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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
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Internal Versus External Convertibility and Developing-Country Financial
Paolera, Gerardo della; Taylor, Alan M. - EconWPA - 2000
the core economies. Commonly, these events are seen as being driven by external real shocks associated with the World … by the state, discharged at first by the state bank issuing rediscounts to private banks. When the state bank became … currency board and the creation of a central bank in 1935, an institution that had no pretense of a nominal-anchor commitment …
Persistent link: https://www.econbiz.de/10005561092
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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
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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 lending as well as monetary and fiscal policies in the recipient countries. With respect to moral hazard, we find that a country's rate of monetary expansion and its government...
Persistent link: https://www.econbiz.de/10005408180
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The Causes and Consequences of IMF Conditionality
Dreher, Axel; Vaubel, Roland - EconWPA - 2003
world capital market, monetary expansion in the borrowing country and the number of World Bank adjustment loans. Finally …
Persistent link: https://www.econbiz.de/10005408186
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The Double Charge of External Debt Servicing
Schmitt, Bernard - EconWPA - 2000
The approach proposed in the paper is rather unconventional, yet very rigorous. The paper set the proof of the iniquitous double charge laid on indebted countries when paying interest on their external debt.
Persistent link: https://www.econbiz.de/10005412784
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IMF Bailouts and Moral Hazard
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 financial crisis. We do not find strong evidence that the...
Persistent link: https://www.econbiz.de/10005556610
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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 … conditions seem to be influenced by contemporaneous World Bank activity. Moreover, the paper tries to explain compliance with … World Bank conditionality as well as interruptions of IMF programs in the recipient countries. Compliance with World Bank …
Persistent link: https://www.econbiz.de/10005556641
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IMF and Economic Growth: The Effects of Programs, Loans, and Compliance with Conditionality
Dreher, Axel - EconWPA - 2004
In theory, the IMF could influence economic growth via several channels, among them advice to policy makers, money disbursed under its programs, and its conditionality. This paper tries to separate those effects empirically. Using panel data for 98 countries over the period 1970-2000 it analyzes...
Persistent link: https://www.econbiz.de/10005119451
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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 … World Bank credits is negative. These effects are stronger during the 1990s than in earlier periods. There is no clear …. (2000) as well as its sub- indexes, using a panel of 85 countries observed between 1970 and 1997. With respect to the Bank …
Persistent link: https://www.econbiz.de/10005119479