LEADER 05636oam 22012854 450 001 9910967323303321 005 20250426110446.0 010 $a9786613830104 010 $a9781462389155 010 $a1462389155 010 $a9781452704739 010 $a1452704732 010 $a9781283517652 010 $a1283517655 010 $a9781451983128 010 $a1451983123 035 $a(CKB)3360000000443936 035 $a(EBL)3014450 035 $a(SSID)ssj0000941469 035 $a(PQKBManifestationID)11492041 035 $a(PQKBTitleCode)TC0000941469 035 $a(PQKBWorkID)10963976 035 $a(PQKB)10469088 035 $a(OCoLC)694141111 035 $a(MiAaPQ)EBC3014450 035 $a(IMF)WPIEE2006156 035 $a(IMF)WPIEA2006156 035 $aWPIEA2006156 035 $a(EXLCZ)993360000000443936 100 $a20020129d2006 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aIMF-Supported Programs and Crisis Prevention : $eAn Analytical Framework /$fJun Kim 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2006. 215 $a1 online resource (39 p.) 225 1 $aIMF Working Papers 300 $a"June 2006." 311 08$a9781451864168 311 08$a1451864167 320 $aIncludes bibliographical references. 327 $a""Contents""; ""I. INTRODUCTION""; ""II. THE MODEL""; ""III. MODEL SOLUTION""; ""IV. COMPARATIVE STATICS""; ""V. KEY IMPLICATIONS OF THE MODEL""; ""VI. CONCLUDING REMARKS""; ""REFERENCES"" 330 3 $aThis paper presents an analytical framework for considering the role of IMF-supported programs in preventing crises, particularly capital account crises. The model builds upon the global games framework to establish a unique relationship between the crisis probability and the parameters of the program, which is assumed to be negotiated between the IMF and the member country, taking explicit account of each party's interests. In the model, from the perspective of the borrowing country, IMF financing and policy adjustment are (perfect) substitutes inasmuch as they both contribute to the country's liquidity and thus reduce the likelihood of a crisis. In equilibrium, however, IMF financing promotes stronger policies, implying that financing and adjustment are strong complements in crisis prevention. Conditionality plays a crucial role in sustaining the program, providing mutual assurances-to the member country that, if it undertakes the agreed policies, financing will indeed be forthcoming, and to the IMF that the country will implement the agreed policies as the IMF disburses its resources. The model helps explain how liquidity crises may come about, how IMF support can reduce the likelihood of a crisis by providing liquidity and sustaining stronger policies, and why the observed mix between financing and adjustment may vary across programs. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2006/156 606 $aEconomic assistance$xEconometric models 606 $aEconomic policy$xEconometric models 606 $aFinancial crises$xPrevention$xEconometric models 606 $aBalance of payments$2imf 606 $aBankruptcy$2imf 606 $aCapital movements$2imf 606 $aCapital outflows$2imf 606 $aCrisis management$2imf 606 $aCrisis prevention$2imf 606 $aCurrent Account Adjustment$2imf 606 $aCurrent account balance$2imf 606 $aDebt$2imf 606 $aEconomic & financial crises & disasters$2imf 606 $aEconomics$2imf 606 $aExports and Imports$2imf 606 $aFinance$2imf 606 $aFinance: General$2imf 606 $aFinancial Institutions and Services: Government Policy and Regulation$2imf 606 $aFinancial Risk Management$2imf 606 $aInternational economics$2imf 606 $aInternational Investment$2imf 606 $aInvestment Decisions$2imf 606 $aLiquidation$2imf 606 $aLiquidity$2imf 606 $aLong-term Capital Movements$2imf 606 $aPortfolio Choice$2imf 606 $aShort-term Capital Movements$2imf 606 $aSolvency$2imf 615 0$aEconomic assistance$xEconometric models. 615 0$aEconomic policy$xEconometric models. 615 0$aFinancial crises$xPrevention$xEconometric models. 615 7$aBalance of payments 615 7$aBankruptcy 615 7$aCapital movements 615 7$aCapital outflows 615 7$aCrisis management 615 7$aCrisis prevention 615 7$aCurrent Account Adjustment 615 7$aCurrent account balance 615 7$aDebt 615 7$aEconomic & financial crises & disasters 615 7$aEconomics 615 7$aExports and Imports 615 7$aFinance 615 7$aFinance: General 615 7$aFinancial Institutions and Services: Government Policy and Regulation 615 7$aFinancial Risk Management 615 7$aInternational economics 615 7$aInternational Investment 615 7$aInvestment Decisions 615 7$aLiquidation 615 7$aLiquidity 615 7$aLong-term Capital Movements 615 7$aPortfolio Choice 615 7$aShort-term Capital Movements 615 7$aSolvency 700 $aKim$b Jun$01647813 712 02$aInternational Monetary Fund.$bPolicy Development and Review Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910967323303321 996 $aIMF-Supported Programs and Crisis Prevention$94371400 997 $aUNINA