By Boris Pleskovic, Michael Bruno
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OECD's first financial Survey of China records the encouraging quantity to which structural reforms in China have caused a sturdy strategy of monetary improvement. even as, the record issues out the place extra reform is needed. The significant subject matters of the report include bettering the framework for the non-public quarter, labour marketplace reforms, getting older, and reform of the general public area and the economic system.
The try to determine a 'new social agreement' among the govt and the unions, on the way to stabilising the financial system and restraining business militancy, emerged as a burning problems with modern British politics throughout the Nineteen Seventies. This examine uncovers the roots of this improvement within the earning rules of successive post-war Governments, specially of the 1964-70 Labour executive, and strains the best way salary restraint used to be secured from the unions, or imposed upon them, within the context of the tried registration of the unions in the current fiscal and political order.
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Extra resources for Annual World Bank Conference on Development Economics 1996
Using a new database covering some eighty cases of insolvency, Caprio and Klingebiel analyze the microeconomic and macroeconomic factors contributing to these crises and assess how governments and bankers have respondedunfortunately, not well. Too often, banks conceal the magnitude of their financial woes. Some continue to make loans in an effort to spur recovery; others fail to account for nonperforming loans in their balance sheets. And because many countries have lax regulatory standards for banksin many countries banks are essentially self-regulating yet have little at riskthese practices are able to continue until it is too late to prevent a financial crisis.
Thus, they argue, there is no miracle but simply the inexorable working out of standard fundamentals: increased inputs lead to increased outputs. Total factor productivity growth has been negligible. There are several technical problems associated with the studies reporting these results. ) But even if we take at face value the findings of low total factor productivity growth, these studies do not really address the question of whether government policies made a difference. They neither ask nor answer questions such as these: Why were savings rates in East Asia so high?
The findings, interpretations, and conclusions expressed in this volume are entirely those of the authors and should not be attributed in any manner to the World Bank, to its affiliated organizations, or to members of its Board of Executive Directors or the countries they represent. The material in this publication is copyrighted. Requests for permission to reproduce portions of it should be sent to the Office of the Publisher at the address in the copyright notice above. The World Bank encourages dissemination of its work and will normally give permission promptly and, when the reproduction is for noncommercial purposes, without asking a fee.