Global Financial Crisis (GFC) has raised the role of the International Monetary Fund (IMF, Fund) as a lender of last … resort. Given that Romania, as well, has turned to the IMF to cushion the impact of the GFC, the article aims to explore … topical relations between Romania and the IMF: by revealing the sway of the IMF policies on the national economy. In order to …

This paper studies fiscal policy in a model of sovereign debt and default. A time-inconsistency problem arises: since … the price of past debt cannot be affected by current fiscal policy and governments cannot credibly commit to a certain … senior) lending in times of crisis, can work as a commitment device and improve social welfare. …

economic crisis that began in mid-2007 which are contained in the main publications of the IMF, the OECD and the BIS and …

The IMF’s most recent World Economic Outlook (WEO), published last week, projects world economic growth will slow, from … continuing fiscal stimulus in weak economies, and a bias against fiscal consolidation. However, this paper finds that the IMF …

cooperation between regional institutions and the International Monetary Fund (IMF). While the case for coordination between … appreciated. The relatively successful cooperation among the European Commission, European Central Bank, and IMF on the European … debt crisis is not likely to be easily replicated in joint programs for countries in other regions, moreover, and the costs …

As more than half a century has passed since the establishment of the international financial institutions (IMF, World …

, immediate liquidity provision induces fiscal adjustment and debt repayment, while conditional lending does not (and vice …This paper proposes a model to study how conditional lending and immediate liquidity provision affect incentives for … fiscal adjustment in a country facing the risk of sovereign default. Conditional lending provides explicit incentives for …

This paper empirically investigates the extent of investor moral hazard associated with IMF bailouts by analyzing the … responses of sovereign bond spreads to the changes in the perceived probability of IMF bailouts of countries undergoing … Russia in August 1998 that signaled a modification to IMF intervention policy. In contrast, we find evidence that investor …

The paper presents a detailed description of IMF and World Bank conditionality and tries to explain changes in this … World Bank conditionality as well as interruptions of IMF programs in the recipient countries. Compliance with World Bank … conditionality is lower in election years and pre- election years. Breakdowns of IMF programs are less likely in election years …

We analyse the effect of IMF and World Bank policies on the composite index of economic freedom by Gwartney et al … relationship between credits and programs of the IMF and economic freedom. …