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Infrastructure (Economics) --- International finance --- Export credit --- Loans, Foreign --- Finance --- Investments, Foreign --- Economic development projects

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Examining the causes of the acute Latin American debt crisis that began in mid-1982, North American analysts have typically focused on deficiencies in the debtor countries' economic policies and on shocks from the world economy. Much less emphasis has been placed on the role of the region's principal creditors--private banks--in the development of the crisis. Robert Devlin rounds out the story of Latin America's debt problem by demonstrating that the banks were an endogenous source of instability in the region's debt cycle, as they overexpanded on the upside and overcontracted on the downside.Originally published in 1990.The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

Loans, Foreign --- Debts, External --- Latin America --- Foreign economic relations. --- E-books --- Asociación Latinoamericana de Libre Comercio countries --- Neotropical region --- Neotropics --- New World tropics --- Spanish America --- BUSINESS & ECONOMICS / Finance / General.

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This paper studies whether revenue conditionality in Fund-supported programs had any impact on the revenue performance of 126 low- and middle-income countries during 1993-2013. The results indicate that such conditionality had a positive impact on tax revenue, with strongest improvement felt on taxes on goods and services, including the VAT. Revenue conditionality matters more for low-income countries, particularly those where revenue ratios are below the group average. Moreover, revenue conditionality appears to be more effective when targeted to a specific tax. These results hold after controlling for potential endogeneity, sample selection bias, and when revenues are adjusted for economic cycle.

Economic assistance --- Fiscal policy --- Conditionality (International relations) --- Political conditionality --- International relations --- Loans, Foreign --- Economic aid --- Foreign aid program --- Foreign assistance --- Grants-in-aid, International --- International economic assistance --- International grants-in-aid --- Economic policy --- International economic relations --- International Monetary Fund. --- Internationaal monetair fonds --- International monetary fund --- Macroeconomics --- Public Finance --- Taxation --- Taxation, Subsidies, and Revenue: General --- Business Taxes and Subsidies --- Personal Income, Wealth, and Their Distributions --- Multiple or Simultaneous Equation Models: Models with Panel Data --- Fiscal Policy --- International Monetary Arrangements and Institutions --- Public finance & taxation --- Revenue administration --- Consumption taxes --- Value-added tax --- Tax administration core functions --- Personal income --- Taxes --- National accounts --- Revenue --- Spendings tax --- Tax administration and procedure --- Income --- United States

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EXECUTIVE SUMMARY Extended Credit Facility (ECF) Arrangement: On June 26th, 2014, the Executive Board approved a three-year arrangement for a total amount equivalent to SDR 14.04 million (about US$21.7 million, 120 percent of quota). The equivalent of SDR 2.04 million was disbursed upon approval of the arrangement. The equivalent of SDR 2 million (about US$3 million) will be made available upon Executive Board completion of the first review. Recent Developments: The economy is slowly recovering from a protracted recession, but domestic demand remains weak. Financial balance sheets are strained by non- performing loans, private credit continues to contract, and inflation has been negative or low. Growth is expected to remain positive but below potential over the next two years, as private and public balance sheets are repaired. Discussions with creditors on a comprehensive restructuring of public debt have intensified. Program Performance: Policy implementation is off to a good start. The fiscal consolidation is proceeding as programmed and all quantitative performance criteria for the first review were met. Progress has also been made on the structural reform agenda, with two structural benchmarks met or expected to be met, and two to be finalized soon. In particular, the authorities overhauled the public financial management framework, prepared an initial strategy to strengthen weak public institutions and are modernizing the investment promotion framework. First Review: No substantive changes were made to the macroeconomic framework. Discussions focused on the fiscal outlook for 2014-15, and on structural reforms going forward. No changes are proposed to the programmed fiscal targets. Proposed new structural conditionality focuses on a continued strengthening of the fiscal policy framework through implementing regulations, debt management and revenue administration reforms, as well as a framework for sustainable use of receipts under the new citizenship-by-investment program. The program is still in early stages, and implementation risks remain.

Loans, Foreign --- Fiscal policy --- Economic development --- Structural adjustment (Economic policy) --- Economic forecasting --- Economics --- Forecasting --- Economic indicators --- Economic policy --- Development, Economic --- Economic growth --- Growth, Economic --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Tax policy --- Taxation --- Finance, Public --- Foreign loans --- International loans --- Loans, International --- Loans --- Conditionality (International relations) --- Foreign loan insurance --- Government policy --- International Monetary Fund --- Internationaal monetair fonds --- International monetary fund --- Grenada --- Grenada, West Indies --- Granada --- Concepción --- State of Grenada --- Isle of Spice --- West Indies (Federation) --- Windward Islands (Jurisdiction) --- Economic policy. --- Economic conditions. --- Exports and Imports --- Financial Risk Management --- Macroeconomics --- Public Finance --- Debt --- Debt Management --- Sovereign Debt --- International Lending and Debt Problems --- Fiscal Policy --- Taxation, Subsidies, and Revenue: General --- Finance --- Public finance & taxation --- International economics --- Financial administration & public finance law --- Public debt --- Arrears --- Debt restructuring --- Debt rescheduling --- Fiscal consolidation --- External debt --- Asset and liability management --- Revenue administration --- Debts, External --- Debts, Public --- Law and legislation --- Revenue

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EXECUTIVE SUMMARY Context. On June 7, 2013, the Executive Board approved a 24-month Stand-By Arrangement in an amount equivalent to 400 percent of quota (SDR 1.146 billion or about $1.75 billion). To date, SDR 716.25 million, equivalent to $1.1 billion, has been disbursed. Background. Tunisia is completing a successful political transition to democracy while navigating a challenging environment marked by high social and security tensions, slow growth in trading partners, and spillovers from regional conflicts. At the same time, large external and fiscal imbalances, high unemployment, and increased banking fragilities remain the main challenges. Program implementation has been mixed. All quantitative performance criteria have been met. However, progress on the structural reform agenda has been slow, with considerable delays in the recapitalization of public banks and the legislative agenda on the tax, investment and bank asset recovery fronts. Program strategy. The focus should continue to be on short-term macroeconomic stabilization and laying foundations for higher and more inclusive growth, including by moving forcefully on banking reforms. Prudent fiscal and monetary policy, along with improved budget composition and greater exchange rate flexibility, need to be directed to containing high imbalances and anchoring inflationary expectations. Recapitalizing public banks in line with good international practices is urgent in view of mounting risks to financial stability, and is also important in light of its impact on financial intermediation and growth. Progress on structural reforms is necessary to generate the conditions conducive to private sector–led and inclusive growth and protect the most vulnerable. Risks to program implementation are important. The main risks relate to regional and domestic security tensions, delays in forming a new government, shortfalls in official and market financing, or a further deterioration of the international economic environment. The implementation of program policies will continue to be tested by opposition from vested interests; however, support for the reform agenda among the authorities and a broad spectrum of political parties represents a key risk-mitigating measure. The completion of the fifth review will make SDR 71.625 million (about $110 million) available.

Loans, Foreign --- Financial risk management --- Economic development --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Risk management --- Foreign loans --- International loans --- Loans, International --- Loans --- Conditionality (International relations) --- Foreign loan insurance --- International Monetary Fund --- Internationaal monetair fonds --- International monetary fund --- Tunisia --- Chunijia --- Chunijia Kyōwakoku --- Jumhuriya at-Tunisiya --- Jumhūrīyah al-Tūnisīyah --- Republic of Tunisia --- République tunisienne --- Tunesien --- Túnez --- Tunis (Protectorate) --- Tunisie --- Tunisskai︠a︡ Respublika --- Tunisyah --- チュニジア --- チュニジア共和国 --- Economic conditions. --- Economic policy. --- Banks and Banking --- Inflation --- Macroeconomics --- Money and Monetary Policy --- Public Finance --- Exports and Imports --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Energy: Demand and Supply --- Prices --- Debt --- Debt Management --- Sovereign Debt --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- National Government Expenditures and Related Policies: General --- International Lending and Debt Problems --- Banking --- Public finance & taxation --- Monetary economics --- International economics --- State-owned banks --- Oil prices --- Government debt management --- Credit --- Financial institutions --- External debt --- Public financial management (PFM) --- Money --- Banks and banking --- Debts, Public --- Revenue --- Debts, External