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Chiara Broccolini, Giulia Lotti, Alessandro Maffioli, Mr. Andrea F Presbitero, and Rodolfo Stucchi
We use loan-level data on syndicated lending to a large sample of developing countries between 1993 and 2017 to estimate the mobilization effects of multilateral development banks (MDBs), controlling for a large set of fixed effects. We find evidence of positive and significant direct and indirect mobilization effects of multilateral lending on the number of deals and on the total size of bank inflows. The number of lending banks and the average maturity of syndicated loans also increase after MDB lending. These effects are present not only on impact, but they last up to three years and are not offset by a decline in bond financing. There is no evidence of anticipation effects and the results are not driven by confounding factors, such as the presence of large global banks, Chinese lending and aid flows. Finally, the economic effects are sizable, suggesting that MBDs can play a vital role to mobilize private sector financing to achieve the goals of the 2030 Development Agenda.
International Monetary Fund

Self-Insurance”, International Monetary Fund Working Paper 08/144. Morris , S. , and H.S. Shin , 2006 , “ Catalytic Finance: When Does It Work? ” Journal of International Economics , Vol. 70 , Issue 1 , pp. 161 – 177 . Valdes , R. , 2006 , “ International Reserves Level in Chile and a Few Thoughts on Pooling, ” paper presented at the XXIV. Meeting of the Latin American Network of Central Banks and Finance Ministries, Inter American Development Bank. 1 Prepared by Eugen Tereanu.

International Monetary Fund

develop finance portfolios in renewable energy. The Sustainable Energy Fund for Africa—a multi-donor fund established in 2011 and managed by the African Development Bank (AfDB)—has provided finance to unlock private sector investments in renewable energy and energy efficiency. Its technical assistance, as well as concessional and catalytic financing instruments, aim to de-risk investments in the sector and is targeted at green baseload power, green mini-grids, and energy efficiency. The fund facilitated the AfDB’s first two scale-up programs in Burkina Faso and the

International Monetary Fund. Secretary's Department

completed so quickly. Surveillance is the Fund’s primary responsibility, a unique role whereby each member’s economic policies are considered in terms of how they influence the rest of the world. This macroeconomic perspective ensures consistency of purpose among the various groups of members. But the Fund cannot continue to fulfill its increasing responsibilities unless it is adequately financed. It makes its resources available to its members—which does not mean that they will necessarily be used—to give them confidence, but in today’s climate even a catalytic

International Monetary Fund. Secretary's Department

the Fund’s central role in the reinforced debt strategy and stressed the importance they attach to the Fund’s advice—-in the context of both Article IV consultations and technical assistance missions. The implementation of the new Structural Adjustment Facility was welcomed, although some Governors felt that its catalytic financing function had to be strengthened. Another welcome development has been the offer by Japan to lend the Fund SDR 3 billion. The agreement in the Interim Committee to leave unchanged for 1987 the enlarged access limits is also encouraging