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Do IMF programmes have a catalytic effect on other international capital flows?

Bird, G and Rowlands, D (2002) Do IMF programmes have a catalytic effect on other international capital flows? Oxford Development Studies, 30 (3). pp. 229-249.

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It has frequently been assumed that the International Monetary Fund (IMF) plays an important catalysing role in mobilizing international capital for developing countries and countries in transition. The Fund has conventionally been depicted as a "gatekeeper" that unlocks financial flows from other sources, particularly private international capital markets. However, more recently, international financial crises have highlighted the problem of capital volatility and have led to calls for reform of the international financial architecture and, as part of this, the IMF. Unfortunately, basic questions about the interaction between current institutional arrangements and international capital markets have yet to be answered. How do international capital markets react to the activities of the IMF? Do the reactions of private and public lenders differ? Have their reactions changed over time? Do market responses depend on country characteristics and on the type of IMF involvement and, if so, how? This paper addresses these questions and goes on to discuss the policy implications that arise.

Item Type: Article
Divisions : Surrey research (other units)
Authors :
Rowlands, D
Date : 1 October 2002
DOI : 10.1080/1360081022000012671
Depositing User : Symplectic Elements
Date Deposited : 16 May 2017 15:08
Last Modified : 24 Jan 2020 13:58

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