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Harnessing Windfall Revenues in Developing Economies: Sovereign Wealth Funds and Optimal Tradeoffs Between Citizen Dividends, Public Infrastructure and Debt Reduction

van der Ploeg, Frederick; Venables, Anthony J - C.E.P.R. Discussion Papers - 2008

A windfall of foreign aid or natural resource revenue faces government with choices of how to manage public borrowing, public asset accumulation, and the distribution of funds to households (across time and household types), particularly when the windfall is both anticipated and temporary. These...

Persistent link: https://www.econbiz.de/10005656389

Will HIPC Matter? The Debt Game and Donor Behaviour in Africa

Birdsall, Nancy; Claessens, Stijn; Diwan, Ishac - C.E.P.R. Discussion Papers - 2002

In this Paper we focus on the question: Will the HIPC debt reduction program help in the transformation of the development assistance business and change the rules of the ‘debt game’ in Africa? We concentrate on the donor and official creditor side, by exploring how the growing debt of...

Persistent link: https://www.econbiz.de/10005662135

Natural resource wealth: the challenge of managing a windfall

van der Ploeg, Frederick; Venables, Anthony J - C.E.P.R. Discussion Papers - 2011

Many countries have failed to use natural resource wealth to promote growth and development. They have been damaged by volatility of revenues, have failed to save a sufficiently high proportion of their resource revenues and failed to make high return investments to support diversification of...

Persistent link: https://www.econbiz.de/10009385762

The Flight Home Effect: Evidence from the Syndicated Loan Market During Financial Crises

Giannetti, Mariassunta; Laeven, Luc - C.E.P.R. Discussion Papers - 2011

origination increases by approximately 20 percent if the bank’s country of origin experiences a banking crisis. Banks with less …

Persistent link: https://www.econbiz.de/10009003373

North, South and Distance in the Gravity Model

Melitz, Jacques - C.E.P.R. Discussion Papers - 2005

It is generally assumed that distance in the gravity model strictly reflects frictions impeding bilateral trade … trade. This paper investigates the hypothesis that if we control for distance in the ordinary sense, differences North … influence of distance that has been occurring since World War II. This last hypothesis receives confirmation as well. Finally …

Persistent link: https://www.econbiz.de/10005792460

Problems of Post-CMEA Trade and Payments

Rosati MEP, Dariusz - C.E.P.R. Discussion Papers - 1992

The demise of the CMEA trading system in 1991 and the shift to convertible currency settlements and world market prices was expected to bring about a severe contraction of intra-group trade, coupled with large imbalances in trade between Eastern Europe and the former Soviet Union. The observed...

Persistent link: https://www.econbiz.de/10005136560

Conditionality and Ownership in IMF Lending: A Political Economy Approach

Drazen, Allan - C.E.P.R. Discussion Papers - 2002

The relation between IMF conditionality and country ownership of assistance programs is considered from a political economy perspective, focusing on the question of why conditionality is needed if it is in a country’s best interests to undertake the reform program. It is argued that...

Persistent link: https://www.econbiz.de/10005788965

Why is there Multilateral Lending?

Rodrik, Dani - C.E.P.R. Discussion Papers - 1995

Why should multilateral lending exist in a world where private capital markets are well developed and governments have their own bilateral aid programmes? If lending by the World Bank, IMF, and regional development banks has an independent rationale, it must rest on advantages generated by the...

Persistent link: https://www.econbiz.de/10005791490

Geopolitics, Aid and Growth

Dreher, Axel; Eichenauer, Vera; Gehring, Kai - C.E.P.R. Discussion Papers - 2014

We investigate the effects of short-term political motivations on the effectiveness of foreign aid. Donor countries’ political motives might reduce the effectiveness of conditionality, channel aid to inferior projects, reduce the aid bureaucracy’s effort, and change the power structure in...

Persistent link: https://www.econbiz.de/10011083419

Bargaining and Sustainability: The Argentine Debt Swap of 2005

Dhillon, Amrita; García-Fronti, Javier; Ghosal, Sayantan; … - C.E.P.R. Discussion Papers - 2005

When Argentine sovereign default in December 2001 led to a collapse of the peso, the burden of dollar debt became demonstrably unsustainable. But it was not clear what restructuring was feasible, nor when. Eventually, in 2005 after a delay of more than three years, a supermajority of creditors...

Persistent link: https://www.econbiz.de/10005504331