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Debt Accumulation in the CIS-7 Countries; Bad Luck, Bad Policies, or Bad Advice

Mody, Ashoka; Sahay, Ratna; Helbling, Thomas - International Monetary Fund (IMF) - 2004

Following the breakup of the Soviet Union in 1992, several low-income countries in the Commonwealth of Independent States (CIS) accumulated substantial external debt in a short time span, about half of which is owed to multilateral financial institutions. Three factors contributed to the current...

Persistent link: https://www.econbiz.de/10005769237

International Finance and Income Convergence; Europe is Different

Leigh, Daniel; Abiad, Abdul; Mody, Ashoka - International Monetary Fund (IMF) - 2007

Recent studies conclude that the ongoing global financial integration may have had little or no value in advancing economic growth, especially in poor countries. Capital is often found to flow "uphill" from poor to rich countries. And, when it does flow into the less developed economies, it is...

Persistent link: https://www.econbiz.de/10005263851

Sudden Stops and IMF-Supported Programs

Eichengreen, Barry J.; Gupta, Poonam; Mody, Ashoka - International Monetary Fund (IMF) - 2006

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 analyzing the impact of conventional IMF-supported programs on the incidence of sudden...

Persistent link: https://www.econbiz.de/10005826377

Growth From International Capital Flows; The Role of Volatility Regimes

Murshid, Antu Panini; Mody, Ashoka - International Monetary Fund (IMF) - 2011

Recent commentary has downplayed the growth dividend from international financial integration, highlighting the possibly negative correlation between capital inflows and long-run growth. This paper presents new evidence consistent with standard economic theory and a more benign interpretation of...

Persistent link: https://www.econbiz.de/10009019578

Breaking the Impediments to Budgetary Reforms; Evidence From Europe

Mody, Ashoka; Fabrizio, Stefania - International Monetary Fund (IMF) - 2008

Under what conditions are budget institutions likely to be strengthened? We find that fiscal deficits do not help in focusing policymakers on undertaking reforms. To the contrary, the larger the deficit, the lower is the likelihood of reforms. Large deficits apparently imply strong claims on the...

Persistent link: https://www.econbiz.de/10005263674

Can Budget Institutions Counteract Political Indiscipline?

Mody, Ashoka; Fabrizio, Stefania - International Monetary Fund (IMF) - 2006

The budget is an expression of political rather than economic priorities. We confirm this proposition for a group of new and potential members of the European Union, finding that politics dominates. The contemporary practice of democracy can increase budget deficits through not only ideological...

Persistent link: https://www.econbiz.de/10005599230

Government Investment and Fiscal Stimulus

Yang, Shu-Chun S.; Walker, Todd B.; Leeper, Eric M. - International Monetary Fund (IMF) - 2010

Effects of government investment are studied in an estimated neoclassical growth model. The analysis focuses on two dimensions that are critical for understanding government investment as a fiscal stimulus: implementation delays for building public capital and expected fiscal adjustments to...

Persistent link: https://www.econbiz.de/10008680271

Evolution and Performance of Exchange Rate Regimes

Husain, Aasim M.; Mody, Ashoka; Oomes, Nienke; Brooks, Robin - International Monetary Fund (IMF) - 2003

Using recent advances in the classification of exchange rate regimes, this paper finds no support for the popular bipolar view that countries will tend over time to move to the polar extremes of free float or rigid peg. Rather, intermediate regimes have shown remarkable durability. The analysis...

Persistent link: https://www.econbiz.de/10005599274

Can Domestic Policies Influence Inflation?

Mody, Ashoka; Ohnsorge, Franziska - International Monetary Fund (IMF) - 2007

trends, we find this to be especially the case in the countries of the eurozone, with their longer histories of product … eurozone economies, there may be limits on the use of fiscal and labor market policies to contain inflation. The new member … states may not have policy leverage to meet the Maastricht inflation limit necessary for entering the eurozone. Casestudies …

Persistent link: https://www.econbiz.de/10005605087