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Global Moral Hazard, Capital Account Liberalization and the 'Overlending Syndrome'

Global Moral Hazard, Capital Account Liberalization and the 'Overlending Syndrome' »

Source: Global Moral Hazard, Capital Account Liberalization and the 'Overlending Syndrome'

Volume/Issue: 1999/100

Series: IMF Working Papers

Author(s): Eduardo Levy Yeyati

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 1999

ISBN: 9781451852387

Keywords: Banking Crises, Capital Account Liberalization, Deposit Insurance, Moral Hazard, international capital, deposit rates, international capital markets

The removal of government guarantees in borrowing countries does not eliminate the moral hazard problem posed by the existence of deposit guarantees in lender countries. The paper shows that, after restrictions on...

I Introduction

I Introduction »

Source: The Design of IMF-Supported Programs

Series: Occasional Papers

Author(s): Charalambos Christofides , Atish Ghosh , Uma Ramakrishnan , Alun Thomas , Laura Papi , Juan Zalduendo , and Jun Kim

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2005

ISBN: 9781589061934

Keywords: current account, current account balance, inflation, capital account, balance of payments

This paper reviews experience with programs supported by the General Resources Account (GRA)—Stand-By Arrangements (SBAs) and Extended Fund Facility (EFF) arrangements—as well as those supported by concessio...

I Introduction

I Introduction »

Source: The Design of IMF-Supported Programs

Series: Occasional Papers

Author(s): Charalambos Christofides , Atish Ghosh , Uma Ramakrishnan , Alun Thomas , Laura Papi , Juan Zalduendo , and Jun Kim

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2005

ISBN: 9781589061934

Keywords: current account, current account balance, inflation, capital account, balance of payments

IMF-supported programs require an analytical basis to ensure that policy advice is coherent, that conditionality comprises measures that are critical for program success, and that the intended objectives wil...

I Introduction

I Introduction »

Source: The Design of IMF-Supported Programs

Series: Occasional Papers

Author(s): Charalambos Christofides , Atish Ghosh , Uma Ramakrishnan , Alun Thomas , Laura Papi , Juan Zalduendo , and Jun Kim

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2005

ISBN: 9781589061934

Keywords: current account, current account balance, inflation, capital account, balance of payments

An IMF-supported program is a package of envisaged policies which, combined with approved financing, is expected to achieve certain economic objectives such as fostering macroeconomic stability and orderly e...

IEO Evaluation of Multilateral Surveillance--Evaluation Summary Pamphlet
			: Evaluation Summary Pamphlet

IEO Evaluation of Multilateral Surveillance--Evaluation Summary Pamphlet : Evaluation Summary Pamphlet »

Series: Independent Evaluation Office Reports

Author(s): International Monetary Fund. Independent Evaluation Office

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 August 2006

DOI: http://dx.doi.org/10.5089/9781451944778.017

ISBN: 9781451944778

Keywords: multilateral surveillance, website, audiences, audience, world economy

This paper presents a summary of the report by the Independent Evaluation Office (IEO) that evaluates IMF multilateral surveillance. Owing to the substantial cost to IMF of multilateral surveillance, and the key ro...

Front Matter

Front Matter »

Source: IEO Evaluation of Multilateral Surveillance--Evaluation Summary Pamphlet : Evaluation Summary Pamphlet

Series: Independent Evaluation Office Reports

Author(s): International Monetary Fund. Independent Evaluation Office

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 August 2006

ISBN: 9781451944778

Keywords: multilateral surveillance, website, audiences, audience, world economy

This paper presents a summary of the report by the Independent Evaluation Office (IEO) that evaluates IMF multilateral surveillance. Owing to the substantial cost to IMF of multilateral surveillance, and the key ro...

II Analytical Tools for Policy Formulation and Program Design

II Analytical Tools for Policy Formulation and Program Design »

Source: The Design of IMF-Supported Programs

Series: Occasional Papers

Author(s): Charalambos Christofides , Atish Ghosh , Uma Ramakrishnan , Alun Thomas , Laura Papi , Juan Zalduendo , and Jun Kim

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2005

ISBN: 9781589061934

Keywords: current account, current account balance, inflation, capital account, balance of payments

An IMF-supported program is a package of policy measures which, combined with approved financing, is intended to achieve certain economic objectives. 3 In essence, therefore, a pr...

II Initial Conditions and the Setting of IMF-Supported Programs

II Initial Conditions and the Setting of IMF-Supported Programs »

Source: The Design of IMF-Supported Programs

Series: Occasional Papers

Author(s): Charalambos Christofides , Atish Ghosh , Uma Ramakrishnan , Alun Thomas , Laura Papi , Juan Zalduendo , and Jun Kim

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2005

ISBN: 9781589061934

Keywords: current account, current account balance, inflation, capital account, balance of payments

Introduction In the archetypical IMF-supported program, a member faces external financing difficulties and external and internal imbalances, requiring stabilization measures. Under a...

II The Choice of Exchange Rate Regime

II The Choice of Exchange Rate Regime »

Source: The Design of IMF-Supported Programs

Series: Occasional Papers

Author(s): Charalambos Christofides , Atish Ghosh , Uma Ramakrishnan , Alun Thomas , Laura Papi , Juan Zalduendo , and Jun Kim

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2005

ISBN: 9781589061934

Keywords: current account, current account balance, inflation, capital account, balance of payments

Given the primacy of external adjustment and macroeconomic stability in IMF-supported programs, a natural starting point is the exchange rate regime. In particular, a flexible exchange rate can allow for mor...

III External Viability

III External Viability »

Source: The Design of IMF-Supported Programs

Series: Occasional Papers

Author(s): Charalambos Christofides , Atish Ghosh , Uma Ramakrishnan , Alun Thomas , Laura Papi , Juan Zalduendo , and Jun Kim

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2005

ISBN: 9781589061934

Keywords: current account, current account balance, inflation, capital account, balance of payments

IMF resources are made available to member countries to correct balance of payments imbalances while easing the burden of adjustment (Box 2.3). An obvious starting point for judging program success is theref...