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As You sow so Shall You Reap; Public Investment Surges, Growth, and Debt Sustainability in togo

David, Antonio; Zanna, Luis-Felipe; Espinoza, Raphael A.; … - International Monetary Fund (IMF) - 2012

This paper presents an analysis of the public investment scaling-up strategy for Togo using a dynamic macroeconomic model that explicitly analyzes the links between public investment, economic growth, and debt sustainability. In the model, public capital is productive and complementary to...

Persistent link: https://www.econbiz.de/10011242420

The Puzzle of Persistently Negative Interest Rate-Growth Differentials; Financial Repression or Income Catch-Up?

Shabunina, Anna; Escolano, Julio; Woo, Jaejoon - International Monetary Fund (IMF) - 2011

The interest rate-growth differential (IRGD) shows a marked correlation with GDP per capita. It has been on average around 1 percentage point for large advanced economies during 1999-2008; but below -7 percentage points among non-advanced economies - exerting a powerful stabilizing influence on...

Persistent link: https://www.econbiz.de/10009370559

Re-Accessing International Capital Markets After Financial Crises; Some Empirical Evidence

Zanforlin, L. - International Monetary Fund (IMF) - 2007

The paper analyzes the factors that contribute to the re-access of countries that emerge from a severe financial crisis to the international capital markets. It conjectures that these factors depend on a sovereign's commitment and ability to repay its foreign debt, signaled by sound...

Persistent link: https://www.econbiz.de/10005768932

Capital Inflows and Balance of Payments Pressures; Tailoring Policy Responses in Emerging Market Economies

Joshi, Bikas; Goretti, Manuela; Ramakrishnan, Uma; … - International Monetary Fund (IMF) - 2008

Although capital inflows are generally beneficial to recipient countries, they also pose a challenge for the conduct of economic policy. This paper proposes a conceptual taxonomy to guide the design of policy responses in the face of capital flows. We explore how responses to capital surges...

Persistent link: https://www.econbiz.de/10011242447

The Spending and Absorption of Aid in PRGF Supported Programs

Martijn, Jan Kees; Berndt, Markus; Shonchoy, Abu; … - International Monetary Fund (IMF) - 2008

This paper studies the spending and absorption of aid in PRGF-supported programs, verifies whether the use aid is programmed to be smoothed over time, and analyzes how considerations about macroeconomic stability influence the programmed use of aid. It finds that PRGF-supported programs allow...

Persistent link: https://www.econbiz.de/10005826106

Sudden Stops and Optimal Self-Insurance

Kim, Jun Il - International Monetary Fund (IMF) - 2008

This paper presents a simple model of optimal reserves that can be easily calibrated to compute optimal reserves as … well as the implied probability of a sudden stop for given reserves. The model builds upon the global games framework of … Morris and Shin to establish a unique relationship between the probability of a sudden stop and the level of reserves. The …

Persistent link: https://www.econbiz.de/10010790274

Endogenous Creditor Seniority and External Debt Values

Dooley, Michael P.; Stone, Mark R. - International Monetary Fund (IMF) - 1992

A new aggregation scheme used to measure the sources of fiscal financing of indebted countries suggests that there was a fundamental improvement in the seniority of domestic debt at the expense of foreign bank debt during the late 1980s. We argue that this was the revenue maximizing response of...

Persistent link: https://www.econbiz.de/10005825730

Restoring Debt Sustainability After Crises; Implications for the Fiscal Mix

Baldacci, Emanuele; Gupta, Sanjeev; Mulas-Granados, Carlos - International Monetary Fund (IMF) - 2010

This paper analyzes the experience of 99 advanced and developing economies in restoring fiscal sustainability during 1980 - 2008 after banking crises, which led to large accumulation of public debt. It finds that successful debt reductions have relied chiefly on generation of large primary...

Persistent link: https://www.econbiz.de/10008680272

The Effects of Government Spending Under Limited Capital Mobility

Shen, Wenyi; Yang, Shu-Chun S. - International Monetary Fund (IMF) - 2012

This paper studies the effects of government spending under limited international capital mobility, as featured by most developing countries. While external financing of government debt mitigates the crowding-out effect, it generates real appreciation, which contracts traded output and lowers...

Persistent link: https://www.econbiz.de/10010790273

Assessing Fiscal Stress

Dobrescu, Gabriela; Petrova, Iva; Belhocine, Nazim; … - International Monetary Fund (IMF) - 2011

This paper develops a new index which provides early warning signals of fiscal sustainability problems for advanced and emerging economies. Unlike previous studies, the index assesses the determinants of fiscal stress periods, covering public debt default as well as near-default events. The...

Persistent link: https://www.econbiz.de/10009019579

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