The international community, in the form of the United Nations and, more recently, the G20, has committed itself to the Millennium Development Goals. The global financial crisis of 2008/9 served to increase the economic problems faced by low-income countries, making it much less likely that the...

Some commentators have claimed that there is a growing Beijing Consensus among emerging and developing economies concerning the merits of ChinaÕs economic policies. Within an analytical framework provided by the well known international trilemma, this paper investigates the empirical evidence...

From being widely seen in early 2008 as an institution in decline and irrelevant to many of the problems then facing the world economy, the International Monetary Fund (IMF) has more recently been presented as an international financial institution that is of essential importance in the...

<heading format="display" id="h1" implicit="yes" level="1">Abstract</heading> Having had excess lending capacity at the beginning of 2008, by the end of the year International Monetary Fund (IMF) lending had increased and, in anticipation of a further increase in the demand for Fund assistance, arguments were being put forward for a substantial increase in IMF...

This paper applies the multivariate version of the Forbes and Rigobon (2002) contagion test, as proposed by Dungey et al. (2005a), to detect contagion effects in the Exchange Rate Mechanism (ERM) of the European Monetary System (EMS). Crisis and non-crisis observations are determined...

The International Monetary Fund’s structure and rules are based on the quota system that was constructed when the Fund was set up in 1946. Quotas affect contributions and resource availability at the Fund, access to resources, the distribution of Special Drawing Rights, and voting rights....

Claims have been made that capital account crisis (CAC) countries are discernibly different in terms of the characteristics that lead them to borrow from the IMF. This paper tests these claims. It uses a conventional model of IMF lending to estimate the probability of countries having an IMF...

Increasing attention is being paid to IMF governance, and the structure and size of the Fund’s lending operations. However, less interest has been shown in the array of lending windows through which the IMF makes resources available. There have nonetheless been clear trends over recent years...

Recent theoretical and empirical research suggests that under certain conditions IMF agreements induce additional inflows of finance from other private sources. This paper provides new empirical evidence on this catalytic effect using a treatment effects model to correct for selectivity. It...