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Stigma or Cushion? IMF Programs and Sovereign Creditworthiness
Gehring, Kai - 2018
IMF programs are often considered to carry a “stigma” that triggers adverse market reactions. We show that such a negative IMF effect disappears when accounting for endogenous selection into programs. To proxy for a country's access to financial markets, we use credit ratings and investor...
Persistent link: https://www.econbiz.de/10012920590
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On the Preferred Creditor Status of Multilateral Development Banks
Amegashie, J. Atsu - 2023
The loans of the IMF, World Bank, and other multilateral development banks (MDBs) are excluded from debt restructuring …
Persistent link: https://www.econbiz.de/10014347019
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Buying Votes and International Organizations : The Dirty Work-Hypothesis
Dreher, Axel - 2019
We show how major shareholders can exploit their power over international organizations to hide their foreign-policy interventions from domestic audiences. We argue that major powers exert influence bilaterally when domestic audiences view the intervention favorably. When domestic audiences are...
Persistent link: https://www.econbiz.de/10012892255
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Agency and communication in IMF conditional lending: theory and empirical evidence
Marchesi, Silvia; Sabani, Laura; Dreher, Axel - 2009
We focus on the role that the transmission of information between a multilateral (the IMF) and a country has for the optimal design of conditional reforms. Our model predicts that when agency problems are especially severe, and/or IMF information is valuable, a centralized control is indeed...
Persistent link: https://www.econbiz.de/10010264578
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The costs of favoritism: Is politically-driven aid less effective?
Dreher, Axel; Klasen, Stephan; Vreeland, James Raymond; … - 2010
World Bank projects and generally find that projects that are potentially politically motivated - such as those granted to … governments holding a non-permanent seat on the United Nations Security Council or an Executive Directorship at the World Bank … Council members with higher short-term debt, however, a negative quality rating is more likely. So we find evidence that World …
Persistent link: https://www.econbiz.de/10010332994
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Does membership on the UN security council influence IMF decisions?: evidence from panel data
Dreher, Axel; Sturm, Jan-Egbert; Vreeland, James Raymond - 2006
We investigate whether temporary members of the UN Security Council receive favorable treatment from the IMF, using panel data for 191 countries over the period 1951 to 2004. Our results indicate a robust positive relationship between temporary UN Security Council membership and participation in...
Persistent link: https://www.econbiz.de/10010263985
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Does membership in international organizations increase governments' credibility?: testing the effects of delegating powers
Dreher, Axel; Voigt, Stefan - 2008
This paper analyzes whether nation-state governments can increase their credibility by becoming members of international organizations. Credibility is an important asset because it determines the real interest rate and is expected to have an important impact on investment and growth. It is...
Persistent link: https://www.econbiz.de/10010264350
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Membership has its privileges: The effect of membership in international organizations on FDI
Dreher, Axel; Mikosch, Heiner; Voigt, Stefan - 2010
We argue that membership in International Organizations (IOs) is an important determinant of FDI inflows. To the extent that membership restricts a country from pursuing policies that are harmful to investors, it can signal low political risk. Using data over the 1971-2005 period, we find that...
Persistent link: https://www.econbiz.de/10010274768
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The determinants of election to the United Nations Security Council
Dreher, Axel; Gould, Matthew; Rablen, Matthew; … - 2012
predicts, for instance, World Bank and IMF loans. But who gets elected to the UNSC? Addressing this question empirically is not …
Persistent link: https://www.econbiz.de/10010283619
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The politics of IMF forecasts
Dreher, Axel; Marchesi, Silvia; Vreeland, James Raymond - 2007
Using panel data for 157 countries over the period 1999-2005 we empirically investigate the politics involved in IMF economic forecasts. We find a systematic bias in growth and inflation forecasts. Our results indicate that countries voting in line with the US in the UN General Assembly receive...
Persistent link: https://www.econbiz.de/10010264236