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We analyse the effect of IMF and World Bank policies on the composite index of economic freedom by Gwartney et al …, we find that the number of projects has a positive impact on overall economic freedom, while the effect of the amount of … World Bank credits is negative. These effects are stronger during the 1990s than in earlier periods. There is no clear …
Persistent link: https://www.econbiz.de/10010298103
Using panel data for 68 countries over the period 1975-2002 this paper examines how IMF programs, disbursed loans, and compliance with conditionality affect the risk of currency crises and the outcome of such crises. Specifically, we investigate whether countries with previous IMF intervention...
Persistent link: https://www.econbiz.de/10003764208
Using panel data for 68 countries over the period 1975-2002 this paper examines how IMF programs, disbursed loans, and compliance with conditionality affect the risk of currency crises and the outcome of such crises. Specifically, we investigate whether countries with previous IMF intervention...
Persistent link: https://www.econbiz.de/10012709167
world capital market, monetary expansion in the borrowing country and the number of World Bank adjustment loans. Finally …
Persistent link: https://www.econbiz.de/10014075266
This paper explores empirically how the adoption of IMF programs affects sovereign risk over the medium term. We find that IMF programs significantly increase the probability of subsequent sovereign defaults by approximately 1.5 to 2 percentage points. These results cannot be attributed to...
Persistent link: https://www.econbiz.de/10008695546
This paper looks at whether the tendency of some governments to borrow short term is reinforced by financial support from the International Monetary Fund. I first present a model of sovereign debt issuance at various maturities featuring endogenous liquidity crises and maturity mismatches due to...
Persistent link: https://www.econbiz.de/10013065432
In the wake of the global crisis the International Monetary Fund (IMF) increased its exposure to low-and middle-income countries and boosted the overhaul of its lending approach to enhance its role in preventing crises. This paper tests whether IMF lending has targeted countries most affected by...
Persistent link: https://www.econbiz.de/10013068299