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@techreport{NBERw12235,
 title = "Sudden Stops and IMF-Supported Programs",
 author = "Eichengreen, Barry and Gupta, Poonam and Mody, Ashoka",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "12235",
 year = "2006",
 month = "May",
 doi = {10.3386/w12235},
 URL = "http://www.nber.org/papers/w12235",
 abstract = {Could a high-access, quick-disbursing %u201Cinsurance facility%u201D in the IMF help to reduce the incidence of sharp interruptions in capital flows (%u201Csudden stops%u201D)? We contribute to the debate on this question by analyzing the impact of conventional IMF-supported programs on the incidence of sudden stops. Correcting for the non-random assignment of programs, we find that sudden stops are fewer and generally less severe when an IMF arrangement exists and that this form of %u201Cinsurance%u201D works best for countries with strong fundamentals. In contrast there is no evidence that a Fund-supported program attenuates the output effects of capital account reversals if these nonetheless occur.},
}