Although portfolio funds account for only about 5 percent of the capitalization of emerging stock markets, these small infusions of capital, particularly foreign portfolio investment funds, have been responsible for jump starting the development of many of these markets. The main beneficiaries...

IFC has built up a hefty portfolio of debt and equity investments in leasing companies in emerging markets. Based on IFC's experience, the authors argue that leasing is an effective instrument for financing small firms' investments in equipment --especially in countries with weak collateral laws...

In the early 1990s, Argentina vertically separated and privatized most of its electricity industry. Transmission and distribution, considered natural monopolies, were sold by concession. The main objectives of the reforms were efficient pricing and production levels in the short term and enough...

The Argentine government privatized the water and sewerage services in greater Buenos Aires by concession. The utility was sold as a single monopoly business, but bidders had to compete for the right to provide service at the lowest price. Contractual targets for service coverage implied...

Argentina privatized many of its railway services by concession contract during the early 1990s. The reforms have been remarkable for their speed and innovation - despite the complexity of the issues and the lack of "off-the-shelf" models to follow at the time. The overall result has been...

In the early 1990s, the New Zealand government started publishing a balance sheet and operating statement, using private sector accounting and reporting. These reports --the first such sovereign accounts anywhere-- typify reforms instituted across government trading operating, departments, and...

Power sector reforms in Chile and Argentina are now roughly fourteen and four years old. In both countries, restructuring and deregulation have increased efficiency, led to active entry by new generators, improved the quality of supply, and reduced prices in real terms. The authors' review of...

In the late 1980s and early 1990s, the England and Wales power supply industry underwent the most radical transformation ever experienced by such an industry, swiftly evolving from a state-owned, state-controlled, integrated structure to a privately owned, autonomously regulated, unbundled...

In the past few years, state power companies in many countries have offered independent power producers (IPPs) the opportunity to tender for new or existing generation. Often unrecognized is what may be an unintended consequence of introducing IPPs: they plant the seeds for a top-to-bottom...

The World Bank has two distinct financial vehicles to support developing country governments wanting to provide guarantees to attract private investors: issuing guarantees to investors and making loans to host governments to fund guarantees. The author explains how these vehicles work and...