The World Bank and Poverty: A Review of the Evidence on Whether the Agency Has Diminished Emphasis on Aid to the Poor

Abstract . The World Bank's loan patterns in recent years are examined to see if there is any empirical evidence of a diminution of interest in poverty alleviation programs. Four very different concepts on what poverty alleviation is are used to categorize the international agency's loans: the share of lending going to (1) poor countries; (2) programs targeting direct aid to poor individuals; (3) certain sectors deemed to be intrinsically beneficial in meeting basic human needs, and (4) overall country programs which make poverty a key element of their goals. Each of the concepts has different criteria and standards. Analysis of the data indicates that the Bank seems to be doing at least as well today in the struggle against poverty as in previous decades. In some ways the Bank's current program is more poverty-oriented than are bilateral aid programs financed by the United States and other major donor countries.     

Adjustable Rate Mortgages: Valuation

A simulation method is employed to value Adustable Rate Mortgages, (ARMS). It is used to price two typical instruments: an ARM linked to a Treasury interest rate and an ARM linked to a Cost of Funds Index. Contractual provisions such as the margin over the index, caps and floors on the ARM's rate or on the monthly prepayment, reset frequency, and the teaser rate are examined for their influence on value. The effects of interest rate trend and volatility are also analysed.This paper was written when both authors were employees of Goldman, Sachs & Co. in New York.The material in this paper is for private information, and Goldman, Sachs & co. is not soliciting any action based on it. Opinions expressed are the authors present opinions only. The material is based upon information which Goldman, Sachs & Co. considers reliable; but it does not represent that the material is accurate or complete, and it should not be relied upon as such. Goldman, Sachs & Co. may from time to time have a long or short position in, and buy or sell, securities mentioned.     

Bankruptcy risk and impaired investment decisions

This paper examines situations where the firm's investment decisions are impaired due to the presence of bankruptcy risk. Two situations are examined, one in which the firm is motivated to reject a positive NPV project and another in which the firm is motivated to accept a negative NPV project.     

The role of tourism in the economy of Scotland

This paper examines the economic impacts of tourism on the Scottish economy. Three study areas were defined on the basis of economic characteristics: the north of Scotland; the central lowlands (which generate more than half the total economic benefits attributable to tourist spending); and the south of Scotland. Financial information was obtained from businessmen involved in tourist-related industry. In 1980 about £231 million (35% of tourist spending) was retained as income to Scottish residents, and tourism was responsible for, directly and indirectly, over 100000 jobs. The ‘multiplier’ effect generates income, employment and tax revenues beyond the immediate tourist system. This summary of economic estimates should be of value to tourism planners.     

Tourism in the highlands and islands of Scotland rewards and conflicts

The paper examines the impact that tourism might be expected to have on peripheral regions, with a particular focus on the Highlands and Islands of Scotland while also drawing on the recorded experience of other areas. Tourism is evaluated as an economic, social, cultural, and political force to allow an assessment of its impact on the host community. The article recognizes that tourism may inevitably be associated with both costs and benefits in the same community and concludes that in order to ensure the most appropriate form of tourism, its development should be through local initiatives and consistent with local values.     

Repressed inflation in the Soviet Union: A temporary equilibrium approach

The Soviet economy is modeled by means of temporary general equilibrium theory. Three temporary equilibrium states are distinguished. In Walrasian equilibrium, all markets clear. Under repressed inflation, there is excess consumer demand for goods marketed by the state, while consumer demand is deficient in the underconsumption regime. The dynamics of these temporary equilibrium states are studied and the dynamic adjustment equations fitted to Soviet data. Simulation of the model offers an explanation for the tendency of the inventories/cash balances ratio to fall since 1965.     

Progressive politics and populism: Classes of labour and rural–urban political sociology—An introduction to the special issue

This special issue analyses the prospects for a progressive politics against right-wing populism and capitalism. Taken as a whole, its articles underline the need to understand progressive movements as encompassing agrarian, rural, and urban settings and as socially rooted among labourers and petty commodity producers that do not accumulate (classes of labour), which includes the majority of farmers. Most of the world's rural population now reproduce themselves to some degree in towns and cities, which necessitates further development of a rural–urban political sociology. Articles in the special issue discuss existing and potential organizations and networks of classes of labour. They point to the political potential of migrant populations to erode the social divisions of race, ethnicity, and nationality that capitalism and right-wing populism construct to defend their interests. They contribute to understanding of why some members of classes of labour support racist nationalist populisms that pit them against fellow members of classes of labour. And they show why national contexts matter. Forms of capitalist government, including varieties of populism, are linked to world-historical dynamics of accumulation and reproduction, as well as racialized class relations, and constrain routes to progressive politics in different ways. Analysis of them can inform counter-strategies.     

Wage claims in the British private sector: 1979–2003

Wage claims have been an important feature of British industrial relations during the postwar period. They help set the boundaries within which wage negotiations take place and provide an insight into the conduct of negotiations, especially during periods of change in industrial relations. Despite this, claims remain an underinvestigated area. This article provides a unique investigation of the dimensions of wage claims over a period of free collective bargaining. The number of wage claims declined along with unionisation but, over a period of economic turbulence, the conduct of British wage setting began to change. We examine data on claims and investigate the influences on changes in those claims over time. We find that external factors (inflation, unemployment and legislative control of unions) were more prominent in shaping the development of claims than changes in the composition of groups who continued to post claims.