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Bedfellows, Hostages, or Perfect Strangers? Global Capital Markets and the Catalytic Effect of IMF Crisis Lending

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Author Info
Carlo Cottarelli
Curzio Giannini
Abstract

During the 1990s, the concept of "catalytic official finance" (COF) gained prominence in policy debates. The concept revolves around the idea that the propensity of investors to lend to a country increases when the IMF provides its "seal of approval"-backed up by only limited official financing-on the country's economic program. COF aims at avoiding, on the one hand, the massive use of public money to bail out private investors; on the other, the recourse to coercive bailing-in mechanisms. The paper concludes that COF, while possibly useful in other contexts, is less reliable when used to manage capital account crises.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 02/193.

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Length: 50 pages
Date of creation: 26 Nov 2002
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Handle: RePEc:imf:imfwpa:02/193

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Related research
Keywords: Fund ; Capital markets ; Financial crisis ; Lending commitments by Fund ;

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  1. Barry Eichengreen & Kenneth Kletzer & Ashoka Mody, 2005. "The IMF in a world of private capital markets," Working Paper Series 2005-12, Federal Reserve Bank of San Francisco. [Downloadable!]
    Other versions:
  2. Emine Boz, 2009. "Sovereign Default, Private Sector Creditors and the IFIs," IMF Working Papers 09/46, International Monetary Fund. [Downloadable!]
  3. Juan Zalduendo & Uma Ramakrishnan, 2006. "The Role of IMF Support in Crisis Prevention," IMF Working Papers 06/75, International Monetary Fund. [Downloadable!]
  4. Paolo Manasse & Nouriel Roubini, 2005. "'Rules of Thumb' for Sovereign Debt Crises," International Finance 0509003, EconWPA. [Downloadable!]
    Other versions:
  5. Carlos de Resende, 2007. "IMF-Supported Adjustment Programs: Welfare Implications and the Catalytic Effect," Working Papers 07-22, Bank of Canada. [Downloadable!]
  6. Edgardo Barandiarán, 2003. "El Prestamista de Última Instancia en la Nueva Industria Bancaria," Cuadernos de Economía (Latin American Journal of Economics), Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 40(120), pages 337-358. [Downloadable!]
  7. Adrian Penalver, . "How can the IMF catalyse private capital flows? A model," Bank of England working papers 215, Bank of England. [Downloadable!]
  8. Roberto Benelli, 2003. "Do IMF-Supported Programs Boost Private Capital Inflows? The Role of Program Size and Policy Adjustment," IMF Working Papers 03/231, International Monetary Fund. [Downloadable!]
  9. Jun Il Kim, 2006. "IMF-Supported Programs and Crisis Prevention: An Analytical Framework," IMF Working Papers 06/156, International Monetary Fund. [Downloadable!]
  10. Michael D. Bordo & Ashoka Mody & Nienke Oomes, 2004. "Keeping Capital Flowing: The Role of the IMF," NBER Working Papers 10834, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
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