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Keeping Capital Flowing: The Role of the IMF

Michael Bordo (), Ashoka Mody and Nienke Oomes ()

No 10834, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: In this paper, we examine the IMF's role in maintaining the access of emerging market economies to international capital markets. We find evidence that both macroeconomic aggregates and capital flows improve following the adoption of an IMF program, although they may initially deteriorate somewhat. Consistent with theoretical predictions and earlier empirical findings, we find that IMF programs are most successful in improving capital flows to countries with bad, but not very bad fundamentals. In such countries, IMF programs are also associated with improvements in the fundamentals themselves.

JEL-codes: F33 F34 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-fin and nep-ifn
Date: 2004-10
Note: IFM
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Published as Michael D. Bordo & Ashoka Mody & Nienke Oomes, 2004. "Keeping Capital Flowing: The Role of the IMF," International Finance, Blackwell Publishing, vol. 7(3), pages 421-450, December.

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