ST/ESA/2003/DP.28 Capital Markets Financing for Developing-Country Infrastructure Projects

This paper reviews risk-mitigating structures to improve the ratings of debt securities issued by developing-country infrastructure projects, with an emphasis on electric power projects. It reports on the opinions of several important constituencies which were interviewed as part of this study: fixed-income investors, monoline insurers, investment bankers, rating agencies, bilateral and multilateral agencies, and private political risk insurers. Finally, the paper reviews three new approaches for promoting increased access to the capital markets for infrastructure projects: structures to encourage local capital markets financing, new uses of partial risk guarantees, and expanded use of expropriation coverage. Go back to list of papers

ST/ESA/2003/DP.29 A New Approach to Sustainable Tourism Development: Moving Beyond Environmental Protection

Tourism is one of the largest and fastest growing industries in the world. It is an increasingly important source of income, employment and wealth in many countries. However, its rapid expansion has also had detrimental environmental (and socio-cultural) impact in many regions. In this DESA discussion paper, I examine the main economic benefits and environmental impact of tourism, and review the development of the international sustainable tourism agenda. While much of international tourism activity takes place within the developed world, this paper will focus on the (economic) development of the industry in developing countries. I conclude that new approaches to sustainable tourism development in these countries should not only seek to minimize local environmental impact, but also give greater priority to community participation and poverty reduction. I argue, in particular, that more emphasis should be given to a 'pro-poor tourism' approach at both national and international levels. Go back to list of papers

ST/ESA/2003/DP.30 The Role of Decentralized Governance in Fostering the Participation of Minorities

Establishing inclusive democracies is essential in recognizing the dignity of all regardless of race, ethnicity, or religion and in allowing for the full participation of all members of society in the political, economic and social life of a country. How can decentralized governance contribute to the full participation of minorities in the political life of a polity? And what factors lead to successful decentralization reforms and full participation of all sectors of society? These issues are at the core of this paper. Go back to list of papers

ST/ESA/2003/DP.31 The Efficacy of Regulation in Developing Countries

The receding role of direct state intervention coupled with a consensus on private sector-led growth and development has led to a reduction in economic regulation of industries. Most developing countries have undertaken liberalization and privatization as a first step toward free market regimes, though progress has been uneven. Although the benefits, in terms of economic growth, have been considerable, these have been limited to a few countries. Why has deregulation not worked for all? Using data from recently conducted surveys about regulatory constraints on the private sector firms in thirty countries, this paper presents the argument that for economic de-regulation to be effective it must be set within a holistic regulatory framework, which supports the efficient functioning of free market enterprise. Go back to list of papers

ST/ESA/2003/DP.32 Universal Pensions in Mauritius: Lessons for the Rest of Us

That the Government of Mauritius provides nearly every resident over the age of 60 with a non-contributory, basic pension is one of the best-kept secrets in the world. The scheme dates from 1950 and became universal in 1958, following abolition of a means test. Remarkably, introduction of a compulsory, contributory scheme for workers in the private sector appears to have strengthened the non-contributory regime without affecting its universality. This paper examines the past and future of non-contributory, universal pensions in Mauritius, and draws lessons that might be useful for other countries, especially those in the developing world. Go back to list of papers

ST/ESA/2003/DP.33 Local Governance Capacity-Building for Full-Range Participation Concepts, Frameworks and Experiences in African Countries

Good governance as an act of steering people's development involves full-range participation and embraces transparency, accountability and equity. It requires effective capacities on the part of all stakeholders at community, local, national, regional and global levels, and in all sectors, i.e., public, private and civil society. African countries that have experienced visible successes in decentralized governance have conceived their local governance policies and strategies both horizontally and vertically. There is currently a strong need for capacity-building in local governance to focus on empowering all stakeholders for their full-range socio-politico-economic participation in decentralized governance. Go back to list of papers