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Efficiency-Adjusted Public Capital and Growth
Gupta, Sanjeev; Kangur, Alvar; Wane, Abdoul Aziz; … - International Monetary Fund (IMF) - 2011
This paper constructs an efficiency-adjusted public capital stock series and re-examines the public capital and growth relationship for 52 developing countries. The results show that public capital is a significant contributor to economic growth. Although the estimated coefficient for the income...
Persistent link: https://www.econbiz.de/10009327877
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The Effectiveness of Macroeconomic Commitment in Weak(er) Institutional Environments
Quintyn, Marc; Gollwitzer, Sophia - International Monetary Fund (IMF) - 2010
This paper analyzes the institutional conditions affecting the establishment and effectiveness of independent central banks and of budgetary institutions. It draws on the recent theory developed by North, Wallis and Weingast on the transition from a closed and fragile state to an open economic...
Persistent link: https://www.econbiz.de/10008671291
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Mother, Can I Trust the Government? Sustained Financial Deepening; A Political Institutionsview
Quintyn, Marc; Verdier, Geneviève - International Monetary Fund (IMF) - 2010
Only a minority of countries have succeeded in establishing a developed financial system, despite widespread financial liberalization. Confronted with this finding, the political institutions view claims that sustained financial deepening is most likely to take place in institutional...
Persistent link: https://www.econbiz.de/10008671297
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Government Involvement in Corporate Debt Restructuring; Case Studies From the Great Recession
Grigorian, David A.; Raei, Faezeh - International Monetary Fund (IMF) - 2010
The paper examines recent episodes of government involvement in corporate debt restructurings. It argues that corporate debt restructuring is an important step toward recovery from a financial crisis. We then discuss the rationale for, and modalities of, the state intervention in corporate debt...
Persistent link: https://www.econbiz.de/10008727803
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Should Advanced Countries Adopt a Fiscal Responsibility Law?
Lienert, Ian - International Monetary Fund (IMF) - 2010
Fiscal Responsibility Laws (FRLs) appear to be more popular in middle-income countries than advanced countries, even though their success is limited. The reasons why few advanced countries have a FRL include: the existing legal framework for the budget system is adequate; supranational rules and...
Persistent link: https://www.econbiz.de/10008727812
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Global Economic Governance; IMF Quota Reform
Virmani, Arvind - International Monetary Fund (IMF) - 2011
The paper examines the principles on which a reform of a Quota based global economic institution like the IMF must be based, taking account of both the relative economic power of countries and the need for voice and representation of the poor countries. These principles are then used in the...
Persistent link: https://www.econbiz.de/10009293761
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The Cyclicality of Fiscal Policies in the CEMAC Region
International Monetary Fund (IMF); International … - 2011
. We further find that institutional weaknesses and poor governance partly explain this behavior. In contrast, the …
Persistent link: https://www.econbiz.de/10009293764
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Judicial System Reform in Italy - A Key to Growth
Esposito, Gianluca; Lanau, Sergi; Pompe, Sebastiaan - International Monetary Fund (IMF) - 2014
The inefficiency of the Italian judicial system has contributed to reduced investments, slow growth and a difficult business environment. The enforcement of civil and commercial claims suffers from excessive delays in court proceedings, resulting in a very large number of pending cases. The...
Persistent link: https://www.econbiz.de/10010790243
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Financial Supervisory Independence and Accountability-Exploring the Determinants
Masciandaro, Donato; Quintyn, Marc; Taylor, Michael - International Monetary Fund (IMF) - 2008
We analyze recent trends in, and determinants of, financial supervisory governance. We first calculate levels of … quality of public sector governance plays a decisive role in establishing accountability arrangements, more than independence … also show that the likelihood of establishing adequate governance arrangements are higher when the supervisor is located …
Persistent link: https://www.econbiz.de/10010790276
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Local Government Financing Platforms in China: A Fortune or Misfortune?
Lu, Yinqiu; Sun, Tao - International Monetary Fund (IMF) - 2013
China’s rapid credit expansion in 2009–10 brought local government financing platforms (LGFPs) into the spotlight. This paper discusses their function, reasons behind their recent expansion, and risks they are posing to the financial sector, local governments, and sovereign balance...
Persistent link: https://www.econbiz.de/10011142145