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Do IMF Programmes Have a Catalytic Effect on Other International Capital Flows?

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  • Graham Bird
  • Dane Rowlands

Abstract

It has frequently been assumed that the International Monetary Fund (IMF) plays an important catalysing role in mobilizing international capital for developing countries and countries in transition. The Fund has conventionally been depicted as a "gatekeeper" that unlocks financial flows from other sources, particularly private international capital markets. However, more recently, international financial crises have highlighted the problem of capital volatility and have led to calls for reform of the international financial architecture and, as part of this, the IMF. Unfortunately, basic questions about the interaction between current institutional arrangements and international capital markets have yet to be answered. How do international capital markets react to the activities of the IMF? Do the reactions of private and public lenders differ? Have their reactions changed over time? Do market responses depend on country characteristics and on the type of IMF involvement and, if so, how? This paper addresses these questions and goes on to discuss the policy implications that arise.

Suggested Citation

  • Graham Bird & Dane Rowlands, 2002. "Do IMF Programmes Have a Catalytic Effect on Other International Capital Flows?," Oxford Development Studies, Taylor & Francis Journals, vol. 30(3), pages 229-249.
    • Handle: RePEc:taf:oxdevs:v:30:y:2002:i:3:p:229-249
    DOI: 10.1080/1360081022000012671
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    References listed on IDEAS

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    1. Nadeem Ul Haque & Manmohan S. Kumar & Nelson Mark & Donald J. Mathieson, 1996. "The Economic Content of Indicators of Developing Country Creditworthiness," IMF Staff Papers, Palgrave Macmillan, vol. 43(4), pages 688-724, December.
    2. Dollar, David & Svensson, Jakob, 2000. "What Explains the Success or Failure of Structural Adjustment Programmes?," Economic Journal, Royal Economic Society, vol. 110(466), pages 894-917, October.
    3. International Monetary Fund, 1998. "Do IMF-Supported Programs Work? A Survey of the Cross-Country Empirical Evidence," IMF Working Papers 1998/169, International Monetary Fund.
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    5. International Monetary Fund, 1996. "The Economic Content of Indicators of Developing Country Creditworthiness," IMF Working Papers 1996/009, International Monetary Fund.
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