Crisis, Conditions, and Capital

Nathan Jensen

Journal of Conflict Resolution, 2004, vol. 48, issue 2, 194-210

Abstract: A selection model for 68 countries between 1970 and 1998 is used to test the impact of International Monetary Fund(IMF) programs on international capital markets and examine how agreements are perceived by multinational investors. Results reveal that even after controlling for the factors that lead countries to seek IMF support, IMF agreements lead to lower levels of foreign direct investment (FDI). Countries that sign IMF agreements, ceteris paribus, attract 25% less FDI inflows than countries not under IMF agreements.

Keywords: International Monetary Fund; foreign direct investment; multinational corporations; international capital; signaling; catalytic effect (search for similar items in EconPapers)
Date: 2004
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Citations: View citations in EconPapers (32)

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Persistent link: https://EconPapers.repec.org/RePEc:sae:jocore:v:48:y:2004:i:2:p:194-210

DOI: 10.1177/0022002703262860

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