Do Imf Supported Programs Boost Private Capital Inflows The Role Of Program Size And Policy Adjustment
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Do IMF-Supported Programs Boost Private Capital Inflows? the Role of Program Size and Policy Adjustment
Author: Roberto Benelli
language: en
Publisher: International Monetary Fund
Release Date: 2003-11-01
I analyze empirically whether program size (the size of financial assistance) and policy adjustment matter for the success of IMF-supported programs. I define a program as successful if the initial program projections for net private capital flows are met or exceeded. I find that success is negatively associated with the size of financial assistance, especially in countries with market access, and that projection biases binding constraints on the amount of IMF lending may account for this association. Moreover, policy adjustment seems to have a causal positive effect on the likelihood of program success.
The Impact of IMF-Supported Programs on FDI in Low-income Countries
Author: Mr.Ali J Al-Sadiq
language: en
Publisher: International Monetary Fund
Release Date: 2015-07-16
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.
Bedfellows, Hostages, Or Perfect Strangers? Global Capital Markets and the Catalytic Effect of IMF Crisis Lending
Author: Carlo Cottarelli
language: en
Publisher: International Monetary Fund
Release Date: 2002-11
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.