financial centers at the end of the 1920s figured importantly in the decline in foreign lending. We draw parallels with Europe …

Could a high-access, quick-disbursing %u201Cinsurance facility%u201D in the IMF help to reduce the incidence of sharp … conventional IMF-supported programs on the incidence of sudden stops. Correcting for the non-random assignment of programs, we find … that sudden stops are fewer and generally less severe when an IMF arrangement exists and that this form of %u201Cinsurance …