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Agency and communication problems in IMF conditional lending

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  • Floriana Cerniglia

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  • Laura Sabani
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    Abstract

    The combination of special interest politics (agency problems) and informational asymmetries presents serious problems as the implementation of Fund conditionality is concerned. In this paper we focus on the role that the transmission of information between the IMF and the borrowing government has for the design of the most e??cient "incentive contract." Specifically, we find that when agency problems are especially severe, and/or IMF information is very valuable, a centralized control is indeed optimal (conventional conditionality). To the contrary, when local knowledge is more important than the agency bias we expect delegation (ownership) to be the optimal incentive scheme.

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    File URL: http://dipeco.economia.unimib.it/repec/pdf/mibwpaper139.pdf
    File Function: First version, 2008
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    Bibliographic Info

    Paper provided by University of Milano-Bicocca, Department of Economics in its series Working Papers with number 139.

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    Length: 30 pages
    Date of creation: Jun 2008
    Date of revision: Jun 2008
    Handle: RePEc:mib:wpaper:139

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    Keywords: IMF conditionality; delegation; communication;

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