The author studies the welfare implications of adjustment programs supported by the International Monetary Fund (IMF … joining a program is driven by IMF conditionality: to be able to borrow from the IMF, the country has to submit to limits on … the consumption of public goods. The benefits derive from the additional borrowing from the IMF (at a lower interest rate …

powerful Financial Stability Board, and augmenting the financial resources of the IMF. However, the international financial … architecture remains inadequate for the needs of many emerging market economies. The effectiveness of IMF surveillance …

Using panel data for 188 countries over the period 1970-2002 this paper empirically analyzes the influence of the IMF … non-concessional IMF programs. Regarding voting coincidence with the US, World Bank (concessional and non …-concessional) loans have a significant impact, while the IMF has not. These results are robust to the inclusion of control variables and …

This paper contributes to the debate on the efficacy of IMF's catalytic finance in preventing financial crises …. Extending Morris and Shin (2006), we consider that the IMF's intervention policy usually exerts a signaling effect on private … creditors and that several interventions in sequence may be necessary to avert an impending crisis. Absent of the IMF …

The ongoing review of the IMF, initiated in 2005 by Managing Director De Rato, presents an excellent opportunity to re …-examine the role, functions and governance of the Fund. In particular, the objective, scope and conduct of IMF surveillance have … been identified as a key area for renewal. In this paper, we offer a new vision for IMF surveillance. There are two main …

In this paper we analyze whether IMF conditionality is exclusively designed in line with observable economic indicators … intent from 38 countries over the period 4/1997-2/2003 reveals that the number of conditions on an IMF loan depends on a …) receive IMF loans with fewer conditions especially prior to elections. These results contribute to the current public policy …

The G20 summits in 2009 have proposed major changes in governance of the International Monetary Fund (IMF). Most … important seems to be the acknowledgment that the IMF in its current form lacks legitimacy and ownership. Accordingly, the G20 …

The International Monetary Fund (IMF) recently adopted the 2007 Decision on Bilateral Surveillance Over Members …’ Policies,ʺ a landmark reform that modernizes the general principles of IMF surveillance. However, support for the reform was …

arrangement with the IMF and the determinants of the financial size of such a program. Arguably the world and the global financial … architecture underwent structural changes after the ending of Cold War and so did the role of the IMF. Hence, we update and extend … related to these two dimensions of IMF program decisions. Furthermore, we show that it is important to distinguish between …