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The Impacts of IMF Bailouts in International Debt Crises

In: Encyclopedia of Finance

Author

Listed:
  • Zhaohui Zhang

    (Long Island University)

  • Khondkar E. Karim

    (Rochester Institute of Technology)

Abstract

The roles played by the IMF in international debt crises have long been considered controversial among both academics and policy makers. This study reviews the role of IMF bailouts in international debt crises. The literature shows that there is a statistically significant positive wealth transfer from the IMF to the international bank creditors during major event announcements. Further, the evidence indicates the existence of market informational efficiency and different pricing behavior of different groups of international bank creditors. A pertinent future research topic would be to examine whether IMF introduces the moral hazard problem into the international financial markets.

Suggested Citation

  • Zhaohui Zhang & Khondkar E. Karim, 2022. "The Impacts of IMF Bailouts in International Debt Crises," Springer Books, in: Cheng-Few Lee & Alice C. Lee (ed.), Encyclopedia of Finance, edition 0, chapter 51, pages 1177-1185, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-91231-4_51
    DOI: 10.1007/978-3-030-91231-4_51
    as

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