A Constrained Choice Impact Of Concessionality Requirements On Borrowing Behavior
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A Constrained Choice? Impact of Concessionality Requirements on Borrowing Behavior by Mr.Calixte Ahokpossi,Laurence Allain,Giovanna Bua Pdf
This paper uses the propensity matching score approach to assess the impact of the IMF’s debt limits policy (DLP) on borrowing behavior in countries eligible to borrow from its concessional lending window. The paper finds that countries under the DLP borrow significantly higher amounts of concessional resources. However, there is no evidence that the DLP significantly impacts the level of non-concessional borrowing nor the terms of such borrowing. This result is confirmed by the heterogeneity analysis, suggesting that the level of development, rather than concessionality requirements, is the key driver of non-concessional borrowing.
A Constrained Choice? Impact of Concessionality Requirements on Borrowing Behavior by Mr.Calixte Ahokpossi,Laurence Allain,Giovanna Bua Pdf
This paper uses the propensity matching score approach to assess the impact of the IMF’s debt limits policy (DLP) on borrowing behavior in countries eligible to borrow from its concessional lending window. The paper finds that countries under the DLP borrow significantly higher amounts of concessional resources. However, there is no evidence that the DLP significantly impacts the level of non-concessional borrowing nor the terms of such borrowing. This result is confirmed by the heterogeneity analysis, suggesting that the level of development, rather than concessionality requirements, is the key driver of non-concessional borrowing.
Author : International Monetary Fund Publisher : International Monetary Fund Page : 17 pages File Size : 49,7 Mb Release : 2015-09-15 Category : Business & Economics ISBN : 9781513556956
IMF Research Bulletin, December 2014 by International Monetary Fund Pdf
The December 2015 IMF Research Bulletin features a sampling of key research from the IMF. The Research Summaries in this issue look at “The Impact of Deflation and Lowflation on Fiscal Aggregates (Nicolas End, Sampawende J.-A. Tapsoba, Gilbert Terrier, and Renaud Duplay); and “Oil Exporters at the Crossroads: It Is High Time to Diversify” (Reda Cherif and Fuad Hasanov). Mahvash Saeed Qureshi provides an overview of the fifth Lindau Meeting in Economics in “Meeting the Nobel Giants.” In the Q&A column on “Seven Questions on Financial Frictions and the Sources of the Business Cycle, Marzie Taheri Sanjani looks at the driving forces of the business cycle and macroeconomic models. The top-viewed articles in 2014 from the IMF Economic Review are highlighted, along with recent IMF Working Papers, Staff Discussion Notes, and IMF publications.
Antonio Fatás,Mr.Atish R. Ghosh,Ugo Panizza,Mr.Andrea F Presbitero
Author : Antonio Fatás,Mr.Atish R. Ghosh,Ugo Panizza,Mr.Andrea F Presbitero Publisher : International Monetary Fund Page : 53 pages File Size : 46,8 Mb Release : 2019-05-10 Category : Business & Economics ISBN : 9781498312103
The Motives to Borrow by Antonio Fatás,Mr.Atish R. Ghosh,Ugo Panizza,Mr.Andrea F Presbitero Pdf
Governments issue debt for good and bad reasons. While the good reasons—intertemporal tax-smoothing, fiscal stimulus, and asset management—can explain some of the increases in public debt in recent years, they cannot account for all of the observed changes. Bad reasons for borrowing are driven by political failures associated with intergenerational transfers, strategic manipulation, and common pool problems. These political failures are a major cause of overborrowing though budgetary institutions and fiscal rules can play a role in mitigating governments’ tendencies to overborrow. While it is difficult to establish a clear causal link from high public debt to low output growth, it is likely that some countries pay a price—in terms of lower growth and greater output volatility—for excessive debt accumulation.
Global Waves of Debt by M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara Pdf
The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Grants Versus Loans by Hulya Ulku,Mr.Tito Cordella Pdf
Under what conditions should grants be preferred to loans? To answer this question, we present a simple model à la Krugman (1988) and show that, for any given level of developmental assistance, the optimal degree of loan concessionality is positively associated with economic growth if countries are poor, have bad policies, and high debt obligations. We then test our model by estimating a modified growth model for a panel of developing countries, and find evidence supporting our predictions. Finally, we assess the determinants of current aid allocations and find that the degree of concessionality is negatively correlated with countries' levels of development.
Agricultural Household Models by Inderjit Singh,Lyn Squire,John Strauss Pdf
This book presents the basic model of an agricultural household that underlies most of the case studies undertaken so far. The model assumes that households are price-takers and is therefore recursive. The decisions modeled include those affecting production and the demand for inputs and those affecting consumption and the supply of labor. Comparative results on selected elasticities are presented for a number of economies. The empirical significance of the approach is demonstrated in a comparison of models that treat production and consumption decisions separately and those in which the decisionmaking process is recursive. The book summarizes the implications of agricultural pricing policy for the welfare of farm households, marketed surplus, the demand for nonagricultural goods and services, the rural labor market, budget revenues, and foreign exchange earnings. In addition, it is shown that the basic model can be extended in order to explore the effects of government policy on crop composition, nutritional status, health, saving, and investment and to provide a more comprehensive analysis of the effects on budget revenues and foreign exchange earnings. Methodological topics, primarily the data requirements of the basic model and its extensions, along with aggregation, market interaction, uncertainty, and market imperfections are discussed. The most important methodological issues - the question of the recursive property of these models - is also discussed.
International Monetary Fund. Asia and Pacific Dept
Author : International Monetary Fund. Asia and Pacific Dept Publisher : International Monetary Fund Page : 45 pages File Size : 55,9 Mb Release : 2014-09-18 Category : Business & Economics ISBN : 9781484310236
Sri Lanka by International Monetary Fund. Asia and Pacific Dept Pdf
EXECUTIVE SUMMARY The first chapter on monetary policy transmission examines the channels through which innovations to policy variables—policy rate or monetary aggregates—affect such macroeconomic variables as output and inflation in Sri Lanka. The effectiveness of monetary policy instruments is judged through the prism of conventional policy channels (money/interest rate, bank lending, exchange rate, asset price channels) in VAR models, and the timing and magnitude of these effects are assessed using impulse response functions, and through the pass-through coefficients from policy to money market and lending rates. Our results show that (i) interest rate channel (money view) has the strongest Granger effect on output with 0.6 percent decrease in output after the second quarter and a cumulative 0.5 percent decline within a 3 year period in response to innovations in the policy rate; (ii) the contribution from the bank lending channel is statistically significant (adding another 0.2 percentage points to the baseline effect of policy rates) in affecting both output and prices but with a lag of about 5 quarters for output and longer for prices; (iii) the exchange rate and asset price channels are ineffective and do not have Granger effects on either output or prices. The second chapter takes a fresh look at the public debt reduction strategy. It asks two questions: (i) what has been driving the increase and subsequent decline in Sri Lanka’s public debt? (ii) Is Sri Lanka’s public debt too high, and if yes, how much, how fast and how should it be reduced? The chapter finds that, until recently, favorable interest rate-growth differential reflecting the combination of relatively high real GDP growth and low real interest rates on public debt has worked to reduce the debt ratio, even as primary deficits and occasional currency depreciation pushed the ratio in the opposite direction. More recently, however, the average borrowing costs began to increase, reflecting the reduced role of concessional financing and increased resort to market borrowing. Thus, debt reduction became more dependent on real growth and stronger primary balance, and this trend is likely to continue. The chapter documents that Sri Lanka’s public debt is one of the highest among the emerging economies, particularly when measured against the relatively low revenues, and suggests that the authorities target its gradual reduction to 50 percent of GDP, relying mainly on revenue measures. This target is more ambitious than the authorities’ medium-term objective of reducing the debt ratio to 60 percent of GDP, but it is considered by staff as prudent.
'Governance,' as defined by the World Bank in its 1992 report, 'Governance and Development', is 'the manner in which power is exercised in the management of a country's economic and social resources for development.' The report deemed it is within the Bank's mandate to focus on the following: -the process by which authority is exercised in the management of a country's economic and social resources -the capacity of governments to design, formulate, and implement policies and discharge functions.Also available: 'Governance: The World Bank's Experience' (ISBN 0-8213-2804-2) Stock No. 12804.
This book's prime audience is government policy-makers. It provides a policy framework for governments to increase micro, small and medium enterprises' access to financial services?one which is based on empirical evidence from around the world. Financial sector policies in many developing countries often work against the ability of commercial financial institutions to serve this market segment, albeit, often unintentionally. The framework guides governments on how to best focus scarce resources on three things: ? developing an inclusive financial sector policy; ? building healthy financial ins
Author : Pedro Belli Publisher : World Bank Publications Page : 294 pages File Size : 43,8 Mb Release : 2001-01-01 Category : Business & Economics ISBN : 0821348507
Economic Analysis of Investment Operations by Pedro Belli Pdf
This books presents general principles and methodologies of quantitative risk analysis; provides theory and practice of how to evaluate health, transport and education projects and describes how to assess the environmental impact of projects. It looks at how the tools of cost benefit analysis can be applied from the point of view of the private sector, public sector, bankers, and the country as a whole. It encourages analysts to answer a number of key questions that are likely to increase success rather than simply describing techniques. This book as aimed at all concerned with resource allocation and is presented in an accessible fashion. It is required reading at World bank Institute courses.
Financial Crises by Mr.Stijn Claessens,Mr.Ayhan Kose,Mr.Luc Laeven,Mr.Fabian Valencia Pdf
The lingering effects of the economic crisis are still visible—this shows a clear need to improve our understanding of financial crises. This book surveys a wide range of crises, including banking, balance of payments, and sovereign debt crises. It begins with an overview of the various types of crises and introduces a comprehensive database of crises. Broad lessons on crisis prevention and management, as well as the short-term economic effects of crises, recessions, and recoveries, are discussed.
