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Investment Scaling-up and the Role of Government
			: the Case of Benin

Investment Scaling-up and the Role of Government : the Case of Benin »

Volume/Issue: 2015/69

Series: IMF Working Papers

Author(s): Matteo Ghilardi , and Sergio Sola

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 March 2015

DOI: http://dx.doi.org/10.5089/9781484304549.001

ISBN: 9781484304549

Keywords: Government Inefficiencies, Fiscal Policy, tax, investments, investment, debt, public investments, International Lending and Debt Problems, Infrastructures, Institutions and Growth

This paper studies the fiscal implications for the Beninese economy of scaling up of public investment when the government is subject to inefficiencies on the spending and on the tax collection side. While scalin...

Debt Relief Under the HIPC Initiative
			: Context and Outlook for Debt Sustainability and Resource Flow

Debt Relief Under the HIPC Initiative : Context and Outlook for Debt Sustainability and Resource Flow »

Volume/Issue: 2001/144

Series: IMF Working Papers

Author(s): Doris Ross , and Lisandro Abrego

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2001

DOI: http://dx.doi.org/10.5089/9781451856446.001

ISBN: 9781451856446

Keywords: external debt sustainability, debt, debt service, debt reduction, external debt, International Lending and Debt Problems, Macroeconomic Analyses of Economic Development,

This paper discusses the Heavily Indebted Poor Countries (HIPC) Initiative in the perspective of sizable historical debt relief and large positive net resource flows to HIPCs. It argues that, by substantially reduc...

Crises and Liquidity
			: Evidence and Interpretation

Crises and Liquidity : Evidence and Interpretation »

Volume/Issue: 2001/2

Series: IMF Working Papers

Author(s): Enrica Detragiache , and Antonio Spilimbergo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2001

DOI: http://dx.doi.org/10.5089/9781451841763.001

ISBN: 9781451841763

Keywords: Debt crises, creditor runs, short-term debt, debt service, probability, external debt, liquidity variables, International Lending and Debt Problems,

In a large panel of countries, we find that less liquid countries are more likely to default on their external debt. Specifically, for given total external debt, the probability of a crisis increases with the propo...

Beyond Aid
			: How Much Should African Countries Pay to Borrow?

Beyond Aid : How Much Should African Countries Pay to Borrow? »

Volume/Issue: 2010/140

Series: IMF Working Papers

Author(s): Cheikh Gueye , and Amadou Sy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2010

DOI: http://dx.doi.org/10.5089/9781455201235.001

ISBN: 9781455201235

Keywords: First-Time Issuers, Push and Pull Factors, Sovereign Bonds, Spreads, capital markets, bond, international capital markets, market bond, International Lending and Debt Problems,

Post debt relief, the number of African countries considering accessing international capital markets, often to fund large infrastructure projects, is increasing. Potential risks of capital inflows are well known b...

The Cost of Private Debt Over the Credit Cycle

The Cost of Private Debt Over the Credit Cycle »

Volume/Issue: 2010/283

Series: IMF Working Papers

Author(s): Eugen Tereanu , Johanna Francis , and Dilek Aykut

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2010

DOI: http://dx.doi.org/10.5089/9781455210909.001

ISBN: 9781455210909

Keywords: debt flows, credit spreads, syndicated lending, credit cycles, bond, private debt, bonds, private debt flows, bond issuance, Global Outlook

We identify global and regional fluctuations in international private debt flows to emerging and developing countries using data on cross border loans and international bond issuance over 1993 -2009. We estimate th...

Debt Relief, Additionality, and Aid Allocation in Low Income Countries

Debt Relief, Additionality, and Aid Allocation in Low Income Countries »

Volume/Issue: 2003/175

Series: IMF Working Papers

Author(s): Robert Powell

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2003

DOI: http://dx.doi.org/10.5089/9781451858778.001

ISBN: 9781451858778

Keywords: low-income countries, HIPCs, additionality, debt, debt reduction, creditors, debt service payments, International Lending and Debt Problems,

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 resou...

Recovery Rates From Distressed Debt
			: Empirical Evidence From Chapter 11 Filings, International Litigation, and Recent Sovereign Debt Restructurings

Recovery Rates From Distressed Debt : Empirical Evidence From Chapter 11 Filings, International Litigation, and Recent Sovereign Debt Restructurings »

Volume/Issue: 2003/161

Series: IMF Working Papers

Author(s): Manmohan Singh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2003

DOI: http://dx.doi.org/10.5089/9781451857832.001

ISBN: 9781451857832

Keywords: Distressed debt, Chapter 11, Sovereign litigation, bond, bonds, market debt, sovereign debt, central bank, International Lending and Debt Problems, International Law

On a credit rating-adjusted basis, spreads on U.S. high-yield debt have typically been regarded as a lower bound for emerging market debt. However in the C-rated and defaulted segment, emerging market debt has trad...

Sudden Stops and IMF-Supported Programs

Sudden Stops and IMF-Supported Programs »

Volume/Issue: 2006/101

Series: IMF Working Papers

Author(s): Barry Eichengreen , Poonam Gupta , and Ashoka Mody

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2006

DOI: http://dx.doi.org/10.5089/9781451863611.001

ISBN: 9781451863611

Keywords: IMF-supported programs, current account, currency crises, current account balance, capital inflows, International Economic Order, International Lending and Debt Problems, Imf - Supported Programs,

Could a high-access, quick-disbursing "insurance facility" in the IMF help to reduce the incidence of sharp interruptions in capital flows ("sudden stops")? We contribute to the debate around this question by analy...

A Constrained Choice? Impact of Concessionality Requirements on Borrowing Behavior

A Constrained Choice? Impact of Concessionality Requirements on Borrowing Behavior »

Volume/Issue: 2014/176

Series: IMF Working Papers

Author(s): Calixte Ahokpossi , Laurence Allain , and Giovanna Bua

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 September 2014

DOI: http://dx.doi.org/10.5089/9781498349727.001

ISBN: 9781498349727

Keywords: Concessionality, debt limits policy, propensity score matching, external debt, public debt, private creditors, debt relief, concessional debt, International Monetary Arrangements and Institutions, International Lending and Debt Problems

This paper uses the propensity matching score approach to assess the impact of the IMF's debt limits policy (DLP) on borrowing behavior in countries eligible to borrow from its concessional lending window. The pape...

Institutions and the External Capital Structure of Countries

Institutions and the External Capital Structure of Countries »

Volume/Issue: 2004/236

Series: IMF Working Papers

Author(s): Paolo Mauro , and Andre Faria

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2004

DOI: http://dx.doi.org/10.5089/9781451875713.001

ISBN: 9781451875713

Keywords: portfolio equity, external liabilities, fdi, institutional quality, direct investment, international investment, International Lending and Debt Problems, Financial Aspects of Economic Integration, porfolio equity,

A widespread view holds that countries that finance themselves through foreign direct investment (FDI) and portfolio equity, rather than bonds and loans, are less prone to crises. But what determines countries' ext...