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IMF-supported programs and crisis prevention : an analytical framework /

This paper presents an analytical framework for considering the role of IMF-supported programs in preventing crises, particularly capital account crises. The model builds upon the global games framework to establish a unique relationship between the crisis probability and the parameters of the progr...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autor principal: Kim, Jun (Jun Il) (Autor)
Autor Corporativo: International Monetary Fund. Policy Development and Review Department
Formato: Electrónico eBook
Idioma:Inglés
Publicado: [Washington, D.C.] : International Monetary Fund, Policy Review and Development Dept., ©2006.
Colección:IMF working paper ; WP/06/156.
Temas:
Acceso en línea:Texto completo

MARC

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245 1 0 |a IMF-supported programs and crisis prevention :  |b an analytical framework /  |c Jun Il Kim. 
260 |a [Washington, D.C.] :  |b International Monetary Fund, Policy Review and Development Dept.,  |c ©2006. 
300 |a 1 online resource (37 pages) :  |b illustrations 
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490 1 |a IMF working paper,  |x 2227-8885 ;  |v WP/06/156 
504 |a Includes bibliographical references. 
588 0 |a Print version record. 
520 |a This paper presents an analytical framework for considering the role of IMF-supported programs in preventing crises, particularly capital account crises. The model builds upon the global games framework to establish a unique relationship between the crisis probability and the parameters of the program, which is assumed to be negotiated between the IMF and the member country, taking explicit account of each party's interests. In the model, from the perspective of the borrowing country, IMF financing and policy adjustment are (perfect) substitutes inasmuch as they both contribute to the country's liquidity and thus reduce the likelihood of a crisis. In equilibrium, however, IMF financing promotes stronger policies, implying that financing and adjustment are strong complements in crisis prevention. Conditionality plays a crucial role in sustaining the program, providing mutual assurances-to the member country that, if it undertakes the agreed policies, financing will indeed be forthcoming, and to the IMF that the country will implement the agreed policies as the IMF disburses its resources. The model helps explain how liquidity crises may come about, how IMF support can reduce the likelihood of a crisis by providing liquidity and sustaining stronger policies, and why the observed mix between financing and adjustment may vary across programs. 
506 |3 Use copy  |f Restrictions unspecified  |2 star  |5 MiAaHDL 
533 |a Electronic reproduction.  |b [Place of publication not identified] :  |c HathiTrust Digital Library,  |d 2010.  |5 MiAaHDL 
538 |a Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.  |u http://purl.oclc.org/DLF/benchrepro0212  |5 MiAaHDL 
583 1 |a digitized  |c 2010  |h HathiTrust Digital Library  |l committed to preserve  |2 pda  |5 MiAaHDL 
505 0 |a Contents -- I. INTRODUCTION -- II. THE MODEL -- III. MODEL SOLUTION -- IV. COMPARATIVE STATICS -- V. KEY IMPLICATIONS OF THE MODEL -- VI. CONCLUDING REMARKS -- REFERENCES 
546 |a English. 
590 |a ProQuest Ebook Central  |b Ebook Central Academic Complete 
610 2 0 |a International Monetary Fund  |x Econometric models. 
610 2 6 |a Fonds monétaire international  |x Modèles économétriques. 
610 2 7 |a International Monetary Fund  |2 fast 
650 0 |a Economic assistance  |x Econometric models. 
650 0 |a Economic policy  |x Econometric models. 
650 0 |a Financial crises  |x Prevention  |x Econometric models. 
650 6 |a Crises financières  |x Prévention  |x Modèles économétriques. 
650 6 |a Aide économique  |x Modèles économétriques. 
650 6 |a Politique économique  |x Modèles économétriques. 
650 7 |a Econometric models  |2 fast 
650 7 |a Economic assistance  |x Econometric models  |2 fast 
650 7 |a Economic policy  |x Econometric models  |2 fast 
710 2 |a International Monetary Fund.  |b Policy Development and Review Department. 
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776 0 8 |i Print version:  |a Kim, Jun (Jun Il).  |t IMF-supported programs and crisis prevention.  |d [Washington, D.C.] : International Monetary Fund, Policy Review and Development Dept., ©2006  |w (OCoLC)74653968 
830 0 |a IMF working paper ;  |v WP/06/156. 
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