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Catalysing private capital flows and IMF programs: some remaining questions

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  • Graham Bird
  • Dane Rowlands

Abstract

In a 2005 article in this journal, Genberg poses the question of whether countries with IMF programs have “privileged access” to international capital markets. In attempting to answer this question, he cautions about reading too much into some of the recent literature. In this paper, we briefly examine the so‐called catalytic effect in a way that attempts to overcome some of his concerns. Our results suggest that it is unwise to place too much emphasis on any set of specific results that may not be generalized or robust across different methodologies and different types of capital flows.

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  • Graham Bird & Dane Rowlands, 2008. "Catalysing private capital flows and IMF programs: some remaining questions," Journal of Economic Policy Reform, Taylor and Francis Journals, vol. 11(1), pages 37-43.
    • Handle: RePEc:taf:jecprf:v:11:y:2008:i:1:p:37-43
    DOI: 10.1080/17487870802031452
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    References listed on IDEAS

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    1. Curzio Giannini & Mr. Carlo Cottarelli, 2002. "Bedfellows, Hostages, or Perfect Strangers? Global Capital Markets and the Catalytic Effect of IMF Crisis Lending," IMF Working Papers 2002/193, International Monetary Fund.
    2. Adrian Penalver, 2004. "How can the IMF catalyse private capital flows? A model," Bank of England working papers 215, Bank of England.
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    Cited by:

    1. Krahnke, Tobias, 2020. "Doing more with less: The catalytic function of IMF lending and the role of program size," Discussion Papers 18/2020, Deutsche Bundesbank.
    2. 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.
    3. 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.
    4. 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.
    5. Andrew Ojede & Ruby Kishan, 2017. "External Macroeconomic Imbalances And Foreign Direct Investment Inflows To Developing Countries," Contemporary Economic Policy, Western Economic Association International, vol. 35(3), pages 484-504, July.
    6. 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.
    7. Committeri, Marco & L´Hotellerie-Fallois, Pilar & Algarra, Monica & Balteanu, Irina & Eijking, Carlijn & Estefanía, Julia & Gallego, Sonsoles & Garelli, Serena & Gibson, Heather & Heinbuecher, Robert , 2019. "Conditionality and design of IMF-supported programmes," Occasional Paper Series 235, European Central Bank.

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