The Role of Islamic Finance in Enhancing Financial Inclusion in Organization of Islamic Cooperation (OIC) Countries

The core principles of Islam lay great emphasis on social justice, inclusion, and sharing of resources between the haves and the have nots. Islamic finance addresses the issue of "financial inclusion" or "access to finance" from...

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Main Authors: Mohieldin, Mahmoud, Iqbal, Zamir, Rostom, Ahmed, Fu, Xiaochen
Format: Policy Research Working Paper
Language:English
Published: 2012
Subjects:
MFI
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=000158349_20111223222517
http://hdl.handle.net/10986/3692
id okr-10986-3692
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 ACCEPTABLE COLLATERAL
ACCESS TO CREDIT
ACCESS TO FINANCE
ACCESS TO FINANCIAL SERVICES
ACCESS TO FINANCING
ACCESS TO INSURANCE
ACCESS TO RESOURCES
ACCESSIBILITY
ADMINISTRATIVE COSTS
AFFORDABLE COST
AGRICULTURAL SECTOR
ANTI-MONEY LAUNDERING
AVAILABILITY OF CREDIT
BANK BRANCHES
BANK POLICY
BANKRUPTCY
BANKS
BIASES
BORROWER
BORROWING
BUSINESS CAPITAL
CAPITAL ACCUMULATION
CAPITAL MARKETS
CAPITAL REQUIREMENT
CENTRAL BANKS
COLLATERAL
COLLATERAL REQUIREMENTS
COMMERCIAL BANK
COMMERCIAL BANK BRANCHES
CONSUMER PROTECTION
CONSUMER PROTECTIONS
CONTRACTUAL OBLIGATION
CONVENTIONAL FINANCE
COOPERATIVES
COORDINATION FAILURE
CREDIT ASSESSMENT
CREDIT BUREAU
CREDIT HISTORIES
CREDIT INFORMATION
CREDIT INFORMATION SYSTEM
CREDIT INFORMATION SYSTEMS
CREDIT PROGRAM
CREDIT PROVISION
CREDIT REGISTRY
CREDIT SUBSIDIES
CREDITOR
DEBT
DEBT FINANCING
DEBTOR
DEBTORS
DECEPTIVE PRACTICES
DEPOSIT
DEPOSITORS
DEPOSITS
DERIVATIVE
DEVELOPING COUNTRIES
DIRECT INVESTMENT
DISCRIMINATION
DIVERSIFICATION
ECONOMIC ACTIVITIES
ECONOMIC ACTIVITY
ECONOMIC BARRIERS
ECONOMIC DEVELOPMENT
ECONOMIC GROWTH
ECONOMIC RESOURCES
ECONOMIC SYSTEM
ECONOMIC TRANSACTIONS
EMERGING MARKETS
EMPOWERMENT
ENABLING ENVIRONMENT
ENDOWMENTS
ENTREPRENEUR
ENTREPRENEURS
EQUAL OPPORTUNITIES
EXPENDITURES
EXTREME POVERTY
FAMILIES
FARMERS
FEMALE BORROWERS
FINANCIAL ACCESS
FINANCIAL AGENCIES
FINANCIAL CAPACITY
FINANCIAL DEVELOPMENT
FINANCIAL EXCLUSION
FINANCIAL INFRASTRUCTURE
FINANCIAL INSTITUTIONS
FINANCIAL INSTRUMENTS
FINANCIAL INTERMEDIATION
FINANCIAL LITERACY
FINANCIAL MARKET
FINANCIAL NEEDS
FINANCIAL PRODUCT
FINANCIAL PRODUCTS
FINANCIAL REGULATORS
FINANCIAL RESOURCES
FINANCIAL SECTOR POLICY
FINANCIAL SERVICE
FINANCIAL SERVICE PROVIDERS
FINANCIAL SERVICES
FINANCIAL SYSTEM
FINANCIAL SYSTEMS
FINANCIAL TOOLS
FINANCING NEEDS
FIXED ASSETS
FREE LOAN
FREE LOANS
GROUP LENDING
GROWTH OPPORTUNITIES
HOLDING
HOME OWNERSHIP
HOUSEHOLDS
IMPLICIT INTEREST
INCOME GROUP
INCOME GROUPS
INCOME INEQUALITY
INEQUALITIES
INEQUALITY
INFORMATION ASYMMETRIES
INFORMATION TECHNOLOGY
INSTITUTIONAL INVESTORS
INSTRUMENT
INSURANCE COMPANY
INSURANCE PENETRATION
INSURANCE SERVICES
INTEREST INCOME
INTERNATIONAL BANK
INVESTMENT BANK
INVESTMENT OPPORTUNITIES
ISLAMIC BANK
ISLAMIC BANKS
ISLAMIC ECONOMICS
ISLAMIC ECONOMY
ISLAMIC FINANCE
ISLAMIC FINANCIAL INSTRUMENTS
ISLAMIC INSTRUMENT
ISLAMIC INSTRUMENTS
ISLAMIC LAW
KEY CHALLENGES
LACK OF ACCESS
LACK OF COLLATERAL
LENDER
LENDERS
LEVEL PLAYING FIELD
LEVIES
LIABILITY
LIQUIDITY
LIVING STANDARD
LOAN BALANCE
LOAN COOPERATIVES
MARKET FAILURES
MFI
MFIS
MICRO CREDIT
MICRO ENTERPRISE
MICRO ENTERPRISES
MICRO FINANCE
MICRO FINANCE INSTITUTION
MICRO FINANCE INSTITUTIONS
MICRO-FINANCE
MICRO-INSURANCE
MICROCREDIT
MICROFINANCE
MICROFINANCE INSTITUTIONS
MICROFINANCE LOANS
MICROINSURANCE
MORAL HAZARD
MORTGAGE
NET WORTH
NEW BUSINESS
NEW MARKET
NONPAYMENT
OUTREACH
OUTSTANDING LOAN
PHYSICAL CAPITAL
POOR BORROWERS
PREJUDICE
PRIVATE CREDIT
PROPERTY RIGHTS
PRUDENTIAL REGULATION
PUBLIC CREDIT
REAL ESTATE
RECESSION
REMITTANCE
REMITTANCES
REPAYMENT
REPAYMENT PERIOD
REPAYMENT RATE
RETURN
RETURNS
REVOLVING FUND
RIBA
RIGHT OF POSSESSION
RISK DIVERSIFICATION
RISK MANAGEMENT
RISK MITIGATION
RISK SHARING
RURAL BANKS
RURAL FINANCE
RURAL FINANCIAL ACCESS
SAVINGS
SAVINGS RATE
SMALL BUSINESS
SMALL BUSINESS LOAN
SMALL BUSINESSES
SMALL ENTERPRISES
SMALL FARMERS
SOCIAL DEVELOPMENT
SOCIAL INEQUALITY
SOCIAL JUSTICE
SOCIAL WELFARE
SOURCE OF INCOME
START-UPS
TAX CREDITS
TRADING
TRANSACTION
TRANSACTION COSTS
TRANSACTIONS COSTS
TREASURY
TRUSTEE
UNEMPLOYMENT
VILLAGE
VILLAGE FUNDS
VILLAGES
WEALTH TAX
WOMAN
WOMEN BORROWERS
spellingShingle ACCEPTABLE COLLATERAL
ACCESS TO CREDIT
ACCESS TO FINANCE
ACCESS TO FINANCIAL SERVICES
ACCESS TO FINANCING
ACCESS TO INSURANCE
ACCESS TO RESOURCES
ACCESSIBILITY
ADMINISTRATIVE COSTS
AFFORDABLE COST
AGRICULTURAL SECTOR
ANTI-MONEY LAUNDERING
AVAILABILITY OF CREDIT
BANK BRANCHES
BANK POLICY
BANKRUPTCY
BANKS
BIASES
BORROWER
BORROWING
BUSINESS CAPITAL
CAPITAL ACCUMULATION
CAPITAL MARKETS
CAPITAL REQUIREMENT
CENTRAL BANKS
COLLATERAL
COLLATERAL REQUIREMENTS
COMMERCIAL BANK
COMMERCIAL BANK BRANCHES
CONSUMER PROTECTION
CONSUMER PROTECTIONS
CONTRACTUAL OBLIGATION
CONVENTIONAL FINANCE
COOPERATIVES
COORDINATION FAILURE
CREDIT ASSESSMENT
CREDIT BUREAU
CREDIT HISTORIES
CREDIT INFORMATION
CREDIT INFORMATION SYSTEM
CREDIT INFORMATION SYSTEMS
CREDIT PROGRAM
CREDIT PROVISION
CREDIT REGISTRY
CREDIT SUBSIDIES
CREDITOR
DEBT
DEBT FINANCING
DEBTOR
DEBTORS
DECEPTIVE PRACTICES
DEPOSIT
DEPOSITORS
DEPOSITS
DERIVATIVE
DEVELOPING COUNTRIES
DIRECT INVESTMENT
DISCRIMINATION
DIVERSIFICATION
ECONOMIC ACTIVITIES
ECONOMIC ACTIVITY
ECONOMIC BARRIERS
ECONOMIC DEVELOPMENT
ECONOMIC GROWTH
ECONOMIC RESOURCES
ECONOMIC SYSTEM
ECONOMIC TRANSACTIONS
EMERGING MARKETS
EMPOWERMENT
ENABLING ENVIRONMENT
ENDOWMENTS
ENTREPRENEUR
ENTREPRENEURS
EQUAL OPPORTUNITIES
EXPENDITURES
EXTREME POVERTY
FAMILIES
FARMERS
FEMALE BORROWERS
FINANCIAL ACCESS
FINANCIAL AGENCIES
FINANCIAL CAPACITY
FINANCIAL DEVELOPMENT
FINANCIAL EXCLUSION
FINANCIAL INFRASTRUCTURE
FINANCIAL INSTITUTIONS
FINANCIAL INSTRUMENTS
FINANCIAL INTERMEDIATION
FINANCIAL LITERACY
FINANCIAL MARKET
FINANCIAL NEEDS
FINANCIAL PRODUCT
FINANCIAL PRODUCTS
FINANCIAL REGULATORS
FINANCIAL RESOURCES
FINANCIAL SECTOR POLICY
FINANCIAL SERVICE
FINANCIAL SERVICE PROVIDERS
FINANCIAL SERVICES
FINANCIAL SYSTEM
FINANCIAL SYSTEMS
FINANCIAL TOOLS
FINANCING NEEDS
FIXED ASSETS
FREE LOAN
FREE LOANS
GROUP LENDING
GROWTH OPPORTUNITIES
HOLDING
HOME OWNERSHIP
HOUSEHOLDS
IMPLICIT INTEREST
INCOME GROUP
INCOME GROUPS
INCOME INEQUALITY
INEQUALITIES
INEQUALITY
INFORMATION ASYMMETRIES
INFORMATION TECHNOLOGY
INSTITUTIONAL INVESTORS
INSTRUMENT
INSURANCE COMPANY
INSURANCE PENETRATION
INSURANCE SERVICES
INTEREST INCOME
INTERNATIONAL BANK
INVESTMENT BANK
INVESTMENT OPPORTUNITIES
ISLAMIC BANK
ISLAMIC BANKS
ISLAMIC ECONOMICS
ISLAMIC ECONOMY
ISLAMIC FINANCE
ISLAMIC FINANCIAL INSTRUMENTS
ISLAMIC INSTRUMENT
ISLAMIC INSTRUMENTS
ISLAMIC LAW
KEY CHALLENGES
LACK OF ACCESS
LACK OF COLLATERAL
LENDER
LENDERS
LEVEL PLAYING FIELD
LEVIES
LIABILITY
LIQUIDITY
LIVING STANDARD
LOAN BALANCE
LOAN COOPERATIVES
MARKET FAILURES
MFI
MFIS
MICRO CREDIT
MICRO ENTERPRISE
MICRO ENTERPRISES
MICRO FINANCE
MICRO FINANCE INSTITUTION
MICRO FINANCE INSTITUTIONS
MICRO-FINANCE
MICRO-INSURANCE
MICROCREDIT
MICROFINANCE
MICROFINANCE INSTITUTIONS
MICROFINANCE LOANS
MICROINSURANCE
MORAL HAZARD
MORTGAGE
NET WORTH
NEW BUSINESS
NEW MARKET
NONPAYMENT
OUTREACH
OUTSTANDING LOAN
PHYSICAL CAPITAL
POOR BORROWERS
PREJUDICE
PRIVATE CREDIT
PROPERTY RIGHTS
PRUDENTIAL REGULATION
PUBLIC CREDIT
REAL ESTATE
RECESSION
REMITTANCE
REMITTANCES
REPAYMENT
REPAYMENT PERIOD
REPAYMENT RATE
RETURN
RETURNS
REVOLVING FUND
RIBA
RIGHT OF POSSESSION
RISK DIVERSIFICATION
RISK MANAGEMENT
RISK MITIGATION
RISK SHARING
RURAL BANKS
RURAL FINANCE
RURAL FINANCIAL ACCESS
SAVINGS
SAVINGS RATE
SMALL BUSINESS
SMALL BUSINESS LOAN
SMALL BUSINESSES
SMALL ENTERPRISES
SMALL FARMERS
SOCIAL DEVELOPMENT
SOCIAL INEQUALITY
SOCIAL JUSTICE
SOCIAL WELFARE
SOURCE OF INCOME
START-UPS
TAX CREDITS
TRADING
TRANSACTION
TRANSACTION COSTS
TRANSACTIONS COSTS
TREASURY
TRUSTEE
UNEMPLOYMENT
VILLAGE
VILLAGE FUNDS
VILLAGES
WEALTH TAX
WOMAN
WOMEN BORROWERS
Mohieldin, Mahmoud
Iqbal, Zamir
Rostom, Ahmed
Fu, Xiaochen
The Role of Islamic Finance in Enhancing Financial Inclusion in Organization of Islamic Cooperation (OIC) Countries
geographic_facet The World Region
The World Region
relation Policy Research working paper ; no. WPS 5920
description The core principles of Islam lay great emphasis on social justice, inclusion, and sharing of resources between the haves and the have nots. Islamic finance addresses the issue of "financial inclusion" or "access to finance" from two directions -- one through promoting risk-sharing contracts that provide a viable alternative to conventional debt-based financing, and the other through specific instruments of redistribution of the wealth among the society. Use of risk-sharing financing instruments can offer Shariah-compliant microfinance, financing for small and medium enterprises, and micro-insurance to enhance access to finance. And redistributive instruments such as Zakah, Sadaqat, Waqf, and Qard-al-hassan complement risk-sharing instruments to target the poor sector of society to offer a comprehensive approach to eradicating poverty and to build a healthy and vibrant economy. Instruments offered by Islam have strong historical roots and have been applied throughout history in various Muslim communities. The paper identifies gaps currently existing in Organisation of Islamic Cooperation (OIC) countries on each front, that is, Shariah-compliant micro-finance and financing for small and medium enterprises and the state of traditional redistributive instruments. The paper concludes that Islam offers a rich set of instruments and unconventional approaches, which, if implemented in true spirit, can lead to reduced poverty and inequality in Muslim countries plagued by massive poverty. Therefore, policy makers in Muslim countries who are serious about enhancing access to finance or "financial inclusion" should exploit the potential of Islamic instruments to achieve this goal and focus on improving the regulatory and financial infrastructure to promote an enabling environment.
format Publications & Research :: Policy Research Working Paper
author Mohieldin, Mahmoud
Iqbal, Zamir
Rostom, Ahmed
Fu, Xiaochen
author_facet Mohieldin, Mahmoud
Iqbal, Zamir
Rostom, Ahmed
Fu, Xiaochen
author_sort Mohieldin, Mahmoud
title The Role of Islamic Finance in Enhancing Financial Inclusion in Organization of Islamic Cooperation (OIC) Countries
title_short The Role of Islamic Finance in Enhancing Financial Inclusion in Organization of Islamic Cooperation (OIC) Countries
title_full The Role of Islamic Finance in Enhancing Financial Inclusion in Organization of Islamic Cooperation (OIC) Countries
title_fullStr The Role of Islamic Finance in Enhancing Financial Inclusion in Organization of Islamic Cooperation (OIC) Countries
title_full_unstemmed The Role of Islamic Finance in Enhancing Financial Inclusion in Organization of Islamic Cooperation (OIC) Countries
title_sort role of islamic finance in enhancing financial inclusion in organization of islamic cooperation (oic) countries
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=000158349_20111223222517
http://hdl.handle.net/10986/3692
_version_ 1764387840478674944
spelling okr-10986-36922021-04-23T14:02:12Z The Role of Islamic Finance in Enhancing Financial Inclusion in Organization of Islamic Cooperation (OIC) Countries Mohieldin, Mahmoud Iqbal, Zamir Rostom, Ahmed Fu, Xiaochen ACCEPTABLE COLLATERAL ACCESS TO CREDIT ACCESS TO FINANCE ACCESS TO FINANCIAL SERVICES ACCESS TO FINANCING ACCESS TO INSURANCE ACCESS TO RESOURCES ACCESSIBILITY ADMINISTRATIVE COSTS AFFORDABLE COST AGRICULTURAL SECTOR ANTI-MONEY LAUNDERING AVAILABILITY OF CREDIT BANK BRANCHES BANK POLICY BANKRUPTCY BANKS BIASES BORROWER BORROWING BUSINESS CAPITAL CAPITAL ACCUMULATION CAPITAL MARKETS CAPITAL REQUIREMENT CENTRAL BANKS COLLATERAL COLLATERAL REQUIREMENTS COMMERCIAL BANK COMMERCIAL BANK BRANCHES CONSUMER PROTECTION CONSUMER PROTECTIONS CONTRACTUAL OBLIGATION CONVENTIONAL FINANCE COOPERATIVES COORDINATION FAILURE CREDIT ASSESSMENT CREDIT BUREAU CREDIT HISTORIES CREDIT INFORMATION CREDIT INFORMATION SYSTEM CREDIT INFORMATION SYSTEMS CREDIT PROGRAM CREDIT PROVISION CREDIT REGISTRY CREDIT SUBSIDIES CREDITOR DEBT DEBT FINANCING DEBTOR DEBTORS DECEPTIVE PRACTICES DEPOSIT DEPOSITORS DEPOSITS DERIVATIVE DEVELOPING COUNTRIES DIRECT INVESTMENT DISCRIMINATION DIVERSIFICATION ECONOMIC ACTIVITIES ECONOMIC ACTIVITY ECONOMIC BARRIERS ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC RESOURCES ECONOMIC SYSTEM ECONOMIC TRANSACTIONS EMERGING MARKETS EMPOWERMENT ENABLING ENVIRONMENT ENDOWMENTS ENTREPRENEUR ENTREPRENEURS EQUAL OPPORTUNITIES EXPENDITURES EXTREME POVERTY FAMILIES FARMERS FEMALE BORROWERS FINANCIAL ACCESS FINANCIAL AGENCIES FINANCIAL CAPACITY FINANCIAL DEVELOPMENT FINANCIAL EXCLUSION FINANCIAL INFRASTRUCTURE FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL INTERMEDIATION FINANCIAL LITERACY FINANCIAL MARKET FINANCIAL NEEDS FINANCIAL PRODUCT FINANCIAL PRODUCTS FINANCIAL REGULATORS FINANCIAL RESOURCES FINANCIAL SECTOR POLICY FINANCIAL SERVICE FINANCIAL SERVICE PROVIDERS FINANCIAL SERVICES FINANCIAL SYSTEM FINANCIAL SYSTEMS FINANCIAL TOOLS FINANCING NEEDS FIXED ASSETS FREE LOAN FREE LOANS GROUP LENDING GROWTH OPPORTUNITIES HOLDING HOME OWNERSHIP HOUSEHOLDS IMPLICIT INTEREST INCOME GROUP INCOME GROUPS INCOME INEQUALITY INEQUALITIES INEQUALITY INFORMATION ASYMMETRIES INFORMATION TECHNOLOGY INSTITUTIONAL INVESTORS INSTRUMENT INSURANCE COMPANY INSURANCE PENETRATION INSURANCE SERVICES INTEREST INCOME INTERNATIONAL BANK INVESTMENT BANK INVESTMENT OPPORTUNITIES ISLAMIC BANK ISLAMIC BANKS ISLAMIC ECONOMICS ISLAMIC ECONOMY ISLAMIC FINANCE ISLAMIC FINANCIAL INSTRUMENTS ISLAMIC INSTRUMENT ISLAMIC INSTRUMENTS ISLAMIC LAW KEY CHALLENGES LACK OF ACCESS LACK OF COLLATERAL LENDER LENDERS LEVEL PLAYING FIELD LEVIES LIABILITY LIQUIDITY LIVING STANDARD LOAN BALANCE LOAN COOPERATIVES MARKET FAILURES MFI MFIS MICRO CREDIT MICRO ENTERPRISE MICRO ENTERPRISES MICRO FINANCE MICRO FINANCE INSTITUTION MICRO FINANCE INSTITUTIONS MICRO-FINANCE MICRO-INSURANCE MICROCREDIT MICROFINANCE MICROFINANCE INSTITUTIONS MICROFINANCE LOANS MICROINSURANCE MORAL HAZARD MORTGAGE NET WORTH NEW BUSINESS NEW MARKET NONPAYMENT OUTREACH OUTSTANDING LOAN PHYSICAL CAPITAL POOR BORROWERS PREJUDICE PRIVATE CREDIT PROPERTY RIGHTS PRUDENTIAL REGULATION PUBLIC CREDIT REAL ESTATE RECESSION REMITTANCE REMITTANCES REPAYMENT REPAYMENT PERIOD REPAYMENT RATE RETURN RETURNS REVOLVING FUND RIBA RIGHT OF POSSESSION RISK DIVERSIFICATION RISK MANAGEMENT RISK MITIGATION RISK SHARING RURAL BANKS RURAL FINANCE RURAL FINANCIAL ACCESS SAVINGS SAVINGS RATE SMALL BUSINESS SMALL BUSINESS LOAN SMALL BUSINESSES SMALL ENTERPRISES SMALL FARMERS SOCIAL DEVELOPMENT SOCIAL INEQUALITY SOCIAL JUSTICE SOCIAL WELFARE SOURCE OF INCOME START-UPS TAX CREDITS TRADING TRANSACTION TRANSACTION COSTS TRANSACTIONS COSTS TREASURY TRUSTEE UNEMPLOYMENT VILLAGE VILLAGE FUNDS VILLAGES WEALTH TAX WOMAN WOMEN BORROWERS The core principles of Islam lay great emphasis on social justice, inclusion, and sharing of resources between the haves and the have nots. Islamic finance addresses the issue of "financial inclusion" or "access to finance" from two directions -- one through promoting risk-sharing contracts that provide a viable alternative to conventional debt-based financing, and the other through specific instruments of redistribution of the wealth among the society. Use of risk-sharing financing instruments can offer Shariah-compliant microfinance, financing for small and medium enterprises, and micro-insurance to enhance access to finance. And redistributive instruments such as Zakah, Sadaqat, Waqf, and Qard-al-hassan complement risk-sharing instruments to target the poor sector of society to offer a comprehensive approach to eradicating poverty and to build a healthy and vibrant economy. Instruments offered by Islam have strong historical roots and have been applied throughout history in various Muslim communities. The paper identifies gaps currently existing in Organisation of Islamic Cooperation (OIC) countries on each front, that is, Shariah-compliant micro-finance and financing for small and medium enterprises and the state of traditional redistributive instruments. The paper concludes that Islam offers a rich set of instruments and unconventional approaches, which, if implemented in true spirit, can lead to reduced poverty and inequality in Muslim countries plagued by massive poverty. Therefore, policy makers in Muslim countries who are serious about enhancing access to finance or "financial inclusion" should exploit the potential of Islamic instruments to achieve this goal and focus on improving the regulatory and financial infrastructure to promote an enabling environment. 2012-03-19T18:06:56Z 2012-03-19T18:06:56Z 2011-12-01 http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20111223222517 http://hdl.handle.net/10986/3692 English Policy Research working paper ; no. WPS 5920 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Publications & Research :: Policy Research Working Paper The World Region The World Region