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Among the unexpected outcomes of the global financial crisis of 2008-9 has been the end of the domination of international economic governance by the U.S.US and other upperincome countries through the forum of the G7, and its replacement by the G20. The depth and breadth of the economic...

This paper presents a model of the implementation of IMF programs, which is empirically tested with data from the period 1975-1999. The IMF and the borrowing country are shown to have asymmetric evaluations of a program's discounted benefits, due to differences in the measurement of the...

Purpose – This paper aims to investigate whether stock markets can reduce the output costs of banking crises. The work is motivated by Alan Greenspan’s claim that capital markets serve as a financial “spare tire” in the event of a banking crisis. Design/methodology/approach – We test...