NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Keeping Capital Flowing: The Role of the IMF

Michael D. Bordo, Ashoka Mody, Nienke Oomes

NBER Working Paper No. 10834
Issued in October 2004
NBER Program(s):   IFM

In this paper, we examine the IMF's role in maintaining the access of emerging market economies to international capital markets. We find evidence that both macroeconomic aggregates and capital flows improve following the adoption of an IMF program, although they may initially deteriorate somewhat. Consistent with theoretical predictions and earlier empirical findings, we find that IMF programs are most successful in improving capital flows to countries with bad, but not very bad fundamentals. In such countries, IMF programs are also associated with improvements in the fundamentals themselves.

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Document Object Identifier (DOI): 10.3386/w10834

Published: Michael D. Bordo & Ashoka Mody & Nienke Oomes, 2004. "Keeping Capital Flowing: The Role of the IMF," International Finance, Blackwell Publishing, vol. 7(3), pages 421-450, December.

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