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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
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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
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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
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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
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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
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The Political Economy of Conditional and Unconditional Foreign Assistance; Grants vs. Loan Rollovers
Mayer, Wolfgang; Mourmouras, Alex - International Monetary Fund (IMF) - 2004
Improving the effectiveness of financial assistance programs is a priority of international financial institutions (IFIs). This paper examines the effectiveness of alternative assistance instruments in a dynamic political economy framework. Economic policies of the receiving country are...
Persistent link: https://www.econbiz.de/10005769031
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Conditional Lending Under Altruism
Mourmouras, Alex; Rangazas, Peter - International Monetary Fund (IMF) - 2004
We analyze how the altruism of an international financial institution (IFI) towards its lowincome member countries (LICs) alters the effectiveness of its loans. We study IFI loans to a credit-constrained LIC. The IFI's repayment policy is determined by the interplay of its concerns for the...
Persistent link: https://www.econbiz.de/10005604948
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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