Does the global fireman inadvertently add fuel to the fire? New evidence from institutional investors' response to IMF program announcements
AbstractFighting global financial crises is a primary charge of the IMF. Yet it has often been criticized to have hindered rather than helped the recovery of many countries in a crisis by demanding policy changes that may not be appropriate for them in that particular moment. Such actions would tend to damage investor confidence. Using monthly data on investment in 94 developing countries by 168 institutional investors during 1996-2005, this paper re-assesses this important question. We find that the IMF has typically restored rather than reduced investor confidence.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of International Money and Finance.
Volume (Year): 29 (2010)
Issue (Month): 4 (June)
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Web page: http://www.elsevier.com/locate/inca/30443
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- Hayat, Aziz & Ganiev, Bahodir & Tang, Xueli, 2013. "Expectations of future income and real exchange rate movements," Journal of Banking & Finance, Elsevier, vol. 37(4), pages 1274-1285.
- Aziz Hayat & Bahodir Ganiev & Xueli Tang, 2012. "Expectations of future income and real exchange rate movements," Financial Econometics Series 2012_05, Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance.
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