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Investor Responses to IMF Program Suspensions: Is Noncompliance Costly?

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  • Martin S. Edwards

Abstract

This article reinvestigates the "catalytic" effects of IMF programs on investment controlling for the implementation of the program, allowing us to ascertain if capital markets respond to the mere announcement of a Fund program or its sustained positive implementation. Copyright (c) 2005 by the Southwestern Social Science Association.

Suggested Citation

  • Martin S. Edwards, 2005. "Investor Responses to IMF Program Suspensions: Is Noncompliance Costly?," Social Science Quarterly, Southwestern Social Science Association, vol. 86(4), pages 857-873.
  • Handle: RePEc:bla:socsci:v:86:y:2005:i:4:p:857-873
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    References listed on IDEAS

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    1. Diego Saravia & Ashoka Mody, 2003. "Catalyzing Capital Flows; Do IMF-Supported Programs Work As Commitment Devices?," IMF Working Papers 03/100, International Monetary Fund.
    2. International Monetary Fund, 1998. "Do IMF-Supported Programs Work? A Survey of the Cross-Country Empirical Evidence," IMF Working Papers 98/169, International Monetary Fund.
    3. Vreeland,James Raymond, 2003. "The IMF and Economic Development," Cambridge Books, Cambridge University Press, number 9780521816755.
    4. Vreeland,James Raymond, 2003. "The IMF and Economic Development," Cambridge Books, Cambridge University Press, number 9780521016957.
    5. Louis Dicks-Mireaux & Miguel A Savastano & Adam Bennett & María Vicenta Carkovic S. & Mauro Mecagni & James A John & Susan M Schadler, 1995. "IMF Conditionality; Experience Under Stand-by and Extended Arrangements, Part I: Key Issues and Findings," IMF Occasional Papers 128, International Monetary Fund.
    6. Rodrik, Dani, 1995. "Why is there Multilateral Lending?," CEPR Discussion Papers 1207, C.E.P.R. Discussion Papers.
    7. Pierre Dhonte, 1997. "Conditionality as an Instrument of Borrower Credibility," IMF Policy Discussion Papers 97/2, International Monetary Fund.
    8. Adam Bennett & Louis Dicks-Mireaux & Miguel A Savastano & María Vicenta Carkovic S. & Mauro Mecagni & Susan M Schadler & James A John, 1995. "IMF Conditionality; Experience Under Stand-By and Extended Arrangements, Part II: Background Papers," IMF Occasional Papers 129, International Monetary Fund.
    9. Carlo Cottarelli, 1993. "Limiting Central Bank Credit to the Government; Theory and Practice," IMF Occasional Papers 110, International Monetary Fund.
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    Citations

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    Cited by:

    1. Glen Biglaiser & Hoon Lee & Joseph Staats, 2016. "The effects of the IMF on expropriation of foreign firms," The Review of International Organizations, Springer, vol. 11(1), pages 1-23, March.
    2. Koen J. M. van der Veer & Eelke de Jong, 2013. "IMF-Supported Programmes: Stimulating Capital to Non-defaulting Countries," The World Economy, Wiley Blackwell, vol. 36(4), pages 375-395, April.
    3. Songying Fang & Erica Owen, 2011. "International institutions and credible commitment of non-democracies," The Review of International Organizations, Springer, vol. 6(2), pages 141-162, July.
    4. Rockerbie, Duane W. & Easton, Stephen T., 2009. "Commercial banks, default insurance and IMF reforms," Economics Discussion Papers 2009-39, Kiel Institute for the World Economy (IfW).
    5. Stubbs, Thomas H. & Kentikelenis, Alexander E. & King, Lawrence P., 2016. "Catalyzing Aid? The IMF and Donor Behavior in Aid Allocation," World Development, Elsevier, vol. 78(C), pages 511-528.
    6. Pinheiro, Diogo & Chwieroth, Jeffrey & Hicks, Alexander, 2015. "Do international non-governmental organizations inhibit globalization? the case of capital account liberalization in developing countries," LSE Research Online Documents on Economics 63669, London School of Economics and Political Science, LSE Library.
    7. Ali J Al-Sadiq, 2015. "The Impact of IMF-Supported Programs on FDI in Low-income Countries," IMF Working Papers 15/157, International Monetary Fund.
    8. Glen Biglaiser & Karl DeRouen, 2010. "The effects of IMF programs on U.S. foreign direct investment in the developing world," The Review of International Organizations, Springer, vol. 5(1), pages 73-95, March.
    9. Calixte Ahokpossi & Laurence Allain & Giovanna Bua, 2014. "A Constrained Choice? Impact of Concessionality Requirements on Borrowing Behavior," IMF Working Papers 14/176, International Monetary Fund.
    10. Glen Biglaiser & Karl DeRouen, 2011. "How soon is now? The effects of the IMF on economic reforms in Latin America," The Review of International Organizations, Springer, vol. 6(2), pages 189-213, July.
    11. Glen Biglaiser & Hoon Lee & Joseph L. Staats, 2016. "The effects of the IMF on expropriation of foreign firms," The Review of International Organizations, Springer, vol. 11(1), pages 1-23, March.
    12. Martin Steinwand & Randall Stone, 2008. "The International Monetary Fund: A review of the recent evidence," The Review of International Organizations, Springer, vol. 3(2), pages 123-149, June.

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