The value of funded pensions can depend critically on the funds' investment performance. To try and protect people's savings, governments often regulate pension funds strictly, particularly when contributions are mandatory. For example, the new funded pension systems in Latin America and Eastern...

"For a foreign "issuer," the benefits of cross-listing in the United States are extensively documented in the literature. However it is not clear what motivates "investors" to hold American Depositary Receipts (ADRs) rather than the underlying stock of these issuers. The authors address the...

Policy credibility and effectiveness and strong institutional capacities are essential to achieving a green and just transition in Serbia. This assessment focuses on the performance of institutions at both the national and subnational levels, and is aimed at addressing Serbia's air pollution and...

Afghanistan's public financial management (PFM) system achieved significant improvements between June 2005 and December 2007. Among 28 performance indicators, 18 indicators improved, two indicators deteriorated, and eight indicators remained unchanged. Among three indicators of donor practices,...

A World Bank mission visited Kazakhstan from July 15-23, 2010, to undertake a comprehensive assessment of debt management operations using the Debt Management Performance Assessment tool (DeMPA). The DeMPA report provides an overview of strengths and weaknesses in government debt management in...

The Corporate Scorecard is designed to provide a snapshot of the Bank???s overall performance, including its business modernization, in the context of development results. It facilitates strategic dialogue between Management and the Board on progress made and areas that need attention. The World...

The present report, and the source of its findings, summarizes the results of research conducted in Brazil in 2003-2004. It is the second of two World Bank sponsored studies on the Brazilian judicial system. Its findings, while provocative, were obviously limited in their generalization, and as...