WorldCat Identities

Loayza, Norman

Works: 179 works in 701 publications in 3 languages and 9,570 library holdings
Genres: Case studies 
Roles: Author, Other, Editor
Publication Timeline
Most widely held works by Norman Loayza
Economic growth in Latin America and the Caribbean : stylized facts, explanations, and forecasts by Norman Loayza( )

25 editions published between 2004 and 2012 in English and Portuguese and held by 1,327 WorldCat member libraries worldwide

This publication analyzes whether economic reforms have been beneficial to growth in the region. In doing so, it recognizes that growth is driven by a variety of factors - in some cases poor growth is due to insufficient structural reforms (e.g., low trade openness), in others to inappropriate stabilization policies (e.g., exchange rate overvaluation), and still in others to negative international conditions (e.g., growth slowdown in industrial countries). It is obvious but still correct to say that identifying the problem is the first step towards the solution. This book contributes to this effort by examining the growth performance of countries in Latin America and the Caribbean, explaining the underlying sources of their economic growth, and designing a strategy for further growth.--Publisher's description
Terrorism, economic development, and political openness by Philip Keefer( )

17 editions published between 2008 and 2012 in English and held by 1,262 WorldCat member libraries worldwide

"To what extent are terrorism and development related? What are the relative weights of the economic, political, and social aspects of development? What is the development effect of different responses to terrorism? This volume addresses these crucial questions, synthesizing what we do know about the development links with terrorism and pointing out what we do not know. Contributors to this volume examine the economic and fiscal costs of terrorism and the response to terrorism. They conclude that the economic costs of terrorism in rich countries are low relative to the economic costs of combating terrorism; both are likely high in poor countries. They also report evidence on how development affects terrorism. This work supports the hypothesis that political development - political openness and the quality of government - is inversely associated with the emergence of terrorist organizations. Though less clearly, it also supports the proposition that national economic development - mainly international openness - can moderate terrorism."--Jacket
Determinants of crime rates in Latin America and the world : an empirical assessment by Pablo Fajnzylber( )

17 editions published in 1998 in English and held by 981 WorldCat member libraries worldwide

This study uses a new data set of crime rates for a large sample of countries for the period 1970-1994, based on information from the United Nations World Crime Surveys, to analyze the determinants of national homicide and robbery rates. A simple model of the incentives to commit crime is proposed, which explicitly considers possible causes of the persistence of crime over time (criminal inertia). Several econometric models are estimated, attempting to capture the determinants of crime rates across countries and over time. The empirical models are first run for cross-sections and then applied to panel data. The former focus on explanatory variables that do not change markedly over time, while the panel data techniques consider both the effect of the business cycle (i.e., GDP growth rate) on the crime rate and criminal inertia (accounted for by the inclusion of the lagged crime rate as an explanatory variable). The panel data techniques also consider country-specific effects, the joint endogeneity of some of the explanatory variables, and the existence of some types of measurement errors afflicting the crime data. The results show that increases in income inequality raise crime rates, deterrence effects are significant, crime tends to be counter-cyclical, and criminal inertia is significant even after controlling for other potential determinants of homicide and robbery rates
Innocent bystanders : developing countries and the war on drugs by Philip Keefer( )

14 editions published between 2010 and 2012 in English and held by 753 WorldCat member libraries worldwide

Drug use and abuse is one of the most difficult challenges facing the contemporary world. If it is true that there has always been consumption of different types of drugs in different societies, although not in all of them, it is no less true that it generally took place in restricted, socially regulated realms, especially in ritualistic ceremonies. This is not the case today. Drug use has spread to all segments of society, with hedonistic motivations; although it is often not socially sanctioned, users are at times, depending on the drug, treated with leniency. It is well-established that all drugs are harmful to the health, even the legal ones, such as alcohol and tobacco, and that some drugs are more harmful, such as heroin and crack. The discussion of 'gateway drugs' is a medical issue on which there is no consensus. For the purposes of public policy design, the important thing to keep in mind is that drugs produce negative consequences for both users and societies in general, and that minimizing their consumption should be the main goal. The salient discussion, therefore, is about choosing among different strategies to achieve the same goal. Most of all, this book contributes to the debate by shedding light on the understanding of the economics and logistics of the drug market
Business regulation and economic performance by Norman Loayza( )

20 editions published between 2009 and 2012 in English and held by 674 WorldCat member libraries worldwide

The objective of this volume is to document the patterns of business regulation across the world and review their impact on aggregate economic performance. The volume adopts a comparative cross-regional perspective, with particular attention to Latin America. The research reported here focuses on establishing the analytical and empirical links between microeconomic regulatory policies on the one hand, and aggregate productivity, growth, and volatility on the other. Thus, the volume adds to a novel but increasingly influential line of policy-relevant research that seeks to understand macroeconomic phenomena from a microeconomic perspective. Such literature is still fairly scarce in the case of industrial countries, and virtually in its infancy for developing countries. To achieve this end, the volume combines a variety of methodological approaches-analytical and empirical, micro and macroeconomic, single- and cross-country-to an extent limited mainly by the availability of suitable data. Following this overview, the volume comprises six chapters that address the subject from different but complementary perspectives, providing a comprehensive exploration of the various channels through which business regulation affects growth, stability, and other key macroeconomic dimensions
Financial development, financial fragility, and growth by Norman Loayza( )

19 editions published between 2001 and 2013 in English and held by 210 WorldCat member libraries worldwide

"Loayza and Rancire study the apparent contradiction between two strands of the literature on the effects of financial intermediation on economic activity. On the one hand, the empirical growth literature finds a positive effect of financial depth as measured by, for instance, private domestic credit and liquid liabilities (for example, Levine, Loayza, and Beck 2000). On the other hand, the banking and currency crisis literature finds that monetary aggregates, such as domestic credit, are among the best predictors of crises and their related economic downturns (for example, Kaminski and Reinhart 1999). The authors account for these contrasting effects based on the distinction between the short- and long-run impacts of financial intermediation. Working with a panel of cross-country and time-series observations, they estimate an encompassing model of short- and long-run effects using the Pooled Mean Group estimator developed by Pesaran, Shin, and Smith (1999). Their conclusion from this analysis is that a positive long-run relationship between financial intermediation and output growth coexists with a mostly negative short-run relationship. The authors further develop an explanation for these contrasting effects by relating them to recent theoretical models, by linking the estimated short-run effects to measures of financial fragility (namely, banking crises and financial volatility), and by jointly analyzing the effects of financial depth and fragility in classic panel growth regressions. This paper--a product of the Growth and Investment Team, Development Research Group--is part of a larger effort in the group to understand the sources of growth and volatility"--World Bank web site
Openness can be good for growth : the role of policy complementarities by Roberto Chang( )

22 editions published between 2005 and 2012 in English and held by 154 WorldCat member libraries worldwide

The authors study how the effect of trade openness on economic growth depends on complementary reforms that help a country take advantage of international competition. This issue is illustrated with a simple Harris-Todaro model where output gains after trade liberalization depend on the degree of labor market flexibility. In that model, trade protection may ameliorate the problem of underemployment (and underproduction) in sectors affected by labor market distortions. Hence, trade liberalization unambiguously increases per capita income only when labor markets are sufficiently flexible. The authors then present some panel evidence on how the growth effect of openness depends on a variety of structural characteristics. For this purpose, they use a non-linear growth regression specification that interacts a proxy of trade openness with proxies of educational investment, financial depth, inflation stabilization, public infrastructure, governance, labor-market flexibility, ease of firm entry, and ease of firm exit. They find that the growth effects of openness are positive and economically significant if certain complementary reforms are undertaken
Accountability and corruption : political institutions matter by Daniel Lederman( )

10 editions published in 2001 in English and Undetermined and held by 134 WorldCat member libraries worldwide

The results of a cross-country empirical analysis suggests that political institutions are extremely important in determining the prevalence of corruption: democracy, parliamentary systems, political stability, and freedom of the press are all associated with lower corruption
The aftermath of civil war by Siyan Chen( )

14 editions published between 2007 and 2012 in English and Undetermined and held by 132 WorldCat member libraries worldwide

Using an "event-study" methodology, this paper analyzes the aftermath of civil war in a cross-section of countries. It focuses on those experiences where the end of conflict marks the beginning of a relatively lasting peace. The paper considers 41 countries involved in internal wars in the period 1960-2003. In order to provide a comprehensive evaluation of the aftermath of war, the paper considers a host of social areas represented by basic indicators of economic performance, health and education, political development, demographic trends, and conflict and security issues. For each of these indicators, the paper first compares the post- and pre-war situations and then examines their dynamic trends during the post-conflict period. The paper concludes that, even though war has devastating effects and its aftermath can be immensely difficult, when the end of war marks the beginning of lasting peace, recovery and improvement are indeed achieved
What drives private saving around the world? by Norman Loayza( )

12 editions published between 1999 and 2014 in English and Undetermined and held by 132 WorldCat member libraries worldwide

Saving rates vary considerably across countries and over time. Policies that spur development are an indirect but effective way to raise private saving rates, which rise with the level and growth rate of real per capita income
Privatization and nationalization cycles by Roberto Chang( )

13 editions published between 2009 and 2012 in English and Undetermined and held by 131 WorldCat member libraries worldwide

This paper studies the cycles of nationalization and privatization in resource-rich economies. We discuss available evidence on the drivers and consequences of privatization and nationalization, review the existing literature, and present illustrative case studies. Our main contribution is then to develop a static and dynamic model of the choice between private and national regimes for the ownership of natural resources. In the model, this choice is driven by a basic equality-efficiency tradeoff: national ownership results in more redistribution of income and more equality, but undermines incentives for effort. The resolution of the tradeoff depends on external and domestic conditions that affect the value of social welfare under each regime. This allows us to characterize how external variables -- such as the commodity price -- and domestic ones -- such as the tax system -- affect the choice of private vs. national regimes. The analysis therefore identifies the determinants of the observed cycles of privatization and nationalization, and is consistent with a variety of observed phenomena
External sustainability : a stock equilibrium perspective by Norman Loayza( )

9 editions published in 2000 in English and Undetermined and held by 130 WorldCat member libraries worldwide

The 1994 crisis in Mexico, developments in East Asia, and persistent turmoil in world financial markets have dramatized the role of external imbalances in macroeconomic crises. Some believe that the current account should be kept from rising beyond a "sustainable" level, some that a current account surplus is the only solid external position. Can those rules of thumb be justified analytically?
Determinants of current account deficits in developing countries by César Calderón( )

14 editions published between 1999 and 2000 in English and Spanish and held by 130 WorldCat member libraries worldwide

In developing countries, increases in current account deficits tend to be associated with a rise in domestic output growth and shocks that increase the terms of trade and cause the real exchange rate to appreciate. Higher savings rates, higher growth rates in industrial economies and higher international interest rates tend to have the opposite effect
Informality trends and cycles by Norman Loayza( )

9 editions published in 2006 in English and held by 128 WorldCat member libraries worldwide

This paper studies the trends and cycles of informal employment. It first presents a theoretical model where the size of informal employment is determined by the relative costs and benefits of informality and the distribution of workers' skills. In the long run, informal employment varies with the trends in these variables, and in the short run it reacts to accommodate transient shocks and to close the gap that separates it from its trend level. The paper then uses an error-correction framework to examine empirically informality's long- and short-run relationships. For this purpose, it uses country-level data at annual frequency for a sample of industrial and developing countries, with the share of self-employment in the labor force as the proxy for informal employment. The paper finds that, in the long run, informality is larger in countries that have lower GDP per capita and impose more costs to formal firms in the form of more rigid business regulations, less valuable police and judicial services, and weaker monitoring of informality. In the short run, informal employment is found to be counter-cyclical for the majority of countries, with the degree of counter-cyclicality being lower in countries with larger informal employment and better police and judicial services. Moreover, informal employment follows a stable, trend-reverting process. These results are robust to changes in the sample and to the influence of outliers, even when only developing countries are considered in the analysis
Volatility and Growth by Viktoria Hnatkovska( )

12 editions published between 2003 and 2013 in English and held by 124 WorldCat member libraries worldwide

The authors study the empirical, cross-country relationship between macroeconomic volatility and long-run economic growth. They address four central questions: 1) Does the volatility-growth link depend on country and policy characteristics, such as the level of development or trade openness? 2) Does this link reflect a statistically and economically significant causal effect from volatility to growth? 3) Has this relationship been stable over time and has it become stronger in recent decades? 4) Does the volatility-growth connection actually reveal the impact of crises rather than the overall effect of cyclical fluctuations? The authors find that macroeconomic volatility, and long-run economic growth are indeed negatively related. This negative link is exacerbated in countries that are poor, institutionally underdeveloped, undergoing intermediate stages of financial development, or unable to conduct counter-cyclical fiscal policies. They find evidence that this negative relationship actually reflects the harmful effect from volatility to growth. Furthermore, the authors find that the negative effect of volatility on growth has become considerably larger in the past two decades, and that it is mostly due to large recessions rather than normal cyclical fluctuations
The composition of growth matters for poverty alleviation by Norman Loayza( )

11 editions published between 2006 and 2012 in English and held by 123 WorldCat member libraries worldwide

This paper contributes to explain the cross-country heterogeneity of the poverty response to changes in economic growth. It does so by focusing on the structure of output growth. The paper presents a two-sector theoretical model that clarifies the mechanism through which the sectoral composition of growth and associated labor intensity can affect workers' wages and, thus, poverty alleviation. Then in presents cross-country empirical evidence that analyzes first, the differential poverty-reducing impact of sectoral growth at various levels of disaggregation, and the role of unskilled labor intensity in such differential impact. The paper finds evidence that not only the size of economic growth but also its composition matters for poverty alleviation, with the largest contributuons from labor-intensive sectors (such as agriculture, construction, and manufacturing). The results are robust to the influence of outliers, alternative explanations, and various poverty measures
The structural determinants of external vulnerability by Norman Loayza( )

11 editions published between 2006 and 2012 in English and held by 121 WorldCat member libraries worldwide

The authors examine empirically how domestic structural characteristics related to openness and product- and factor-market flexibility influence the impact that terms-of-trade shocks can have on aggregate output. For this purpose, they apply an econometric methodology based on semi-structural vector auto-regressions to a panel of 90 countries with annual observations for the period 1974-2000. Using this methodology, the authors isolate and standardize the shocks, estimate their impact on GDP, and examine how this impact depends on the domestic conditions outlined above. They find that larger trade openness magnifies the output impact of external shocks, particularly the negative ones, while imporvements in labor market flexibility and financial openness reduce their impact. Domestic financial depth has a more nuanced role in stabilizing the economy. It helps reduce the impact of external shocks particularly in environments of high exposure, that is, when trade and financial openness are high, firm entry in unrestricted, and labor markets are rigid
The impact of regulation on growth and informality : cross-country evidence by Norman Loayza( )

9 editions published in 2005 in English and held by 121 WorldCat member libraries worldwide

"The authors study the effects of regulation on economic growth and the relative size of the informal sector in a large sample of industrial and developing countries. Along with firm dynamics, informality is an important channel through which regulation affects macroeconomic performance and economic growth in particular. The authors conclude that a heavier regulatory burden-particularly in product and labor markets-reduces growth and induces informality. These effects are, however, mitigated as the overall institutional framework improves."--Page 2 of cover
Finance and the source of growth by Thorsten Beck( )

13 editions published in 1999 in English and Undetermined and held by 119 WorldCat member libraries worldwide

Development of the banking sector exerts a large, causal impact on total factor productivity growth, which in turn causes GDP to grow. Whether banking development has a long-run effect on capital growth or private saving remains to be seen. Beck, Levine, and Loayza evaluate whether the level of development in the banking sector exerts a causal impact on economic growth and its sources- total factor productivity growth, physical capital accumulation, and private saving. They use (1) a pure cross-country instrumental variable estimator to extract the exogenous component of banking development and (2) a new panel technique that controls for country-specific effects and endogeneity. They find that: * Banks do exert a large, causal impact on total factor productivity growth, which feeds through to overall GDP growth. * The long-run links between banking development and both capital growth and private savings are more tenuous. This paper-a product of Finance, Development Research Group-is part of a larger effort in the group to understand the links between the financial system and economic growth. Thorsten Beck may be contacted at
Has Latin America's post-reform growth been disappointing? by William Easterly( Book )

9 editions published between 1997 and 1999 in 3 languages and held by 119 WorldCat member libraries worldwide

January 1997 The response of economic growth to reforms in Latin America has not been disappointing. Because of those policy changes, and despite a global slowdown, Latin America did well to return to its historic growth rate of 2 percent per capita in 1990-93. After years of poor macroeconomic performance, many Latin American countries undertook ambitious programs of macroeconomic stabilization and structural reform in recent years. This change in policy created high expectations for the region, and some observers have questioned whether actual growth outcomes in several Latin American countries have lived up to these expectations. Easterly, Loayza, and Montiel offer evidence that the response of economic growth to reforms in Latin America has not been disappointing. Because of those significant policy changes, and despite a global slowdown, Latin America did well to return to its historic growth rate of 2 percent per capita in 1990-93. Latin American growth has responded to changes in policy variables, as would have been predicted by the experience of other times and places. Those earlier experiences are summarized by a panel regression spanning many countries and multiyear periods from 1960 to 1993. To get consistent estimates of the parameters linking growth and policy variables, the authors use a dynamic panel methodology that both controls for unobserved time- and country-specific effects and accounts for the likely joint endogeneity of the explanatory variables. This paper - a product of the Macroeconomics and Growth Division, Policy Research Department - is part of a larger effort in the department to understand the determinants of economic growth
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WorldCat IdentitiesRelated Identities
Economic growth in Latin America and the Caribbean : stylized facts, explanations, and forecasts
Terrorism, economic development, and political opennessInnocent bystanders : developing countries and the war on drugsBusiness regulation and economic performance
Alternative Names
Loayza, N. 1964-

Loayza, Norman A. 1964-

Loayza Norman V.

Loayza, Norman V. 1964-

Loayza O., Norman 1964-

Loayza-O., Norman V. 1964-

Norman Loayza economist (World Bank Group)

Norman Loayza Wirtschaftswissenschaftler/in (World Bank Group)