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Now or Later? The Political Economy of Public Investment in Democracies* »
Source: Now or Later? The Political Economy of Public Investment in Democracies
Volume/Issue: 2015/175
Series: IMF Working Papers
Author(s): Sanjeev Gupta , Estelle Liu , and Carlos Mulas-Granados
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 27 July 2015
ISBN: 9781513583853
Keywords: Political economy, Public Investment, Elections, Fragmentation, Ideology
This paper explores the impact of political and institutional variables on public investment. Working with a sample of 80 presidential and parliamentary democracies between 1975 and 2012, we find that the rate of g...
Fragmented Politics and Public Debt1 »
Source: Fragmented Politics and Public Debt
Volume/Issue: 2016/190
Series: IMF Working Papers
Author(s): Ernesto Crivelli , Sanjeev Gupta , Carlos Mulas-Granados , and Carolina Correa-Caro
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 19 September 2016
ISBN: 9781475537024
Keywords: Public debt; political fragmentation; common pool; veto players
In this paper, we study the impact of fragmented politics on public debt-in particular, between two consecutive legislative elections. Using data for 92 advanced and developing countries during 1975-2015, we find a...
Financial Integration in Latin America : A New Strategy for a New Normal »
Series: Books
Author(s): Charles Enoch , Wouter Bossu , Carlos Caceres , and Diva Singh
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 10 April 2017
DOI: http://dx.doi.org/10.5089/9781513520247.071
ISBN: 9781513520247
Keywords: Cross-border banking, Financial integration, Latin American regional banking, commodity supercycle, fragmentation, international banking system, growth, policymaking, Latin America, regional financial integration
With growth slowing across much of the Latin America as a result of the end of the commodity supercycle and economic rebalancing in China, as well as fragmentation of the international banking system, policies to s...
The Impact of the Global Financial Crisis on Banking Globalization »
Source: The Impact of the Global Financial Crisis on Banking Globalization
Volume/Issue: 2014/197
Series: IMF Working Papers
Author(s): Stijn Claessens , and Neeltje Horen
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 27 October 2014
ISBN: 9781498301435
Keywords: financial globalization, global financial crisis, financial fragmentation, host country, banking, foreign bank, host countries,
Although cross-border bank lending has fallen sharply since the crisis, extending our bank ownership database from 1995-2009 up to 2013 shows only limited retrenchment in foreign bank presence. While banks from OEC...
Breaking the Impediments to Budgetary Reforms »
Source: Breaking the Impediments to Budgetary Reforms : Evidence from Europe
Volume/Issue: 2008/82
Series: IMF Working Papers
Author(s): Ashoka Mody , and Stefania Fabrizio
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 March 2008
ISBN: 9781451869439
Keywords: Budget institutions, government fragmentation, government ideology, economic shocks, fiscal institutions, budget process, fiscal performance,
Under what conditions are budget institutions likely to be strengthened? We find that fiscal deficits do not help in focusing policymakers on undertaking reforms. To the contrary, the larger the deficit, the lower...
Fragmentation and Monetary Policy in the Euro Area »
Source: Fragmentation and Monetary Policy in the Euro Area
Volume/Issue: 2013/208
Series: IMF Working Papers
Author(s): Ali Al-Eyd , and Pelin Berkmen
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 04 October 2013
ISBN: 9781484328750
Keywords: fragmentation, interest, markets, lending, Financial Markets and the Macroeconomy, Monetary Policy (Targets, Instruments, and Effects),
The ECB has taken a range of actions to address bank funding problems, eliminate excessive risk in sovereign markets, and safeguard monetary transmission. But euro area financial markets have remained fragmented, d...
Donor Competition for Aid Impact, and Aid Fragmentation »
Source: Donor Competition for Aid Impact, and Aid Fragmentation
Volume/Issue: 2012/204
Series: IMF Working Papers
Author(s): Kurt Annen , and Luc Moers
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 August 2012
ISBN: 9781475505542
Keywords: Aid Effectiveness, Aid Fragmentation, Donor Competition, Donor Coordination, humanitarian aid, aid coordination, foreign investment, Analysis of Collective Decision-Making: General,
This paper shows that donors that maximize relative aid impact spread their budgets across many recipient countries in a unique Nash equilibrium, explaining aid fragmentation. This equilibrium may be inefficient ev...
Can Budget Institutions Counteract Political Indiscipline? »
Source: Can Budget Institutions Counteract Political Indiscipline?
Volume/Issue: 2006/123
Series: IMF Working Papers
Author(s): Ashoka Mody , and Stefania Fabrizio
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 May 2006
ISBN: 9781451863833
Keywords: budget institutions, electoral rules, government fragmentation, government ideology, ethnic fractionalization, voter turnover, fiscal institutions, fiscal performance, fiscal discipline, Analysis of Collective Decision-Making: General
The budget is an expression of political rather than economic priorities. We confirm this proposition for a group of new and potential members of the European Union, finding that politics dominates. The contemporar...
Chapter 2. Benefits of More Global and Regional Financial Integration in Latin America »
Source: Financial Integration in Latin America : A New Strategy for a New Normal
Series: Books
Author(s): Charles Enoch , Wouter Bossu , Carlos Caceres , and Diva Singh
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 10 April 2017
ISBN: 9781513520247
Keywords: Cross-border banking, Financial integration, Latin American regional banking, commodity supercycle, fragmentation, international banking system, growth, policymaking, Latin America, regional financial integration
After a period of endemic economic and financial crises during the 1980s to 1990s, many Latin American countries opened up their previously closed economies to international financial institutions at the tur...
Chapter 3. Barriers to Integration in Banking »
Source: Financial Integration in Latin America : A New Strategy for a New Normal
Series: Books
Author(s): Charles Enoch , Wouter Bossu , Carlos Caceres , and Diva Singh
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 10 April 2017
ISBN: 9781513520247
Keywords: Cross-border banking, Financial integration, Latin American regional banking, commodity supercycle, fragmentation, international banking system, growth, policymaking, Latin America, regional financial integration
Banking systems are the largest financial intermediaries in the LA-7 countries (Brazil, Chile, Colombia, Mexico, Panama, Peru, and Uruguay), amounting to about 100 percent of LA-7 GDP. Brazil’s banking syste...