Evaluating the impact of IMF programs: A comparison of matching and instrumental-variable estimators

We examine the impact of IMF programs on economic performance in 95 developing countries over the period 1993–2002. Three macroeconomic measures of economic performance are considered: the real per capita economic growth rate, the ratio of the fiscal surplus to GDP, and the ratio of the current account surplus to GDP. Three estimation techniques are used: censored-sample, full-sample instrumental-variable, and matching. Substantively, we find little statistical support that IMF programs contemporaneously improve real economic growth in participating countries, but stronger evidence of an improvement in economic growth in years following a program. We find that both the fiscal ratio and the current-account ratio improve contemporaneously with IMF participation relative to the counterfactual, with effects in succeeding years differing little from the impact effects. We conclude that the program-effect estimates of matching and other estimators will differ largely because of the sample included in estimation. Matching by its nature excludes country episodes associated with extreme values of the propensity score, while the instrumental-variable estimator includes those. If there is heterogeneity of performance response in extreme vs. moderate cases, the estimates differ systematically between the two techniques. JEL codes F33 · F34 · C34     

Diasporas as ‘agents of development’: transforming brain drain into brain gain? The Dutch example

This article is based on research that explored and analysed the potential role of diasporas in development aid in the Netherlands. The research adopted the hypothesis that development agencies could benefit from the knowledge, skills, and views of diasporas as ‘agents of development’ and thereby make aid more effective and sustainable. Data were derived from semi-structured interviews with representatives of diasporas residing in the Netherlands; Dutch NGOs selected by the Dutch government for their capacity-building programmes; official donors, namely the Dutch Ministry of Foreign Affairs (Ministerie van Buitenlandse Zaken); and international organisations, such as the International Organization of Migration (IOM). Secondary data were derived from a literature review.     

Settlement Agreements: The European Perspective

Key points. This note provides a brief consideration of pasttreatment of settlement agreements in Europe and a considerationof the underlying rationale for scrutinizing such agreementsunder EC competition law. It suggests that a reason for lessfocus by the authorities in Europe than in the US is the generalinterest of the parties in keeping the details of such agreementsconfidential, combined with a lack of any obligation to notifythe authorities. Practical significance. Companies should be reminded of thepossible application of the EC rules to patent settlement agreementsat a time when the Commission has shown a renewed willingnessto review conduct relating to IP and when national authoritiessuch as the OFT have reiterated a willingness to get to gripswith conduct that delays generic entry.     

The FTC issues remedy order in the Rambus matter

The FTC ordered compulsory licensing at fixed royalty ratesof the computer memory products developer's SDRAM and DDR SDRAMtechnologies, also ordering Rambus to desist from lying to standard-settingorganizations (SSOs) regarding its patents and patent applications.     

Teacher education and feminism

In this article I argue that recent years have seen a steady “reform” of teacher education. In the latest of a long line of initiatives, teaching is being restructured via a framework of National Professional Qualifications and Standards. These both centrally define the activity of teaching at various stages of the teaching “career” and establish new modes of progression for teachers. I argue that the framework neglects teachers' responsibilities in relation to social justice in ways that are particularly worrying for feminists. In addition, I argue that the masculinist nature of the standards, the managerialist restructuring of the social relations within schools, and the drive to recruit more men into teaching all connect to the international epidemic of concern about the “underachievement” of boys. The article draws evidence from two externally funded projects undertaken with Ian Hextall between 1995–1999.     

Official Discourse

This paper analyses two Official Reports on law and order. They confront legitimation deficits, seeking discursively to redeem them by denial of their material geneses. This denial establishes an absence in the discourse. This absence, the Other, is the silence of a world constituted by material relations whose reality cannot be appropriated by a mode of normative argument which speaks to and from its own self-image via an idealised conception of justice. The paper discusses first the Reports' discursive problems, secondly, the disparate jurisprudential knowledges realised by the texts, and lastly the discursive presentation of these knowledges.     

FRANDly fire: are industry standards doing more harm than good?

Legal context: The role of IP rights in standards; the meaning of the obligationimposed by many standards bodies on essential patent holdersto licence on fair, reasonable, and non-discriminatory (‘FRAND’)terms; the example of IPR policy of the European TelecommunicationsStandards Institute; recent US developments. Key points: Industry standards are of key commercial and technical significance.Yet many standards are currently burdened by litigation betweenessential patent holders and licensees. Such standards bodieshave been slow to give guidance on the meaning of the obligationsimposed on essential patent holders. This article takes theexample of the obligation to licence essential patents on FRANDterms, analysing the obligation in the context of European competitionlaw. The article concludes with some suggestions for pointsfor companies to include in their internal policies on licensingstandards essential patents. Practical significance: The meaning of the obligation to licence on FRAND terms is veryimportant for licensors and licensees alike. This article putsthe obligation in context and discusses the various approacheswhich may be taken in practice.