The Development of Non-bank Financial Institutions in Ukraine: Policy Reform Strategy and Action Plan
The prospect of European integration presents huge opportunities and challenges for the development of non-bank financial institutions (NBFIs) in Ukraine. By most measures, the development of the NBFI sector in Ukraine lags far behind that of recent accession countries in Central Europe. To address the main impediments facing the development of the sector, the Ukrainian authorities need to implement a strategy based on six main pillars: 1) strengthen the capacity, independence, funding, and accountability of the NBFI regulators; 2) develop money markets, government bond markets, and municipal bond markets; 3) restructure equity markets; 4) accelerate the introduction of funded pension schemes, and, improve transparency and consumer protection in the insurance industry; 5) radically transform corporate governance; and, 6) broaden access of NBFI finance.
Benefit Generosity and the Income Effect on Labour Supply: Quasi�?Experimental Evidence
This study uses an unanticipated, exogenous doubling of the legal minimum pension in Ukraine as a unique quasi-experiment to evaluate the income effect on various aspects of labour supply among the elderly. In contrast to previous studies, the unusually simple pension eligibility rule allows estimating a pure causal income effect. Applying reduced form difference-in-differences and regression discontinuity as well as instrumental variable methods on two nationally representative data sets yields a retirement semi-elasticity of 0.1-0.2. Men and women respond at different margins of labour supply but with similar overall effect.
Child Poverty in the United States: A Tale of Devastation and the Promise of Hope.
The child poverty rate in the United States is higher than in most similarly developed countries, making child poverty one of America's most pressing social problems. This article provides an introduction of child poverty in the US, beginning with a short description of how poverty is measured and how child poverty is patterned across social groups and geographic space. I then examine the consequences of child poverty with a focus educational outcomes and child health, and three pathways through which poverty exerts its influence: resources, culture, and stress. After a brief review of the anti-poverty policy and programmatic landscape, I argue that moving forward we must enrich the communities in which poor families live in addition to boosting incomes and directly supporting children's skill development. I conclude with emerging research questions.