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Does the World Need a Universal Financial Institution?

Boughton, James M. - International Monetary Fund (IMF) - 2005

All financial institutions specialize, in dimensions that may include categories of assets and liabilities, types of services offered, customer demographics, and geographic coverage. The International Monetary Fund is the only international financial institution that is universal in its...

Persistent link: https://www.econbiz.de/10005248315

Sovereign Insurance and Program Design; What is Optimal for the Sovereign?

Messmacher, Miguel - International Monetary Fund (IMF) - 2006

The design of the optimal sovereign insurance contract is analyzed when: the sovereign chooses the contract; effort is not contractible; shocks are of uncertain magnitude; the sovereign can save; and the sovereign can default. Under these conditions: i) an ex ante premium leads to higher coverage;...

Persistent link: https://www.econbiz.de/10005263743

A Model of the Imf As a Coinsurance Arrangement

Chami, Ralph; Shim, Ilhyock; Sharma, Sunil - International Monetary Fund (IMF) - 2004

of the coinsurance arrangement is examined under different loan contracts offered by the IMF. The analysis suggests that …, if the IMF’s objective is to safeguard its resources and be concerned about the welfare of the borrower, an ex ante loan …

Persistent link: https://www.econbiz.de/10005264158

Vested Interests in a Positive Theory of IFI Conditionality

Mourmouras, Alex; Mayer, Wolfgang - International Monetary Fund (IMF) - 2002

Understanding of the domestic political environment is key to building broad country ownership and the successful implementation of reform programs supported by international financial institutions (IFIs). But recipient countries are not unitary actors: policymakers are influenced by special...

Persistent link: https://www.econbiz.de/10005825788

Efficiency and Legitimacy; Trade-Offs in IMF Governance

Cottarelli, Carlo - International Monetary Fund (IMF) - 2005

Designing appropriate governance structures for an international financial institution such as the IMF is difficult …

Persistent link: https://www.econbiz.de/10005825916

International Financial Contagion and the Fund; A Theoretical Framework

Clark, Peter B.; Huang, Haizhou - International Monetary Fund (IMF) - 2001

a lower IMF rate. Highly indebted countries hit by large negative shocks to output will default. The resulting reduction … further rounds of defaults. In this environment the IMF can limit default and internalize the externality generated by … contagion through its lending with conditionality. We characterize the IMF's optimal lending decision in mitigating the loss in …

Persistent link: https://www.econbiz.de/10005826144

Is Policy Ownership An Operational Concept?

Boughton, James M.; Mourmouras, Alex - International Monetary Fund (IMF) - 2002

IMF lending is generally conditional on specified policies and outcomes. These conditions usually are negotiated …

Persistent link: https://www.econbiz.de/10005826172

On the Viability of Conditional Assistance Programs

Mayer, Wolfgang; Mourmouras, Alex - International Monetary Fund (IMF) - 2005

Economic adjustment and reform programs, including those supported by international financial institutions (IFIs), must cope with informational asymmetries and special interest politics. This presents a particularly serious issue when IFIs make structural economic reforms a condition for...

Persistent link: https://www.econbiz.de/10005768733

Who's in Charge? Ownership and Conditionality in IMF-Supported Programs

Boughton, James M. - International Monetary Fund (IMF) - 2003

IMF lending is conditional on a country's commitment to carry out an agreed program of economic policies. Unless that … interaction between the IMF and the borrower. …

Persistent link: https://www.econbiz.de/10005768796

American in the Shadows; Harry Dexter White and the Design of the International Monetary Fund

Boughton, James M. - International Monetary Fund (IMF) - 2006

Two economists designed the main features of the charter of the IMF during World War II: John Maynard Keynes and Harry …

Persistent link: https://www.econbiz.de/10005768807