IDEAS home Printed from https://ideas.repec.org/a/vrs/aicuec/v63y2016i3p311-320n2.html
   My bibliography  Save this article

Foreign Direct Investment Flows and IMF Lending Programs. New Empirical Evidence from CESEE Countries

Author

Listed:
  • Anton Sorin Gabriel

    () (Faculty of Economics and Business Administration, Alexandru Ioan Cuza University of Iași, Romania)

Abstract

The aim of the paper it to assess the “catalytic effect” of IMF lending programs on foreign direct investment (FDI) flows to Central, Eastern and South-Eastern European (CESEE) countries during and after the latest global financial crisis. This paper provides new empirical evidence on this catalytic effect while controlling for banking stability. Our results show that IMF lending programs had a negative catalytic effect on FDI flows to emerging economies from CESEE over the period 1999-2013. Other key determinants of FDI flows to these countries are inflation, current account balance, level of education, and infrastructure.

Suggested Citation

  • Anton Sorin Gabriel, 2016. "Foreign Direct Investment Flows and IMF Lending Programs. New Empirical Evidence from CESEE Countries," Scientific Annals of Economics and Business, De Gruyter Open, vol. 63(3), pages 311-320, November.
  • Handle: RePEc:vrs:aicuec:v:63:y:2016:i:3:p:311-320:n:2
    as

    Download full text from publisher

    File URL: https://www.degruyter.com/view/j/saeb.2016.63.issue-3/saeb-2016-0124/saeb-2016-0124.xml?format=INT
    Download Restriction: no

    References listed on IDEAS

    as
    1. 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.
    2. Corsetti, Giancarlo & Guimaraes, Bernardo & Roubini, Nouriel, 2006. "International lending of last resort and moral hazard: A model of IMF's catalytic finance," Journal of Monetary Economics, Elsevier, vol. 53(3), pages 441-471, April.
    3. Javier Díaz-Cassou & Alicia García-Herrero & Luis Molina, 2006. "What kind of capital flows does the IMF catalyze and when?," Working Papers 0617, Banco de España;Working Papers Homepage.
    4. Koen J. M. van der Veer & Eelke de Jong, 2013. "IMF-Supported Programmes: Stimulating Capital to Non-defaulting Countries," The World Economy, Wiley Blackwell, vol. 36(4), pages 375-395, April.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    IMF; catalytic effect; FDI flows; financial crisis; Central; Eastern and South-Eastern Europe;

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • G01 - Financial Economics - - General - - - Financial Crises

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:vrs:aicuec:v:63:y:2016:i:3:p:311-320:n:2. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Peter Golla). General contact details of provider: http://www.degruyteropen.com .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.