E-Journal Politeknik Negeri Samarinda
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Green versus Conventional Corporate Debt: From Issuances to Emissions
No full textThis paper investigates how firms use green versus conventional debt and the associated firm- and aggregate-level environmental consequences. Employing a dataset of 127,711 global bond and syndicated loan issuances by non-financial firms across 85 countries during 2012–23, the paper documents a sharp rise in green debt issuances relative to conventional issuances since 2018. This increase is particularly pronounced among large firms with high carbon dioxide emissions. Local projections difference-in-differences estimates show that, compared to conventional debt, green bond and loan issuances are systematically followed by sustained reductions in carbon intensity (emissions over income) of up to 50 percent. These reductions correspond to as much as 15 percent of global annual emissions. Green bonds contribute to reducing emissions by providing financing to large, high-emitting firms, whose improvements in carbon intensity have significant aggregate consequences. Syndicated loans do so by channeling a larger volume of financing to a wider set of firms
Technical Note : Recommendations for Implementation of the EU Restructuring Directive 2019/2023 in Moldova
No full textThis technical note, prepared for Moldova’s Ministry of Economic Development and Digitalization (MOEDD), assesses the Moldovan Insolvency Law (MIL) against the European Union (EU) Preventive Restructuring Directive (2019/1023) and provides a road map to bring Moldovan legislation in line with the standards in the Directive. Its ultimate objective is to inform the Moldovan authorities’ views on the different options available to successfully complete the transposition process. The note finds that the existing Accelerated Restructuring Procedure (ARP) is already compliant with various requirements of the EU Directive as it can be considered a preventive procedure. However, a closer analysis of the ARP provisions shows critical gaps that require legislative improvement, including key areas such as creditor class formation and mechanisms to overcome shareholder holdout. To illustrate these gaps and guide the authorities throughout the legislative process, this note includes an article-by-article analysis of the standards set in the EU Directive against the provisions in the MIL currently in force. The note recommends a phased approach: short-term legislative amendments to the ARP followed by medium- to long-term measures to establish early warning systems and deliver sustained judicial training. Successful transposition of the Directive will require relying on a sound institutional system, including specialized judicial capacity and improved insolvency data collection to monitor outcomes and guide practice. When adopted, transposition of the EU Directive is expected to lead to earlier, more efficient restructuring for viable debtors, better value preservation and increased recoveries for creditors, and reduced case duration and clearer standards for courts. Ultimately, the reform aims to develop a rescue culture in Moldova that preserves jobs, maximizes going-concern value, and enhances overall system efficiency and confidence
An Independent Evaluation
No full textShocks and crises pose significant threats to human development, disproportionately affecting poor and vulnerable households. These shocks, whether natural disasters, economic crises, or political upheavals, often force households to resort to negative coping strategies, such as pulling children out of school, selling assets, or going hungry. To address these challenges, social protection responses need to be tailored to both immediate and long-term needs. This evaluation assesses the World Bank's support for Adaptive Social Protection (ASP) systems from 2012– 22, assessing their relevance and effectiveness in responding to shocks. During the evaluation period, the World Bank significantly contributed to the global understanding and financing of ASP systems. Its knowledge contributions were instrumental in shaping the ASP concept, while its lending has increased substantially, expanding across all regions with a focus on low-income and fragile countries. World Bank – supported social protection systems have responded to different types of shocks over the past decade. However, shock response often fell short in coverage, timeliness, and adequacy, especially for sudden-onset shocks. Key factors constraining systems’ ability to adequately address shocks include narrow data systems, lack of interoperability across systems, low political buy-in for cash transfers during shocks, and lack of financial resources. Fragmented institutional landscapes and internal World Bank silos also hindered the effective implementation of World Bank – supported ASP systems. The evaluation offers three recommendations to prepare social protection delivery systems for faster and more comprehensive coverage in response to shocks, and to measure shock response for corrective action. (i) Continue investing in system building and expanded coverage, focusing on program elements that serve both regular and shock-responsive functions. (ii) Strengthen coordination between client government SP and DRM agencies, improve partnership with humanitarian agencies, and enhance internal collaboration within the World Bank for shock response. (iii) Enhance the measurement of SP systems’ effectiveness in responding to shocks by setting performance targets, monitoring system performance with dynamic stress testing, and using the insights to guide future investments
How Scale-Up Happens: Financing, Political Economy, and Delivery in Social Assistance Expansion
No full textScaling up has become a rallying cry of social protection initiatives. The rationale for it is clear: with glaring coverage gaps globally and regionally, including nearly 2 billion people with no access to social protection in low- and middle-income countries, the extension of coverage is a key priority enshrined in an array of national and global commitments. Yet relatively little work has been devoted to examining how scale up happens. Understanding such an expansion process calls for examining the forces preventing it: these include, among others, fiscal constraints, possible political resistance, and limited delivery capabilities. A rich thematic literature has examined those constraints convincingly, including pointing out an array of compelling strategic, policy and operational implications for each theme. Yet, those factors taken individually can seldom offer a theory of change reconciling the forces shaping scale up processes. Some contexts with relatively adequate fiscal revenues may opt for high coverage of cash transfers (e.g., Indonesia), while others at comparatively similar or even more favorable financial positions may settle for lower levels of cash transfers coverage (e.g., Botswana); delivery systems can facilitate scale-up in some settings (e.g., Kenya), but there are cases where high scale-up was attained at relatively low levels of delivery capabilities (e.g., Yemen). This report aims to fill such a gap by emphasizing the interdependence of fiscal, political economy and delivery in explaining scale-up of cash transfer programs
European Union: Using Subnational Data for the Operationalization of the Cohesion Policy
No full textPoverty can be defined in various ways, capturing different
facets of deprivation. Traditionally, poverty has been understood
as insufficient command over economic resources. This
is typically measured in monetary terms and is expressed in
one of two ways: absolute poverty, and relative poverty. Absolute
poverty is assessed by comparing household income or
consumption to a fixed poverty threshold, which represents the
minimum cost needed to meet basic needs. Relative poverty, in
contrast, measures deprivation by comparing individuals’ incomes
or levels of consumption to a minimum living standard
within their society. This is habitually expressed as a fraction of
a central measure, such as the mean or median income. Absolute
poverty measures are deployed more commonly in low-income
countries to assess basic subsistence, while relative measures are
used more frequently in high-income countries to capture aspects
of social inclusion. Both approaches are one-dimensional,
as they focus primarily on the economic aspects of poverty
Psychological Barriers to Participation in the Labor Market: Evidence from Rural Ghana
No full textMental health conditions are strongly associated with reduced labor market participation, but the underlying channels through which such conditions impact labor supply remain unclear. This paper reports on a two-phase study decomposing this relationship by examining (i) job take-up decisions; (ii) labor supply, output, and earning conditional on job take-up; and (iii) quit rates. In Phase 1, women in rural Ghana were asked whether they would be willing to take up a cash-for-work job during the lean season when alternative work is scarce. The findings show that individuals with depression and anxiety, which are common in this population, are much more likely to decline work offers outside the home but equally likely to accept work-from-home positions. In Phase 2, jobs at home were randomly offered to those who were willing to work from home, avoiding selection effects. Neither depression nor anxiety predicted work completion, income, or quit rates. These findings suggest that poor mental health may harm labor market outcomes in traditional jobs outside the home via reduced take-up, above and beyond the established negative impacts of mental health on productivity in work outside the home. The results also suggest an alternative approach to improving labor market outcomes for those in poor mental health: work-from-home opportunities, which are not associated with lower take-up or lower productivity on the job for those in poor mental health
Indonesia Country Program Evaluation (Approach Paper)
No full textThis Country Program Evaluation (CPE)
will assess the performance of the World Bank Group’s
support to Indonesia between FY 2013 and FY23. The
evaluation will focus on the Bank Group’s contribution to
help Indonesia tackle key long-term development challenges
and position the country toward its goal of reaching
high-income status by 2045. The evaluation period spans
three country strategies—the FY13–15 Country Partnership
Strategy (CPS), the FY16–20 Country Partnership Framework
(CPF), and the FY21–25 CPF. The evaluation seeks to identify
lessons to inform future Bank Group engagement in support of
Indonesia’s development priorities, including the next CPF,
which is due to be completed in the fall of 2025. The CPE
will assess the relevance and effectiveness of Bank Group
support to Indonesia by examining how the Bank Group
designed and adjusted its support in four critical
development areas: promoting adequacy and efficiency of
public spending, ensuring resilient urbanization management,
lifting human capital to reduce inequality, and deepening of
the financial sector. These themes are particularly
important for Indonesia in its efforts to achieve, through
sustainable and inclusive growth, its long-term development
goal of becoming a high-income country by 2045
Vietnam Macro Monitoring, May 2025
No full textHigh-frequency indicators showed resilient economic activities. The Industrial Production Index (IIP) rose by 2.5 percent m/m, SA in May 2025, compared to 1.2 percent in April, supported by production growth in export-oriented sectors such as textiles and electronics. However, according to S&P Global, the fall in new export orders was broadly similar to that seen in April. While the PMI recovered from a low of 45.6 in April to 49.8- just below the 50 neutral line - in May (Figure 2), business sentiment remained low amid global uncertainty
Delivering Results through a Better World Bank Group: The FY25 Management Action Record - A World Bank Group Management Report on Implementation of IEG Recommendations
No full textFollowing the 2020 Management Action Record (MAR) reforms, World Bank Group (WBG) Management prepares an annual self-assessment of its progress toward implementing the full range of outstanding Independent Evaluation Group (IEG) evaluation recommendations. The purpose of the Management Action Record (MAR) assessment system is to support accountability, learning, and adaptation for the WBG’s implementation of recommendations from IEG evaluations. This report is built on information gathering and sharing with IEG. In turn, IEG reviews Management’s self-assessment to judge progress toward achieving the outcomes of active recommendations. The recommendations involve, among other things, actions to enhance operational modalities, inform risk taking, improve guidance for staff, and improve results measurement systems. As part of the accountability function of the MAR, both Management’s self-assessment and IEG’s review are discussed with the Committee on Development Effectiveness (CODE) annually. The 2025 Fiscal Year (FY25) MAR reports on progress in implementing 72 recommendations from 28 evaluations, with 13 new recommendations in the FY24 cycle
Organizational Hierarchies and Export Destinations
No full textThis paper proposes a new link relating export destinations and the organization of the firm: the production of higher-quality varieties exported to rich destinations induces firms to restructure their production processes, becoming organizationally more complex. A theoretical model with these features is presented, and then the mechanisms are explored using a panel of Chilean manufacturing plants. The identification strategy of the paper relies on falling tariffs on Chilean products across destinations caused by the signature of Free Trade Agreements with high-income countries (the European Union, the United States, and South Korea). Results show that Chilean plants induced by these tariff reductions to start exporting to high-income destinations increased the number of hierarchical layers and upgraded the quality of their products. This involved the addition of qualified supervisors who facilitated the provision of higher product quality. These effects took place at new high-income export firms