ST/ESA/2000/DP.11 Resources for Social Development: Additional and Innovative Resources

This paper considers various ways of securing and retaining additional resources for social development: in many cases (but not all) with the help of joint international action. Beside outlining methods for increasing public revenue available, it considers the acquisition of resources through financial intermediation and community mobilization and through incentives to commercial enterprise for appropriate research, and also explores how the erosion of existing sources of public finance can be resisted and the use of public resources may be more effectively secured for social development through tying revenue to outlay, or at least to the relevant level of government, and through fiscal stabilization. Go back to list of papers

ST/ESA/2000/DP.12 Export Processing Zones in Cuba

In a radical shift of policy, Cuba inaugurated in 1997 a number of export processing zones (EPZs). Despite generous tax incentives and an abundant supply of educated labour, investors have not rushed to the EPZs, except for one firm which has its eye on national rather than export markets. This paper argues that Cuba's EPZs have failed not because they face a United States trade embargo, but rather because employers must pay US $1.50 an hour for labour that receives take-home wages equivalent to only 4 US cents an hour. Go back to list of papers

ST/ESA/2000/DP.13 Three Pillars of Pensions? A Proposal to End Mandatory Contributions

The three pillars of a pension system are defined in varied ways. The author focuses on a definition provided by the World Bank in its 1994 Report. He argues that with a universal Pillar 1 (a flat, subsistence pension), there is no need for Pillar 2 (earnings-related pensions). Pillar 3 (voluntary retirement savings) should not receive tax subsidies, which are regressive and also have not been shown to have any significant effect on private saving. Such a pension scheme may appear utopian, but it is in effect in New Zealand. Go back to list of papers

ST/ESA/2000/DP.14 The Underlying Constraints on Corporate Bond Market Development in Southeast Asia

There has been little analysis on the underlying institutional constraints to corporate bond market development in Thailand, Malaysia and Indonesia. Research so far has concentrated on weaknesses in market infrastructure. This paper illustrates the interlocking relationships between corporations, banks and governments to have dissuaded bond issuance by companies and also contributed to the underdevelopment of the demand side of the market. The implication of this research is that, in addition to the oft-recommended measures to strengthen the market infrastructure, corporate bond market development in these countries is also contingent upon deep-set institutional change. Go back to list of papers