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The IMF's Role in Mobilizing Private Capital Flows: Are There Grounds for Catalytic Conversion?

Author

Listed:
  • Graham Bird

    (University of Surrey)

  • Dane Rowlands

    (Norman Paterson School of International Affairs, Carleton University)

Abstract

Recent theoretical and empirical research suggests that under certain conditions IMF agreements induce additional inflows of finance from other private sources. This paper provides new empirical evidence on this catalytic effect using a treatment effects model to correct for selectivity. It concludes that catalysis remains weak or negative overall, with nuances that support recent theory.

Suggested Citation

  • Graham Bird & Dane Rowlands, 2007. "The IMF's Role in Mobilizing Private Capital Flows: Are There Grounds for Catalytic Conversion?," School of Economics Discussion Papers 0207, School of Economics, University of Surrey.
    • Handle: RePEc:sur:surrec:0207
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    File URL: https://repec.som.surrey.ac.uk/2007/DP02-07.pdf
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    Cited by:

    1. Yasemin Bal Gündüz & Masyita Crystallin, 2018. "Do IMF programs catalyze donor assistance to low-income countries?," The Review of International Organizations, Springer, vol. 13(3), pages 359-393, September.
    2. Luca Papi & Andrea F Presbitero & Alberto Zazzaro, 2015. "IMF Lending and Banking Crises," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 63(3), pages 644-691, November.
    3. repec:awi:wpaper:538 is not listed on IDEAS
    4. Schmaljohann, Maya, 2013. "Enhancing Foreign Direct Investment via Transparency? Evaluating the Effects of the EITI on FDI," Working Papers 0538, University of Heidelberg, Department of Economics.
    5. Molly Bauer & Cesi Cruz & Benjamin Graham, 2012. "Democracies only: When do IMF agreements serve as a seal of approval?," The Review of International Organizations, Springer, vol. 7(1), pages 33-58, March.
    6. 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.
    7. Essers, Dennis & Ide, Stefaan, 2019. "The IMF and precautionary lending: An empirical evaluation of the selectivity and effectiveness of the Flexible Credit Line," Journal of International Money and Finance, Elsevier, vol. 92(C), pages 25-61.
    8. Gehring, Kai & Lang, Valentin, 2020. "Stigma or cushion? IMF programs and sovereign creditworthiness," Journal of Development Economics, Elsevier, vol. 146(C).
    9. Jorra, Markus, 2012. "The effect of IMF lending on the probability of sovereign debt crises," Journal of International Money and Finance, Elsevier, vol. 31(4), pages 709-725.
    10. Marijana Andrijic & Tajana Barbic, 2018. "Trick or Treat? The Effect of IMF Programmes on Mobilising FDI in CESEE Countries," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 68(3), pages 245-267, July.
    11. Anton Sorin Gabriel, 2016. "Foreign Direct Investment Flows and IMF Lending Programs. New Empirical Evidence from CESEE Countries," Scientific Annals of Economics and Business, Sciendo, vol. 63(3), pages 311-320, November.
    12. De Haas, Ralph & Korniyenko, Yevgeniya & Pivovarsky, Alexander & Tsankova, Teodora, 2015. "Taming the herd? Foreign banks, the Vienna Initiative and crisis transmission," Journal of Financial Intermediation, Elsevier, vol. 24(3), pages 325-355.

    More about this item

    Keywords

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    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • O19 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations

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