John Huber

Teresa Ter-Minassian

Mauricio Jara

Hyungon Kim

Rodrigo Wagner

The situation of state-owned enterprises (SOEs) in Latin America and the Caribbean continues to be dire. This book uses an original database of SOE performance that shows that every year about one-third of such enterprises in the region report losses (up to 70 percent in some countries) and that they require between 0.3 and one percentage point of GDP in fiscal transfers to cover such losses. Countries in the region have adopted centralized agency monitoring of their SOEs, managed to reduce the fiscal burden of SOEs, shown better financial returns, and accumulated less liabilities to GDP, thus generating less fiscal risk for the government overall. Each of the chapters provides a practical way to solve either asymmetry of information problems in the monitoring of SOEs or solutions to reduce the discretionary nature of the fiscal governance of SOEs. Chapter 2 details the kinds of fiscal risks and contingent liabilities that SOEs create for governments and provides a set of controls to limit those risks. Chapter 3 shows that allowing SOEs to issue bonds has been an ineffective way of hardening their budget constraint, given that investors price those bonds at a discount. Chapter 4 presents a state-contingent financial instrument that allows investors to value an SOE. Chapter 5 provides empirical evidence on the advantages of SOE centralized monitoring agencies in Latin America and the Caribbean, highlighting Chile, Peru, and Paraguay. Chapter 6 examines the experience of East Asian countries with holding companies and discusses when holding companies are a better vehicle to control SOEs. Chapter 7 suggests ways to align the incentives of politicians and SOE managers to provide better goods and services. Finally, Chapter 8 provides a practical guide to improve the monitoring of SOEs and to design a centralized monitoring agency.

New Policy Solutions to Old Problems

Fixing State-Owned Enterprises

Terri Huber

Surviving the death of my son defines my life for the past five years. This is the story of my battle and victory over suicidal feelings and despair. It shows my path of learning to cope with the constant sorrow of my beloved son’s death while at the same time trying to create a new life- one that does not include his physical presence. It is written most particularly for the bereaved parent, who has lost the will to continue on. My wish is that this book will give hope, where there is none.

Surviving the Death of My Son

No Time Out from Grief

A Path Through History to the Violin

B.C. Before Cremona

"The Devil drug me into the darkness outside. Without any light, it seemed to swallow me. I didn't dare pray, but I tried to scream just like my parents had."John Harker hasn't slept in years.One day, he's attacked with horrific abandon and falls into a coma at Mercy Hospital in Peoria, Illinois--the same hospital he's received psychological therapy from in the past. Five years later, he mysteriously wakes and leaves. After reviewing the security footage, one of the Neurology board's understudies becomes infatuated with John and pursues him. Both men fall into a twisted obsession that grows darker every day.Meanwhile, a pastor and his family are slaughtered in Grand Forks, North Dakota. The city is plunged into terror by the sheer brutality of the slaughter and the daughter remains missing. As the days count down to Halloween, Detective Steven Rollins works to track down the media dubbed 'Clergy Killer.' He races to snuff the shadows before more blood is shed and the small city loses itself completely to fear and the Devil at the door.In times when the numbers don't align, the code continues to fail, and the sky is silent, the only rule is that you break them all. Grand Forks learns that the Devil is real. He's as real as magic.Now you see him.Now you don't.

The Big Red Devil

John Huber

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