TY  - JOUR
AU  - Eichengreen, Barry
AU  - Gupta, Poonam
AU  - Mody, Ashoka
TI  - Sudden Stops and IMF-Supported Programs
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 12235
PY  - 2006
Y2  - May 2006
DO  - 10.3386/w12235
UR  - http://www.nber.org/papers/w12235
L1  - http://www.nber.org/papers/w12235.pdf
N1  - Author contact info:
Barry Eichengreen
Department of Economics
University of California, Berkeley
549 Evans Hall 3880
Berkeley, CA 94720-3880
Tel: 510/642-2772
Fax: 510/643-0926
E-Mail: eichengr@econ.Berkeley.edu

Poonam Gupta
1818 H street
NW Washington DC
E-Mail: pgupta5@worldbank.org

Ashoka Mody
Research Department
International Monetary Fund
700 19th Street, NW
Washington DC 20431
E-Mail: amody@imf.org
M1  - published as Barry Eichengreen, Poonam Gupta, Ashoka Mody. "Sudden Stops and IMF-Supported Programs," in Sebastian Edwards and Márcio G. P. Garcia, editors, "Financial Markets Volatility and Performance in Emerging Markets" University of Chicago Press (2008)

AB  - 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.
ER  -