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From Crisis to IMF-Supported Program

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Author Info

  • Ashoka Mody
  • Diego Saravia

Abstract

Has the spread of democracy and political participation impeded the need for speed required by financial markets and the elevated threat of contagion across borders? We examine the time span between the onset of a financial crisis and the agreement on an IMF-supported adjustment program. This span appears to have decreased over time. More precisely, we find that the time from a crisis to the approval of a program has been smaller the more serious the crisis. Importantly, this responsiveness to a widening range of financial vulnerabilities has increased with growing financial integration. Democracies, particularly those with checks and balances, have been sensitive to time pressures.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 08/276.

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Length: 33
Date of creation: 01 Dec 2008
Date of revision:
Handle: RePEc:imf:imfwpa:08/276

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Related research

Keywords: IMF; Fund arrangements; Relationships with Fund; capital markets; statistics; international capital markets; debt service; capital flows; standard errors; international capital; statistical significance; heteroscedasticity; standard deviation; dummy variable; probability; correlation; rate of change; foreign capital; statistical analysis; standard deviations; capital outflows; access to international capital; poisson distribution; foreign capital flows; capital inflows; regression analysis; statistic; statistical analyses; random variable; samples; consumer price index; current account deficit; descriptive statistics; gamma distribution; current account deficits; probabilities; probability function; linear regression; confidence interval; empirical specification;

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References

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  1. Robert J Barro & Jong-Wha Lee, 2003. "IMF Programs: Who Is Chosen and What Are the Effects?," Departmental Working Papers 2003-09, The Australian National University, Arndt-Corden Department of Economics.
  2. Michael D. Bordo & Harold James, 2000. "The International Monetary Fund: Its Present Role in Historical Perspective," NBER Working Papers 7724, National Bureau of Economic Research, Inc.
  3. Barry Eichengreen & Poonam Gupta & Ashoka Mody, 2006. "Sudden Stops and IMF-Supported Programs," NBER Working Papers 12235, National Bureau of Economic Research, Inc.
  4. Witold J. Henisz, 2002. "The institutional environment for infrastructure investment," Industrial and Corporate Change, Oxford University Press, vol. 11(2), pages 355-389.
  5. Bird, Graham, 1996. "Borrowing from the IMF: The policy implications of recent empirical research," World Development, Elsevier, vol. 24(11), pages 1753-1760, November.
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Citations

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Cited by:
  1. Carmen M. Reinhart, 2010. "This Time is Different Chartbook: Country Histories on Debt, Default, and Financial Crises," NBER Working Papers 15815, National Bureau of Economic Research, Inc.
  2. Carmen M. Reinhart, 2013. "Asia Chartbook: Crises, Credit and Debt, 1835-2013," NBER Working Papers 19655, National Bureau of Economic Research, Inc.

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