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...

We analyse how short termism, dollarization and foreign jurisdictions are ways of coping with systemic risks prevalent in emerging economies. These are symptoms at least as much as problems. We conclude first that under high systemic risks, the market equilibrium settles in favour of investor...

Due to a growing public awareness, in the last 40 years environmental impacts of development projects financed and supported by the World Bank and the International Monetary Fund (IMF) have come into view. Since then, the member states have pressured both organizations to implement environmental...

This paper investigates the impact of World Bank development policy operations on the quality of economic policy during the period 1998-2015. A new theoretical framework distinguishes among three effects that have been conflated hitherto: (a) marginal impacts of additional policy actions within...