Working Papers
January 1, 0001
$name
January 1, 0001
$name
January 1, 0001
$name
January 1, 0001
$name
January 1, 0001
$name
January 1, 0001
$name
January 1, 0001
$name
2001
September 1, 2001
Statistical Treatment of Accrual of Intereston Debt Securities
Description: When new international statistical standards were published in 1993, one of the major changes to the recommended presentation of the system of national accounts and the balance of payments was the adoption of accruals reporting for income and expenditure. However, as countries have begun to implement these standards, questions have arisen about their exact interpretation in respect of interest flows associated with tradable debt, where the cash flow is fixed at the time of issue but where the price of the instrument fluctuates with market conditions. A clear consensus has yet to emerge. The paper explores the issues involved in using the alternative approaches, the so-called "debtor" and "creditor" approaches. The debtor approach uses the rate implicit at the time of issue, and the creditor approach, the current market rate. The paper concludes that the creditor approach is the only one consistent with accrual principles and market valuation for the debt outstanding. It reviews implications for national and sectoral saving from this approach.
September 1, 2001
The New International Financial Architecture and Africa
Description: The new international financial architecture can help African countries benefit from globalization, while minimizing the risks, and foster an environment conducive to increased domestic investment and higher sustained growth. This paper highlights the progress that African countries have made in several areas of the new architecture, but it also underscores the considerable way that these countries must go to meet the requirements of the new architecture.
September 1, 2001
Public Spending on Health Care and the Poor
Description: This paper estimates the impact of public spending on the poor's health status in over 70 countries. It provides evidence that the poor have significantly worse health status than the rich and that they are more favorably affected by public spending on health care. An important new result is that the relationship between public spending and the health status of the poor is stronger in low-income countries than in higher-income countries. However, the results suggest that increased public spending alone will not be sufficient to meet international commitments for improvements in health status.