, Ecuador, Romania and Ukraine. We show that because default and restructuring are so painful and costly, it is simply not time …

) and applies them to the voting distribution in the two governing bodies of the IMF each year since its foundation. …

The IMF began to play a prominent role in low-income countries in the late 1970s and 1980s when many countries faced …-income countries no longer face these problems and do not need classic IMF programs. This paper explores options for the role of the … IMF in well-performing low-income countries that no longer require IMF financing. It argues that in these countries the …

The paper presents a three period model that studies the eects of IMF loans on borrowers’ and lenders’ welfare … highlighting the fact that the IMF has both de jure and de facto seniority rights over private creditors. It is shown that an IMF … IMF intervention always makes the borrower country better off. The eects on non-senior lenders depend on the size of the …

The International Monetary Fund (IMF) is in the process of re-inventing itself with bilateral and multilateral … surveillance emerging as a key function. The paper analyses how IMF surveillance announcements may be influenced by political power … that member countries exert at the IMF. First, we analyze the content of Article IV Public Information Notices (PIN), and …

The rise of regional monetary arrangements poses a challenge for the International Monetary Fund (IMF)'s global … surveillance efforts. This paper reviews how the IMF has responded to earlier regional initiatives, from the European Payments …

The rise of regional monetary arrangements poses a challenge for the International Monetary Fund (IMF)'s global … surveillance efforts. This paper reviews how the IMF has responded to earlier regional initiatives, from the European Payments …