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An Assessment of the Effectiveness of International Financial Intervention

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Author Info
James L. Butkiewicz () (Department of Economics, University of Delaware)
Halit Yanikkaya () (Department of Economics, Celal Bayar University)

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Abstract

The two global international financial institutions, the International Monetary Fund and the World Bank, frequently, and often repeatedly, extend loans to developing nations. Recently, these loans have been blamed for generating adverse economic outcomes. An empirical growth model, which controls for the other determinants of growth, is used to assess the growth impact of Fund and Bank loan programs. The primary focus is on the heavily criticized IMF lending programs. Another unique feature of this study is the use of the value of lending programs rather that the number of programs. The estimates indicate that Bank lending stimulates growth in some cases, primarily by increasing public investment. Fund lending is either neutral or detrimental to growth. The channel for this effect is a negative impact of Fund lending on private investment.

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File URL: http://www.lerner.udel.edu/economics/WorkingPapers/2003/UDWP2003-05.pdf
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Publisher Info
Paper provided by University of Delaware, Department of Economics in its series Working Papers with number 03-05.

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Length: 42 pages
Date of creation: 2003
Date of revision:
Handle: RePEc:dlw:wpaper:03-05

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Related research
Keywords: International lending; development aid; empirical growth model;

Find related papers by JEL classification:
F34 - International Economics - - International Finance - - - International Lending and Debt Problems
O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

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    Other versions:
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    Other versions:
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    Other versions:
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    Other versions:
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Dreher, Axel, 2005. "IMF and Economic Growth: The Effects of Programs, Loans, and Compliance with Conditionality," Proceedings of the German Development Economics Conference, Kiel 2005 11, Verein für Socialpolitik, Research Committee Development Economics. [Downloadable!]
    Other versions:
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