Keeping Capital Flowing

Michael David Bordo · Ashoka Mody · Nienke A. Oomes

46 citations0/0 files storedInternational Finance

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Global Financial Crisis and Policies Monetary Policy and Economic Impact International Development and Aid

Abstract

Abstract In this paper, we examine the role of the International Monetary Fund (IMF) in maintaining the access of emerging market economies to international capital markets. We find evidence that both macroeconomic aggregates and capital flows improve following the adoption of an IMF programme, although they may initially deteriorate somewhat. Consistent with theoretical predictions and earlier empirical findings, we find that IMF programmes are most successful in improving capital flows to countries with bad, but not very bad, fundamentals. In such countries, IMF programmes are also associated with improvements in the fundamentals themselves.

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References

1998CAPITAL FLOWS AND CAPITAL-MARKET CRISES: The Simple Economics of Sudden Stops 2002IMF Programs: Who is Chosen and What Are the Effects?2003Debt Intolerance 2000The effect of IMF programs on economic growth 1996The Gold Standard as a “Good Housekeeping Seal of Approval”1995The Gold Standard As a Rule: An Essay in Exploration 1995Why is there Multilateral Lending?1990The Macroeconomic Effects of Fund-Supported Adjustment Programs

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