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…
109 Citations
Foreign Direct Investment Flows and IMF Lending Programs. New Empirical Evidence from CESEE Countries
- Economics
- 2016
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…
The Impact of IMF-Supported Programs on FDI in Low-Income Countries
- Economics
- 2015
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…
IMF and Economic Growth: The Effects of Programs, Loans, and Compliance with Conditionality
- Economics
- 2004
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…
IMF-Supported Programs: Stimulating Capital to Solvent Countries
- Economics
- 2010
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…
The effects of the IMF on expropriation of foreign firms
- Economics
- 2016
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…
Are IMF Programs a Catalysis for Private Capital Flows to Middle Income Countries ?
- Economics
- 2015
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…
Conditional on Conditionality: IMF Program Design and Foreign Direct Investment
- Economics
- 2013
The article explores how International Monetary Fund (IMF) program design influences foreign direct investment inflows. The author argues that stricter IMF conditionality signals a…
The Analysis of Catalysis: IMF Programs and Private Capital Flows
- Economics
- 2007
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…
The International Monetary Fund (IMF) and the Catalytic Effect: Do IMF Agreements Improve Access of Emerging Economies to International Financial Markets?
- Economics
- 2014
We investigate whether countries have access to loans with better conditions after an International Monetary Fund (IMF) agreement. We conduct an empirical analysis which takes into account both the…
What Determines Foreign Direct Investment In Developing Countries?: A Panel Data Analysis
- Economics
- 2010
This study examines that why developing countries attract different amount of direct investment. Thus, the paper considers many different factors, such as economic, politic, and socio-cultural…
References
SHOWING 1-10 OF 53 REFERENCES
Economic reform, state capture, and international investment in transition economies
- Economics
- 2002
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;…
Foreign Direct Investment and Growth in EP and IS Countries
- Economics
- 1996
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…
American Interests and IMF Lending
- Economics
- 2004
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…
IMF Conditionality and Country Ownership of Programs
- Economics
- 2001
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…
The Catalytic Effect of Lending by the International Financial Institutions
- Economics
- 1997
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…
Catalyzing Private Capital Flows: Do Imf-Supported Programs Work as Commitment Devices?
- Economics
- 2003
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…
IMF Lending to Developing Countries : Issues and Evidence
- Economics
- 1995
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…
Independent Actor or Agent? An Empirical Analysis of the Impact of Us Interests on IMF Conditions
- Economics
- 2003
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…