Suchergebnisse

Policy makers in Latin America and the Caribbean (LAC) often complain that poor fiscal performance in their countries is a result of a high degree of spending rigidity. Despite being a common complaint, the issue has remained largely ignored by the literature because of the lack of adequate measures of rigidity that allow cross-country and time series comparability. This report helps close this gap by introducing a new measure of spending rigidities that can be easily applied to multiple countries. It focuses on the categories of spending that are naturally inflexible—wages, pensions, transfers to subnational governments, and debt service—and separates them into two components: structural and nonstructural. The structural component is determined by economic, demographic, and institutional fundamentals. The nonstructural component is determined by short-run transitory factors associated with business and political cycles. The degree of rigidity of spending is then proxied by the ratio of structural spending to total spending, with a higher value indicating that spending is driven mostly by factors out of the policy makers' control. This concept of rigidity was applied to 120 countries for the years 2000–17. The report concludes by discussing several policies to contain the sources of rigidity in the long term, ranging from the importance of deepening the pension reform process to the need of establishing strong fiscal institutions promoting medium-term fiscal planning.

This paper explores the determinants of public employment across the world and finds that it is negatively associated with country size (by population) and positively associated with the income level. The findings show that a country's openness to trade is positively associated with public employment in low- and middle-income countries, but inversely related in high-income countries. The estimated models are used to predict the expected public employment for a country given its income, population, and openness to trade, and to compare the actual levels with the predicted ones. In general, public employment in Latin American countries is below the predicted levels, except for Argentina, Brazil, Ecuador, Mexico, Suriname, Trinidad and Tobago, and the República Bolivariana de Venezuela. Public employment in the Middle East and North Africa is above the predicted levels, particularly in the Arab Republic of Egypt and the Islamic Republic of Iran. East Asian and Pacific countries' public employment is significantly below the predicted levels, particularly in Hong Kong SAR, China; Japan; the Republic of Korea; and Mongolia. Countries in Europe and Central Asia show higher than predicted public employment, mostly in Romania, Denmark, Sweden, Armenia, and Belorussia. Public employment in Sub-Saharan Africa appears to be below the predicted levels, with the notable exceptions of Botswana and South Africa. The deviations from predicted levels are positively correlated with the union density rate, which is negatively associated with private employment rates. Finally, the study finds no statistical association between public and private employment, suggesting the absence of crowding-out in the employment levels.

Governments of developing countries typically spend between 20 and 30 percent of gross domestic product. Hence, small changes in the efficiency of public spending could have a major impact on aggregate productivity growth and gross domestic product levels. Therefore, measuring efficiency and comparing input-output combinations of different decision-making units becomes a central challenge. This paper gauges efficiency as the distance between observed input-output combinations and an efficiency frontier estimated by means of the Free Disposal Hull and Data Envelopment Analysis techniques. Input-inefficiency (excess input consumption to achieve a level of output) and output-inefficiency (output shortfall for a given level of inputs) are scored in a sample of 175 countries using data from 2006-16 on education, health, and infrastructure. The paper verifies empirical regularities of the cross-country variation in efficiency, showing a negative association between efficiency and spending levels and the ratio of public-to-private financing of the service provision. Other variables, such as inequality, urbanization, and aid dependency, show mixed results. The efficiency of capital spending is correlated with the quality of governance indicators, especially regulatory quality (positively) and perception of corruption (negatively). Although no causality may be inferred from this exercise, it points at different factors to understand why some countries might need more resources than others to achieve similar education, health, and infrastructure outcomes.

The paper estimates the rates of return to investment in education in Egypt, allowing for multiple sources of heterogeneity across individuals. The paper finds that, in the period 1998–2006, returns to education increased for workers with higher education, but fell for workers with intermediate education levels; the relative wage of illiterate workers also fell in the period. This change can be explained by supply and demand factors. On the supply side, the number workers with intermediate education, as well as illiterate ones, outpaced the growth of other categories joining the labor force during the decade. From the labor demand side, the Egyptian economy experienced a structural transformation by which sectors demanding higher-skilled labor, such as financial intermediation and communications, gained importance to the detriment of agriculture and construction, which demand lower-skilled workers. In Egypt, individuals are sorted into different educational tracks, creating the first source of heterogeneity: those that are sorted into the general secondary-university track have higher returns than those sorted into vocational training. Second, the paper finds that large-firm workers earn higher returns than small-firm workers. Third, females have larger returns to education. Female government workers earn similar wages as private sector female workers, while male workers in the private sector earn a premium of about 20 percent on average. This could lead to higher female reservation wages, which could explain why female unemployment rates are significantly higher than male unemployment rates. Formal workers earn higher rates of return to education than those in the informal sector, which did not happen a decade earlier. And finally, those individuals with access to technology (as proxied by personal computer ownership) have higher returns.

How Brazil's monetary and fiscal policies survived a series of severe economic shocks and the policy lessons for other countries.Inflation targeting--when central bank policies set specific inflation rate objectives--is widely used by both developed and developing countries around the world (although not by the United States or the European Central Bank). This collection of original essays looks at how Brazil's policy of inflation targeting, coupled with a floating exchange rate, survived a series of severe economic shocks and examines the policy lessons that can be drawn from Brazil's experience.After a successful start in early 1999, Brazil's policy regime had to manage mounting difficulties, including a sudden reversal of capital flows and its effects on the exchange rate and public debt, the contagion of Argentina's severe economic problems, a domestic energy crisis, and the political uncertainty of the 2002 presidential campaign. The contributors, prominent Brazilian and international economists, draw important lessons from Brazil's experience, including the necessity of accompanying monetary policy with fiscal improvement, the trade-offs involved in dollar-linked debt, the importance of fiscal institutions in an emerging market economy, and the importance of keeping inflation under control.

This paper analyzes the procyclicality of fiscal policy on the tax and spending sides in a sample of 116 developing countries between 2000 and 2016. About 20 percent of the countries in the sample switched from procyclical to countercyclical policy stance. In Sub-Saharan Africa, 30 of 39 countries remained caught in the procyclicality trap and the region has the highest degree of procyclicality. The Middle East and North Africa region switched from a countercyclical policy stance to a procyclical one over time. The Europe and Central Asia and Latin America and the Caribbean regions significantly reduced the degree of procyclicality. The main economic variables that affect procyclicality are financial depth, tax base variability, and natural resource dependence. In line with the political economy literature, the perception of corruption, social fragmentation, and inequality in resource distribution are positively associated with procyclicality. The findings also show that the quality of fiscal institutions is associated with procyclicality; countries with fiscal rules have smaller procyclical bias, but the effect is not homogeneous; and higher degrees of expenditure rigidity are associated with lower procyclical bias. The study finds asymmetric policy stances along the business cycle, with procyclicality being more pronounced during recessions. Similarly, the political cycle affects procyclicality, as procyclical bias increases in electoral years. From the tax management perspective, procyclical bias is still present, but there are significant changes: most of the political economy variables lose significance; the resource-dependence variable is not significant; external credit availability reduces procyclicality; tax base variability increases procyclical bias; and expenditure rigidity is no longer significant, but fiscal space becomes determinant of procyclical bias.

Bank credit to Egypt's private sector decreased over the last decade, despite a recapitalized banking system and high rates of economic growth. Recent macro-economic turmoil has reinforced the trend. This paper explains the decrease based on credit supply and demand considerations by 1) presenting stylized facts regarding the evolution of the banks' sources and fund use in 2005 to 2011, noting two different cycles of external capital flows, and 2) estimating private credit supply and demand equations using quarterly data from 1998 to 2011. The system of simultaneous equations is estimated both assuming continuous market clearing and allowing for transitory price rigidity entailing market disequilibrium. The main results are robust to the market clearing assumption. During the global financial crisis, a significant capital outflow stalled bank deposit growth, which in turn affected the private sector's credit supply. At the same time, the banking sector increased credit to the government. Both factors reduced the private sector's credit supply during the period under study. After the trough of the global crisis, capital flowed back into Egypt and deposit growth stopped being a drag on the supply side, but bank credit to the government continued to drive the decrease in the private sector's credit supply. Beginning in the final quarter of 2010, capital flows reversed in tandem with global capital markets, and in January 2011 the popular uprising that ousted President Hosni Mubarak added an Egypt-specific shock that accentuated the outflow. Lending capacity dragged again, accounting for 10% of the estimated fall in private credit. Credit to the government continued to drain resources, accounting for 70–80% of the estimated total decline. Reduced economic activity contributed around 15% of the total fall in credit. The relative importance of these factors contrasts with that of the preceding capital inflow period, when credit to the government accounted for 54% of the estimated fall, while demand factors accounted for a similar percentage.

Popular and solidarity economies are vital in the current economic system of Ecuador, they fulfill transcendent functions in the rural productive fabric and in small territories, as shown by the numbers of agricultural businesses born from this economy; However, society, large companies and governments remain reluctant to really strengthen cooperation and solidarity for the actors of the popular and solidarity economy. The objective of this work is to analyze the reality of the El Oro province around the popular and solidarity economies, and of the beneficiaries of the human development bonus, taking as a source the ministerial reports and other institutions that are part of this new economy. It is possible to detect that there is an important growth of organizations of popular and solidarity economy, and of beneficiaries of the bonus with greater weight in women of the banana and commercial cantons of the province. ; Las economías populares y solidarias son vitales en el sistema económico actual del Ecuador, cumplen funciones trascendentes en el tejido productivo rural y en los territorios pequeños tal como lo demuestran las cifras de negocios agropecuarios nacidos de esta economía; sin embargo, la sociedad, las grandes empresas y los gobiernos, siguen renuentes a fortalecer de manera real la cooperación y la solidaridad para los actores de la economía popular y solidaria. El objetivo del presente trabajo es analizar la realidad de la provincia El Oro en torno a las economías populares y solidarias, y de los beneficiarios del bono de desarrollo humano, tomando como fuente los informes ministeriales y de otras instituciones que son parte de esta nueva economía. Se logra detectar que hay un crecimiento importante de organizaciones de economía popular y solidaria, y de beneficiarios del bono con mayor peso en las mujeres de los cantones bananeros y comerciales de la provincia. ; As economias populares e solidárias são vitais no atual sistema econômico do Equador, cumprem funções transcendentes no tecido produtivo rural e em pequenos territórios, como mostram o número de empresas agrícolas nascidas desta economia; No entanto, a sociedade, as grandes empresas e os governos permanecem relutantes em realmente fortalecer a cooperação e a solidariedade para os atores da economia popular e solidária. O objetivo deste trabalho é analisar a realidade da província de El Oro em torno da economia popular e solidária, e dos beneficiários do bônus de desenvolvimento humano, tomando como fonte os relatórios ministeriais e outras instituições que fazem parte desta nova economia. É possível detectar que há um importante crescimento de organizações de economia popular e solidária, e de beneficiárias do bônus com maior peso em mulheres dos cantões bananeiros e comerciais da província.

La tecnología aplicada al uso de grandes datos ha sido una herramienta importante para proveer información necesaria para dar respuestas a los retos de salud pública ante la pandemia de COVID-19, y en Colombia no ha sido la excepción. En este documento se analizan dos insumos de analítica de datos (rastreo digital de contactos y análisis agregado de movilidad, ambos basados en datos de telefonía celular) sobre los cuales se han tomado medidas de salud púbica en el país latinoamericano como, por ejemplo, determinar zonas de control diferencial dentro de una ciudad, el rastreo de contactos, y la identificación de potenciales superdispersores. Con base en una muestra de los datos utilizados, se hace una reflexión a la luz de los hallazgos reportados hasta el momento, especialmente desde una perspectiva de redes complejas de contactos y superdispersores, las cuales se ha mostrado tienen un papel crítico en el comportamiento de la epidemia. Los análisis expuestos son parte de una compleja interacción entre el contexto político y epidemiológico que hacen diversas sus respectivas implementaciones. Por último, se resalta que Colombia cuenta con diversos ejemplos de políticas públicas informadas por datos de última generación. ; Technology applied to the use of big data has been an important tool to provide necessary information for public health responses to the COVID-19 pandemic, and Colombia has not been the exception. In this document, we analyze two data inputs (digital contact tracking and aggregate mobility analysis, both based on cell pone data), based on which public health measures have been taken in the Latin American country, such as, for example, determining differential control zones within a city, contact tracking, and identification of potential super spreaders. Based on a simple of the data used, we reflect upon the findings reported so far, especially from the perspective of complex networks of contacts and super spreaders, which have been shown to have a critical role in the behavior of the epidemic. The analyses shown here are part of a complex interaction of political and epidemiological contexts which have led to diverse implementations. We highlight that several examples of public policies in Colombia have been informed by this data.

Technology applied to the use of big data has been an important tool to provide necessary information for public health responses to the COVID-19 pandemic, and Colombia has not been the exception. In this document, we analyze two data inputs (digital contact tracking and aggregate mobility analysis, both based on cell pone data), based on which public health measures have been taken in the Latin American country, such as, for example, determining differential control zones within a city, contact tracking, and identification of potential super spreaders. Based on a simple of the data used, we reflect upon the findings reported so far, especially from the perspective of complex networks of contacts and super spreaders, which have been shown to have a critical role in the behavior of the epidemic. The analyses shown here are part of a complex interaction of political and epidemiological contexts which have led to diverse implementations. We highlight that several examples of public policies in Colombia have been informed by this data. ; La tecnología aplicada al uso de grandes datos ha sido una herramienta importante para proveer información necesaria para dar respuestas a los retos de salud pública ante la pandemia de COVID-19, y en Colombia no ha sido la excepción. En este documento se analizan dos insumos de analítica de datos (rastreo digital de contactos y análisis agregado de movilidad, ambos basados en datos de telefonía celular) sobre los cuales se han tomado medidas de salud púbica en el país latinoamericano como, por ejemplo, determinar zonas de control diferencial dentro de una ciudad, el rastreo de contactos, y la identificación de potenciales superdispersores. Con base en una muestra de los datos utilizados, se hace una reflexión a la luz de los hallazgos reportados hasta el momento, especialmente desde una perspectiva de redes complejas de contactos y superdispersores, las cuales se ha mostrado tienen un papel crítico en el comportamiento de la epidemia. Los análisis expuestos son parte de una compleja interacción entre el contexto político y epidemiológico que hacen diversas sus respectivas implementaciones. Por último, se resalta que Colombia cuenta con diversos ejemplos de políticas públicas informadas por datos de última generación. ; A tecnologia aplicada ao uso de grandes dados tem sido uma ferramenta importante para prover informação necessária para dar respostas aos desafios de saúde pública ante a pandemia de COVID-19, e na Colômbia não tem sido exceção. Neste documento se analisam dois insumos de analítica de dados (rastreio digital de contatos e análise agregado de mobilidade, ambos os dois baseados em dados de telefonia celular) sobre os quais se têm tomado medidas de saúde pública no país latino-americano como, por exemplo, determinar zonas de controle diferencial dentro da cidade, o rastreio de contatos, e a identificação de potenciais superdispersores. Com base em uma amostra dos dados utilizados, se faz uma reflexão à luz dos resultados reportados até agora, especialmente desde uma perspectiva de redes complexas de contatos e superdispersores, as quais se tem mostrado têm um papel crítico no comportamento da epidemia. As análises expostas são parte de uma complexa interação entre o contexto político e epidemiológico que fazem diversas suas respetivas implementações. Finalmente, ressalta-se que a Colômbia conta com diversos exemplos de políticas públicas informadas por dados de última geração.

Abstract
Reactive oxygen species (ROS) are central to diverse biological processes through which organisms respond to and interact with their surroundings. Yet, a lack of direct measurements limits our understanding of the distribution of ROS in the ocean. Using a recently developed in situ sensor, we show that deep-sea corals and sponges produce the ROS superoxide, revealing that benthic organisms can be sources and hotspots of ROS production in these environments. These findings confirm previous contentions that extracellular superoxide production by corals can be independent of the activity of photosynthetic symbionts. The discovery of deep-sea corals and sponges as sources of ROS has implications for the physiology and ecology of benthic organisms and introduces a previously overlooked suite of redox reactants at depth.

The authors would like to thank the leadership of the Deep Ocean Stewardship Initiative (DOSI), including Lisa Levin, Maria Baker, and Kristina Gjerde, for their support in developing this review. This work evolved from a meeting of the DOSI Oil and Gas working group supported by the J.M. Kaplan Fund, and associated with the Deep-Sea Biology Symposium in Aveiro, Portugal in September 2015. The members of the Oil and Gas working group that contributed to our discussions at that meeting or through the listserve are acknowledged for their contributions to this work. We would also like to thank the three reviewers and the editor who provided valuable comments and insight into the work presented here. DJ and AD were supported by funding from the European Union's Horizon 2020 research and innovation programme under the MERCES (Marine Ecosystem Restoration in Changing European Seas) project, grant agreement No 689518. AB was supported by CNPq grants 301412/2013-8 and 200504/2015-0. LH acknowledges funding provided by a Natural Environment Research Council grant (NE/L008181/1). This output reflects only the authors' views and the funders cannot be held responsible for any use that may be made of the information contained therein. ; Peer reviewed ; Publisher PDF