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The Analysis of Catalysis: IMF Programs and Private Capital Flows

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Author Info

  • Graham Bird

    (University of Surrey)

  • Dane Rowlands

    (Norman Paterson School of International Affairs, Carleton University)

Abstract

This paper examines the claim that the IMF catalyzes other capital flows. We identify a series of propositions based on recent theoretical work, use a treatment effects model to deal with selection bias, and examine whether the IMF catalyzes both aggregate private financial flows and important subgroups for middle-income countries. The results presented here support many of the propositions, but also indicate that the sign and significance of catalysis varies according to the type of flow and the circumstances of the country. The finding that catalysis is complex and nuanced has important implications for policy that are briefly discussed.

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File URL: http://www.fahs.surrey.ac.uk/economics/discussion_papers/2007/DP01-07.pdf
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Bibliographic Info

Paper provided by School of Economics, University of Surrey in its series School of Economics Discussion Papers with number 0107.

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Length: 34 pages
Date of creation: Jan 2007
Date of revision:
Handle: RePEc:sur:surrec:0107

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Web page: http://www.surrey.ac.uk/economics/
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Related research

Keywords: IMF; catalysis; international capital flows; private capital flows;

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References

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  1. Robert J. Barro & Jong-Wha Lee, 2002. "IMF Programs: Who is Chosen and What Are the Effects?," NBER Working Papers 8951, National Bureau of Economic Research, Inc.
  2. Michael D. Bordo & Ashoka Mody & Nienke Oomes, 2004. "Keeping Capital Flowing: The Role of the IMF," International Finance, Wiley Blackwell, vol. 7(3), pages 421-450, December.
  3. Carmen M. Reinhart & Kenneth S. Rogoff, 2004. "The Modern History of Exchange Rate Arrangements: A Reinterpretation," The Quarterly Journal of Economics, MIT Press, vol. 119(1), pages 1-48, February.
  4. Graham Bird & Dane Rowlands, 2002. "Do IMF Programmes Have a Catalytic Effect on Other International Capital Flows?," Oxford Development Studies, Taylor & Francis Journals, vol. 30(3), pages 229-249.
  5. Jeffrey A. Frankel & Nouriel Roubini, 2001. "The Role of Industrial Country Policies in Emerging Market Crises," NBER Working Papers 8634, National Bureau of Economic Research, Inc.
  6. Bird, Graham & Hussain, Mumtaz & Joyce, Joseph P., 2004. "Many happy returns? Recidivism and the IMF," Journal of International Money and Finance, Elsevier, vol. 23(2), pages 231-251, March.
  7. Curzio Giannini & Carlo Cottarelli, 2002. "Bedfellows, Hostages, or Perfect Strangers? Global Capital Markets and the Catalytic Effect of IMF Crisis Lending," IMF Working Papers 02/193, International Monetary Fund.
  8. Giancarlo Corsetti & Bernardo Guimaraes & Nouriel Roubini, 2003. "International Lending of Last Resort and Moral Hazard: A Model of IMF's Catalytic Finance," NBER Working Papers 10125, National Bureau of Economic Research, Inc.
  9. Rowlands, Dane, 2001. "The Response of Other Lenders to the IMF," Review of International Economics, Wiley Blackwell, vol. 9(3), pages 531-46, August.
  10. Graham Bird & Dane Rowlands, 1997. "The Catalytic Effect of Lending by the International Financial Institutions," The World Economy, Wiley Blackwell, vol. 20(7), pages 967-991, November.
  11. Graham Bird & Dane Rowlands, 2001. "IMF lending: how is it affected by economic, political and institutional factors?," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 4(3), pages 243-270.
  12. Diego Saravia & Ashoka Mody, 2003. "Catalyzing Capital Flows," IMF Working Papers 03/100, International Monetary Fund.
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Cited by:
  1. Graham Bird & Dane Rowlands, 2005. "Should It Be Curtains for Some of the IMF’s Lending Windows?," School of Economics Discussion Papers 0905, School of Economics, University of Surrey.

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