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Business and Economics > Investments: Stocks

You are looking at 1 - 4 of 4 items for :

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Cover IMF Working Papers
IMF-Supported Programs in Low-Income Countries: Fragile versus Non-Fragile States
Edouard Martin
and
Felix J Vardy
This paper examines the macroeconomic frameworks of IMF-supported programs with low-income countries from 2009 to 2022, focusing on how macroeconomic targets and their achievement differ between fragile and conflicted-affected states (FCS) and non-FCS. Key findings include similar program targets for FCS and non-FCS, optimism in all dimensions considered other than inflation, and no significant correlation between targets and outcomes. For variables other than inflation, country-independent targets equal to the mean or median outcomes of other programs outperform program projections as predictors of actual outcomes. This underscores the challenges in setting realistic, country and program-specific targets in IMF-supported programs with low-income countries. Finally, we discuss potential caveats, including GDP rebenchmarking, non-linear relationship between initial conditions and targets, and repeat programs. We do not study, and make no claims about, causality.
Keywords:
IMF Programs; LICs; Fragility; Tailoring; Optimism; appendix H. country classification; fragile and conflicted-affected states; histogram of program approval; growth optimism; IMF country team; FCS classification; Pb XOXG; FCS program; Inflation; Fiscal stance; Wages; Debt reduction; Stocks; Sub-Saharan Africa; Global
Cover IMF Working Papers
Efficiency-Adjusted Public Capital, Capital Grants, and Growth
Ernesto Crivelli
Recent literature has explored the relationship between efficiency-adjusted public capital and economic growth. A debate on whether capital grants, and especially EU funds actually contribute to growth has gained prominence lately. This paper empirically assesses the relationship between the quality of public investment, capital grants, and growth in a sample of 43 emerging and peripheral economies over 1991-2015. To this end, the contribution of public capital to growth is estimated using efficiency-adjusted public capital stock series, constructed reflecting the quality of public investment management institutions. In addition, the determinants of effective public investment are analyzed. The results suggest that capital grants contribute positively to effective public investment, and the latter is significant in explaining variations in economic growth. Finally, the paper illustrates the impact of raising EU funds absorption on potential growth in emerging and peripheral EU countries.
Keywords:
WP; EU funds; capital stock; CESEE-EU country; EU member; investment
Cover IMF Working Papers
Reputation, Debt, and Policy Conditionality
Mr. Rodney Ramcharan
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.
Keywords:
WP; economic growth; foreign aid; lending arrangement
Cover Official Financing for Developing Countries 1997
Official Financing for Developing Countries 1997
International Monetary Fund

Abstract

This study provides information on official financing for developing countries with the focus on low and lower-middle-income countries. It updates the 1995 edition and reviews developments in direct financing by offical and multilateral sources. Topics of interest include external debt sustainability for heavily indebted poor countries; new official financing flows to developing countries; developments in export credits;financing from multilateral institutions; debt restructuring by official bilateral creditors; plus, numerous appendices.

Keywords:
WEFS; debt; country; export credit; financing; agreement; export credit agency; service export credits; NPV debt reduction; export credit exposure; IMF staff estimate; IBRD debt; Export credits; Debt rescheduling; Public and publicly-guaranteed external debt; Arrears; Development assistance; Europe; Global; Eastern Europe; Asia and Pacific; Baltics