Browse

You are looking at 1 - 10 of 25 items for :

  • Asset and liability management x
Clear All
International Monetary Fund. External Relations Dept.

The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx

International Monetary Fund. External Relations Dept.

03/84: IMF Managing Director’s Visit to Mexico for Brady Bond Ceremony, June 12

International Monetary Fund. External Relations Dept.

(www.imf.org)

Toan Quoc Nguyen, Mr. Benedict J. Clements, and Ms. Rina Bhattacharya

Abstract

The 1996 launch of the Heavily Indebted Poor Countries (HIPC) Initiative by the IMF and the World Bank revived a long-standing debate over the relationship between foreignborrowing and economic growth. The goal of the HIPC Initiative—which provides comprehensive debt relief to poor nations struggling to service heavy foreign debt burdens—is to prevent unsustainable debt burdens from hampering development in the world’s poorest nations. Indeed, one of the principal motivations for the HIPC Initiative is concern that a heavy debt burden compromises economic growth.

Toan Quoc Nguyen, Mr. Benedict J. Clements, and Ms. Rina Bhattacharya

Abstract

The Heavily Indebted Poor Countries (HIPC) Initiative, launched in 1999 by the IMF and the World Bank, was the first coordinated effort by the international financial community to reduce the foreign debt of the world’s poorest countries. It was based on the theory that economic growth in heavily indebted poor countries was being stifled by heavy debt burdens, making it virtually impossible for these countries to escape poverty. However, most of the empirical research on the effects of debt on growth has lumped together a diverse group of countries, and the literature on the countries’ impact of debt on poor is scant. This pamphlet presents the findings of the authors’ empirical research into the subject, analyzing the channels through which debt affects growth in low-income countries.

Shahid Yusuf

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.

Mr. Jakob E Christensen

This study discusses the role of domestic debt markets in sub-Saharan Africa (SSA) based on a new data set covering 27 SSA countries during the 20-year period 1980–2000. The study finds that domestic debt markets in these countries are generally small, highly short term, and often have a narrow investor base. Domestic interest payments present a significant burden to the budget, despite much smaller domestic than foreign indebtedness. The use of domestic debt is also found to have significantly crowded out private sector lending. Finally, the study identifies significant differences among the size, cost, and maturity structure of domestic debt markets in heavily indebted poor countries (HIPCs) and non-HIPCs.

International Monetary Fund. External Relations Dept.
In July, the IMF’s Independent Evaluation Office (IEO) released the findings of its review of the IMF-World Bank’s Poverty Reduction Strategy Paper (PRSP) process and the IMF’s Poverty Reduction and Growth Facility (PRGF).The main aims of the wide-ranging evaluation were to determine whether these two initiatives have been implemented according to original expectations and whether the IMF has been sufficiently supportive of the broader PRSP process. David Goldsbrough, Acting Director of the IEO, spoke with Jacqueline Irving of the IMF Survey about the report’s findings.
International Monetary Fund. External Relations Dept.

Over the past two decades, and particularly since the early 1990s, the euro area has lagged behind the United States in terms of labor productivity and income growth. Economists often attribute part of Europe’s more lackluster performance to high minimum wages, generous unemployment benefits, and employment protection measures. Among advanced economies, Portugal has the most restrictive employment protection and particularly stringent dismissal restrictions. In a recent Working Paper, IMF Economist Hajime Takizawa (formerly with the European I Department and now with the Middle Eastern Department) analyzes the effect of these restrictions on Portugal’s labor productivity and per capita consumption (a proxy for economic welfare).

Mr. Robert Powell
This paper models the resource implications of debt relief provided to low-income countries (LICs). Obtaining debt relief does not necessarily lead to individual aid-dependent countries receiving more overall resources from the donor community. Preliminary cross-section estimates suggest that debt relief provided to low-income countries in the period 1996 2000 neither crowded out other non-debt relief-related aid flows to the debtors concerned nor created significant extra net resources for those countries. While it is too early to fully assess the resource implications of the enhanced HIPC Initiative, this paper provides a possible approach to such an evaluation.