This paper aims to discusses in a critically manner the crisis and concludes that as far as the developing countries are concerned, a bit more optimism may be warranted. Although without doubt there are particular countries that will be adversely affected, there will also be countries that may be less affected, may avoid recession, and may recover sooner than expected. Finally, some options available to the developing countries for minimizing the impact of the crisis are discussed. The crisis accentuates the urgent need for accelerating financial development in developing countries, both through domestic financial deepening, domestic resource mobilization, and reform of the international financial system.
Economic viability depends upon the sustainability of project effects. The economic analysis of projects should include an analysis of the financial sustainability of project agencies, and the environmental sustainability of outputs and inputs. Practical experience of project effects has drawn attention to the way in which financial and environmental effects impinge on benefit sustainability. Postevaluation experience also shows that, unless such factors are taken into account, economic benefits will not be sustained at the level necessary to generate an acceptable. Projects are sustainable if their net benefits or positive effects endure as expected throughout the life of the project. Sustainability is enhanced if environmental effects are internalized, and if financial returns provide an adequate incentive for project-related producers and consumers. Sustainable development is concerned also with distributional issues. When looking at the distribution of project effects and judging project social acceptability, it is important to determine who benefits and who pays the costs. An assessment of the capacity of the project to cope with an uncertain future is another measure. Sensitivity analysis is applied when testing projects for both productive and allocative efficiency.
The study contains a theoretical and methodological examination of the relationship between the environmental and economic efficiency of firms. It reframes the crucial question, not whether, but when environmental efficiency improvements are profitable for firms? The paper develops the novel concept of eco-profit and try to identifies three gaps in the previous knowledge: (1) the relationship may not be constant across environmental efficiency levels, which means that it needs to be considered a function of environmental efficiency; (2) the relationship may not be uniform across cases, which means that the determinants of environmental profit need to be identified; and (3) the relationship may not be static across time, which means that changes in the determinants of environmental profit over time need to be discussed.
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