Agency and communicaton in IMF conditional lending: Theory and empirical evidence: theory and empirical evidence
| Autor: | Marchesi, Silvia, Sabani, Laura, Dreher, Axel |
|---|---|
| Jazyk: | angličtina |
| Rok vydání: | 2009 |
| Předmět: |
INTERNATIONALER WÄHRUNGSFONDS
ÖFFENTLICHE KREDITAUFNAHME delegation communication FINANCIAL MARKETS UNSICHERE INFORMATION + UNVOLLSTÄNDIGE INFORMATION (INFORMATIONSTHEORIE) IMF conditionality Economics GOVERNMENT BORROWING ASYMMETRISCHE INFORMATIONEN (INFORMATIONSTHEORIE) ECONOMETRICS AND ECONOMETRIC MODELS (OPERATIONS RESEARCH) ASYMMETRIC INFORMATION (INFORMATION THEORY) panel data FINANZMÄRKTE UNCERTAIN INFORMATION + INCOMPLETE INFORMATION (INFORMATION THEORY) ÖKONOMETRIE UND ÖKONOMETRISCHE MODELLE (OPERATIONS RESEARCH) FOS: Mathematics ddc:330 INTERNATIONAL MONETARY FUND ddc:510 Mathematics |
| Zdroj: | KOF Working Papers, 218 |
| Popis: | We focus on the role that the transmission of information between a multilateral (the IMF) and a country has for the optimal design of conditional reforms. Our model predicts that when agency problems are especially severe, and/or IMF information is valuable, a centralized control is indeed optimal. To the contrary, when local knowledge is more important than the agency bias we expect delegation to dominate. Controlling for economic and political factors, our empirical tests show that the number of IMF conditions is lower in countries with a greater social complexity, while it increases with the bias of the countries’ authorities, openness, and transparency, consistently with the theory. KOF Working Papers, 218 |
| Databáze: | OpenAIRE |
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