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The Fiscal and Economic Effects of Federal Credit Assistance Programs
Author:
International Monetary Fund
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Series:
IMF Working Papers
Volume/Issue:
Volume 1990: Issue 098
Language:
English
Publication Date:
01 Jan 1990
DOI:
https://doi.org/10.5089/9781451949063.001
ISBN:
9781451949063
ISSN:
1018-5941
Pages:
28
Keywords:
WP; loan guarantee; guarantee commitment; loan program; credit assistance program; private sector; guaranteed loan; cost of capital; direct loan program; disaster loan fund; student loan; Export-Import Bank; assistance program; CCC commodity loan; unguaranteed loan; Loans; Credit; Loan guarantees; Mortgages; Insurance
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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While federal credit programs are varied in form, their fiscal and economic effects arise primarily from the same source—each program’s subsidy component. Recent credit reform proposals would make control of credit subsidies the primary focus of budgetary efforts. By subjecting these subsidies to annual appropriations, the Government would gain more effective means to control the long-run fiscal effects of credit programs. Such reforms also would represent an important first step in improving their economic effects by eliminating unintended subsidies. However, many high subsidy-rate programs appear to have a significant effect on the allocation of credit without yielding clearcut efficiency gains.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund