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Lee, Jong-Wha; Shin, Kwanho - EconWPA - 2005

This paper empirically investigates the extent of investor moral hazard associated with IMF bailouts by analyzing the … responses of sovereign bond spreads to the changes in the perceived probability of IMF bailouts of countries undergoing … Russia in August 1998 that signaled a modification to IMF intervention policy. In contrast, we find evidence that investor …

Persistent link: https://www.econbiz.de/10005556610

The Development and Implementation of IMF and World Bank Conditionality

Dreher, Axel - EconWPA - 2002

The paper presents a detailed description of IMF and World Bank conditionality and tries to explain changes in this … World Bank conditionality as well as interruptions of IMF programs in the recipient countries. Compliance with World Bank … conditionality is lower in election years and pre- election years. Breakdowns of IMF programs are less likely in election years …

Persistent link: https://www.econbiz.de/10005556641

The Contribution of the IMF and the World Bank to Economic Freedom

Boockmann, Bernhard; Dreher, Axel - EconWPA - 2002

We analyse the effect of IMF and World Bank policies on the composite index of economic freedom by Gwartney et al … relationship between credits and programs of the IMF and economic freedom. …

Persistent link: https://www.econbiz.de/10005119479

Independent Actor or Agent? An Empirical Analysis of the impact of US interests on IMF Conditions

Dreher, Axel; Jensen, Nathan - EconWPA - 2003

In this paper we analyze whether IMF conditionality is exclusively designed in line with observable economic indicators … letters of intent from 38 countries from 4/1997-2/2003 reveals that the number of conditions on an IMF loan depends on a … borrowing country’s voting pattern in the UN general assembly. Closer US allies receive IMF loans with fewer conditions …

Persistent link: https://www.econbiz.de/10005408202

Gains and losses. The same or different choices?

Harin, Alexander - EconWPA - 2005

Arrangements (agreements, contracts, projects, etc.) are widespread economic events and are the fundamental concept of the economic theory. Infringements (breaches, modifications, changes, etc.) of arrangements are common and have a significant importance for the economic theory. For many years...

Persistent link: https://www.econbiz.de/10005125490

Exploring the relationship between tourism and offshore finance in small island economies: lessons from Jersey

Christensen, John; Hampton, Mark - EconWPA - 2005

Many islands host tourism and offshore finance but research tends to focus on either industry without examining the nature of the relationship(s) between these two where they co-exist. This paper examines the nature of the relationships using a case study of the British Channel Island of Jersey....

Persistent link: https://www.econbiz.de/10005125522

Information as a Substitute for Bailouts in Sovereign Debt Markets

Rockerbie, Duane; Easton, Stephen - EconWPA - 2003

This paper argues that multilateral financial institutions (MFIs), such as the International Monetary Fund, play an important informational role in international financial markets. By providing low-cost and high quality information, that is otherwise very costly for private lenders to obtain,...

Persistent link: https://www.econbiz.de/10005125541

Financial Liberalization and Business Cycles: The Experience of Future EU Member States in the Baltics and Central Eastern Europe

Souza, Lucio Vinhas de - EconWPA - 2004

This paper extends the work of Kaminsky and Schmukler (2003) to the Baltic and Central Eastern European future Member States of the European Union, to test if the same short-run increase in cyclical volatility arising from financial integration is observed in this specific sample of “emerging...

Persistent link: https://www.econbiz.de/10005062709

Does the IMF cause moral hazard and political business cycles? Evidence from panel data

Dreher, Axel; Vaubel, Roland - EconWPA - 2002

Using panel data for 106 countries in 1971-1997, we estimate generalized least squares regressions to explain IMF … higher the interest subsidy offered by the IMF. As for political business cycles, our evidence indicates that, even with a … considerable number of control variables, IMF credits in the more democratic recipient countries are larger in pre-election and …

Persistent link: https://www.econbiz.de/10005408180

The Causes and Consequences of IMF Conditionality

Dreher, Axel; Vaubel, Roland - EconWPA - 2003

simultaneously determined by the demand for, and supply of, IMF credit. A graphical analysis illustrates the comparative statics in …. The final section links the analysis of IMF conditionality with the literature on tied transfers in public economics and … develops some novel proposals for the reform of IMF conditionality. …

Persistent link: https://www.econbiz.de/10005408186