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Report
Asking the right questions about the IMF
1998 Annual Report essay
Conference Paper
Reconsidering the international monetary system.
Journal Article
Substitution account
Journal Article
How costly are IMF stabilization programs?
Journal Article
Bretton Woods agreements
Working Paper
The IMF in a world of private capital markets
The IMF attempts to stabilize private capital flows to emerging markets by providing public monitoring and emergency finance. In analyzing its role we contrast cases where banks and bondholders do the lending. Banks have a natural advantage in monitoring and creditor coordination, while bonds have superior risk sharing characteristics. Consistent with this assumption, banks reduce spreads as they obtain more information through repeat transactions with borrowers. By comparison, repeat borrowing has little influence in bond markets, where publicly-available information dominates. But spreads ...
Journal Article
Emerging SDR standard?
Working Paper
Time present and time past: a duration analysis of IMF program spells
The programs of the International Monetary Fund were originally designed to provide short-term assistance to countries implementing policies to address balance of payments disequilibria. In recent decades, however, the Fund has instituted new facilities with longer time horizons, while many developing countries have adopted consecutive programs. As a result, the length of time spent by countries in IMF programs has grown, and in some cases has extended over a decade. This paper analyzes the IMF program spells for a group of emerging economies over the period of 1982 to 1997. Duration models ...
Conference Paper
Policy making in an integrated world: from surveillance to ...?