This paper poses the question whether and to what extent developing countries' macroeconomic policies affect their participation in IMF programs. The data contain 91 developing countries that received four types of IMF programs during the period 1967-1996. Using survival analysis and generalized...

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...

While the existing studies focus on the corruption-growth relationship, this paper introduces a new focus involving corruption and growth volatility. The Ehrlich-Lui (1999) framework provides the theoretical background of the paper, which produces testable hypotheses regarding the...

Purpose – The fact that previous studies regarding the effects of social violence on foreign direct investment (FDI) flows come to contradictory conclusions motivates this paper. Therefore, it seeks to investigate the social violence-FDI relationship in an ethnically heterogeneous and...

The IMF's effects on private capital markets have attracted increasing attention in the literature. This paper examines whether IMF-related news during the Asian crisis contains information regarding the changes in sovereign bond spreads of Indonesia and Korea. Our results indicate that other...

By examining the Fund's views about macroeconomic stability, the effectiveness of IMF-supported stabilization programs, and Turkey's macroeconomic policies, this paper demonstrates that both the IMF and Turkey share the responsibility for the outcome of stabilization programs. The main...