. Although there has been much debate about the potential benefits and risks of international investment, there is no systematic evidence on the actual impacts on the host country and their determinants. In order to acquire an in-depth understanding of potential benefits, constraints and costs of foreign investment in agriculture and of the business models that are more conducive to development, FAO has undertaken research in developing countries.This publication summarizes the results of this research, in particular through the presentation of the main findings of case studies in nine developing countries. It presents case studies on policies to attract foreign investment in agriculture and their impacts on national economic development in selected countries in Africa, Asian and Latin America.
Since Schumpeter, economists have argued that vast productivity gains can be achieved by investing in innovation and technological catch-up. Yet, as this volume documents, developing country firms and governments invest little to realize this potential, which dwarfs international aid flows. Using new data and original analytics, the authors uncover the key to this innovation paradox in the lack of complementary physical and human capital factors, particularly firm managerial capabilities, that are needed to reap the returns to innovation investments. Hence, countries need to rebalance policy away from R and D-centered initiatives †“ which are likely to fail in the absence of sophisticated private sector partners †“ toward building firm capabilities, and embrace an expanded concept of the National Innovation System that incorporates a broader range of market and systemic failures. The authors offer guidance on how to navigate the resulting innovation policy dilemma: as the need to redress these additional failures increases with distance from the frontier, government capabilities to formulate and implement the policy mix become weaker. This book is the first volume of the World Bank Productivity Project, which seeks to bring frontier thinking on the measurement and determinants of productivity to global policy makers.
Three-fourths of the world’s poor are rural poor. Most of the rural poor remain dependent on land-based livelihoods for their incomes and reproduction despite significant livelihood diversification in recent years. Land issue remains critical to any development discourse today. Market-led agrarian reform (MLAR) has gained prominence since the early 1990s as an alternative to state-led land reforms. This neoliberal policy is based on the inversion of what its proponents see as the features of earlier approaches, and calls for redistribution via privatized, decentralized transactions between ‘willing sellers’ and ‘willing buyers’. Its proponents, especially those associated with the World Bank, have claimed success where the policy has been implemented, but such claims have been contested by independent scholars as well as by peasant movements who are struggling to gain access to land. This book presents three thematic papers and six country studies. The thematic papers address issues of formalisation of property rights, gendered land rights, and neoliberal enclosure. These studies demonstrate the pervasive influence of neoliberal ideas on property rights and rural development debates, well beyond the ‘core’ question of land redistribution. The country cases bring together experiences from Brazil, Guatemala, El Salvador, Philippines, South Africa and Egypt. Common findings include the success of landowners in minimising the impact of reform, and a lack of post-transfer support, translating into marginal impact on poverty. The limitations of the market-led approach, and the implications of the studies presented here for the future of agrarian reform, are considered in the editors’ introduction. This book was a special issue of The Third World Quarterly.
Historically, the policy framework in Brazil has played a decisive role in shaping land use and changes in the rural landscape. Over the last three decades, the country has made impressive gains on socioeconomic, environmental and rural development policy fronts. Nonetheless, an overall analysis of Brazil’s policy framework pertaining to land use shows contradictions and constraints that need to be addressed in the long run. One such contradiction is given by disparities in rural credit and finance policies, with greater amounts favoring large-scale farming as opposed to family farming, despite the key role of smallholders in food production and job creation, and still low resources allocated to programs promoting low-carbon agricultural practices. Another contradiction is the dichotomy between climate change policies and mainstream agricultural and rural development policies. Brazil’s overriding challenge is harmonizing and effectively coordinating these different policy agendas at their various levels of implementation so as to effectively manage trade-offs. The question is what measures can be put in place to enable continued growth of agricultural production while also reducing its negative social and environmental costs? The answer lies partly in increasing support for implementing and up-scaling initiatives to promote low emissions agriculture and providing other economic incentives for adopting more sustainable use and conservation-oriented agricultural and land-use practices. Ultimately, reconciling agricultural production with conservation and rural livelihoods requires greater coordination and harmonization among sectoral policies at various levels of government. Achieving this goal requires the adoption of a combination of a value chain-based and territorial approach to land-use planning with more integrated farming systems in order to enable making improved decisions according to multiple trade-offs and impacts.
For a long time the topic of national development banks was limited to a debate between admirers and detractors of these institutions, often inserted into a more general debate of state versus markets. Since the 2007/8 North Atlantic financial crisis however, interest and support for these institutions has broadly increased in both developing and developed countries. Key issues such as understanding how development banks work, what their main aims are, and what their links with the private financial and corporate sector are have come to the forefront, and there is an increased interest in what instruments, incentives, and governance work better in general and in particular contexts. The Future of National Development Banks provides an in-depth study of several key examples of these institutions based in Brazil, Chile, China, Colombia, Germany, Mexico, and Peru. It explores horizontal issues such as their role in innovation and structural change, sustainable infrastructure financing, financial inclusion, and regulatory rules. It provides both research and policy-oriented perspectives on how these banks can make a significant contribution to a countries' development, and analyses their roles within broader economic policy, their governance, and the main instruments they use to perform their function. The Future of National Development Banks has important policy implications for countries that have these institutions and can improve them, and countries that do not have them yet and can learn from best practice.
There are fewer grounds today than in the past to deplore a North‑South divide in research and innovation. This is one of the key findings of the UNESCO Science Report: towards 2030. A large number of countries are now incorporating science, technology and innovation in their national development agenda, in order to make their economies less reliant on raw materials and more rooted in knowledge. Most research and development (R&D) is taking place in high-income countries, but innovation of some kind is now occurring across the full spectrum of income levels according to the first survey of manufacturing companies in 65 countries conducted by the UNESCO Institute for Statistics and summarized in this report. For many lower-income countries, sustainable development has become an integral part of their national development plans for the next 10–20 years. Among higher-income countries, a firm commitment to sustainable development is often coupled with the desire to maintain competitiveness in global markets that are increasingly leaning towards ‘green’ technologies. The quest for clean energy and greater energy efficiency now figures among the research priorities of numerous countries. Written by more than 50 experts who are each covering the country or region from which they hail, the UNESCO Science Report: towards 2030 provides more country-level information than ever before. The trends and developments in science, technology and innovation policy and governance between 2009 and mid-2015 described here provide essential baseline information on the concerns and priorities of countries that could orient the implementation and drive the assessment of the 2030 Agenda for Sustainable Development in the years to come.