In the wake of the ‘east Asian crisis’, many commentators have argued that the IMF should ‘return to basics’ and that the Poverty Reduction and Growth Facility through which the Fund makes long term loans to poor countries should be abandoned. To various degrees, they are critical of the Fund’s involvement with developing countries and suggest that the World Bank and aid donors should replace i...

We analyze conventional and unconventional monetary policies in a dynamic small open-economy model with financial frictions. In the model, financial intermediaries or banks borrow from the world market and lend to domestic households. Banks can borrow abroad up to a multiple of their equity; in turn, there is a limit to how much bank equity households can hold. An economy-wide credit constraint...

Between June 1959 and March 1964, the democratic governments of Brazilian presidents Juscelino Kubitschek (January 1956 – January 1961), Janio Quadros (January–August Ranieri Mazzilli (August–September 1961) João ‘Jango’ Goulart (September 1961 April 1964) received no support from World Bank (WB), which refused to fund even a single new project during this period. During same period, and, more ...

This paper proposes the creation of a Sovereign Borrowing Entity (SBE) under the auspices of the International Monetary Fund (IMF) and other International Financial Institutions (IFIs). The SBE guarantees bond issuances by developing nations, packages them in relatively small denominations, and auctions them to the public. Should a developing debtor country fail to pay its debt, the SBE would r...

Department of Economics . University of Oxford . Manor Road Building . Oxford OX1 3UQ T: +44 (0)1865 271084 . F: +44 (0)1865 281447 . E: [email protected] . W: www.csae.ox.ac.uk *International Monetary Fund, [email protected]. This work was prepared while the author was a Post doctoral Research Fellow at the Oxford Institute for Global Economic Development, Department of Economics,...

This paper discusses World Bank and IMF support for addressing fiscal debt distress in IDA countries, with emphasis on strong continued concessional flows green, resilient, inclusive development.