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Author: Mr.Ashoka Mody
Publisher: International Monetary Fund
ISBN: 1451852428
Category : Business & Economics
Languages : en
Pages : 39
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Book Description
An objective of IMF-supported programs is to help countries improve their access to international capital markets. In this paper, we examine the issue whether IMF-supported programs influence the ability of developing country issuers to tap international bond markets and whether they improve spreads paid on the bonds issued. We find that IMF-supported programs do not provide a uniformly favorable signaling effect-that is, the mere existence of a program supported by the IMF does not act as a strong "seal of good housekeeping." Instead, the evidence is most consistent with a positive effect of IMF-supported programs when they are viewed as likely to lead to policy reform and when undertaken before economic fundamentals have deteriorated significantly. The size of the IMF-supported program matters, but the credibility of a joint commitment by the country and the IMF appears to be critical.
Author: Mr.Ashoka Mody
Publisher: International Monetary Fund
ISBN: 1451852428
Category : Business & Economics
Languages : en
Pages : 39
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Book Description
An objective of IMF-supported programs is to help countries improve their access to international capital markets. In this paper, we examine the issue whether IMF-supported programs influence the ability of developing country issuers to tap international bond markets and whether they improve spreads paid on the bonds issued. We find that IMF-supported programs do not provide a uniformly favorable signaling effect-that is, the mere existence of a program supported by the IMF does not act as a strong "seal of good housekeeping." Instead, the evidence is most consistent with a positive effect of IMF-supported programs when they are viewed as likely to lead to policy reform and when undertaken before economic fundamentals have deteriorated significantly. The size of the IMF-supported program matters, but the credibility of a joint commitment by the country and the IMF appears to be critical.
Author: Diego Saravia
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
An objective of IMF programs is to help countries improve their access to international capital markets. In this paper, we examine if Fund programs influence the ability of developing country issuers to tap international bond markets and whether they improve spreads paid on the bonds issued. We find that Fund programs do not provide a uniformly favorable signaling effect, i.e., the mere presence of the IMF does not act as a strong seal of good housekeeping. Instead, the evidence is most consistent with a positive effect of IMF programs when they are viewed as likely to lead to policy reform and when undertaken before economic fundamentals have deteriorated significantly. The size of the Fund's program matters, but the credibility of a joint commitment by the country and the IMF appears to be critical.
Author: Ashoka Mody
Publisher:
ISBN:
Category : Capital movements
Languages : en
Pages : 108
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Book Description
Author: Lucila Serra
Publisher: Inter-American Development Bank
ISBN:
Category : Business & Economics
Languages : en
Pages : 95
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Book Description
Significant investments are needed to support the global transition to a low-carbon, climate resilient future. Current finance flows fall short of global financing needs, and massive scaling up is needed to unlock additional financial resources and foster a sustainable investment pathway. Overcoming barriers to private sector investments is critical, and international climate finance can play a catalytic role in this regard. National development banks (NDBs) have a unique role in this context, both complementing and catalyzing private sector players. This publication discusses the unique role that NDBs could play in scaling up private financing for climate change mitigation projects through the intermediation of international and national public climate finance in their respective local credit markets and the conditions that would be needed for them to be most effective. It draws from experiences in international climate finance and best practices, processes, and products of NDBs within the Latin American and Caribbean region.
Author: Homi Kharas
Publisher: Brookings Institution Press
ISBN: 081572134X
Category : Political Science
Languages : en
Pages : 319
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Book Description
Some may dispute the effectiveness of aid. But few would disagree that aid delivered to the right source and in the right way can help poor and fragile countries develop. It can be a catalyst, but not a driver of development. Aid now operates in an arena with new players, such as middle-income countries, private philanthropists, and the business community; new challenges presented by fragile states, capacity development, and climate change; and new approaches, including transparency, scaling up, and South-South cooperation. The next High Level Forum on Aid Effectiveness must determine how to organize and deliver aid better in this environment. Catalyzing Development proposes ten actionable game-changers to meet these challenges based on in-depth, scholarly research. It advocates for these to be included in a Busan Global Development Compact in order to guide the work of development partners in a flexible and differentiated manner in the years ahead. Contributors: Kemal Dervis (Brookings Institution), Shunichiro Honda (JICA Research Institute), Akio Hosono (JICA Research Institute), Johannes F. Linn (Emerging Markets Forum and Brookings Institution), Ryutaro Murotani (JICA Research Institute), Jane Nelson (Harvard Kennedy School and Brookings Institution), Mai Ono (JICA Research Institute), Kang-ho Park (Ministry of Foreign Affairs and Trade, Korea), Tony Pipa (U.S. Agency for International Development), Sarah Puritz Milsom (Brookings Institution), Hyunjoo Rhee (Korea International Cooperation Agency), Mine Sato (JICA Research Institute), Shinichi Takeuchi (JICA Research Institute), Keiichi Tsunekawa (JICA Research Institute), Ngaire Woods (University College, Oxford), Sam Worthington (InterAction)
Author: Asian Development Bank
Publisher: Asian Development Bank
ISBN: 9292578561
Category : Business & Economics
Languages : en
Pages : 276
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Book Description
A large financing need challenges climate-adjusted infrastructure in developing Asia, estimated at $26 trillion till 2030. This necessitates crowding-in private sources to meet financing, efficiency, and technology gaps. However, a lack of bankable projects is a major hurdle. This publication suggests one possible innovative financing approach. The Green Finance Catalyzing Facility (GFCF) proposes a blended finance framework for governments and development entities to better leverage development funds for risk mitigation, generate a pipeline of bankable green infrastructure projects, and directly catalyze private finance. The GFCF provides useful inputs for the current debate on mainstreaming green finance into country financial systems.
Author: United States. Congress. House. Committee on Banking, Finance, and Urban Affairs
Publisher:
ISBN:
Category : Balance of payments
Languages : en
Pages : 72
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Book Description
Author: Yasemin Bal-Gunduz
Publisher: International Monetary Fund
ISBN: 1498381634
Category : Business & Economics
Languages : en
Pages : 33
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Book Description
This study explores whether IMF-supported programs in low-income countries (LICs) catalyze Official Development Assistance (ODA). Based on a comprehensive set of ODA measures and using Propensity Score Matching approach to address selection bias, we show that programs addressing policy or exogenous shocks have a significant catalytic impact on both the size and the modality of ODA. Moreover, the impact is greatest when LICs are faced with substantial macroeconomic imbalances or large shocks. Nevertheless, when countries attracting similar donor assistance before shocks are matched results for bilateral ODA turn insignificant, suggesting that the catalytic impact is attributed primarily to multilateral ODA.
Author:
Publisher:
ISBN:
Category : United States
Languages : en
Pages : 1180
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Book Description
Author: Mr.Ashoka Mody
Publisher: International Monetary Fund
ISBN: 1451860048
Category : Business & Economics
Languages : en
Pages : 36
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Book Description
In this paper, we examine the IMF's role in maintaining the access of emerging market economies to international capital markets. We find evidence that both macroeconomic aggregates and capital flows improve following the adoption of an IMF-supported program, although they may initially deteriorate somewhat. Consistent with theoretical predictions and earlier empirical findings, we find that IMF-supported programs are most successful in improving capital flows to countries with bad, but not very bad fundamentals. In such countries, IMF-supported programs are also associated with improvements in the fundamentals themselves.
