Crisis, Conditions, and Capital

@article{Jensen2004CrisisCA,
  title={Crisis, Conditions, and Capital},
  author={Nathan M. Jensen},
  journal={Journal of Conflict Resolution},
  year={2004},
  volume={48},
  pages={194 - 210}
}
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… Expand
View on SAGE
106 Citations
Highly Influential Citations
8
Background Citations
41
Methods Citations
9
Results Citations
3

Tables from this paper

106 Citations

Citation Type

Citation Type

Foreign Direct Investment Flows and IMF Lending Programs. New Empirical Evidence from CESEE Countries
Abstract The aim of the paper it to assess the “catalytic effect” of IMF lending programs on foreign direct investment (FDI) flows to Central, Eastern and South-Eastern European (CESEE) countries… Expand
The Impact of IMF-Supported Programs on FDI in Low-income Countries
It is common for IMF-supported adjustment programs with low-income member countries (LICs) to project that they will facilitate FDI inflows. The main objective of this paper is to empirically examine… Expand
The Impact of IMF-Supported Programs on FDI in Low-Income Countries
It is common for IMF-supported adjustment programs with low-income member countries (LICs) to project that they will facilitate FDI inflows. The main objective of this paper is to empirically examine… Expand
IMF and Economic Growth: The Effects of Programs, Loans, and Compliance with Conditionality
In theory, the IMF could influence economic growth via several channels, among them advice to policy makers, money disbursed under its programs, and its conditionality. This paper tries to… Expand
IMF and economic growth: The effects of programs, loans, and compliance with conditionality
Summary In theory, the IMF could influence economic growth via several channels, among them being advice to policy makers, money disbursed under its programs, and its conditionality. This paper tries… Expand
IMF-Supported Programs: Stimulating Capital to Solvent Countries
Sovereign default is the switching state between successful and unsuccessful Fund catalysis. We find the IMF to be effective in mobilising private capital flows to middle-income countries that… Expand
The effects of the IMF on expropriation of foreign firms
This paper seeks to explain the determinants of foreign expropriation in the developing world. We argue that the International Monetary Fund (IMF) helps to reduce the likelihood of nationalization… Expand
Are IMF Programs a Catalysis for Private Capital Flows to Middle Income Countries ?
This paper examines the claim that IMF agreements catalyze other private capital flows. We identify a series of propositions from the literature which we test using a treatment effects model to… Expand
Conditional on Conditionality: IMF Program Design and Foreign Direct Investment
The article explores how International Monetary Fund (IMF) program design influences foreign direct investment inflows. The author argues that stricter IMF conditionality signals a… Expand
The Analysis of Catalysis: IMF Programs and Private Capital Flows
This paper examines the claim that the IMF catalyzes other capital flows. We identify a series of propositions based on recent theoretical work, use a treatment effects model to deal with selection… Expand
...
1
2
3
4
5
...

References

SHOWING 1-10 OF 55 REFERENCES
The effect of IMF programs on economic growth
Using a bivariate, dynamic version of the Heckman selection model, we estimate the effect of participation in International Monetary Fund (IMF) programs on economic growth. We find evidence that… Expand
Economic reform, state capture, and international investment in transition economies
The inflows of foreign direct investment (FDI) in transition economies are affected by political factors. This paper examines the empirical effects of two factors: (i) the level of economic reform;… Expand
Foreign Direct Investment and Growth in EP and IS Countries
This paper examines, within a new growth theory framework, the role that foreign direct investment plays in the growth process in the context of developing countries characterized by differing trade… Expand
American Interests and IMF Lending
Does the United States shape the content of International Monetary Fund conditionality agreements? If so, in pursuit of what goals does the United States use its influence? We present evidence that… Expand
IMF Conditionality and Country Ownership of Programs
The paper uses finance and agency theory to establish two main propositions: First, that the conditionality attached to adjustment programs supported by the IMF is justified. Second, that ownership… Expand
The Catalytic Effect of Lending by the International Financial Institutions
For many less developed countries (LDCs) and countries in transition (CITs) external financing is frequently an effective constraint on economic growth and development. Capital inflows may be used to… Expand
Catalyzing Private Capital Flows: Do Imf-Supported Programs Work as Commitment Devices?
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… Expand
IMF Lending to Developing Countries : Issues and Evidence
As the linchpin of the global financial system, the International Monetary Fund provides the balance of payments support, chiefly to developing countries, conditional on strict remedial policy… Expand
IMF Programs: Who is Chosen and What are the Effects?
IMF lending practices respond to economic conditions but are also sensitive to political-economy variables. Specifically, the sizes and frequencies of loans are influenced by a country's presence at… Expand
Independent Actor or Agent? An Empirical Analysis of the Impact of Us Interests on IMF Conditions
In this paper we analyze whether IMF conditionality is exclusively designed in line with observable economic indicators or, alternatively, whether it is partly driven by its major shareholder, the… Expand
...
1
2
3
4
5
...