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|c 5.00 USD
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|z 9781451852424
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Saravia, Diego.
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|a Catalyzing Capital Flows :
|b Do IMF-Supported Programs Work As Commitment Devices? /
|c Diego Saravia, Ashoka Mody.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2003.
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|a 1 online resource (32 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a An objective of IMF-supported programs is to help countries improve their access to international capital markets. In this paper, we examine the issue whether IMF-supported programs influence the ability of developing country issuers to tap international bond markets and whether they improve spreads paid on the bonds issued. We find that IMF-supported programs do not provide a uniformly favorable signaling effect-that is, the mere existence of a program supported by the IMF does not act as a strong "seal of good housekeeping." Instead, the evidence is most consistent with a positive effect of IMF-supported programs when they are viewed as likely to lead to policy reform and when undertaken before economic fundamentals have deteriorated significantly. The size of the IMF-supported program matters, but the credibility of a joint commitment by the country and the IMF appears to be critical.
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|a Mode of access: Internet
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|a Mody, Ashoka.
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|a IMF Working Papers; Working Paper ;
|v No. 2003/100
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2003/100/001.2003.issue-100-en.xml
|z IMF e-Library
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