Debt Relief and Beyond : Lessons Learned and Challenges Ahead

Heavily indebted low-income countries benefited from significant debt relief over the past decade. Under the Heavily Indebted Poor Countries (HIPC) Initiative and the Multilateral Debt Relief Initiative (MDRI), assistance of about $117 billion in n...

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Main Authors: Primo Braga, Carlos A., Domeland, Dorte
Format: Publication
Language:English
Published: World Bank 2012
Subjects:
Online Access:http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333037_20091111232053
http://hdl.handle.net/10986/2681
id okr-10986-2681
recordtype oai_dc
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
topic ACCESS TO CAPITAL
ACCESS TO DEBT
AMOUNT OF DEBT
BAILOUT
BALANCE OF PAYMENTS
BALANCE SHEET
BILATERAL CREDITORS
BILATERAL DONORS
BOND INDEX
BOND ISSUANCES
BOND ISSUES
BOND SPREADS
BONDS
BUDGET CONSTRAINT
CAPITAL FLOWS
CAPITAL FORMATION
CAPITAL INFLOWS
CAPITAL MARKET
CAPITAL MARKETS
CAPITALIZATION
CASH FLOWS
COMMERCIAL CREDITOR
COMMERCIAL CREDITORS
COMMERCIAL DEBT
COMMODITY PRICE
COMMODITY PRICES
CONFLICTS OF INTEREST
CONSUMER PRICE INDEX
CONTINGENT LIABILITIES
COST TO BORROWERS
COUNTRY RISK
COVERAGE OF DEBT
CREDIT AGENCIES
CREDIT RATINGS
CREDIT RISK
CREDIT TRANCHE
CREDITOR
DEBT
DEBT BURDEN
DEBT BURDEN OF LOW-INCOME COUNTRIES
DEBT BURDENS
DEBT CONVERSION
DEBT CONVERSIONS
DEBT CRISES
DEBT CRISIS
DEBT DATA
DEBT DECOMPOSITION
DEBT DYNAMICS
DEBT FORGIVENESS
DEBT INSTRUMENTS
DEBT LEVELS
DEBT MANAGEMENT
DEBT MANAGEMENT DEPARTMENT
DEBT MANAGEMENT SYSTEMS
DEBT MANAGERS
DEBT OVERHANG
DEBT POLICY
DEBT PROBLEM
DEBT PROBLEMS
DEBT RATIOS
DEBT REDUCTION
DEBT REDUCTIONS
DEBT RELIEF
DEBT RELIEF INITIATIVE
DEBT RESCHEDULING
DEBT RESTRUCTURING
DEBT SERVICE
DEBT SITUATION
DEBT STOCK
DEBT STOCKS
DEBT SUSTAINABILITY
DEBT SUSTAINABILITY ANALYSIS
DEBT SWAPS
DEBT-MANAGEMENT STRATEGIES
DEBT-MANAGEMENT STRATEGY
DEBT-RELIEF
DEBT-SERVICE
DEBT-SERVICE OBLIGATIONS
DEBTOR
DEBTOR COUNTRIES
DEBTOR COUNTRY
DEBTOR GOVERNMENT
DEBTOR GOVERNMENTS
DEBTORS
DEBTS
DEBT­ REDUCTION
DEBT ­BURDEN
DEBT­ REDUCTION
DECENTRALIZATION
DEFAULT RISK
DEFICITS
DEVELOPING COUNTRIES
DEVELOPMENT BANK
DIRECT INVESTMENT
DOMESTIC CAPITAL
DOMESTIC CAPITAL MARKET
DOMESTIC DEBT
DOMESTIC DEBT MARKET
EMERGING ECONOMIES
EMERGING MARKETS
EQUITY ISSUANCE
EQUITY ISSUANCES
EVOLUTION OF DEBT
EXCESSIVE DEBT
EXCHANGE RATE
EXPENDITURES
EXPORT GROWTH
EXPORTERS
EXTERNAL BORROWING
EXTERNAL DEBT
EXTERNAL DEBT BURDEN
EXTERNAL DEBT BURDENS
EXTERNAL DEBT FINANCING
EXTERNAL DEBT MANAGEMENT
EXTERNAL DEBT SITUATION
EXTERNAL FINANCING
EXTERNAL LOANS
EXTERNAL OBLIGATIONS
EXTERNAL PUBLIC DEBT
EXTERNAL SHOCKS
FINANCIAL CRISIS
FINANCIAL FLOWS
FINANCIAL MARKETS
FISCAL DEFICITS
FISCAL POLICIES
FISCAL POLICY
FOREIGN CAPITAL
FOREIGN DEBT
FOREIGN EXCHANGE
FOREIGN INVESTORS
GOVERNMENT DEBT
GOVERNMENT EXPENDITURE
GRACE PERIOD
GROSS DOMESTIC PRODUCT
HUMAN DEVELOPMENT
IMMUNIZATION
INDEBTED COUNTRIES
INDEBTED COUNTRY
INDEBTEDNESS
INFORMATION SYSTEMS
INITIAL DEBT
INSTITUTIONAL INVESTOR
INTEREST RATE
INTEREST RATES
INTERNATIONAL BANK
INTERNATIONAL CAPITAL
INTERNATIONAL CAPITAL MARKETS
INTERNATIONAL DEVELOPMENT
INTERNATIONAL FINANCIAL STATISTICS
INVESTING
INVESTMENT FLOWS
LENDERS
LEVEL OF DEBT
LIABILITY
LIABILITY MANAGEMENT
LIQUID ASSETS
LIQUIDITY
LIQUIDITY CRISES
LIQUIDITY PROBLEMS
LOAN
MACROECONOMIC POLICIES
MACROECONOMIC STABILITY
MARKET ACCESS
MARKET COUNTRIES
MARKET PRICE
MONETARY FUND
MORAL HAZARD
MULTILATERAL CREDITORS
MULTILATERAL DEBT
MULTILATERAL DEBT RELIEF
NONPAYMENT
ODIOUS DEBT
OIL PRICE
OIL PRICES
POLICY RESPONSE
PORTFOLIO
PORTFOLIO FLOWS
PRINCIPAL-AGENT PROBLEM
PRIVATE CAPITAL
PRIVATE CAPITAL INFLOWS
PRIVATE CREDIT
PUBLIC DEBT
PUBLIC DEBT MANAGEMENT
PUBLIC DEBT STOCKS
PUBLIC FINANCES
PUBLIC SECTOR DEBT
PUBLIC SPENDING
REGULATORY FRAMEWORK
RELIEF MECHANISMS
RELIEF PACKAGE
REPAYMENT
REPAYMENT CAPACITY
RESERVE
RESERVE MANAGEMENT
RESERVES
RISK AVERSION
SHORT MATURITIES
SHORT-TERM DEBT
SHORT-TERM LIQUIDITY
SOFT BUDGET CONSTRAINT
SOVEREIGN BOND
SOVEREIGN BORROWERS
SOVEREIGN DEBT
SOVEREIGN DEBTS
SOVEREIGN DEFAULT
SOVEREIGN DEFAULTS
SOVEREIGN ISSUERS
SOVEREIGN RATINGS
SOVEREIGN RISK
STOCK OF DEBT
STOCK-OF-DEBT OPERATION
SUPPLEMENTAL FINANCING
SWAP
TRADITIONAL DEBT RELIEF
TRADITIONAL DEBT-RELIEF MECHANISMS
TREASURY
spellingShingle ACCESS TO CAPITAL
ACCESS TO DEBT
AMOUNT OF DEBT
BAILOUT
BALANCE OF PAYMENTS
BALANCE SHEET
BILATERAL CREDITORS
BILATERAL DONORS
BOND INDEX
BOND ISSUANCES
BOND ISSUES
BOND SPREADS
BONDS
BUDGET CONSTRAINT
CAPITAL FLOWS
CAPITAL FORMATION
CAPITAL INFLOWS
CAPITAL MARKET
CAPITAL MARKETS
CAPITALIZATION
CASH FLOWS
COMMERCIAL CREDITOR
COMMERCIAL CREDITORS
COMMERCIAL DEBT
COMMODITY PRICE
COMMODITY PRICES
CONFLICTS OF INTEREST
CONSUMER PRICE INDEX
CONTINGENT LIABILITIES
COST TO BORROWERS
COUNTRY RISK
COVERAGE OF DEBT
CREDIT AGENCIES
CREDIT RATINGS
CREDIT RISK
CREDIT TRANCHE
CREDITOR
DEBT
DEBT BURDEN
DEBT BURDEN OF LOW-INCOME COUNTRIES
DEBT BURDENS
DEBT CONVERSION
DEBT CONVERSIONS
DEBT CRISES
DEBT CRISIS
DEBT DATA
DEBT DECOMPOSITION
DEBT DYNAMICS
DEBT FORGIVENESS
DEBT INSTRUMENTS
DEBT LEVELS
DEBT MANAGEMENT
DEBT MANAGEMENT DEPARTMENT
DEBT MANAGEMENT SYSTEMS
DEBT MANAGERS
DEBT OVERHANG
DEBT POLICY
DEBT PROBLEM
DEBT PROBLEMS
DEBT RATIOS
DEBT REDUCTION
DEBT REDUCTIONS
DEBT RELIEF
DEBT RELIEF INITIATIVE
DEBT RESCHEDULING
DEBT RESTRUCTURING
DEBT SERVICE
DEBT SITUATION
DEBT STOCK
DEBT STOCKS
DEBT SUSTAINABILITY
DEBT SUSTAINABILITY ANALYSIS
DEBT SWAPS
DEBT-MANAGEMENT STRATEGIES
DEBT-MANAGEMENT STRATEGY
DEBT-RELIEF
DEBT-SERVICE
DEBT-SERVICE OBLIGATIONS
DEBTOR
DEBTOR COUNTRIES
DEBTOR COUNTRY
DEBTOR GOVERNMENT
DEBTOR GOVERNMENTS
DEBTORS
DEBTS
DEBT­ REDUCTION
DEBT ­BURDEN
DEBT­ REDUCTION
DECENTRALIZATION
DEFAULT RISK
DEFICITS
DEVELOPING COUNTRIES
DEVELOPMENT BANK
DIRECT INVESTMENT
DOMESTIC CAPITAL
DOMESTIC CAPITAL MARKET
DOMESTIC DEBT
DOMESTIC DEBT MARKET
EMERGING ECONOMIES
EMERGING MARKETS
EQUITY ISSUANCE
EQUITY ISSUANCES
EVOLUTION OF DEBT
EXCESSIVE DEBT
EXCHANGE RATE
EXPENDITURES
EXPORT GROWTH
EXPORTERS
EXTERNAL BORROWING
EXTERNAL DEBT
EXTERNAL DEBT BURDEN
EXTERNAL DEBT BURDENS
EXTERNAL DEBT FINANCING
EXTERNAL DEBT MANAGEMENT
EXTERNAL DEBT SITUATION
EXTERNAL FINANCING
EXTERNAL LOANS
EXTERNAL OBLIGATIONS
EXTERNAL PUBLIC DEBT
EXTERNAL SHOCKS
FINANCIAL CRISIS
FINANCIAL FLOWS
FINANCIAL MARKETS
FISCAL DEFICITS
FISCAL POLICIES
FISCAL POLICY
FOREIGN CAPITAL
FOREIGN DEBT
FOREIGN EXCHANGE
FOREIGN INVESTORS
GOVERNMENT DEBT
GOVERNMENT EXPENDITURE
GRACE PERIOD
GROSS DOMESTIC PRODUCT
HUMAN DEVELOPMENT
IMMUNIZATION
INDEBTED COUNTRIES
INDEBTED COUNTRY
INDEBTEDNESS
INFORMATION SYSTEMS
INITIAL DEBT
INSTITUTIONAL INVESTOR
INTEREST RATE
INTEREST RATES
INTERNATIONAL BANK
INTERNATIONAL CAPITAL
INTERNATIONAL CAPITAL MARKETS
INTERNATIONAL DEVELOPMENT
INTERNATIONAL FINANCIAL STATISTICS
INVESTING
INVESTMENT FLOWS
LENDERS
LEVEL OF DEBT
LIABILITY
LIABILITY MANAGEMENT
LIQUID ASSETS
LIQUIDITY
LIQUIDITY CRISES
LIQUIDITY PROBLEMS
LOAN
MACROECONOMIC POLICIES
MACROECONOMIC STABILITY
MARKET ACCESS
MARKET COUNTRIES
MARKET PRICE
MONETARY FUND
MORAL HAZARD
MULTILATERAL CREDITORS
MULTILATERAL DEBT
MULTILATERAL DEBT RELIEF
NONPAYMENT
ODIOUS DEBT
OIL PRICE
OIL PRICES
POLICY RESPONSE
PORTFOLIO
PORTFOLIO FLOWS
PRINCIPAL-AGENT PROBLEM
PRIVATE CAPITAL
PRIVATE CAPITAL INFLOWS
PRIVATE CREDIT
PUBLIC DEBT
PUBLIC DEBT MANAGEMENT
PUBLIC DEBT STOCKS
PUBLIC FINANCES
PUBLIC SECTOR DEBT
PUBLIC SPENDING
REGULATORY FRAMEWORK
RELIEF MECHANISMS
RELIEF PACKAGE
REPAYMENT
REPAYMENT CAPACITY
RESERVE
RESERVE MANAGEMENT
RESERVES
RISK AVERSION
SHORT MATURITIES
SHORT-TERM DEBT
SHORT-TERM LIQUIDITY
SOFT BUDGET CONSTRAINT
SOVEREIGN BOND
SOVEREIGN BORROWERS
SOVEREIGN DEBT
SOVEREIGN DEBTS
SOVEREIGN DEFAULT
SOVEREIGN DEFAULTS
SOVEREIGN ISSUERS
SOVEREIGN RATINGS
SOVEREIGN RISK
STOCK OF DEBT
STOCK-OF-DEBT OPERATION
SUPPLEMENTAL FINANCING
SWAP
TRADITIONAL DEBT RELIEF
TRADITIONAL DEBT-RELIEF MECHANISMS
TREASURY
Primo Braga, Carlos A.
Domeland, Dorte
Debt Relief and Beyond : Lessons Learned and Challenges Ahead
description Heavily indebted low-income countries benefited from significant debt relief over the past decade. Under the Heavily Indebted Poor Countries (HIPC) Initiative and the Multilateral Debt Relief Initiative (MDRI), assistance of about $117 billion in nominal terms had been committed to 35 HIPC as of end-April 2009. This debt relief represents about half of the 2007 Gross Domestic Product (GDP) of these countries, whose debt burden is expected to drop by more than 80 percent once full debt relief is granted. As a result of relief already provided, debt-service payments have plummeted and expenditures on pro-poor growth programs increased. The book is divided into four parts. Part one examines the design of debt-relief initiatives and provides evidence of its effect on education, health, and economic growth. Part two describes the risks and opportunities developing countries face following debt relief. It identifies how they can safeguard debt sustainability; describes the role of sovereign risk for private sector access to capital; and draws lessons from the experience of market-access countries on the links between sovereign debt and development. Part three examines the concept and various policy proposals of dealing with 'odious' debt. Part four looks at debt management, debt restructuring, and the interplay between debt and fiscal policies. It provides guidance on debut sovereign bond issues; examines the issuance and management of sub-national debt; describes the challenges of crafting fiscal policy and managing debt and oil revenues in a (temporarily) oil-rich country (the Republic of Congo); and draws lessons from Chile's experiences using debt swaps in the 1980s.
author2 Primo Braga, Carlos A.
author_facet Primo Braga, Carlos A.
Primo Braga, Carlos A.
Domeland, Dorte
format Publications & Research :: Publication
author Primo Braga, Carlos A.
Domeland, Dorte
author_sort Primo Braga, Carlos A.
title Debt Relief and Beyond : Lessons Learned and Challenges Ahead
title_short Debt Relief and Beyond : Lessons Learned and Challenges Ahead
title_full Debt Relief and Beyond : Lessons Learned and Challenges Ahead
title_fullStr Debt Relief and Beyond : Lessons Learned and Challenges Ahead
title_full_unstemmed Debt Relief and Beyond : Lessons Learned and Challenges Ahead
title_sort debt relief and beyond : lessons learned and challenges ahead
publisher World Bank
publishDate 2012
url http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333037_20091111232053
http://hdl.handle.net/10986/2681
_version_ 1764385809926979584
spelling okr-10986-26812021-04-23T14:02:03Z Debt Relief and Beyond : Lessons Learned and Challenges Ahead Primo Braga, Carlos A. Domeland, Dorte Primo Braga, Carlos A. Domeland, Dorte ACCESS TO CAPITAL ACCESS TO DEBT AMOUNT OF DEBT BAILOUT BALANCE OF PAYMENTS BALANCE SHEET BILATERAL CREDITORS BILATERAL DONORS BOND INDEX BOND ISSUANCES BOND ISSUES BOND SPREADS BONDS BUDGET CONSTRAINT CAPITAL FLOWS CAPITAL FORMATION CAPITAL INFLOWS CAPITAL MARKET CAPITAL MARKETS CAPITALIZATION CASH FLOWS COMMERCIAL CREDITOR COMMERCIAL CREDITORS COMMERCIAL DEBT COMMODITY PRICE COMMODITY PRICES CONFLICTS OF INTEREST CONSUMER PRICE INDEX CONTINGENT LIABILITIES COST TO BORROWERS COUNTRY RISK COVERAGE OF DEBT CREDIT AGENCIES CREDIT RATINGS CREDIT RISK CREDIT TRANCHE CREDITOR DEBT DEBT BURDEN DEBT BURDEN OF LOW-INCOME COUNTRIES DEBT BURDENS DEBT CONVERSION DEBT CONVERSIONS DEBT CRISES DEBT CRISIS DEBT DATA DEBT DECOMPOSITION DEBT DYNAMICS DEBT FORGIVENESS DEBT INSTRUMENTS DEBT LEVELS DEBT MANAGEMENT DEBT MANAGEMENT DEPARTMENT DEBT MANAGEMENT SYSTEMS DEBT MANAGERS DEBT OVERHANG DEBT POLICY DEBT PROBLEM DEBT PROBLEMS DEBT RATIOS DEBT REDUCTION DEBT REDUCTIONS DEBT RELIEF DEBT RELIEF INITIATIVE DEBT RESCHEDULING DEBT RESTRUCTURING DEBT SERVICE DEBT SITUATION DEBT STOCK DEBT STOCKS DEBT SUSTAINABILITY DEBT SUSTAINABILITY ANALYSIS DEBT SWAPS DEBT-MANAGEMENT STRATEGIES DEBT-MANAGEMENT STRATEGY DEBT-RELIEF DEBT-SERVICE DEBT-SERVICE OBLIGATIONS DEBTOR DEBTOR COUNTRIES DEBTOR COUNTRY DEBTOR GOVERNMENT DEBTOR GOVERNMENTS DEBTORS DEBTS DEBT­ REDUCTION DEBT ­BURDEN DEBT­ REDUCTION DECENTRALIZATION DEFAULT RISK DEFICITS DEVELOPING COUNTRIES DEVELOPMENT BANK DIRECT INVESTMENT DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC DEBT DOMESTIC DEBT MARKET EMERGING ECONOMIES EMERGING MARKETS EQUITY ISSUANCE EQUITY ISSUANCES EVOLUTION OF DEBT EXCESSIVE DEBT EXCHANGE RATE EXPENDITURES EXPORT GROWTH EXPORTERS EXTERNAL BORROWING EXTERNAL DEBT EXTERNAL DEBT BURDEN EXTERNAL DEBT BURDENS EXTERNAL DEBT FINANCING EXTERNAL DEBT MANAGEMENT EXTERNAL DEBT SITUATION EXTERNAL FINANCING EXTERNAL LOANS EXTERNAL OBLIGATIONS EXTERNAL PUBLIC DEBT EXTERNAL SHOCKS FINANCIAL CRISIS FINANCIAL FLOWS FINANCIAL MARKETS FISCAL DEFICITS FISCAL POLICIES FISCAL POLICY FOREIGN CAPITAL FOREIGN DEBT FOREIGN EXCHANGE FOREIGN INVESTORS GOVERNMENT DEBT GOVERNMENT EXPENDITURE GRACE PERIOD GROSS DOMESTIC PRODUCT HUMAN DEVELOPMENT IMMUNIZATION INDEBTED COUNTRIES INDEBTED COUNTRY INDEBTEDNESS INFORMATION SYSTEMS INITIAL DEBT INSTITUTIONAL INVESTOR INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL DEVELOPMENT INTERNATIONAL FINANCIAL STATISTICS INVESTING INVESTMENT FLOWS LENDERS LEVEL OF DEBT LIABILITY LIABILITY MANAGEMENT LIQUID ASSETS LIQUIDITY LIQUIDITY CRISES LIQUIDITY PROBLEMS LOAN MACROECONOMIC POLICIES MACROECONOMIC STABILITY MARKET ACCESS MARKET COUNTRIES MARKET PRICE MONETARY FUND MORAL HAZARD MULTILATERAL CREDITORS MULTILATERAL DEBT MULTILATERAL DEBT RELIEF NONPAYMENT ODIOUS DEBT OIL PRICE OIL PRICES POLICY RESPONSE PORTFOLIO PORTFOLIO FLOWS PRINCIPAL-AGENT PROBLEM PRIVATE CAPITAL PRIVATE CAPITAL INFLOWS PRIVATE CREDIT PUBLIC DEBT PUBLIC DEBT MANAGEMENT PUBLIC DEBT STOCKS PUBLIC FINANCES PUBLIC SECTOR DEBT PUBLIC SPENDING REGULATORY FRAMEWORK RELIEF MECHANISMS RELIEF PACKAGE REPAYMENT REPAYMENT CAPACITY RESERVE RESERVE MANAGEMENT RESERVES RISK AVERSION SHORT MATURITIES SHORT-TERM DEBT SHORT-TERM LIQUIDITY SOFT BUDGET CONSTRAINT SOVEREIGN BOND SOVEREIGN BORROWERS SOVEREIGN DEBT SOVEREIGN DEBTS SOVEREIGN DEFAULT SOVEREIGN DEFAULTS SOVEREIGN ISSUERS SOVEREIGN RATINGS SOVEREIGN RISK STOCK OF DEBT STOCK-OF-DEBT OPERATION SUPPLEMENTAL FINANCING SWAP TRADITIONAL DEBT RELIEF TRADITIONAL DEBT-RELIEF MECHANISMS TREASURY Heavily indebted low-income countries benefited from significant debt relief over the past decade. Under the Heavily Indebted Poor Countries (HIPC) Initiative and the Multilateral Debt Relief Initiative (MDRI), assistance of about $117 billion in nominal terms had been committed to 35 HIPC as of end-April 2009. This debt relief represents about half of the 2007 Gross Domestic Product (GDP) of these countries, whose debt burden is expected to drop by more than 80 percent once full debt relief is granted. As a result of relief already provided, debt-service payments have plummeted and expenditures on pro-poor growth programs increased. The book is divided into four parts. Part one examines the design of debt-relief initiatives and provides evidence of its effect on education, health, and economic growth. Part two describes the risks and opportunities developing countries face following debt relief. It identifies how they can safeguard debt sustainability; describes the role of sovereign risk for private sector access to capital; and draws lessons from the experience of market-access countries on the links between sovereign debt and development. Part three examines the concept and various policy proposals of dealing with 'odious' debt. Part four looks at debt management, debt restructuring, and the interplay between debt and fiscal policies. It provides guidance on debut sovereign bond issues; examines the issuance and management of sub-national debt; describes the challenges of crafting fiscal policy and managing debt and oil revenues in a (temporarily) oil-rich country (the Republic of Congo); and draws lessons from Chile's experiences using debt swaps in the 1980s. 2012-03-19T10:04:41Z 2012-03-19T10:04:41Z 2009 http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333037_20091111232053 978-0-8213-7874-8 http://hdl.handle.net/10986/2681 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank Publications & Research :: Publication Publications & Research :: Publication