Martin Iseringhausen, Mwanza Nkusu, Wellian Wiranto
{"title":"Repeated Use of IMF-Supported Programs: Determinants and Forecasting","authors":"Martin Iseringhausen, Mwanza Nkusu, Wellian Wiranto","doi":"10.5089/9781513511689.001","DOIUrl":"https://doi.org/10.5089/9781513511689.001","url":null,"abstract":"This paper studies the determinants of repeated use of Fund-supported programs in a large sample covering virtually all General Resources Account (GRA) arrangements that were approved between 1952 and 2012. Generally, the revolving nature of the IMF’s resources calls for the temporary sup-port of member countries to address balance of payments problems while repeated use has often been viewed as program failure. First, using probit models we show that a small number of country-specific variables such as growth, the current account balance, the international reserves position, and the institutional framework play a significant role in explaining repeated use. Second, we discuss the role of IMF-specific and program-specific variables and find evidence that a country’s track record with the Fund is a good predictor of repeated use. Finally, we conduct an out-of-sample forecasting exer-cise. While our approach has predictive power for repeated use, exact forecasting remains challenging. From a policy perspective, the results could prove useful to assess the risk IMF programs pose to the revolving nature of the Fund’s financial resources.","PeriodicalId":194000,"journal":{"name":"PSN: International Development Institutions (Topic)","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123504049","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Converging Divergence? Unpacking the New Geography of 21st Century Global Development","authors":"R. Horner, D. Hulme","doi":"10.2139/ssrn.3144281","DOIUrl":"https://doi.org/10.2139/ssrn.3144281","url":null,"abstract":"Building on a body of research on the “what” and “how” of post-2015 development, and motivated by the significant spatial shift to having a universal frame of reference in the Sustainable Development Goals, this article considers the “where” of contemporary development. The shifting geographies of economic, human and environmental aspects of development are charted. Some converging trends between the Global North and South render untenable the framing of international development as a 19th and 20th century world of “divergence big time”. Yet, some degree of global convergence does not adequately capture a world where development inequalities are profound. Instead, while the over-arching binary framing of development is blurring, such a trend is overlain by growing divergence at smaller spatial scales – especially within nations. “Converging divergence” characterises the new geography of 21st century global development, moving beyond overly optimistic claims of global convergence, but also beyond pessimistic accounts of the perpetuation of old development divides. The implications of “converging divergence” are explored and it is concluded that 21st century global development involves and must address a very different geography from that of 20th century international development.","PeriodicalId":194000,"journal":{"name":"PSN: International Development Institutions (Topic)","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122222811","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Positioning Climate Finance in the Post 2015 Development Agenda","authors":"A. Karimov","doi":"10.2139/SSRN.2539152","DOIUrl":"https://doi.org/10.2139/SSRN.2539152","url":null,"abstract":"By the end of 2015, we will see a new global development agenda which will substitute the Millennium Development Goals (MDGs). If we look at the years after the adoption of the MDGs, there is no doubt that the development goals have been successful in focusing governments’ attention on poverty eradication, by setting clear outcome indicators and uniting humanity behind a targeted principle. However, despite a goal devoted to ensuring environmental sustainability (MDG7), one of the criticisms of the MDGs has been insufficient attention to the climate issues. Currently, the question of whether climate change is happening is low on the agenda. The world is facing an increasingly volatile and extreme climate, which is impacting the poorest the first and the most. Climate change acts as a ‘risk multiplier’, increasing socio-economic, political, demographic, and resource pressures. It is challenging the economic paradigm that treats the environment and climate change separately. The global climate can now be seen as a crucial public good under threat, as important as the issues of food security, health, and peace.","PeriodicalId":194000,"journal":{"name":"PSN: International Development Institutions (Topic)","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128619243","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Millennium Development Goals (MDGs): A Short History of the World’s Biggest Promise","authors":"D. Hulme","doi":"10.2139/SSRN.1544271","DOIUrl":"https://doi.org/10.2139/SSRN.1544271","url":null,"abstract":"This paper provides a chronological account of the evolution of the Millennium Development Goals (MDGs). It examines their historical antecedents; the UN conferences and summits that provided their content; the role of OECD’s Development Assistance Committee (DAC) in formulating the International Development Goals (IDGs); the influence of the UN’s Secretariat in drafting the Millennium Declaration; and the final negotiations between the UN, DAC, World Bank, and IMF to amend the IDGs into the MDGs in 2001. This account reveals the complexity and unpredictability of global policymaking processes. Although the overarching structures of economic and political power framed all negotiations, so the MDGs are largely a rich world product for rich world audiences, there are opportunities for norm entrepreneurs and message entrepreneurs to exercise personal agency. As the time approaches for the assessment of the MDGs, at the UN General Assembly in September 2010, it is useful to reflect on the ‘chaos of accidents and purposes’ that generated the MDGs in the first place.","PeriodicalId":194000,"journal":{"name":"PSN: International Development Institutions (Topic)","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124896975","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Financing Development: The Power of Regionalism","authors":"N. Birdsall, L. Rojas-Suárez","doi":"10.2139/ssrn.2560932","DOIUrl":"https://doi.org/10.2139/ssrn.2560932","url":null,"abstract":"The historic 2002 United Nations Conference on Financing for Development in Monterrey, Mexico, overlooked a crucial question: regionalism. Financing Development: The Power of Regionalism is designed to correct this omission. Editors Nancy Birdsall and Liliana Rojas-Suarez call for a more open and radical regionalism. They argue that far from undermining multilateral arrangements, as some critics fear, regional agreements can promote greater integration into the global system. Benefits include lower trade barriers, shared infrastructure investments and enhanced cooperation in the development of financial markets. The papers in the book are drawn from a roundtable discussion organized by the Center for Global Development and the Institute for International Economics ahead of the Monterrey conference. The volume also offers fresh insights on how regional development banks can catalyze collective action.","PeriodicalId":194000,"journal":{"name":"PSN: International Development Institutions (Topic)","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2004-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122961509","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Le couple droit/économie dans la théorie et le droit international du développement (The Interrelated Nature of Law And Economics in International Development Law And Theory: The State of Play and Advocating For a New 'Institutional Turn')","authors":"Pascal McDougall","doi":"10.3917/RIDE.321.0041","DOIUrl":"https://doi.org/10.3917/RIDE.321.0041","url":null,"abstract":"Ce texte traite de la large question du rapport entre savoirs juridiques et economiques a travers le cas de la theorie du developpement anglo-saxonne, un corpus proteiforme qui inclut notamment l’economie du developpement, les etudes du developpement issues des sciences sociales, ainsi que ce que les francophones appellent le droit international du developpement. Trois courants de pensee, nes pendant la periode charniere du « tournant institutionnel » des annees 1990 en theorie du developpement, sont analyses. Ces courants sont (1) la Nouvelle economie institutionnelle de Douglass North, (2) la Nouvelle economie du developpement de Joseph Stiglitz et (3) l’approche par les capabilites d’Amartya Sen. Ces trois courants ont complexifie l’image simpliste du droit vehiculee par l’economie neoclassique en mettant en lumiere respectivement (1) l’importance des regles de droit des biens et des contrats plutot que les categories neoclassiques plus abstraites de « concurrence » et de « marche », (2) les defaillances du marche necessitant une intervention juridique et (3) les droits humains comme composante non economique du developpement devant etre mis en œuvre par le droit. Ce faisant, ces courants ont accorde plus d’importance au droit et ebranle la domination de la theorie du developpement par l’economie et les economistes. Ce texte celebre donc ces trois courants en les analysant en detail, mais en formule egalement une critique, arguant qu’ils ne tiennent malgre tout pas suffisamment compte de la complexite du phenomene juridique. Plus particulierement, il soutient qu’ils ne fournissent pas de methode pour choisir parmi les multiples regimes juridiques qui correspondent tous a la propriete privee et au contrat mais qui menent a des allocations des ressources et des distributions des richesses differentes. Le texte propose des pistes de reflexion sur la facon de reformer l’analyse economique et la theorie du developpement pour tenir compte de cette complexite juridique, appelant de ses vœux un nouveau « tournant institutionnel » pour completer celui, indispensable mais inacheve, de North, Stiglitz et Sen.","PeriodicalId":194000,"journal":{"name":"PSN: International Development Institutions (Topic)","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127793561","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}