From crisis to IMF-supported program : does democracy impede the speed required by financial markets?

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090 ‡aHG3881.5.I58 ‡bW67 NO.08/276
100 1 ‡aMody, Ashoka.
245 1 0 ‡aFrom crisis to IMF-supported program : ‡bdoes democracy impede the speed required by financial markets? / ‡cprepared by Ashoka Mody and Diego Saravia.
260 ‡aWashington, D.C. : ‡bInternational Monetary Fund, ‡cc2008.
300 ‡a33 p. : ‡bill. ; ‡c28 cm.
500 ‡a"December 2008."
500 ‡aAt head of title: European Department.
504 ‡aIncludes bibliographical references (p. 32-33).
520 ‡aHas the spread of democracy and political participation impeded the need for speed required by financial markets and the elevated threat of contagion across borders? We examine the time span between the onset of a financial crisis and the agreement on an IMF-supported adjustment program. This span appears to have decreased over time. More precisely, we find that the time from a crisis to the approval of a program has been smaller the more serious the crisis. Importantly, this responsiveness to a widening range of financial vulnerabilities has increased with growing financial integration. Democracies, particularly those with checks and balances, have been sensitive to time pressures.
530 ‡aAlso available via the World Wide Web.
538 ‡aMode of access: Internet.
610 2 0 ‡aInternational Monetary Fund ‡xEconometric models.
650 0 ‡aStructural adjustment (Economic policy) ‡xEconometric models.
650 0 ‡aDemocracy ‡xEconometric models.
650 0 ‡aInternational finance ‡xEconometric models.
650 0 ‡aFinancial crises ‡xEconometric models.
700 1 ‡aSaravia, Diego.
710 2 ‡aInternational Monetary Fund. ‡bEuropean Dept.
830 0 ‡aIMF working paper ; ‡vWP/08/276.
CID ‡a010571221
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