A Theory Of International Crisis Lending And Imf Conditionality
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A Theory Of International Crisis Lending And Imf Conditionality
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Author : Mr.Olivier Jeanne
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2008-10-01
A Theory Of International Crisis Lending And Imf Conditionality written by Mr.Olivier Jeanne and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-10-01 with Business & Economics categories.
We present a framework that clarifies the financial role of the IMF, the rationale for conditionality, and the conditions under which IMF-induced moral hazard can arise. In the model, traditional conditionality commits country authorities to undertake crisis resolution efforts, facilitating the return of private capital, and ensuring repayment to the IMF. Nonetheless, moral hazard can arise if there are crisis externalities across countries (contagion) or if country authorities discount crisis costs too much relative to the national social optimum, or both. Moral hazard can be avoided by making IMF lending conditional on crisis prevention efforts-"ex ante" conditionality.
A Theory Of International Crisis Lending And Imf Conditionality
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Author : Olivier Jeanne
language : en
Publisher:
Release Date : 2014
A Theory Of International Crisis Lending And Imf Conditionality written by Olivier Jeanne and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
We present a framework that clarifies the financial role of the IMF, the rationale for conditionality, and the conditions under which IMF-induced moral hazard can arise. In the model, traditional conditionality commits country authorities to undertake crisis resolution efforts, facilitating the return of private capital, and ensuring repayment to the IMF. Nonetheless, moral hazard can arise if there are crisis externalities across countries (contagion) or if country authorities discount crisis costs too much relative to the national social optimum, or both. Moral hazard can be avoided by making IMF lending conditional on crisis prevention efforts - quot;ex antequot; conditionality.
The Politics Of Imf Lending
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Author : M. Breen
language : en
Publisher: Springer
Release Date : 2013-08-15
The Politics Of Imf Lending written by M. Breen and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-08-15 with Political Science categories.
As national governments continue to disagree over how to respond to the aftermath of the global financial crisis, two of the few areas of consensus were the decisions to increase the IMF's capacity to respond and remove the policies designed to limit the use of its resources. Why was this massive increase in the size of the IMF, accompanied by the removal of policies designed to limit moral hazard, such an easy point of consensus? Michael Breen looks at the hidden politics behind IMF lending and proposes a new theory based on shareholder control. To test this theory, he combines statistical analysis with a sweeping account of IMF lending and conditionality during two global crises; the European sovereign debt crisis and the Asian financial crisis.
Imf Conditionality
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Author : John Williamson
language : en
Publisher: MIT Press (MA)
Release Date : 1983
Imf Conditionality written by John Williamson and has been published by MIT Press (MA) this book supported file pdf, txt, epub, kindle and other format this book has been release on 1983 with Business & Economics categories.
The twenty-one contributions in this book assess the controversy surrounding the Fund and provide judgments about the criteria for Fund lending which should help readers understand and analyze both its ongoing role in smoothing adjustment to international payments imbalances and its currently critical position in responding to the debt crisis.
Imf Lending And Banking Crises
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Author : Luca Papi
language : en
Publisher: International Monetary Fund
Release Date : 2015-01-26
Imf Lending And Banking Crises written by Luca Papi and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-01-26 with Business & Economics categories.
This paper looks at the effects of International Monetary Fund (IMF) lending programs on banking crises in a large sample of developing countries, over the period 1970-2010. The endogeneity of the IMF intervention is addressed by adopting an instrumental variable strategy and a propensity score matching estimator. Controlling for the standard determinants of banking crises, our results indicate that countries participating in IMF-supported lending programs are significantly less likely to experience a future banking crisis than nonborrowing countries. We also provide evidence suggesting that compliance with conditionality and loan size matter.
Imf Conditionality And Program Ownership
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Author : Mr.S. Nuri Erbas
language : en
Publisher: International Monetary Fund
Release Date : 2003-05-01
Imf Conditionality And Program Ownership written by Mr.S. Nuri Erbas and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-05-01 with Business & Economics categories.
Program conditionality and ownership are important considerations in the IMF's current rethinking of program design. This paper contributes to the literature by developing a theory of program conditionality and ownership on the basis of Cumulative Prospect Theory. The policymaker may value a set of programs, each with fewer conditions, more than an extended program with as many conditions. This valuation bias is greater in ambiguity (Knightian uncertainty) than under uncertainty. If greater valuation of a program engenders more explicit and implicit ownership, then programs with fewer conditions may have a better chance of success. Less is more.
The International Monetary Fund Imf
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Author : James Raymond Vreeland
language : en
Publisher: Routledge
Release Date : 2006-12-06
The International Monetary Fund Imf written by James Raymond Vreeland and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-12-06 with Political Science categories.
This is a clear and concise introduction to the International Monetary Fund (IMF) and an overview of its debates and controversies. Where did the IMF come from? What does it do? Why do so many governments participate in its programs and what are their effects? How can we best reform this key global institution? These are some of the key questions addressed. In our age of thinking global, the IMF is a crucial institution and central to understanding international relations and current affairs. Founded in the aftermath of the Second World War, its basic purposes were to facilitate world trade and promote national prosperity. The founders hoped that never again would the world experience the trade policies that led up to the Great Depression. This book outlines and questions these targets and assesses actual achievements. It also details how despite originally focusing on Europe, the Fund has gradually shifted to involvement with poorer developing countries, but to what ends and with how much success? This study both poses and tackles the tough questions facing our global community today.
Imf Lending To Developing Countries
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Author : Graham Bird
language : en
Publisher: Routledge
Release Date : 2003-09-02
Imf Lending To Developing Countries written by Graham Bird and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-09-02 with Business & Economics categories.
As the linchpin of the global financial system, the International Monetary Fund provides the balance of payments support, chiefly to developing countries, conditional on strict remedial policy measures. Its approach to policy remains highly controversial, however. While the Fund claims it has adapted, critics allege its policies are harshly doctrinaire, imposing hardships on already poverty-stricken people. For the critics, the half century of its existence is `fifty years too long' and radical change is essential. This book examines the arguments, tracing the extent of Fund adaption, presenting major new evidence on the consequences of fund programes, and considering its future role.
Money Talks
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Author : Erica R. Gould
language : en
Publisher: Stanford University Press
Release Date : 2006
Money Talks written by Erica R. Gould and has been published by Stanford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Political Science categories.
analyzes the changes in conditions placed on International Monetary Fund loans to states over the last fifty years and argues that the changes can be explained by shifts in the sources of the IMF's funding.
Moral Hazard And International Crisis Lending
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Author : Giovanni Dell'Ariccia
language : en
Publisher: International Monetary Fund
Release Date : 2002-10
Moral Hazard And International Crisis Lending written by Giovanni Dell'Ariccia and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-10 with Business & Economics categories.
We test for the existence of a moral hazard effect attributable to official crisis lending by analyzing the evolution of sovereign bond spreads in emerging markets before and after the Russian crisis. The nonbailout of Russia in August 1998 is interpreted as an event that decreased the perceived probability of future crisis lending to emerging markets. In the presence of moral hazard, such an event should raise not only the level of spreads, but also the sensitivity with which spreads reflect fundamentals as well as their cross-country dispersion. We find strong evidence for all three effects.