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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 … conditionality and ownership. The Paper stresses a conflict between a reformist government and domestic interest groups that oppose …

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

Optimal Bail-Out, Conditionality and Creative Ambiguity

Freixas, Xavier - C.E.P.R. Discussion Papers - 1999

This paper addresses the issue of the optimal behaviour of the Lender of Last Resort (LOLR) in its microeconomic role regarding individual financial institutions in distress. It has been argued that the LOLR should not intervene at the microeconomic level and let any defaulting institution face...

Persistent link: https://www.econbiz.de/10005791531

Hamlet without the Prince of Denmark: Relationship banking and conditionality lending in the London market for government debt, 1815-1913

Flandreau, Marc; Zendejas, Flores; Huitzilihuitl, Juan - C.E.P.R. Discussion Papers - 2010

This paper offers a theory of conditionality lending in 19th-century international capital markets. We argue that … conditionality loans and monitor countries’ financial policies also enabled them to deal with solvency. We find that, compared with …

Persistent link: https://www.econbiz.de/10008554223

Conditional versus Unconditional Trade Concessions for Developing Countries

Conconi, Paola; Perroni, Carlo - C.E.P.R. Discussion Papers - 2011

We consider a small open economy that faces a commitment problem in trade liberalization. We examine how the relationship with a large trading partner affects the ability of the small countrys government to sustain free trade through a reputational mechanism. If the small country's government is...

Persistent link: https://www.econbiz.de/10008854528

When is capital enough to get female microenterprises growing? Evidence from a randomized experiment in Ghana

Fafchamps, Marcel; McKenzie, David J.; Quinn, Simon; … - C.E.P.R. Discussion Papers - 2011

Standard models of investment predict that credit-constrained firms should grow rapidly when given additional capital, and that how this capital is provided should not affect decisions to invest in the business or consume the capital. We randomly gave cash and in-kind grants to male- and...

Persistent link: https://www.econbiz.de/10009150951

Institutional Traps and Economic Growth

Gradstein, Mark - C.E.P.R. Discussion Papers - 2007

This paper's point of departure is that low-quality institutions, concentration of political power, and underdevelopment are persistent over time. Its analytical model views an equal distribution of political power as a commitment device to enhance institutional quality thereby promoting growth....

Persistent link: https://www.econbiz.de/10005497846

The Confidence Effects of Fiscal Consolidations

Beetsma, Roel; Cimadomo, Jacopo; Furtuna, Oana; … - C.E.P.R. Discussion Papers - 2014

We explore how fiscal consolidations affect private sector confidence, a possible channel for the fiscal transmission that has received particular attention recently as a result of governments embarking on austerity trajectories in the aftermath of the crisis. Panel regressions based on the...

Persistent link: https://www.econbiz.de/10011083434

Income Growth and Institutional Quality: Evidence from International Oil Price Shocks

Brückner, Markus; Gradstein, Mark - C.E.P.R. Discussion Papers - 2012

In this paper, we study the causal effect of income growth on institutional quality in the 1984-2007 cross country panel. To focus on exogenous income windfalls, we employ international oil price shocks as an instrument for income growth. While national incomes and measures of institutional...

Persistent link: https://www.econbiz.de/10011083610

Trade and Productivity

Alcala, Francisco; Ciccone, Antonio - C.E.P.R. Discussion Papers - 2001

We estimate the effect of international trade on average labour productivity across countries. Our empirical approach relies on a summary measure of trade that, we argue, is preferable to the one conventionally used on both theoretical and empirical grounds. In contrast to the marginally...

Persistent link: https://www.econbiz.de/10005661691

Institutions, Trade Policy and Trade Flows

Jansen, Marion; Nordås, Hildegunn Kyvik - C.E.P.R. Discussion Papers - 2004

This Paper analyses to which extent domestic institutions affect trade flows. We use two complementary approaches, one focusing on the size of total trade flows and one focusing on bilateral trade patterns (gravity equation). We also control for two other domestic policy variables: trade policy...

Persistent link: https://www.econbiz.de/10005788963