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Determinants of Development Financing Flows From Brazil, Russia, India, and China to Low-Income Countries

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  • Nkunde Mwase

Abstract

BRICs development financing flows have increased significantly and are expected to become more prominent in the post-crisis era. We investigate the potential implications on the country-allocation of loan commitments and the degree of concessionality using a panel vector autoregression model and single equation dynamic panel estimation.We find that BRICs lend more to LICs with weaker institutions. Land-locked, resource-scarce LICs receive significantly less financing than other resource-rich LICs. The degree of concessionality is negatively correlated with the amount of loans and positively correlated with better institutional indicators suggesting that the higher the risks, the higher the required returns that BRICs expect.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 11/255.

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Length: 24
Date of creation: 01 Nov 2011
Date of revision:
Handle: RePEc:imf:imfwpa:11/255

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Related research

Keywords: Concessional aid; Development financing; Economic models; Low-income developing countries; loan financing; bank debt; equation; dummy variable; error variance; var model; correlation; bank data; standard errors; bank policy; vector autoregression; foreign exchange; loan commitment; statistics; independent variables; instrumental variable; survey; macroeconomic stability; sample size; correlation analysis; sample selection; outliers; equations;

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References

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  1. Stijn Claessens & Danny Cassimon, 2007. "Empirical evidence on the new international aid architecture," WEF Working Papers 0026, ESRC World Economy and Finance Research Programme, Birkbeck, University of London.
  2. Hulya Ulku & Tito Cordella, 2004. "Grants Versus Loans," IMF Working Papers 04/161, International Monetary Fund.
  3. Tarp, Finn, 2006. "Aid and Development," MPRA Paper 13171, University Library of Munich, Germany.
  4. Sophia Gollwitzer & Eteri Kvintradze & Tej Prakash & Luis-Felipe Zanna & Era Dabla-Norris & Richard Allen & Irene Yackovlev & Victor Duarte Lledo, 2010. "Budget Institutions and Fiscal Performance in Low-Income Countries," IMF Working Papers 10/80, International Monetary Fund.
  5. James H. Stock & Motohiro Yogo, 2002. "Testing for Weak Instruments in Linear IV Regression," NBER Technical Working Papers 0284, National Bureau of Economic Research, Inc.
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Cited by:
  1. Yongzheng Yang & Nkunde Mwase, 2012. "BRICs’ Philosophies for Development Financing and their Implications for LICs," IMF Working Papers 12/74, International Monetary Fund.
  2. Vijaya Ramachandran, Julie Walz, 2011. " Brave New World: A Literature Review of Emerging Donors and the Changing Nature of Foreign Assistanc- Working Paper 273," Working Papers 273, Center for Global Development.

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