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Middle East and Central Asia > Jordan

You are looking at 1 - 2 of 2 items for :

  • Type: Journal Issue x
  • Allocative Efficiency; Cost-Benefit Analysis x
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Cover Technical Notes and Manuals
Automatic Fuel Pricing Mechanisms with Price Smoothing: Design, Implementation, and Fiscal Implications
Mr. David Coady
,
Mr. Javier Arze del Granado
,
Luc Eyraud
, and
Ms. Anita Tuladhar
Many developing and emerging countries do not fully pass-through increases in international fuel prices to domestic retail prices, with adverse consequences for fuel tax revenues and tax volatility. The adoption of an automatic fuel pricing mechanism can help to address this problem, and the incorporation of a price smoothing mechanism can ensure pass-through over the medium term but also avoid sharp increases (and decreases) in domestic prices. This technical note addresses the following issues: (i) the design of an automatic fuel pricing mechanism; (ii) the incorporation of domestic price smoothing and resulting tradeoffs; (iii) the transition from ad hoc pricing adjustments to an automatic mechanism; and (iv) policies to support this transition and the maintenance of an automatic mechanism. A standardized template for simulating and evaluating the implications of alternative pricing mechanisms for price and fiscal volatility is available on request.
Keywords:
TNM; price; fuel price; price band; increase well; Petroleum products; price smoothing; fuel taxes; price series; price change; price structure; Inflation; Price adjustments; Fuel prices; Price structures; Fuel tax
Cover IMF Working Papers
The Quality Effect: Does Financial Liberalization Improve the Allocation of Capital?
Mr. Abdul d Abiad
,
Nienke Oomes
, and
Mr. Kenichi Ueda
The study documents evidence of a "quality effect" of financial liberalization on allocative efficiency, which is measured by the dispersion in Tobin's Q across firms. Based on a simple model, the authors predict that financial liberalization, by equalizing access to credit, reduces the variation in expected marginal returns. They test this prediction using a new financial liberalization index and firm-level data for five emerging markets: India, Jordan, Korea, Malaysia, and Thailand. They find strong evidence that financial liberalization, rather than financial deepening, improves allocative efficiency.
Keywords:
WP; financial liberalization; bank credit; dependent variable; liberalization index; Tobin’s Q; investment; allocative efficiency; inequality; liberalization subcomponent; credit allocation; inflation rate; production function; liberalization date; stock market capitalization; book value; liberalization exercise; Stock markets; Inflation; Credit; Market capitalization; Financial sector; East Asia; Global