Adoption Of An Imf Programme And Debt Resheduling
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Bedfellows Hostages Or Perfect Strangers Global Capital Markets And The Catalytic Effect Of Imf Crisis Lending
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Author : Carlo Cottarelli
language : en
Publisher: International Monetary Fund
Release Date : 2002-11
Bedfellows Hostages Or Perfect Strangers Global Capital Markets And The Catalytic Effect Of Imf Crisis Lending written by Carlo Cottarelli and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-11 with Business & Economics categories.
During the 1990s, the concept of "catalytic official finance" (COF) gained prominence in policy debates. The concept revolves around the idea that the propensity of investors to lend to a country increases when the IMF provides its "seal of approval"-backed up by only limited official financing-on the country's economic program. COF aims at avoiding, on the one hand, the massive use of public money to bail out private investors; on the other, the recourse to coercive bailing-in mechanisms. The paper concludes that COF, while possibly useful in other contexts, is less reliable when used to manage capital account crises.
Adoption Of An Imf Programme And Debt Rescheduling
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Author : Silvia Marchesi
language : en
Publisher:
Release Date :
Adoption Of An Imf Programme And Debt Rescheduling written by Silvia Marchesi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
The Department of Economics of the University of Warwick presents the full text of the research paper entitled "Adoption of an IMF Programme and Debt Rescheduling: An Empirical Analysis," by Silvia Marchesi that was published in November 1999. The paper is in PDF format. Marchesi uses a bivariate probit model to examine the relationship between the adoption of an International Monetary Fund (IMF) program and the concession of a debt rescheduling by commercial and official creditors. The rescheduling allows debtors not to default on loans and to remain in the international financial system.
Imf Staff Papers Volume 55 No 1
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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2008-06-18
Imf Staff Papers Volume 55 No 1 written by International Monetary Fund. Research Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-06-18 with Business & Economics categories.
In this issue, a team of economists look at approaches to modeling the use of IMF resources in order to gauge whether the recent decline in credit outstanding is a temporary or permanent phenomenon. Era Dabla-Norris and Gabriela Inchauste examine what drives the growth of firms, with a focus on informality and regulations. Evan Tanner and Issouf Samake use a vector autoregression approach to examine the probabilistic sustainability of public debt in Brazil. Mexico, and Turkey. And Rachel Glennerster and Yongseok Shin ask whether transparency pays?that is, does the frequency and accuracy of macroeconomic information released to the public lead to lower borrowing costs in sovereign debt markets?
The Impact Of Imf Supported Programs On Fdi In Low Income Countries
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Author : Mr.Ali J Al-Sadiq
language : en
Publisher: International Monetary Fund
Release Date : 2015-07-16
The Impact Of Imf Supported Programs On Fdi In Low Income Countries written by Mr.Ali J Al-Sadiq and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-07-16 with Business & Economics categories.
It is common for IMF-supported adjustment programs with low-income member countries (LICs) to project that they will facilitate FDI inflows. The main objective of this paper is to empirically examine this hypothesis. Using an unbalanced panel dataset for 73 low-income countries over the period 1980–2012, and two different econometric methods that address the selection-bias problem, the empirical results robustly show that participating in IMF-supported program is associated with a significant increase in FDI inflows.
2011 Review Of Conditionality Outcomes Of Fund Supported Programs
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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2012-06-18
2011 Review Of Conditionality Outcomes Of Fund Supported Programs written by International Monetary Fund. Strategy, Policy, & Review Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-06-18 with Business & Economics categories.
This paper examines the effects of Fund-supported programs initiated during 2002-11, with special emphasis on programs started after the onset of the recent global economic crisis. The paper investigates the effects of Fund-supported programs on key macroeconomic variables and, data restrictions permitting, on social variables (social government spending, unemployment and social outcome indicators). Further, it analyzes the contribution of fiscal and external accommodation in helping program countries get through the recent global crisis. The assessment of the impact of Fund-supported programs is necessarily incomplete to the extent that the global financial crisis is ongoing and the most recent crisis programs such as the March 2012 program for Greece are not included. The Crisis Program Review provides detailed analysis of recent GRA-supported programs.
Catalyzing Capital Flows
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Author : Mr.Ashoka Mody
language : en
Publisher: International Monetary Fund
Release Date : 2003-05-01
Catalyzing Capital Flows written by Mr.Ashoka Mody and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-05-01 with Business & Economics categories.
An objective of IMF-supported programs is to help countries improve their access to international capital markets. In this paper, we examine the issue whether IMF-supported programs influence the ability of developing country issuers to tap international bond markets and whether they improve spreads paid on the bonds issued. We find that IMF-supported programs do not provide a uniformly favorable signaling effect-that is, the mere existence of a program supported by the IMF does not act as a strong "seal of good housekeeping." Instead, the evidence is most consistent with a positive effect of IMF-supported programs when they are viewed as likely to lead to policy reform and when undertaken before economic fundamentals have deteriorated significantly. The size of the IMF-supported program matters, but the credibility of a joint commitment by the country and the IMF appears to be critical.
Fund Supported Programs Objectives And Outcomes
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Author : International Monetary Fund. Policy Development and Review Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2004-11-24
Fund Supported Programs Objectives And Outcomes written by International Monetary Fund. Policy Development and Review Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-11-24 with Business & Economics categories.
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Institutions Partisanship And Credibility In Global Financial Markets
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Author : Hye Jee Cho
language : en
Publisher: Routledge
Release Date : 2017-07-28
Institutions Partisanship And Credibility In Global Financial Markets written by Hye Jee Cho and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-07-28 with Political Science categories.
Increasingly integrated global financial markets have been shaken by a series of severe shocks in recent decades, from Mexico’s Tequila crisis to the upheavals in the Eurozone. These crises have demonstrated that signs of uncertain local economic and political conditions can result in market fluctuations which in turn cause economic, social, and political instability. Such instability is particularly severe for developing countries that rely heavily on international financial markets for their financial needs. Building credibility in these markets is therefore important for national governments who wish to prevent market panic and capital flight and, ultimately, to achieve stable economic growth. Earlier studies have argued that institutional arrangements that constrain governments and commit them to protecting private property rights and market-friendly policies can send a strong positive signal to the markets about a given country’s sovereign credibility. This book argues, however, that the market perception of such credibility-building institutions is significantly contingent on which party governs the country. Formal institutions confer significant credibility-building effects on left-wing governments, whereas less or no significant effects are enjoyed by right-wing governments. And beyond that, any significant changes in a country’s institutional landscape—such as a breakdown of democracy or joining an international organization that can influence domestic politics—have particularly strong impact on the credibility of left-wing governments. This argument is supported by a quantitative analysis of sovereign credit ratings data collected from around 90 developing countries from 1980 to 2007, by case studies from South Asia, Eastern Europe and Latin America, and by face-to-face interviews with 24 financial market experts based in Hong Kong, Seoul, and Paris.
Imf Staff Papers
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Author :
language : en
Publisher:
Release Date : 2008
Imf Staff Papers written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Banks and banking categories.
From Economic Crisis To Reform
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Author : Grigore Pop-Eleches
language : en
Publisher: Princeton University Press
Release Date : 2008-12-08
From Economic Crisis To Reform written by Grigore Pop-Eleches and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-12-08 with Business & Economics categories.
The wave of neoliberal economic reforms in the developing world since the 1980s has been regarded as the result of both severe economic crises and policy pressures from global financial institutions such as the International Monetary Fund (IMF). Using comparative evidence from the initiation and implementation of IMF programs in Latin America and Eastern Europe, From Economic Crisis to Reform shows that economic crises do not necessarily persuade governments to adopt IMF-style economic policies. Instead, ideology, interests, and institutions, at both the international and domestic levels, mediate responses to such crises. Grigore Pop-Eleches explains that the IMF's response to economic crises reflects the changing priorities of large IMF member countries. He argues that the IMF gives greater attention and favorable treatment to economic crises when they occur in economically or politically important countries. The book also shows how during the neoliberal consensus of the 1990s, economic crises triggered IMF-style reforms from governments across the ideological spectrum and how these reforms were broadly compatible with democratic politics. By contrast, during the Latin American debt crisis, the contentious politics of IMF programs reflected the ideological rivalries of the Cold War. Economic crises triggered ideologically divergent domestic policy responses and democracy was often at odds with economic adjustment. The author demonstrates that an economic crisis triggers neoliberal economic reforms only when the government and the IMF agree about the roots and severity of the crisis.