Reputation Debt And Policy Conditionality

Author : Mr.Rodney Ramcharan
Publisher : International Monetary Fund
Page : 26 pages
File Size : 54,8 Mb
Release : 2003-09-01
Category : Business & Economics
ISBN : 9781451859782

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Reputation, Debt, and Policy Conditionality by Mr.Rodney Ramcharan Pdf

In principle, international financial institutions (IFIs) can use their leverage as creditors to prompt governments to undertake policy reform. Yet such lending has been frequently linked to unsustainable debt levels and little reform. This paper illustrates how the dual roles of IFIs as purveyors of credit and monitors of reform may help explain these negative outcomes. When debt levels rise, the IFIs reforms goals may become subordinated to its creditor's interest, compromising the enforcement of conditionality. Attracted by this prospect, malevolent governments strategically reform, enhancing their reputation in order to maintain lending and build their debt stock. Once debt levels are sufficiently large, such governments can stop policy reforms, assured that lending will continue.

Author : Mr.Pierre Dhonte
Publisher : International Monetary Fund
Page : 18 pages
File Size : 52,7 Mb
Release : 1997-02-01
Category : Business & Economics
ISBN : 9781451974423

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Conditionality as an Instrument of Borrower Credibility by Mr.Pierre Dhonte Pdf

Fund member countries that adopt market-friendly policies often encounter a credibility problem—market-friendly policies are not effective in stimulating private investment as long as there remains a significant risk of policy reversal. The root of this risk lies in the discretionary policy-making authority of governments. Committing to a program with the Fund, and endorsing its conditionality, is one instrument available to governments to overcome this difficulty. The paper develops this interpretation of conditionality and indicates some of its operational implications for Fund programs.

Author : G. Mavrotas,A. Shorrocks
Publisher : Springer
Page : 803 pages
File Size : 54,9 Mb
Release : 2007-01-05
Category : Political Science
ISBN : 9780230801462

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Advancing Development by G. Mavrotas,A. Shorrocks Pdf

This book reflects on current thinking in development economics and on what may happen over the next two decades. As well as studying development economics in retrospect, the volume explores the current debates and challenges and looks forward at the problems that affect the global capacity to achieve the Millennium Development Goals.

Author : Jonas B. Bunte
Publisher : Oxford University Press
Page : 400 pages
File Size : 42,7 Mb
Release : 2019-01-29
Category : Political Science
ISBN : 9780190866181

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Raise the Debt by Jonas B. Bunte Pdf

Credit is the lifeblood of capitalism and development. Brazil, Russia, India, and China-also called BRICs-have become important creditors to developing countries. However, how will their loans affect economic development and democracy in recipient countries? We need to understand why governments accept Chinese over Western loan offers before we can predict their likely consequences. In Raise the Debt, Jonas B. Bunte systematically explains how governments choose among competing loan offers. Using statistical analyses and extensive interview data, he shows that the strings attached to loans vary across creditors. Consequently, one domestic interest group may benefit from Chinese credit but not U.S. loans, while the opposite is the case for other groups. Bunte provides evidence that governments cater to whichever domestic interest group is politically dominant when deciding between competing loan offers. Combining a comparative politics approach with international political economy methods, Raise the Debt shows how a deeper understanding of governments' borrowing decisions is critical for gaining insights into how these loans could impact growth and democracy on a global scale.

Author : Odette Lienau
Publisher : Harvard University Press
Page : 342 pages
File Size : 46,5 Mb
Release : 2014-02-18
Category : Business & Economics
ISBN : 9780674726406

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Rethinking Sovereign Debt by Odette Lienau Pdf

Conventional wisdom holds that all nations must repay debt. Regardless of the legitimacy of the regime that signs the contract, a country that fails to honor its obligations damages its reputation. Yet should today's South Africa be responsible for apartheid-era debt? Is it reasonable to tether postwar Iraq with Saddam Hussein's excesses? Rethinking Sovereign Debt is a probing analysis of how sovereign debt continuity--the rule that nations should repay loans even after a major regime change, or else expect consequences--became dominant. Odette Lienau contends that the practice is not essential for functioning capital markets, and demonstrates its reliance on absolutist ideas that have come under fire over the last century. Lienau traces debt continuity from World War I to the present, emphasizing the role of government officials, the World Bank, and private markets in shaping our existing framework. Challenging previous accounts, she argues that Soviet Russia's repudiation of Tsarist debt and Great Britain's 1923 arbitration with Costa Rica hint at the feasibility of selective debt cancellation. Rethinking Sovereign Debt calls on scholars and policymakers to recognize political choice and historical precedent in sovereign debt and reputation, in order to move beyond an impasse when a government is overthrown.

Author : Cécile Fabre
Publisher : Harvard University Press
Page : 224 pages
File Size : 46,5 Mb
Release : 2018-08-01
Category : Political Science
ISBN : 9780674988842

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Economic Statecraft by Cécile Fabre Pdf

Economic sanctions provide an alternative to waging war or a means to advance human rights. But are they morally justifiable? Philosophers have explored the ethics of war but rarely the ethics of carrots and sticks. Cécile Fabre offers a defense of economic statecraft, laying out a normative framework for this critical tool of diplomacy.

Author : International Monetary Fund,World Bank
Publisher : International Monetary Fund
Page : 39 pages
File Size : 47,9 Mb
Release : 2003-09-12
Category : Business & Economics
ISBN : 9781498328920

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Guidelines for Public Debt Management -- Amended by International Monetary Fund,World Bank Pdf

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Author : Stephen Kosack,Gustav Ranis,James Vreeland
Publisher : Routledge
Page : 464 pages
File Size : 46,9 Mb
Release : 2004-08-02
Category : Business & Economics
ISBN : 9781135993870

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Globalization and the Nation State by Stephen Kosack,Gustav Ranis,James Vreeland Pdf

This book brings together an international team of contributors to assess the political economy of the IMF and World Bank programmes. The cutting-edge techniques of the new political economy are thus brought to bear on international issues for the first time. The book includes contributions from leading North American economists - Stephen Coate, Stephen Morris, Ravi Kanbur and Allen Drazen - as well as European-based analysts including Graham Bird and Frances Stewart.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 130 pages
File Size : 41,6 Mb
Release : 2004-01-30
Category : Business & Economics
ISBN : 1589062736

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IMF Macroeconomic Research on Low-Income Countries by International Monetary Fund Pdf

Summarizes the for ward-looking analytical work program on macroeconomic issues related to the Poverty Reduction Strategy Paper approach. The program is evolving through a process that began with a technical workshop; participants from low-income countries, donors, academia, and civil society drafted guidance on selected issues and identified priority research topics. Partners, policymakers, and economic scholars are encouraged to share their perspectives and findings through respective team leaders, whose e-mail addresses are provided. The publication also summarizes IMF analytical work, and contains a bibliography of nearly 1,000 papers.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 61 pages
File Size : 50,7 Mb
Release : 2014-05-03
Category : Business & Economics
ISBN : 9781498343695

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Conditionality in Evolving Monetary Policy Regimes by International Monetary Fund Pdf

With single-digit inflation and substantial financial deepening, developing countries are adopting more flexible and forward-looking monetary policy frameworks and ascribing a greater role to policy interest rates and inflation objectives. While some countries have adopted formal inflation targeting regimes, others have developed frameworks with greater target flexibility to accommodate changing money demand, use of policy rates to signal the monetary policy stance, and implicit inflation targets.

Author : Jerome E. Roos
Publisher : Princeton University Press
Page : 398 pages
File Size : 51,9 Mb
Release : 2019-02-12
Category : Business & Economics
ISBN : 9780691184937

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Why Not Default? by Jerome E. Roos Pdf

How creditors came to wield unprecedented power over heavily indebted countries—and the dangers this poses to democracy The European debt crisis has rekindled long-standing debates about the power of finance and the fraught relationship between capitalism and democracy in a globalized world. Why Not Default? unravels a striking puzzle at the heart of these debates—why, despite frequent crises and the immense costs of repayment, do so many heavily indebted countries continue to service their international debts? In this compelling and incisive book, Jerome Roos provides a sweeping investigation of the political economy of sovereign debt and international crisis management. He takes readers from the rise of public borrowing in the Italian city-states to the gunboat diplomacy of the imperialist era and the wave of sovereign defaults during the Great Depression. He vividly describes the debt crises of developing countries in the 1980s and 1990s and sheds new light on the recent turmoil inside the Eurozone—including the dramatic capitulation of Greece’s short-lived anti-austerity government to its European creditors in 2015. Drawing on in-depth case studies of contemporary debt crises in Mexico, Argentina, and Greece, Why Not Default? paints a disconcerting picture of the ascendancy of global finance. This important book shows how the profound transformation of the capitalist world economy over the past four decades has endowed private and official creditors with unprecedented structural power over heavily indebted borrowers, enabling them to impose painful austerity measures and enforce uninterrupted debt service during times of crisis—with devastating social consequences and far-reaching implications for democracy.

Author : Anonim
Publisher : Unknown
Page : 218 pages
File Size : 53,8 Mb
Release : 2004
Category : International finance
ISBN : UCBK:C094036110

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IMF Research Bulletin by Anonim Pdf

Author : Stefan Koeberle
Publisher : World Bank Publications
Page : 295 pages
File Size : 48,7 Mb
Release : 2005-01-01
Category : Business & Economics
ISBN : 9780821360132

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Conditionality Revisited by Stefan Koeberle Pdf

Annotation This book brings together different perspectives on the role of conditionality, drawing on the experiences and lessons learned by the donor community, NGO critics and academic circles, and the borrowing countries, and provides a board overview of contemporary approaches to conditionality in today's aid architecture.

Author : S. Ali Abbas,Alex Pienkowski,Kenneth Rogoff
Publisher : Oxford University Press
Page : 288 pages
File Size : 53,9 Mb
Release : 2019-10-21
Category : Business & Economics
ISBN : 9780192591401

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Sovereign Debt by S. Ali Abbas,Alex Pienkowski,Kenneth Rogoff Pdf

The last time global sovereign debt reached the level seen today was at the end of the Second World War, and this shaped a generation of economic policymaking. International institutions were transformed, country policies were often draconian and distortive, and many crises ensued. By the early 1970s, when debt fell back to pre-war levels, the world was radically different. It is likely that changes of a similar magnitude -for better and for worse - will play out over coming decades. Sovereign Debt: A Guide for Economists and Practitioners is an attempt to build some structure around the issues of sovereign debt to help guide economists, practitioners and policymakers through this complicated, but not intractable, subject. Sovereign Debt brings together some of the world's leading researchers and specialists in sovereign debt to cover a range of sub-disciplines within this vast topic. It explores debt management with debt sustainability; debt reduction policies with crisis prevention policies; and the history with the conjuncture. It is a foundation text for all those interested in sovereign debt, with a particular focus real world examples and issues.

Author : International Monetary Fund
Publisher : Unknown
Page : 128 pages
File Size : 43,8 Mb
Release : 2004
Category : International finance
ISBN : IND:30000122799616

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Publications Catalog by International Monetary Fund Pdf