Most analyses of property rights and
economic development point to the negative influence of
insecure property rights on private investment. The authors
focus instead on the largely unexamined effects of insecure
property rights on government policy choices. They identify
one significant anomaly-dramatically higher public
investment in countries with insecure property rights-and
use it to make the following broad claims about insecure

This report is about how women
entrepreneurs can contribute more to the quality and
direction of economic and social development in the Middle
East and North Africa (MENA) region. Economic growth in the
Middle East has been remarkable since 2004, mainly because
of higher oil prices. Rapid job growth has followed, driven
mainly by the private sector. Yet the region still faces two
important challenges: the first is to create better jobs for

In recent years, the countries of Europe
and Central Asia (ECA) have experienced a marked decline in
investments by international private operators/investors in
local infrastructure-much in line with the trend observed in
other emerging markets. This decline has been particularly
significant in the local water and energy sectors. In light
of the increasingly tight fiscal constraints faced by
governments across ECA, there is a strong need to develop

This qualitative assessment of poverty
in Albania seeks to deepen the understanding of poverty in
the country, first, by involving poor Albanians in a process
of exploring the causes, nature, extent of poverty, and how
it affects their livelihoods. Second, it is intended to
support the Growth and Poverty Reduction Strategy Paper
(PRSP). Third, it supports preparation of the Country
Assistance Strategy (CAS), and the Living Standards

Since independence in 1966,
Guyana's economy has gone through a state control of
major productive sectors, and financial institutions -
including controls of prices, credit, and foreign exchange -
to a combination of political/social unrest, with terms of
trade deterioration, and slow economic growth. This led
Guyana to become the fourth poorest country in the Western
Hemisphere, despite its rich endowment in mineral resources,

Bangladesh has marked considerable
progress since independence in 1971 despite its dire initial
conditions. Real per capita income is about 60percent higher
now than in 1971. The share of population in poverty
currently stands at about 50 percent, compared with over 70
percent in the early 1970s. Even more impressive has been
the progress in improving the social and human dimensions of
poverty. Bangladesh's faster gains in human development

This Financial Sector Assessment (FSA)
is based on the work of the joint International Monetary
Fund (IMF)- World Bank missions that visited Kenya from July
15 to July 24,2003, and from September 30 to October 15,
2003, in the context of the Financial Sector Assessment
Program (FSAP). The principal objective of the missions was
to assist the Kenyan authorities in assessing the
development needs and opportunities for the financial sector

This Country-Level Effectiveness and
Accountability Review (CLEAR) examines the efficacy of
microfinance aid in Madagascar, based on an objective
analysis of donor assistance for the sustainable development
of financial systems targeting the poor. The three levels of
the financial system are the micro level (e.g., retail
institutions), the meso level (e.g., apex, technical service
providers), and the macro level (e.g., regulations and

The authors examine the impact of growth
of key policy and institutional reforms: macroeconomic
stabilization, trade liberalization, deregulation of
finance, privatization, deregulation of utilities,
modernization of the public sector with a view to increasing
its effectiveness and accountability, and the spread of
democracy and decentralization. They draw lessons both from
a policy and institutional perspective and from the

The 2005 Tanzania poverty and social impact analysis (PSIA) on local government tax reform was designed to examine the intended and unintended consequences on poverty reduction and growth in Tanzania of the tax reforms implemented in June 2003 and 2004. The main elements of the reform were the abolition of the flat rate development levy in 2003 along with nuisance taxes, and the abolition of business license fees for enterprises below a certain size and capping of those fees for larger enterprises in 2004.

The provision of public goods and the amelioration of market failure are the classical justifications for government intervention in the economy. In reality, (1) governments intervene in markets that are not affected by failure, and (2) a large share of the government resources is spent in private goods, not in public goods. In contrast to issue 1, issue 2 has received little attention in the literature, in spite of the potentially large efficiency and equity losses arising from misguided allocations of public expenditures.

This report summarizes the findings of
Investment Climate Assessments (ICAs) carried out for all
countries in the South Asia region. It compares South Asian
countries to countries in other regions, analyzes
similarities and differences within the region, and
identifies the way forward in improving the investment
climate. The first volume analyzes similarities and
differences within the region and between South Asia and the