Liquidity protection versus moral hazard: the role of the IMF (original) (raw)
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2004
Title of Dissertation: INTERNATIONAL MONETARY FUND. PROGRAMS AND CAPITAL MARKET ACCESS Diego Saravia Tamayo, Doctor of Philosophy, 2004 Dissertation directed by: Professor Carmen Reinhart Department of Economics This thesis studies how International Monetary Fund (IMF) loans interact with private capital flows and how they affect the level of welfare of borrower countries and private lenders. The first chapter presents a model highlighting the fact that the IMF has both de jure and de facto seniority rights over private creditors. It is shown that IMF lending affects borrowers and lenders in different ways. Ex-post, once the initial borrowing decisions have been made, an IMF intervention always make the borrower country better off. The effects on private lenders depend on the size of the senior intervention and on what they expect to get in case that the IMF does not intervene. For some parameter values, IMF interventions make existing lenders worse off when the liquidity situation ...
The Role Of The International Monetary Fund In Promoting Global Economic Stability
Scientific Bulletin – Economic Sciences, 2017
This paper presents the role that the International Monetary Fund performs in promoting global economic stability. Global economic and financial stability plays a key role in the financial system and the economy as a whole. The increase in the importance of the concept of financial stability by supervisors at both European and global level was concretized by defining a framework for the operationalization of macroprudential policy, together with the establishment of coordination bodies in this field, thus recognizing its role in the mix of established economic policies such as monetary, fiscal or competitive policy.
The global financial crisis and its effects on the IMF
Brazilian Journal of Political Economy – Revista de Economia Política, 2022
RESUMO: Este artigo tem como objetivo analisar as inovações introduzidas nas funções do Fundo Monetário Internacional no contexto da crise econômica e financeira de 2008. Isso promoveu uma ação que teve como objetivo fortalecer a função de vigilância por meio da adoção da Vigilância Integrada. Assim, a par da condicionalidade tradicional baseada na implementação a posteriori de políticas econômicas adequadas, introduziu-se também um critério de condicionalidade ex ante nos ramos de precaução ou em função das características econômicas do país a financiar. No que diz respeito à condicionalidade tradicional, será perguntado se o FMI adotou uma abordagem menos abrangente do que seu papel. PALAVRAS-CHAVE: IMF; taxa de câmbio; reforma da governança; função de vigilância.