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Complementarity between multilateral lending and private flows to developing countries : some empirical results

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  • Ratha, Dilip

Abstract

Despite the surge in private capital flows in the 1990s, lending by the multilateral development banks continues to be a significant source of external finance for low-income and lower-middle-income countries. And for middle-income countries, which receive the lion's share of private flows, multilateral lending has played an important stabilizing role during times of credit rationing. Even though multilateral loans may have behaved countercyclically with respect to private flows in the short term, these loans also tended to complement private flows in the medium term by signaling-and often fostering-a better investment environment in the borrowing countries.

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Bibliographic Info

Paper provided by The World Bank in its series Policy Research Working Paper Series with number 2746.

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Date of creation: 31 Dec 2001
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Handle: RePEc:wbk:wbrwps:2746

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Keywords: Banks&Banking Reform; Economic Theory&Research; Financial Intermediation; International Terrorism&Counterterrorism; Payment Systems&Infrastructure; Economic Theory&Research; Poverty Assessment; Economic Development; Macroeconomic Management; Banks&Banking Reform;

References

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  1. Burnside, Craig & Dollar, David, 1997. "Aid, policies, and growth," Policy Research Working Paper Series 1777, The World Bank.
  2. Ratha, Dilip, 2005. "Demand for World Bank lending," Economic Systems, Elsevier, Elsevier, vol. 29(4), pages 408-421, December.
  3. Dasgupta, Dipak & Ratha, Dilip, 2000. "What factors appear to drive private capital flows to developing countries? and how does official lending respond?," Policy Research Working Paper Series 2392, The World Bank.
  4. Easterly, William, 1999. "How did highly indebted poor countries become highly indebted? : reviewing two decades of debt relief," Policy Research Working Paper Series 2225, The World Bank.
  5. Graham Bird & Dane Rowlands, 1997. "The Catalytic Effect of Lending by the International Financial Institutions," The World Economy, Wiley Blackwell, Wiley Blackwell, vol. 20(7), pages 967-991, November.
  6. Alberto Alesina & David Dollar, 1998. "Who Gives Foreign Aid to Whom and Why?," NBER Working Papers 6612, National Bureau of Economic Research, Inc.
  7. Dollar, David & Easterly, William, 1999. "The search for the key : aid, investment, and policies in Africa," Policy Research Working Paper Series 2070, The World Bank.
  8. Pradhan, B. K. & Ratha, D. K. & Sarma, Atul, 1990. "Complementarity between public and private investment in India," Journal of Development Economics, Elsevier, Elsevier, vol. 33(1), pages 101-116, July.
  9. Terrence J. Checki & Ernest Stern, 2000. "Financial crises in the emerging markets: the roles of the public and private sectors," Current Issues in Economics and Finance, Federal Reserve Bank of New York, Federal Reserve Bank of New York, vol. 6(Nov).
  10. Dani Rodrik, 1995. "Why is there Multilateral Lending?," NBER Working Papers 5160, National Bureau of Economic Research, Inc.
  11. Faini, Riccardo & De Melo, Jaime & Senhadji-Semlali, Abdel & Stanton, Julie, 1989. "Macro performance under adjustment lending," Policy Research Working Paper Series 190, The World Bank.
  12. Birdsall, Nancy & Claessens, Stijn & Diwan, Ishac, 2002. "Will HIPC Matter? The Debt Game and Donor Behaviour in Africa," CEPR Discussion Papers, C.E.P.R. Discussion Papers 3297, C.E.P.R. Discussion Papers.
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  1. Waterloo on the Choluteca?
    by Noel Maurer in The Power and the money on 2009-07-21 22:05:24
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Cited by:
  1. Emine Boz, 2009. "Sovereign Default, Private Sector Creditors and the IFIs," IMF Working Papers 09/46, International Monetary Fund.
  2. Cohen, Daniel & Jacquet, Pierre & Reisen, Helmut, 2007. "Loans or Grants," CEPR Discussion Papers, C.E.P.R. Discussion Papers 6024, C.E.P.R. Discussion Papers.
  3. Jean-Michel Severino & Pierre Jacquet, 2004. "Prêter, donner : comment aider ?," Revue d'Économie Financière, Programme National Persée, Programme National Persée, vol. 74(1), pages 285-317.
  4. Ratha, Dilip, 2005. "Demand for World Bank lending," Economic Systems, Elsevier, Elsevier, vol. 29(4), pages 408-421, December.
  5. Independent Evaluation Group, 2008. "Independent Evaluation of IFC's Development Results 2008 : IFC's Additionality in Supporting Private Sector Development," World Bank Publications, The World Bank, number 6576, August.
  6. Matthias Lutz & Philipp Harms, 2004. "Aid, governance, and private foreign investment: some puzzling findings and a possible explanation," Money Macro and Finance (MMF) Research Group Conference 2003, Money Macro and Finance Research Group 57, Money Macro and Finance Research Group.
  7. World Bank, 2005. "Global Development Finance 2005 : Mobilizing Finance and Managing Vulnerability, Volume 1. Analysis and Statistical Appendix," World Bank Publications, The World Bank, number 8135, August.

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