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Avoiding the elephant traps: a commentary on the International Finance Facility

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  • Paul Mosley

    (University of Sheffield, Sheffield, UK)

Abstract

This commentary welcomes the ambitious vision underlying the IFF and suggests ways of avoiding four 'elephant traps' to which it is vulnerable; neglect of the poor in middle-income countries, absorptive capacity, fungibility and knock-on effects on interest rates. Absorptive capacity would appear the biggest of these hazards, but to some extent it can be got round, and is being, through imaginative use of 'new conditionality.' Copyright © 2004 John Wiley & Sons, Ltd.

Suggested Citation

  • Paul Mosley, 2004. "Avoiding the elephant traps: a commentary on the International Finance Facility," Journal of International Development, John Wiley & Sons, Ltd., vol. 16(6), pages 879-886.
    • Handle: RePEc:wly:jintdv:v:16:y:2004:i:6:p:879-886
    DOI: 10.1002/jid.1132
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    References listed on IDEAS

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    1. Paul Mosley & John Hudson & Arjan Verschoor, 2004. "Aid, Poverty Reduction and the 'New Conditionality'," Economic Journal, Royal Economic Society, vol. 114(496), pages 217-243, June.
    2. Hansen, Henrik & Tarp, Finn, 2001. "Aid and growth regressions," Journal of Development Economics, Elsevier, vol. 64(2), pages 547-570, April.
    3. George Mavrotas, 2003. "The International Finance Facility: The UK HM Treasury-DFID Proposal to Increase External Finance to Developing Countries," WIDER Working Paper Series DP2003-79, World Institute for Development Economic Research (UNU-WIDER).
    4. Collier, Paul & Dollar, David, 2002. "Aid allocation and poverty reduction," European Economic Review, Elsevier, vol. 46(8), pages 1475-1500, September.
    5. Feyzioglu, Tarhan & Swaroop, Vinaya & Zhu, Min, 1998. "A Panel Data Analysis of the Fungibility of Foreign Aid," The World Bank Economic Review, World Bank, vol. 12(1), pages 29-58, January.
    6. HM Treasury, 2004. "The International Finance Facility," Journal of International Development, John Wiley & Sons, Ltd., vol. 16(6), pages 865-878.
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