The Effects of IMF and World Bank Lending on Long-Run Economic Growth: An Empirical Analysis

Butkiewicz, James L.; Yanıkkaya, Halit

doi:10.1016/j.worlddev.2004.09.006

Cited by 73 publications

(50 citation statements)

References 39 publications

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“…The increased flexibility in labour markets is in fact 10 In addition to this, lending programmes conceded by multilateral organizations may crowd out public investments and, through this way, they may have a negative effect on long run growth. The recent econometric study of Butkiewicz and Yanikkaia [94] illustrates well this point with reference to the previous empirical literature on the subject, and shows that IMF lending programmes seem to have had a negative effect on long run growth in recent decades, while the evidence relative to World Bank's programmes is ambiguous and not conclusive.…”

Section: Public Policies and The International Regime Of Regulationmentioning

confidence: 53%

Innovation, diffusion and catching up in the fifth long wave

Castellacci

2006

Futures

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Does the new technological paradigm based on information and communication technologies (ICTs) create new windows of opportunity or further obstacles for catching up countries? The paper discusses this question by taking neo-Schumpeterian long wave theory as the basic framework of analysis. According to this approach, the current rapid diffusion of the ICT-based paradigm marks the initial phase of a fifth long wave period. The first part of the paper focuses on the major changes that characterize the techno-economic system in the fifth long wave, and points out that the new paradigm is leading to several new opportunities for developing economies. If public policies will actively foster the development process by rapidly investing in the new technologies and in the related infrastructures and skills, these new opportunities will indeed be successfully exploited. The second part of the paper shifts the focus to the socio-institutional system, and argues that institutional changes driven by some major actors in the industrialized world are creating a new international regime where the scope and the resources available for State interventions are significantly reduced. The paper concludes by suggesting the existence of a temporary mismatch between the techno-economic and the socioinstitutional system, which makes the catching up process more difficult for large parts of the developing world.

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Section: Public Policies and The International Regime Of Regulationmentioning

confidence: 53%

Innovation, diffusion and catching up in the fifth long wave

Castellacci

2006

Futures

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“…Similarly, Hutchison and Noy (2003), pointed out low programme completion rates and recidivism, high output costs, and no improvement of current account for Latin America. Butkiewicz and Yanikkaya (2005) using actual monetary values of IMF lending (rather than the number of programmes approved by the Fund, since according to the them there remained a high level of non-completion of IMF programmes) pointed out that while Fund's overall objective for crisis-hit countries was to put them on stable economic growth footings, yet the impact of Fund programmes is either neutral or negative, given their policies have an adverse impact for public and private investment; revealing in turn that the Fund in putting too much emphasis on the demand side, neglecting the supply side of the economy in the process. One of the main steps in this regard, according to NIE is improving institutions so that the transaction costs can be lowered to induce investment (which in turn helps boost economic growth).…”

Section: Literature Reviewmentioning

confidence: 99%

Institutional Quality, Macroeconomic Stabilization and Economic Growth: A Case Study of IMF Programme Countries

Javed¹

2016

The Economic Impact of International Monetary Fund Programmes

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The current study is motivated by the overall lackluster performance of IMF p rogrammes in recip ient countries in terms of econo mic growth consequences, and tries to explore the relevance of institutional determinants (that have a positively significant role in improving institutional quality in IMF programme countries, in the first place) in enhancing real economic growth in IM F programme countries; as otherwise highlighted by New Institutional Econo mics literature for countries generally. Moreover, the study also investigates the impact of these determinants through the channel of macroeconomic stability. Based on a time period of 1980-2010 (co inciding with a durat ion of increasing nu mber of IMF p rogrammes), the results mainly validate that institutional determinants overall play a positive role in reducing macroeconomic instability, and through it, and also independently, enhance real economic growth.

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“…Sprawne pośrednictwo finansowe, swobodny dostęp do kapitału i usług finansowych to czynniki decydujące o powodzeniu PPP. Zaangażowanie w projekt wielostronnych kredytodawców i agencji kredytowych wzmacnia pozytywny wynik tej inwestycji [Butkiewicz, Yanikkaya, 2005].…”

Section: Uwarunkowania Implementacji Projektów Ppp -Przegląd Literaturyunclassified

Partnerstwo publiczno-prywatne – uwarunkowania rozwoju

Zagożdżon¹

2016

Optimum

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StreszczenieJednym z modeli finansowania inwestycji publicznych jest partnerstwo publiczno-prywatne (PPP). Jest to forma współpracy sektora publicznego i prywatnego w procesie realizacji przedsięwzięć, dotychczas bę-dących domeną działalności władz publicznych. Jej rezultatem powinien być niższy koszt przedsięwzięcia i wyższa jakość usług aniżeli w przypadku ich finansowania w tradycyjny sposób -ze środków publicznych. Ta forma współpracy pomaga zapełnić lukę między potrzebami inwestycyjnymi a możliwościami finansowymi budżetów publicznych. Od kilkunastu lat Komisja Europejska wspiera PPP jako formułę realizacji inwestycji i podkreśla jej znaczenie zwłaszcza dla krajów Europy Centralnej.Jednak osiągnięcie sukcesu w praktycznej implementacji PPP wymaga stworzenia odpowiednich uwarunkowań. Celem artykułu jest identyfikacja determinant PPP i charakterystyka rozwoju partnerstwa w Unii Europejskiej.Studia literaturowe pozwoliły na ustalenie krytycznych czynników sukcesu PPP i sklasyfikowanie ich w czterech grupach, a mianowicie: ekonomiczne i finansowe, polityczne i prawne, techniczne, społeczne. Natomiast charakterystyka rozwoju partnerstwa w Unii Europejskiej potwierdziła, że czynniki ekonomiczne, takie jak: stabilne warunki makroekonomiczne, wsparcie ekonomiczne i polityczne rządu, dostępność finansowania i system prawny wynikający z polityki ekonomicznej państwa, mogą zintensyfikować realizację projektów PPP w różnych obszarach działalności publicznej. Słowa kluczowe: partnerstwo publiczno-prywatne, determinanty PPP, PPP w Unii Europejskiej PUBLIC-PRIVATE PARTNERSHIPS: ECONOMIC CONDITIONS OF DEVELOPMENT SummaryPublic-private partnership (PPP) is one of the models of financing public investment. It is a form of cooperation of the public and private sectors in the implementation of projects, which until recently was exclusively the domain of public authorities. PPP should result in lower costs of projects and higher quality of services in comparison to those funded solely from public resources. This form of cooperation helps to fill the gap between investment needs and financial possibilities of public budgets. The European Commission has supported PPP as a form of investment for several years already, and highlights its importance especially for the countries of Central Europe.However, if success in practical implementation of PPP is to be achieved, appropriate conditions must be created. This paper aims to identify the determinants of PPP and the characteristics of its development in the EU.

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The Effects of IMF and World Bank Lending on Long-Run Economic Growth: An Empirical Analysis

Cited by 73 publications

References 39 publications

Innovation, diffusion and catching up in the fifth long wave

Innovation, diffusion and catching up in the fifth long wave

Institutional Quality, Macroeconomic Stabilization and Economic Growth: A Case Study of IMF Programme Countries

Partnerstwo publiczno-prywatne – uwarunkowania rozwoju

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