TY  - JOUR
AU  - Bordo,Michael D.
AU  - Mody,Ashoka
AU  - Oomes,Nienke
TI  - Keeping Capital Flowing: The Role of the IMF
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 10834
PY  - 2004
Y2  - October 2004
UR  - http://www.nber.org/papers/w10834
L1  - http://www.nber.org/papers/w10834.pdf
N1  - Author contact info:
Michael D. Bordo
Department of Economics
Rutgers University
New Jersey Hall
75 Hamilton Street
New Brunswick, NJ 08901
Tel: 732/822-7152
Fax: 732/932-7416
E-Mail: bordo@econ.rutgers.edu

Ashoka Mody
European Department
International Monetary Fund
700 19th Street, NW
Washington DC 20431
E-Mail: amody@imf.org
AB  - 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.
ER  -