The Role Of Imf Support In Crisis Prevention
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The Role Of Imf Support In Crisis Prevention
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Author : Mr.Juan Zalduendo
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2006-03-01
The Role Of Imf Support In Crisis Prevention written by Mr.Juan Zalduendo 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 2006-03-01 with Business & Economics categories.
This paper examines the role of IMF-supported programs in crisis prevention; specifically, whether, conditional on an episode of intense market pressures, IMF financial support helps prevent a capital account crisis from developing and, if so, through what channels. In doing so, the paper distinguishes between the seal of approval inherent in IMF support and its financing, evaluates the interaction of IMF support with economic policies, and assesses whether IMF financing has a different impact on the likelihood of a crisis than other forms of liquidity. The main result is that IMF financing helps prevent crises through the liquidity provided (i.e., money matters). However, since the effect holds even after controlling for (gross) foreign exchange reserves, stronger policies and the seal of approval under an IMFsupported program must also play a role. Finally, the results suggest that IMF financing as a crisis prevention tool is most effective for an intermediate range of economic fundamentals.
Imf Support And Crisis Prevention
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Author : Mr.Juan Zalduendo
language : en
Publisher: International Monetary Fund
Release Date : 2008-05-16
Imf Support And Crisis Prevention written by Mr.Juan Zalduendo 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 2008-05-16 with Business & Economics categories.
This paper examines the various roles of IMF financing in crisis prevention. Emerging market economies that experienced financial crises in the past have been subject to enormous economic and social costs, highlighting the importance of crisis prevention. While the main defense against a crisis lies in a country’s own policies and institutional framework, the IMF can contribute to these efforts through its surveillance activities, provision of technical assistance, and promotion of standards and codes. But the IMF may be able to contribute to crisis prevention more directly by providing contingent financial support. This paper explores the theoretical basis of, and empirical evidence for, possible “crisis prevention programs.”
Imf Supported Programs And Crisis Prevention An Analytical Framework
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Author : Jun Il Kim
language : en
Publisher: International Monetary Fund
Release Date : 2006-06
Imf Supported Programs And Crisis Prevention An Analytical Framework written by Jun Il Kim 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 2006-06 with Business & Economics categories.
This paper presents an analytical framework for considering the role of IMF-supported programs in preventing crises, particularly capital account crises. The model builds upon the global games framework to establish a unique relationship between the crisis probability and the parameters of the program, which is assumed to be negotiated between the IMF and the member country, taking explicit account of each party's interests. In the model, from the perspective of the borrowing country, IMF financing and policy adjustment are (perfect) substitutes inasmuch as they both contribute to the country's liquidity and thus reduce the likelihood of a crisis. In equilibrium, however, IMF financing promotes stronger policies, implying that financing and adjustment are strong complements in crisis prevention. Conditionality plays a crucial role in sustaining the program, providing mutual assurances-to the member country that, if it undertakes the agreed policies, financing will indeed be forthcoming, and to the IMF that the country will implement the agreed policies as the IMF disburses its resources. The model helps explain how liquidity crises may come about, how IMF support can reduce the likelihood of a crisis by providing liquidity and sustaining stronger policies, and why the observed mix between financing and adjustment may vary across programs.
Fund Supported Programs And Crisis Prevention
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Author : International Monetary Fund. Policy Development and Review Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2006-03-23
Fund Supported Programs And Crisis Prevention written by International Monetary Fund. Policy Development and Review Dept. 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 2006-03-23 with Business & Economics categories.
This paper examines the theoretical foundations for, and empirical evidence of, Fund support in preventing capital account crises. At a theoretical level, Fund supported programs can lower the crisis probability in two ways. First, such programs provide the member with additional external reserves, making a run for the exit by private creditors less likely. Second, such programs induce and signal better economic policies, though this needs to be supported by conditionality.
International Monetary Fund Annual Report 2005
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2005-09-16
International Monetary Fund Annual Report 2005 written by International Monetary Fund 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 2005-09-16 with Business & Economics categories.
The Annual Report 2005 to the Board of Governors reviews the IMF's activities and policies during the financial year (May 1, 2004, through April 30, 2005). The main sections cover country, global, and regional surveillance; strengthening surveillance and crisis prevention; IMF program support and crisis resolution; the Fund's role in low-income countries; financial operations and policies; technical assistance and training; governance and management of the IMF; and cooperation, communication and outreach. Besides the full financial statements for the year, appendixes cover international reserves, financial operations and transactions, principal policy decisions, relations with other international organizations, press communiqués of advisory committees, Executive Directors and their voting power, and changes in the Executive Board's membership.
Crisis Prevention And Crisis Management
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Author : Udaibir S. Das
language : en
Publisher: International Monetary Fund
Release Date : 2002
Crisis Prevention And Crisis Management written by Udaibir S. Das 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 with Banks and banking categories.
A Critical Review Of The Imf S Tools For Crisis Prevention
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Author : Roberto Marino
language : en
Publisher:
Release Date : 2012
A Critical Review Of The Imf S Tools For Crisis Prevention written by Roberto Marino and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Financial crises categories.
Strengthening Imf Crisis Prevention
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Author : Jonathan David Ostry
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2005-11-01
Strengthening Imf Crisis Prevention written by Jonathan David Ostry 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 2005-11-01 with categories.
To better fulfill its crisis-prevention mandate, IMF surveillance needs to provide stronger incentives for countries to follow good policies and for markets to avoid boom-bust cycles in capital flows. To this end, surveillance should culminate in a summary public assessment of the quality of a country's policies and stipulate the actions needed to address shortcomings. A country's potential access to IMF credits should be linked to the quality of its policies in noncrisis periods in order to create stronger incentives for better policies and reduce incentives for capital to flow where it cannot be used in socially beneficial ways.
A Theory Of International Crisis Lending And Imf Conditionality
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Author : Olivier Jeanne
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2008-10-01
A Theory Of International Crisis Lending And Imf Conditionality written by 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 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.
The International Monetary Fund Under Constraint
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Author : Eva Riesenhuber
language : en
Publisher: Martinus Nijhoff Publishers
Release Date : 2001-03-07
The International Monetary Fund Under Constraint written by Eva Riesenhuber and has been published by Martinus Nijhoff Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-03-07 with Political Science categories.
"The International Monetary Fund under Constraint" exposes a legal dilemma facing the IMF as it tackles international crisis management. Using the Asian crisis - and more particularly economic and political events in Indonesia - as an example, this volume examines whether the Fund's activities in Asia were legally justified. The results of this analysis lead to the following question: What future role can the IMF play in the international financial architecture? The principles of international law and the legal foundations of the Fund are used to analyse the reform suggestions of economic experts and to find a suitable concept for future IMF involvement in financial crises and crises prevention. This volume is a long-overdue legal analysis of IMF activities. It presents the combination of law and economics which was originally at the heart of the IMF but which so far has been ignored in today's reform discussion.