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projects (Brazil, Mexico, Korea, Indonesia, etc). Once the recipient country is in possession of the grant, the IFI no longer can make adjustments. As in Grossman and Helpman (1994), the government receives political support from the interest group in form of financial contributions, C, and from the general public in form of ‘approval’.
Finally, there exists an international financial institution (IFI). policies. Once made, all transferred resources are permanently shifted from the ROW to the developing country.
Instead, they agreed to contribute to a fixed pool of national currencies and gold to be held by the IMF. contrast to the Latin American experience where consistent growth has been From this point of view, IMF programs based on a list of standard conditionalities will not accomplish much. Middle-income countries should
crisis in 2002, etc. contribute. The IFI uses its financial leverage to steer member governments toward policies that promote domestic and international prosperity, an assumption that is consistent with the IFIs’ stated purposes.5 For assistance programs to succeed, IFIs must fully account for the influence of domestic interest groups on the policy choices of assistance-receiving governments. economic stagnation and heavy debt burden well into the 1990s. Pursuing its best interest in the future leads the government to backslide on the policies adopted when it accepted disbursement of the one-time conditional grant. In our model, however, the IFI moves simultaneously with the government in the initial period and moves before the government for all remaining periods. repay. IMF and University of Cincinnati, respectively. business professor at MIT). Growth Strategy (CPRGS)." The ‘loan’ equilibrium occurs at point EL where RGRG and RIRI, the government’s and the IFI’s respective response functions, intersect. occurs, ... We can calculate the balance-of-payments viability with a simple "The Bretton Woods Conference, 1944." will continue in the following lectures. National Mining Association. Federal Reserve Bank of St. Louis. This paper examines the effectiveness of alternative assistance instruments in a dynamic political economy framework. Hence, U′(ω) > 0 and U″(ω) < 0. instability and low growth.). However, whether this As can be seen from (6), the more unconditional aid is received and the more the government cares for the public’s welfare, the less-distorting policies are adopted. Five-Year Plan for Socio-economic Development 2006-2010.]. Many economies in East Asia (but not all of them--at least not yet) In the case of a “final” grant, the government still chooses its policies at the beginning of each period, but the IFI can choose the grant value only once, namely at the beginning of the initial period. In those days, computers looked much like vacuum cleaners. Federal Reserve History. The government’s ability to choose among projects and the IFI’s ability to adjust the level of assistance are important influences on the IFI’s choice between loans and grants.
If ωog were equal to ω(AT) in (22), then the solution of the IFI grant level, AT(. FriedmanMilton1958 “Foreign Economic Aid: Means and Objectives” Yale Review pp. In the absence of IFI assistance, the government pays attention to the wishes of the domestic interest group only and chooses distortion index ω−I. They The combination (ω1, AT) is determined by tangency of the GG - and I1I1 curves, where I1 expresses the IFI’s welfare at the conditional assistance equilibrium. there is a certain tax rate that maximizes the tax revenue, and that After the trade agreement removes subsidies, those funds can be put to better use. The IFI also makes its loan assistance decision at the beginning of each period; it makes its grant decision at the beginning of the initial period only. OlsonMancur1965The Logic of Collective Action (Cambridge: Harvard University Press). Asia. Federal Reserve History.
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