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According to the conclusions of the reports of several international institutions, such as the International Monetary Fund, the Latin American and Caribbean region has suffered from a lack of investment in physical capital in recent decades. This is especially true if one looks at both the levels and the state of their infrastructures. As might be expected, this is not a desirable situation, mainly because, according to the same reports, it can give rise to several harmful effects on the economies of this region. That said, it is natural that there is less and less doubt about the fact that in order to promote the development of the Latin American and Caribbean region, it will, in the near future, have to be able to increase its levels of physical capital. Considering the facts stated above, several essays were prepared in this thesis in order to (1) assess the impacts of physical capital on the development of the region; and (2) help the regional policy makers in the development of their future investment strategies. It was taken advantage of the data on public and private capital that was recently made available by the International Monetary Fund to achieve these objectives. Initially, the idea was only to use the data on the public capital stock since it is the one that is linked to the government's provision of economic and social infrastructure. However, as the private capital stock data was also available, it was also included in the analysis. Why stocks? Because in this way, instead of just accounting for the annual flows of public and private investment (only capital increases), it accounts for the volume of existing capital, as well as for the effects of depreciation. The first essay was based on the historical analysis of the evolution of both types of capital in the Latin American and Caribbean region from 1970 to 2017, in order to be able to verify if there was, in fact, a lack of investment in physical capital in this region. Using the data from the International Monetary Fund, the progress of ...

In the planning and management of the interim storage of spent nuclear fuel, the technical and economic parameters that are involved have a significant role in increasing the efficiency of the storage system. Optimal parameters will reduce the total economic costs for countries embarking on nuclear energy, such as the UAE. This study evaluated the design performance and economic feasibility of various structures and schedules, to determine an optimal combination of parameters for the management of spent nuclear fuel. With the introduction of various storage technology arrangements and expected costs per unit for the storage system design, we evaluated eight major scenarios, each with a cost analysis based on technological and economic issues. We executed a number of calculations based on the use of these storage technologies, and considered their investment costs. These calculations, which were aligned with the net present value approach and conducted using MS Project and MATLAB software programs, considered the capacities of the spent fuel pools and the amount of spent nuclear fuel (SNF) that will be transferred to dry storage facilities. As soon as they sufficiently cool, the spent nuclear fuel is to be stored in a pool storage facility. The results show that applying a centralized dry storage (CDS) system strategy is not an economically feasible solution, compared with using a permanent disposal facility (PDF) (unless the variable investment cost is reduced or changed). The optimal strategy involves operating a spent fuel pool island (SFPI) storage after the first 20 years of the start of the permanent shutdown of the reactor. After 20 years, the spent fuel is then transferred to a PDF. This strategy also results in a 20.9% to 26.1% reduction in the total cost compared with those of the other strategies. The total cost of the proposed strategy is approximately 4,307 million USD. The duration of the fuel storage and the investment cost, particularly the variable investment cost, directly affect the choice of facility storage.

Abstract Background In the nearly half century since it began lending for population projects, the World Bank has become one of the largest financiers of global health projects and programs, a powerful voice in shaping health agendas in global governance spaces, and a mass producer of evidentiary knowledge for its preferred global health interventions. How can social scientists interrogate the role of the World Bank in shaping 'global health' in the current era? Main body As a group of historians, social scientists, and public health officials with experience studying the effects of the institution's investment in health, we identify three challenges to this research. First, a future research agenda requires recognizing that the Bank is not a monolith, but rather has distinct inter-organizational groups that have shaped investment and discourse in complicated, and sometimes contradictory, ways. Second, we must consider how its influence on health policy and investment has changed significantly over time. Third, we must analyze its modes of engagement with other institutions within the global health landscape, and with the private sector. The unique relationships between Bank entities and countries that shape health policy, and the Bank's position as a center of research, permit it to have a formative influence on health economics as applied to international development. Addressing these challenges, we propose a future research agenda for the Bank's influence on global health through three overlapping objects of and domains for study: knowledge-based (shaping health policy knowledge), governance-based (shaping health governance), and finance-based (shaping health financing). We provide a review of case studies in each of these categories to inform this research agenda. Conclusions As the COVID-19 pandemic continues to rage, and as state and non-state actors work to build more inclusive and robust health systems around the world, it is more important than ever to consider how to best document and analyze the impacts of Bank's financial and technical investments in the Global South.

AbstractResearch question/issue This paper examines how enhanced monitoring by corporate boards following the passage of the Sarbanes–Oxley Act of 2002 and concurrent reforms to stock exchange rules (SOX) mitigated risk‐related agency conflicts prevalent in entrenched firms.Research findings/insights Post‐SOX, entrenched firms increased risky and value‐enhancing investments. These investments were financed by reductions in financial slack and dividend payouts and by lower cost of debt. The specific mechanism driving the positive changes in corporate policies of entrenched firms is the SOX requirement of an independent compensation committee. Managers of entrenched firms previously noncompliant with this requirement are rewarded with more equity‐based pay after SOX, which strengthened their incentives to pursue value‐creating riskier investments. Only firms with low information asymmetry benefit from this requirement.Theoretical/academic implications The paper provides evidence of a disciplining effect of the critically important governance legislation on firms with entrenched management. The findings suggest that, by imposing an additional layer of discipline on managers, SOX increased managers' willingness to take on riskier but more value‐enhancing projects that were previously stifled in entrenched firms. The paper underscores the roles of an independent compensation committee and information cost in alleviating managerial risk avoidance.Practitioner/policy implications The paper has implications for the ongoing debate among policymakers and legislators on the costs and benefits of SOX and for future governance reforms. Legal enforcement of stricter board requirements can realign investment policies with shareholders' interests even in the presence of value‐reducing firm‐specific arrangements that entrench managers. However, majority independent board and fully independent audit and compensation committees do not rein in chief executive officer (CEO)'s risk aversion. It is a fully independent compensation committee that is instrumental in incentivizing CEOs to pursue risky projects that also add value. Firms and policymakers need to be aware that the effectiveness of the independent compensation committee in designing optimal pay policies depends on the access to timely and accurate information. Other mechanisms need to be considered to enhance risk‐taking in entrenched firms operating in high cost information environments.

Purpose: This research paper aims to analyze the evaluation of the financial performance of pension funds, to find the relationship between contributions, return on investment and net asset value with pension fund performance. The following research questions have been asked in order to realize the purpose of the research: What are the factors affecting the performance of the pension fund? What is the relationship between pension fund performance and contributions, return on investment, and net asset value?
Methodology: For the specification of the econometric model of this study, we rely on secondary data published in official World Bank reports and reports of pension funds in Kosovo, Albania and North Macedonia. To measure the empirical results, these statistical tests are used: standard multiple regression, fixed effects model, random effect model, and Hausman Taylor Regression.
Findings: Based on the empirical results, we can conclude that the increase in gross domestic product, return on investment, contributions and net assets have positively influenced the performance of pension funds for the countries included in the study. The other independent variable, the exchange rate, on the basis of econometric estimations, has turned out to be non-significant.
Practical implications: The empirical results of this study may recommend that relevant institutions in Kosovo, Albania and North Macedonia undertake reforms towards the creation of efficient pension systems, and these reforms are of crucial importance for pension systems, which have an economic and social character in their function as fund accumulators and benefit distributors for the categories in need.
Originality: The study is conducted with secondary data and all the empirical analysis are original based on the authors' calculations through econometric models. Through the results of this study we aim to provide additional empirical evidence on the performance of pension funds in Kosovo, Albania and North Macedonia, recommending that relevant institutions improve the functioning of the pension system, as it is a very important part of a financial system of a country which has an impact on economic growth.
Keywords: financial performance, pension fund, contributions, net assets, return on investment

To be beneficial for a country's development, non-renewable resource extraction should be leveraged to build long-term assets, such as infrastructure, that will support sustainable and inclusive growth. This is especially critical for countries facing an infrastructure-funding gap (e.g. the World Bank's Africa Infrastructure Country Diagnostic has estimated that Africa faces an annual infrastructure funding gap of US$31 billion); leveraging extractive industry-related investment could help fill this gap. Historically, natural resource concessionaires have adopted an enclave approach to infrastructure development, providing their own power and transportation services to ensure that the basic infrastructure needed for their operations is reliably available. Shared-Use Infrastructure Along the World's Largest Iron Ore Operation: Lessons Learned from the Carajás Corridor The Carajás railway corridor connects the world's largest iron ore mine, operated by mining company Vale in Brazil's Amazon region, to the company's maritime terminal. Carajás is one of the few integrated railway corridors financed by a mining company that, apart from transporting the iron ore that made the investment viable, also transports general cargo and operates passenger services. Besides the shared-use or open-access arrangement along the railroad, third parties also benefit from Vale's investments in port, airport, and information and communications technology (ICT) infrastructure. Building on CCSI's work on leveraging mining-related infrastructure investment for development, this study provides insights into the logistics and institutional setup of the Carajás corridor and lessons learned for other countries seeking to implement a similar shared-use approach. It also provides insights into the benefits and costs related to the corridor, as well as opportunities to increase the development benefits resulting from its shared use. Both the full report and the executive summary are available. The initial phase of this project consisted of a worldwide survey of case studies of shared use of mining-related infrastructure. Four Policy Papers deliver the findings for 1) mineral railways and ports, 2) power infrastructure, 3) water infrastructure, and 4) internet and telecommunications.

This research piece is an empirical attempt to model the Indian economy at an aggregate level with annual data, ranging from 1980 to 2019. The major theoretical premise of the paper mimics the New Keynesian framework, which is based on the microeconomic foundations of Keynesian economics. The paper proposes a whole economic structure in the form of nine equations. Aggregate demand is modeled with the help of four equations, representing consumption, private investment, exports, and imports. Aggregate supply assumes the form of a simple neoclassical production function where labor, capital, and exogenous technical progress are considered as inputs. Further, inflation is assumed to follow a New Keynesian representation whereas the LM curve has its standard form with income and short-term rate of interest as its determinants. Subsequently, a linking equation, expressing long-run interest rates as a function of short-term interest rates and government investment, is proposed to unify monetary policy and fiscal policy to goods markets. Finally, tax is estimated as a function of per capita income. A structural equation model is employed for the empirical analysis and findings support the theoretical expectations. Consumption follows the absolute income hypothesis and private investment is governed by the accelerator principle. Further, the negative sign of nominal interest rates in the investment function confirms an inverse relation between the former and private capital formation. Exports are found to be influenced by world income, exchange rates, and government capital formation, and import demand is determined by domestic income, the difference between domestic and international inflation, and the lagged exchange rate. From the policy perspective, this paper suggests the suitability of fiscal and monetary policies for increasing growth in the Indian economy. However, the effectiveness of expansionary fiscal policy is observed to have a larger impact on growth than easy monetary policy. This inference is drawn mainly on the basis of a simulation exercise for the proposed structural equation model.

Superplatforms – diversified digital corporations from the United States (Amazon, Google and others grouped in FAMGA/GAFAM) and China (Baidu, Alibaba, Tencent) dominating the Internet markets – are the leading actors of digital economy. In terms of revenue, markets, and capitalization they are already among the largest multinational corporations. Many basic factors of their success are still in place, but increased competition, diminishing importance of low base effects and other challenges forced them to sharpen focus on innovations and emerging technologies since late 2000s – early 2010s. This process was supported by a strong influx of capital from financial markets. As a result, superplatforms executed strong growth of research and development (R&D) expenditures and investments in venture markets – especially in the domain of emerging technologies. By the end of 2010s, superplatforms appeared among leading technology and innovation actors of respective National Innovation Systems (NIS) in terms of their share of national business R&D, venture investments and because of unique role in promoting digital transformation of the U.S.A. and China. It may also be stated, that superplatforms now are an important factor of both potential and competitiveness of the superpowers, including issues of digital sovereignty. For the future, disruptive innovations and technologies will still be in focus of the superplatforms. This is especially true since superplatforms need new quality of innovative development: further accelerated increase of R&D and venture investments seem to be almost impossible in new realm of the financial markets. The process will be more influenced by the external factors, than in the previous decade. (Among them are changes in the regulatory environment – also to compensate challenging monopolistic behaviors of FAMGA and BAT; changing global trade and investment dynamics – including technological "war" between the U.S.A. and China; rise of global competition). As a result, we may envision further rise of importance of the superplatforms for NIS and their transformation into a new factor of economic and digital power – and new arena of global competition for the U.S.A. and China.

The main purpose of any insurance market is to ensure the continuity of the production process and the formation of sources of investment resources for the development of the country's economy. However, in a context of financial globalization, this function can be unrealized due to the increased vulnerability of insurance markets to the impact of global crisis and capital outflow through the processes of mergers and acquisitions of insurance companies, foreign investments, international reinsurance, etc. This generates threats to the security of Ukraine's insurance market. And hence, the purpose of the article is to develop recommendations on how to regulate the safety of Ukraine's insurance market on the basis of an analysis of the manifestations of financial globalization in the world's insurance markets and the identified threats. The authors consider financial globalization as the formation of a global financial market that can be defined as a market in which international financial intermediaries (banks, insurance companies, etc.) sell financial services worldwide. The processes of financial globalization cause such security threats to the insurance market, as: acquisition by foreign insurers of national insurance companies, outflow of investment resources abroad, growth of dependence on external reinsurance and others. To strengthen the security of Ukraine's insurance market under financial globalization, the following directions of regulation are proposed: (i) to establish requirements for external investments of insurers not only in the part of securities of foreign issuers, but also in relation to other assets, which can be represented by insurance reserves; ii) to carry out ongoing monitoring of security indicators of the insurance market: the share of insurance payments belonging to reinsurers-non-residents in gross insurance payments; the share of foreign capital in the authorized capital of insurance companies; market share of foreign insurance companies; iii) to increase the independence from external reinsurance, the capitalization of Ukrainian insurers should be increased on the basis of the introduction of Solvency II principles for the growth of the reinsurance capacity of the national insurance market and stimulation of the export of reinsurance services.

This thesis analyses how Kenya should apply intellectual property (IP) law in the country's oil and gas sector to foster innovation and support economic growth within the context of the country's development plan, Kenya Vision 2030. Specifically, the thesis considers the possible influence of IP law on innovation, investment and economic growth in the oil and gas sector in Kenya. Using doctrinal methodology, the thesis examines legislation and case law from Kenya, South Africa and the United Kingdom relating to competition and protection of patents, copyright, trade marks, trade secrets and industrial designs. This examination is based on a public interest approach to IP law and competition law and seeks to determine the possible effect of Kenya's IP laws on investment and innovation in the sector. The study finds that IP law and competition law reflect an attempt to accommodate public interest and the interests of investors. It argues that regulation of Kenya's oil and gas sector using IP law is likely to enhance innovation and support economic growth if relevant IP laws provide for protection of IP whilst safeguarding public interest. The thesis also finds that protection of traditional knowledge (TK) is likely to be relevant to the upstream oil and gas sector in Kenya for environmental resource management. It argues that optimal management of TK is likely to entail collaborative work between indigenous communities, public institutions and private enterprises, as provided for in Kenya's Environmental Management and Coordination Act (Number 8 of 1999). The thesis makes proposals for a regulatory environment that is likely to provide a firmer basis for investment in the country's oil and gas industry, promote competition in markets for IP in Kenya, provide a sustainable IP law framework for the sector for economic growth in Kenya, preserve TK of local communities and enhance equitable sharing of benefits related to TK in the context of the country's oil and gas industry. The thesis contributes to literature on Kenya's oil and gas industry by filling the apparent gap in analysing the possible effect of the country's IP law on investment in the industry and public interest.

This paper examines the record of industrial policy in Alberta and on this basis proposes principles for future innovation focused industrial policy in the province. I find that the development of the key technology in unlocking the majority of the Canadian oil sands, Steam Assisted Gravity Drainage (SAGD), is an example of industrial policy in Alberta responsible for disruptive innovation and economic development. Under strong political leadership and against the wishes of the incumbent industry – which preferred path following innovation in enhanced oil recovery – royalties were raised on the conventional oil industry to fund the Alberta Oil Sands Technology and Research Authority (AOSTRA), an extensive research and development project in what was seen as an "alternative" industry. While much of the research and testing was conducted in partnership and with matching funds from industry, after the initial $854 million (2019 dollars) government investment failed to demonstrate significant results, the pivotal investment in SAGD was purely government led in the face of opposition from industry that viewed the construction of the Underground Test Facility as a boondoggle. Once SAGD was proven it was the private sector, made up of personnel trained under AOSTRA, and with continued financial support from government, which grew SAGD into a significant industry. Over time the pivotal role of the $1.4 billion (2019 dollars) government investment and the original opposition the investment faced has been largely forgotten. There is growing interest in the potential for mission oriented innovation or industrial policy to address major social and environmental challenges and spur economic growth. As the Government of Alberta addresses the dual challenges of diversification and decarbonisation in the province, AOSTRA's past success holds important lessons for future government policy. I explore these lessons and set out an industrial policy approach for the role of government in industry creation. Alberta's economic development history shows the important role of industrial policy in disruptive innovations and economic growth, and how careful policy design can minimize rent-seeking and minimize the costs of the necessary mistakes in the process – the "losers" that end up picked in the necessary process of finding the "winners".

Alberta's provincial government investment and capital stocks have followed a rather varied and unusual path since 1961, a path characterized by large swings in both. This paper seeks to understand those developments better and suggest directions for improvement. Relative to other provinces, Alberta has a low level of provincial net capital stock relative to GDP but a high level of capital stock and investment per person. Investigation here shows that the reason for this seeming anomaly is that the Alberta economy is different in notable and generally unappreciated ways from the economies in other provinces. The results indicate that interprovincial comparisons to GDP can often be misleading. Also, household income, not GDP, appears to be the major determinant of public infrastructure. Since 2008, the Alberta government has relied increasingly on debt finance. There is a need for caution because what appear to be (inter-provincially) moderate levels of debt relative to GDP are large relative to provincial government revenue (which is argued to be a more meaningful comparator). Utilizing public investment to help stabilize the economy has been mixed in Alberta over the long term. However, the overall surplus/deficit pattern has been much more counter-cyclic. More emphasis has been placed on stabilization since 2000 and especially so during the 2009 and 2015 downturns. While both those downturns are linked to long-term resource revenue setbacks (the lasting drop in natural gas prices and the drop in oil prices that is expected to diminish the provincial government's resource revenues for some time), they have been treated as if caused by cyclic rather than structural changes. The result is that reserve funds have been drained and the province has dramatically increased debt (largely it is argued to support capital investment) and continues to do so even as the economy gradually improves. Provincial finances need adjustment to the longer-term realities. More stable capital funding would be a component. Possibilities are noted and suggestions are offered.

The country operations business plan (COBP) presents the indicative program for support of the Asian Development Bank (ADB) to Timor-Leste for 2020–2022. Implementation of ADB's country partnership strategy (CPS), 2016–2020 for Timor-Leste has progressed slowly due to Presidential and Parliamentary elections in 2017 and 2018. Staff assessment is that the CPS remains highly relevant to address the development priorities of Timor-Leste. The Government of Timor-Leste concurs with the assessment and has agreed to conduct a CPS mid-term review in 2020 with a view to extending CPS implementation to 2022. The findings and recommendations from the assessment will be reported in the COBP for 2021–2023 that will be circulated to the Board in 2020. COBP, 2020–2022 is consistent with the CPS and aligned with ADB Strategy 2030 operational priorities; the Program of the Eighth Constitutional Government of Timor-Leste, 2018–2023; and Timor-Leste's Strategic Development Plan, 2011–2030. COBP, 2020–2022 will help Timor-Leste build human capital, diversify its economy, and achieve sustainable and inclusive growth. The agriculture sector has been added to ADB assistance areas as agreed with the government (Appendix 1). Particular emphasis is given to the Strategy 2030 operational priorities of addressing remaining poverty and reducing inequalities, accelerating progress in gender equality, making cities more livable, strengthening governance and institutional capacity, and promoting regional cooperation and integration. Developing a sustainable non-oil economy is a key challenge for Timor-Leste. The Program of the Eighth Constitutional Government presents an ambitious plan to improve service delivery and accelerate economic development. Implementing this plan will require well targeted investments in infrastructure and human capital development and substantive policy reforms. The indicative pipelines of investment projects, technical assistance (TA), and knowledge activities will support the achievement of these goals. The indicative lending program includes investments to develop human capital, improve delivery of basic services, strengthen market linkages, and stimulate productive activities. The nonlending program will support the preparation of high-quality investment projects and help Timor-Leste with key thematic priorities, such as governance, capacity development, and regional cooperation and integration.

116 páginas ; Places with high atractivity and turistic potencial in Colombia, like San Agustín, Huila has propitiated that foreign investors discover oportunities for tourism business creation. Therefore, this investigation had the goal analyze the effects generated by migration and foreign investment in tourism activity associated with the provision of accommodation services in the place mentioned since 2008. Further, being as information on foreign investment and types of migrations generated in destinations with low population density in Colombia was not identified, this research analyzed the effects generated by foreign migrants since different approaches such as incentives created by the National Government for investment, foreign investment in the services sector at national level, migration for amenity, comparison of hotel indicators and income items of accommodation service providers from analyzed destination, and identification of the reasons why these foreign entrepreneurs decided to set up in the place analyzed. ; Destinos con alta atractividad y potencial turístico en Colombia, como el municipio de San Agustín, Huila, han propiciado que inversionistas extranjeros visualicen oportunidades para la creación de negocios turísticos. Por tanto, esta investigación tuvo como fin analizar los efectos que generan la migración y la inversión extranjera en la actividad turística asociada a la prestación de servicios de alojamiento en el municipio mencionado desde el año 2008. Adicionalmente, debido a que no se identificó información sobre la inversión extranjera y tipos de migraciones generadas en destinos con baja densidad poblacional en Colombia, esta investigación analizó los efectos generados por los migrantes extranjeros a partir de diferentes enfoques como los incentivos creados por el Gobierno Nacional para la inversión, la inversión extranjera en el sector servicios a nivel nacional, la migración por amenidad, comparación de indicadores hoteleros y rubros de ingreso de prestadores de servicios de alojamiento en el destino analizado, e identificación de los motivos por los cuales estos prestadores extranjeros decidieron asentarse en el municipio analizado. ; Administrador(a) de Empresas Turísticas y Hoteleras ; Pregrado