Using levels of democratic development as a proxy for economic development, and using a 2SLS GMM dynamic panel estimation methodology, we investigate the degree and direction of dissemination in the volatility of economic growth. Our findings indicate two essential points. First, there are...

Abstract We compare findings from the recently concluded evaluation of IMF surveillance with our own findings from our evaluation of OECD surveillance. We find that both institutions approach surveillance in very different ways.

A dramatic change has taken place in the manner in which the IMF conducts its annual surveillance of member state economies. These annual consultations (known as Article IV consultations) were originally viewed as private matters. Starting in 1997, the IMF released summary information about a...

IMF programs are thought to function as a seal of approval to international markets, though evidence suggests Fund programs do not attract capital inflows. Existing studies fail to address the effects of selection into IMF programs, which raises questions about the robustness of the findings....

This paper reinvestigates the catalytic effects of IMF programs on investment controlling for the implementation of the program, allowing us to ascertain if capital markets respond to the mere announcement of a Fund program or its sustained positive implementation. Using a panel of data based on...

Since 1997, the IMF's role in surveillance of member countries has changed dramatically. Surveillance, as mandated in Article IV of the Articles of Agreement, has moved from a private process to a public one, with documentation from the consultation freely available at the Fund's Web site. But...

A prominent liberal explanation for why states join international organizations is to advance norms that such organizations represent. The authors examine the patterns of membership on the now-defunct United Nations Human Rights Commission (now the UN Human Rights Council). In regions where...