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Financing Balance of Payments Adjustment: Options in the Light of the Elusive Catalytic Effect of IMF-Supported Programmes

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  • Graham Bird

    (Surrey Centre for International Economic Studies, University of Surrey, Guildford, Surrey GU2 7XH, UK.)

  • Dane Rowlands

    (The Norman Paterson School of International Affairs, Carleton University, Ottawa, Canada)

Abstract

IMF programmes have sought to balance economic adjustment and external financing in part by relying on catalysing capital inflows from other sources. This paper reviews the mechanisms by which catalysis is believed to operate, and the evidence pertaining to its existence. The conclusion is that traditional catalysis is generally less reliable than it has been portrayed to be. The policy implications of this elusive catalytic effect are examined. The more formal differentiation of programmes on the basis of recipients and their circumstances may help constrain some of the excessive claims made for catalysis and identify ways of providing a level of financing consistent with optimal adjustment. Comparative Economic Studies (2004) 46, 468–486. doi:10.1057/palgrave.ces.8100058

Suggested Citation

  • Graham Bird & Dane Rowlands, 2004. "Financing Balance of Payments Adjustment: Options in the Light of the Elusive Catalytic Effect of IMF-Supported Programmes," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 46(3), pages 468-486, September.
    • Handle: RePEc:pal:compes:v:46:y:2004:i:3:p:468-486
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    Cited by:

    1. Graham Bird, 2007. "The Imf: A Bird'S Eye View Of Its Role And Operations," Journal of Economic Surveys, Wiley Blackwell, vol. 21(4), pages 683-745, September.
    2. ., 2016. "Introduction and overview: the purposes and operations of the IMF," Chapters, in: The International Monetary Fund, chapter 1, pages 1-18, Edward Elgar Publishing.
    3. Axel Dreher, 2009. "IMF conditionality: theory and evidence," Public Choice, Springer, vol. 141(1), pages 233-267, October.

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