Imf Lending

Author : Graham Bird
Publisher : Routledge
Page : 200 pages
File Size : 42,5 Mb
Release : 2003-09-02
Category : Science
ISBN : 9781134817634

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IMF Lending to Developing Countries by Graham Bird Pdf

As the linchpin of the global financial system, the International Monetary Fund provides the balance of payments support, chiefly to developing countries, conditional on strict remedial policy measures. Its approach to policy remains highly controversial, however. While the Fund claims it has adapted, critics allege its policies are harshly doctrinaire, imposing hardships on already poverty-stricken people. For the critics, the half century of its existence is `fifty years too long' and radical change is essential. This book examines the arguments, tracing the extent of Fund adaption, presenting major new evidence on the consequences of fund programes, and considering its future role.

Author : Kendall W. Stiles
Publisher : Routledge
Page : 200 pages
File Size : 51,9 Mb
Release : 2019-03-07
Category : Political Science
ISBN : 9780429714863

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Negotiating Debt by Kendall W. Stiles Pdf

This book aims to develop and test a model of International Monetary Fund (IMF) decision-making that will offer a better understanding of how the IMF applies its lending terms to individual countries such as Jamaica, Zaire, Sudan, India, United Kingdom, Turkey and Argentina.

Author : Jean-Guillaume Poulain,Julien Reynaud
Publisher : International Monetary Fund
Page : 30 pages
File Size : 49,9 Mb
Release : 2017-07-10
Category : Business & Economics
ISBN : 9781484305867

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IMF Lending in an Interconnected World by Jean-Guillaume Poulain,Julien Reynaud Pdf

We analyze the determinants of IMF lending since the early nineties, a period during which the roles of financial cycles and interconnectedness as amplifiers and transmitters of economic crises have gained prominence. First, we show that the global financial cycle is an important driver of IMF lending cycles. Second, using a panel of 91 advanced, emerging, and frontier economies over 1992-2014, we show that global factors and interconnectedness, as proxied by a countries’ potential exposure to economic spillovers from trade partners, together with more traditional idiosyncratic factors, have a significant impact on the probability that a member country obtains financial assistance from the IMF. Our results are robust to various robustness checks. The approach presented in this paper can be used to assess future demand for IMF financial assistance.

Author : Gregory Smith
Publisher : Oxford University Press
Page : 230 pages
File Size : 45,8 Mb
Release : 2021-12-01
Category : Business & Economics
ISBN : 9780197644218

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Where Credit is Due by Gregory Smith Pdf

Borrowing is a crucial source of financing for governments all over the world. If they get it wrong, then debt crises can bring progress to a halt. But if it's done right, investment happens and conditions improve. African countries are seeking calmer capital, to raise living standards and give their economies a competitive edge. The African debt landscape has changed radically in the first two decades of the twenty-first century. Since the clean slate of extensive debt relief, states have sought new borrowing opportunities from international capital markets and emerging global powers like China. The new debt composition has increased risk, exacerbated by the 2020 coronavirus pandemic: richer countries borrowed at rock-bottom interest rates, while Africa faced an expensive jump in indebtedness. The escalating debt burden has provoked calls by the G20 for suspension of debt payments. But Africa's debt today is highly complex, and owed to a wider range of lenders. A new approach is needed, and could turn crisis into opportunity. Urgent action by both lenders and borrowers can reduce risk, while carefully preserving market access; and smart deployment of private finance can provide the scale of investment needed to achieve development goals and tackle the climate emergency.

Author : James Raymond Vreeland
Publisher : Routledge
Page : 189 pages
File Size : 47,7 Mb
Release : 2006-12-06
Category : Political Science
ISBN : 9781134189533

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The International Monetary Fund (IMF) by James Raymond Vreeland Pdf

The ideal book for students who need a clear and concise introduction to the IMF and an overview of its debates and controversies.

Author : Luca Papi,Andrea Presbitero,Alberto Zazzaro
Publisher : International Monetary Fund
Page : 56 pages
File Size : 51,8 Mb
Release : 2015-01-26
Category : Business & Economics
ISBN : 9781498331623

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IMF Lending and Banking Crises by Luca Papi,Andrea Presbitero,Alberto Zazzaro Pdf

This paper looks at the effects of International Monetary Fund (IMF) lending programs on banking crises in a large sample of developing countries, over the period 1970-2010. The endogeneity of the IMF intervention is addressed by adopting an instrumental variable strategy and a propensity score matching estimator. Controlling for the standard determinants of banking crises, our results indicate that countries participating in IMF-supported lending programs are significantly less likely to experience a future banking crisis than nonborrowing countries. We also provide evidence suggesting that compliance with conditionality and loan size matter.

Author : M. Breen
Publisher : Springer
Page : 146 pages
File Size : 54,7 Mb
Release : 2013-08-15
Category : Political Science
ISBN : 9781137263810

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The Politics of IMF Lending by M. Breen Pdf

As national governments continue to disagree over how to respond to the aftermath of the global financial crisis, two of the few areas of consensus were the decisions to increase the IMF's capacity to respond and remove the policies designed to limit the use of its resources. Why was this massive increase in the size of the IMF, accompanied by the removal of policies designed to limit moral hazard, such an easy point of consensus? Michael Breen looks at the hidden politics behind IMF lending and proposes a new theory based on shareholder control. To test this theory, he combines statistical analysis with a sweeping account of IMF lending and conditionality during two global crises; the European sovereign debt crisis and the Asian financial crisis.

Author : Nicolas Mäder,Jean-Guillaume Poulain,Julien Reynaud
Publisher : International Monetary Fund
Page : 23 pages
File Size : 43,6 Mb
Release : 2019-07-19
Category : Business & Economics
ISBN : 9781498324618

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Assessing IMF Lending: a Model of Sample Selection by Nicolas Mäder,Jean-Guillaume Poulain,Julien Reynaud Pdf

Extending previous work on the determinants of IMF lending in an interconnected world, we introduce a model of sample selection in which both selection and size dimensions of individual IMF arrangements are presented within a unified econometric framework. We allow for unobserved heterogeneity to create an additional channel for sample selection at the country level. The results suggest that higher external financing needs, larger exchange rate depreciation, lower GDP growth, as well as deteriorated global financial conditions, are associated with larger individual IMF arrangement sizes. Using the estimated parameters, Monte Carlo simulation of a wide spectrum of global shock scenarios suggest that the distribution of potential aggregate IMF lending exhibits a substantial right tail. Our approach may provide an insightful input to broader policy discussions on the adequacy of the IMF resources.

Author : Randall W. Stone
Publisher : Princeton University Press
Page : 311 pages
File Size : 51,6 Mb
Release : 2012-01-06
Category : Political Science
ISBN : 9781400824434

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Lending Credibility by Randall W. Stone Pdf

With the end of the Cold War, the International Monetary Fund emerged as the most powerful international institution in history. But how much influence can the IMF exert over fiercely contested issues in domestic politics that affect the lives of millions? In Lending Credibility, Randall Stone develops the first systematic approach to answering this question. Deploying an arsenal of methods from a range of social sciences rarely combined, he mounts a forceful challenge to conventional wisdom. Focusing on the former Soviet bloc, Stone finds that the IMF is neither as powerful as some critics fear, nor as weak as others believe, but that the answer hinges on the complex factor of how much credibility it can muster from country to country. Stone begins by building a formal, game-theoretic model of lending credibility, which he then subjects to sophisticated quantitative testing on original data from twenty-six countries over the 1990s. Next come detailed, interview-based case studies on negotiations between the IMF and Russia, Ukraine, Poland, and Bulgaria. Stone asserts that the IMF has exerted startling influence over economic policy in smaller countries, such as Poland and Bulgaria. However, where U.S. foreign policy interests come more heavily into play, as in Russia, the IMF cannot credibly commit to enforcing the loans-for-policy contract. This erodes its ability to facilitate enduring market reforms. Stone's context is the postcommunist transition in Europe and Asia, but his findings carry implications for IMF activities the world over.

Author : Graham Bird
Publisher : Routledge
Page : 318 pages
File Size : 49,5 Mb
Release : 2014-05-01
Category : Business & Economics
ISBN : 9781134700776

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The IMF and the Future by Graham Bird Pdf

The International Monetary Fund has been criticised from both the right and the left of the political spectrum with the right arguing that it is too interventionist and creates more problems than it solves and the left on occasion demanding that it be abolished altogether. What seems almost beyond question is that the IMF needs to be reformed. Defining a future role for the IMF will always be a controversial issue, but vital to any considerations will be a measured assessment of how it has operated in the past. This excellent new book from an internationally respected expert on the IMF intends to do just that. Starting with an historical background tracing the evolution of the IMF, the book goes on to cover such themes as: *The circumstances under which countries turn to the IMF *The various aspects of IMF conditionality *Institutional issues such as lending facilities and how the fund is resourced. Bringing together an array of articles, this excellent new book will undoubtedly be required reading for anyone with a serious interest in development studies as well as being an eye-opening read for policy makers involved with the IMF.

Author : Mr.Emre Alper,Mr.Benedict J. Clements,Mr.Niko A Hobdari,Rafel Moyà Porcel
Publisher : International Monetary Fund
Page : 21 pages
File Size : 55,6 Mb
Release : 2019-05-31
Category : Business & Economics
ISBN : 9781498317696

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Do Interest Rate Controls Work? Evidence from Kenya by Mr.Emre Alper,Mr.Benedict J. Clements,Mr.Niko A Hobdari,Rafel Moyà Porcel Pdf

This paper reviews the impact of interest rate controls in Kenya, introduced in September 2016. The intent of the controls was to reduce the cost of borrowing, expand access to credit, and increase the return on savings. However, we find that the law on interest rate controls has had the opposite effect of what was intended. Specifically, it has led to a collapse of credit to micro, small, and medium enterprises; shrinking of the loan book of the small banks; and reduced financial intermediation. We also show that interest rate caps reduced the signaling effects of monetary policy. These suggest that (i) the adverse effects could largely be avoided if the ceiling was high enough to facilitate lending to higher risk borrowers; and (ii) alternative policies could be preferable to address concerns about the high cost of credit.

Author : Peter Nunnenkamp
Publisher : Unknown
Page : 26 pages
File Size : 52,8 Mb
Release : 1999
Category : Electronic
ISBN : UCSD:31822027772615

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The Moral Hazard of IMF Lending by Peter Nunnenkamp Pdf

Author : Luca Papi,Andrea Presbitero,Alberto Zazzaro
Publisher : International Monetary Fund
Page : 56 pages
File Size : 49,9 Mb
Release : 2015-01-26
Category : Business & Economics
ISBN : 9781484308691

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IMF Lending and Banking Crises by Luca Papi,Andrea Presbitero,Alberto Zazzaro Pdf

This paper looks at the effects of International Monetary Fund (IMF) lending programs on banking crises in a large sample of developing countries, over the period 1970-2010. The endogeneity of the IMF intervention is addressed by adopting an instrumental variable strategy and a propensity score matching estimator. Controlling for the standard determinants of banking crises, our results indicate that countries participating in IMF-supported lending programs are significantly less likely to experience a future banking crisis than nonborrowing countries. We also provide evidence suggesting that compliance with conditionality and loan size matter.

Author : Graham Bird
Publisher : Routledge
Page : 201 pages
File Size : 49,9 Mb
Release : 2003-09-02
Category : Business & Economics
ISBN : 9781134817641

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IMF Lending to Developing Countries by Graham Bird Pdf

As the linchpin of the global financial system, the International Monetary Fund provides the balance of payments support, chiefly to developing countries, conditional on strict remedial policy measures. Its approach to policy remains highly controversial, however. While the Fund claims it has adapted, critics allege its policies are harshly doctrinaire, imposing hardships on already poverty-stricken people. For the critics, the half century of its existence is `fifty years too long' and radical change is essential. This book examines the arguments, tracing the extent of Fund adaption, presenting major new evidence on the consequences of fund programes, and considering its future role.

Author : Mr.Paul R. Masson,Mr.Michael Mussa
Publisher : International Monetary Fund
Page : 52 pages
File Size : 47,7 Mb
Release : 1996-12-04
Category : Business & Economics
ISBN : 1557755515

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The Role of the IMF by Mr.Paul R. Masson,Mr.Michael Mussa Pdf

Against the background of the changing international economic environment, this pamphlet examines the general rationale for IMF financial support and the relationship between such support and IMF surveillance in carrying out the IMF's responsibility to seek to avoid and help to correct maladjustments in countries balance of payments. It analyzes the circumstances in which IMF financing continues to have an important role, draws possible lessons for the role of the IMF from the Mexican financial crisis, and discusses the future need for IMF resources.