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Evrensel, Ayse Y.; Kutan, Ali M. - 2014

Previous tests of creditor moral hazard cannot distinguish between two types of investor behavior: expectations of implicit guarantees or better future economic fundamentals due to a prospective IMF program. The novelty of our approach lies in the inclusion of the forward foreign exchange rate...

Persistent link: https://www.econbiz.de/10014071692

An Analysis of Imf-Induced Moral Hazard

Doebeli, Barbara; Vanini, Paolo - 2014

Three channels through which the IMF rescue package may affect international leading can be distinguished: debtor-side moral hazard, creditor-side moral hazard, and debtor and creditor-side moral hazard. We show that if the rescue package fully benefits the debtor, no credit contract between him...

Persistent link: https://www.econbiz.de/10014118888

Basic Analytics of Multilateral Lending and Surveillance

Hagen, Rune Jansen - 2010

I analyse the role of multilateral financial institutions in a world of global capital markets assuming that they have …

Persistent link: https://www.econbiz.de/10014189972

International Credit Flows and Pecuniary Externalities

Brunnermeier, Markus K. - 2015

This paper develops a dynamic two-country neoclassical stochastic growth model with incomplete markets. Short-term credit flows can be excessive and reverse suddenly. The equilibrium outcome is constrained inefficient due to pecuniary externalities. First, an undercapitalized country borrows too...

Persistent link: https://www.econbiz.de/10013028913

The development and implementation of IMF and World Bank conditionality

Dreher, Axel - 2002

The paper presents a detailed description of IMF and World Bank conditionality and tries to explain changes in this … conditions seem to be influenced by contemporaneous World Bank activity. Moreover, the paper tries to explain compliance with … World Bank conditionality as well as interruptions of IMF programs in the recipient countries. Compliance with World Bank …

Persistent link: https://www.econbiz.de/10010295488