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External Performance In Low Income Countries
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Book Synopsis External Performance in Low-Income Countries by : Mr.Alessandro Prati
Download or read book External Performance in Low-Income Countries written by Mr.Alessandro Prati and published by International Monetary Fund. This book was released on 2011-03-15 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: Assessments of exchange rate misalignments and external imbalances for low-income countries are challenging because methodologies developed for advanced and emerging economies cannot be automatically applied to poorer nations. This paper uses a large database, unique in the set of indicators and number of countries it covers, to estimate the relationship in low-income countries between a set of fundamentals in the medium to long term and the real effective exchange rate, the current account, and the net external assets position.
Book Synopsis Are External Shocks Responsible for the Instability of Output in Low Income Countries? by : Claudio E. Raddatz
Download or read book Are External Shocks Responsible for the Instability of Output in Low Income Countries? written by Claudio E. Raddatz and published by World Bank Publications. This book was released on 2005 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: External shocks, such as commodity price fluctuations, natural disasters, and the role of the international economy, are often blamed for the poor economic performance of low-income countries. The author quantifies the impact of these different external shocks using a panel vector autoregression (VAR) approach and compares their relative contributions to output volatility in low-income countries vis-à-vis internal factors. He finds that external shocks can only explain a small fraction of the output variance of a typical low-income country. Internal factors are the main source of fluctuations. From a quantitative perspective, the output effect of external shocks is typically small in absolute terms, but significant relative to the historic performance of these countries.
Book Synopsis Budget Institutions and Fiscal Performance in Low-Income Countries by : Victor Duarte Lledo
Download or read book Budget Institutions and Fiscal Performance in Low-Income Countries written by Victor Duarte Lledo and published by International Monetary Fund. This book was released on 2010-03-01 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents, for the first time, multi-dimensional indices of the quality of budget institutions in low-income countries. The indices allow for benchmarking against the performance of middle-income countries, across regions, and according to different institutional arrangements that deliver good fiscal performance. Using the constructed indices, the paper provides preliminary empirical support for the hypotheses that strong budget institutions help improve fiscal balances and public external debt outcomes; and countries with stronger fiscal institutions have better scope to conduct countercyclical policies.
Book Synopsis External Balance in Low Income Countries by :
Download or read book External Balance in Low Income Countries written by and published by . This book was released on 2009 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper offers a coherent empirical analysis of the determinants of the real exchange rate, the current account, and the net foreign assets position in low income countries. The paper focuses on indicators specific to low income countries, such as the quality of policies and institutions, the special access to official external financing, and the role of shocks. In addition to more standard factors, we find that domestic financial liberalization is associated with higher current account balances and net foreign asset positions, while capital account liberalization is associated with lower current account balances and net foreign asset positions and with more appreciated real exchange rates. Negative exogenous shocks tend to raise (reduce) the current account in countries with closed (opened) capital accounts. Finally, foreign aid is progressively absorbed over time through net imports, and is associated with a more depreciated real exchange rate in the long-run.
Book Synopsis IMF-Supported Programs and Income Convergence in Low-Income Countries by : Tejesh Pradhan
Download or read book IMF-Supported Programs and Income Convergence in Low-Income Countries written by Tejesh Pradhan and published by International Monetary Fund. This book was released on 2018-12-13 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Continuing the empirical debate on the effects of IMF-supported programs on participating countries’ macroeconomic performance, we focus on the issue of whether these programs accelerate conditional ß-convergence among low-income countries (LICs). We use an unbalanced panel dataset for 85 LICs over the period 1986-2015 and employ two different econometric methods to address the selection bias problem. Our empirical results suggest that the rate of conditional income per capita convergence is faster among LICs with extended IMF support than that in countries without support or with intermittent support.
Book Synopsis IMF-Supported Programs in Low Income Countries by : Mr.Christian Mumssen
Download or read book IMF-Supported Programs in Low Income Countries written by Mr.Christian Mumssen and published by International Monetary Fund. This book was released on 2014-01-15 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the short and longer-term impact of IMF engagement in Low-Income Countries (LICs) over nearly three decades. In contrast to earlier studies, we focus on a sample composed exclusively of LICs and disentangle the different effects of IMF longer-term engagement and short-term financing using a propensity score matching approach to control for selection bias. Our results indicate that longer-term IMF support (at least five years of program engagement per decade) helped LICs sustain economic growth and boost resilience by building fiscal buffers. Interestingly, the size of IMF financing has no significant impact on economic growth, possibly pointing to the prominent role of IMF policy advice and institutional capacity building in the context of longer-term engagement. We also present evidence that the short-term IMF engagement through augmentations of existing programs or short-term and emergency facilities is positively associated with a wide range of macroeconomic outcomes. Notably, the IMF financial support has the greatest impact on short-term growth when LICs are faced with substantial macroeconomic imbalances or exogenous shocks.
Book Synopsis Exogenous Shocks and Growth Crises in Low-Income Countries by : Ms.Era Dabla-Norris
Download or read book Exogenous Shocks and Growth Crises in Low-Income Countries written by Ms.Era Dabla-Norris and published by International Monetary Fund. This book was released on 2012-11-02 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a new index which provides early warning signals of a growth crisis in the event of large external shocks in low-income countries. Multivariate regression analysis and a univariate signaling approach are used to map information from a parsimonious set of underlying policy, structural, and institutional indicators into a composite vulnerability index. The results show that vulnerabilities to a growth crisis in low-income countries declined significantly from their peaks in the early 1990s, but have risen in recent years as fiscal policy buffers were expended in the wake of the global financial crisis.
Book Synopsis The External Balance Assessment (EBA) Methodology by : Mr.Steven Phillips
Download or read book The External Balance Assessment (EBA) Methodology written by Mr.Steven Phillips and published by International Monetary Fund. This book was released on 2014-01-13 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: The External Balance Assessment (EBA) methodology has been developed by the IMF’s Research Department as a successor to the CGER methodology for assessing current accounts and exchange rates in a multilaterally consistent manner. Compared to other approaches, EBA emphasizes distinguishing between the positive empirical analysis and the normative assessment of current accounts and exchange rates, and highlights the roles of policies and policy distortions. This paper provides a comprehensive description and discussion of the 2013 version (“2.0”) of the EBA methodology, including areas for its further development.
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :149834075X Total Pages :168 pages Book Rating :4.4/5 (983 download)
Book Synopsis Handbook of IMF Facilities for Low-Income Countries by : International Monetary Fund
Download or read book Handbook of IMF Facilities for Low-Income Countries written by International Monetary Fund and published by International Monetary Fund. This book was released on 2012-03-21 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Fund’s concessional facilities are aimed at providing flexible and tailored support to low-income countries (LICs) in their efforts to achieve, maintain, or restore a stable and sustainable macroeconomic position consistent with strong and durable poverty reduction and growth.
Book Synopsis The Economic Impact of IMF-Supported Programs in Low-Income Countries by : Yasemin Bal-Gunduz
Download or read book The Economic Impact of IMF-Supported Programs in Low-Income Countries written by Yasemin Bal-Gunduz and published by International Monetary Fund. This book was released on 2013-10-04 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper aims to assess the economic impact of the IMF’s support through its facilities for low-income countries. It relies on two complementary econometric analyses: the first investigates the longer-term impact of IMF engagement—primarily through successive medium-term programs under the Extended Credit Facility and its predecessors (and more recently the Policy Support Instrument)—on economic growth and a range of other indicators and socioeconomic outcomes; the second focuses on the role of IMF shock-related financing—through augmentations of Extended Credit Facility arrangements and short-term and emergency financing instruments—on short-term macroeconomic performance.
Author :International Monetary Fund. Strategy, Policy, & Review Department Publisher :International Monetary Fund ISBN 13 :1498341039 Total Pages :39 pages Book Rating :4.4/5 (983 download)
Book Synopsis Debt Limits in Fund Programs with Low-Income Countries by : International Monetary Fund. Strategy, Policy, & Review Department
Download or read book Debt Limits in Fund Programs with Low-Income Countries written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2013-12-23 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This annotated presentation on the debt limits policy (DLP) for Fund programs with low income countries (LICs) was discussed at an informal session of the IMF Executive Board on January 10, 2014. The presentation contains a proposed new approach to the handling of external borrowing limits in such programs, building on the analysis contained in an earlier paper, discussed by the IMF Board in March 2013. The January 10 Board discussion provided staff with suggestions on how to refine their proposals, but the Board did not take a position on the merits of the proposed approach. IMF staff are to present a formal proposal to modify the IMF’s Debt Limits Policy (which covers all IMF lending programs, not merely those with low income countries) for consideration by the Fund’s Executive Board in the coming months.
Book Synopsis Debt Sustainability Analyses for Low-Income Countries: An Assessment of Projection Performance by : Mr.Henry Mooney
Download or read book Debt Sustainability Analyses for Low-Income Countries: An Assessment of Projection Performance written by Mr.Henry Mooney and published by International Monetary Fund. This book was released on 2017-10-30 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops new error assessment methods to evaluate the performance of debt sustainability analyses (DSAs) for low-income countries (LICs) from 2005-2015. We find some evidence of a bias towards optimism for public and external debt projections, which was most appreciable for LICs with the highest incomes, prospects for market access, and at ‘moderate’ risk of debt distress. This was often driven by overly-ambitious fiscal and/or growth forecasts, and projected ‘residuals’. When we control for unanticipated shocks, we find that biases remain evident, driven in part by optimism regarding government fiscal reaction functions and expected growth dividends from investment.
Book Synopsis Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries by : International Monetary Fund
Download or read book Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-10-23 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.
Book Synopsis Assessing Competitiveness and Real Exchange Rate Misalignment in Low-Income Countries by : Gabriel Di Bella
Download or read book Assessing Competitiveness and Real Exchange Rate Misalignment in Low-Income Countries written by Gabriel Di Bella and published by International Monetary Fund. This book was released on 2007-08 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Assessing a country's competitiveness routinely starts with an analysis of the real exchange rate. However, in low-income countries, empirical analysis of the real exchange rate is often subject to important limitations that seriously weaken the results. This paper summarizes the methodologies used to assess real exchange rate misalignments and discusses the range of obstacles common to low-income countries. Recognizing the importance of using a wide range of indicators for assessing competitiveness in low-income countries, the paper discusses alternative competitive measures and then proposes a template of indicators to allow for a systematic assessment of competitiveness in low-income countries. The template is then used to rank countries according to their competitiveness performance in 2006.
Book Synopsis External Finance for Low-income Countries by : IMF Institute
Download or read book External Finance for Low-income Countries written by IMF Institute and published by Fonds Monetaire International. This book was released on 1997 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: La conferencia se enfoco en el impacto de la deuda externa en paises de bajo ingreso, particularmente los paises pobres, pasos que se toman para tratar los problemas de la deuda y los flujos de capital privado. Este volumen reune las ponencias de estudiosos de universidades y de organizaciones de investigacion internacional y los miembros del Fondo y el Banco Mundial.
Book Synopsis Assessing Reserve Adequacy in Low-Income Countries by : Mr.Valerio Crispolti
Download or read book Assessing Reserve Adequacy in Low-Income Countries written by Mr.Valerio Crispolti and published by International Monetary Fund. This book was released on 2013-03-08 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: Low-income countries routinely experience exogenous disturbances—sharp swings in the terms of trade, export demand, natural disasters, and volatile financial flows—that contribute to higher volatility in aggregate output and consumption compared with other countries. Assessing Reserve Adequacy in Low-Income Countries presents the findings of an analysis of a range of external shocks faced by these countries, beginning with a discussion of the impact of external shocks on macroeconomic growth, volatility, and welfare. Although sound macroeconomic and prudential policy frameworks are the first line of defense for limiting vulnerability, international reserves constitute the main form of self-insurance against such shocks. The evidence suggests that low-income countries with reserve coverage above three months of imports were better able to smooth consumption and absorption in the face of external shocks compared with those with lower reserve holdings. The analysis also points to the importance of country characteristics and vulnerabilities in assessing reserve adequacy.
Author :International Monetary Fund. Strategy, Policy, & Review Department Publisher :International Monetary Fund ISBN 13 :1498336256 Total Pages :50 pages Book Rating :4.4/5 (983 download)
Book Synopsis Changing Patterns in Low-Income Country Financing and Implications for Fund Policies on External Financing and Debt by : International Monetary Fund. Strategy, Policy, & Review Department
Download or read book Changing Patterns in Low-Income Country Financing and Implications for Fund Policies on External Financing and Debt written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2009-02-26 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Low-income countries (LICs) face significant challenges in meeting their development objectives while maintaining a sustainable debt position. The international community’s main answer to this dilemma has been to promote recourse to concessional external resources. The Fund’s recommendations to LICs conform to this preference: the practice in Fund-supported programs in LICs has generally been to set zero limits on nonconcessional external borrowing while not restricting concessional financing, although flexibility has been applied on a case-by-case basis to allow some nonconcessional borrowing when warranted.
