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The Political Economy of Seigniorage

The Political Economy of Seigniorage »

Source: The Political Economy of Seigniorage

Volume/Issue: 2005/175

Series: IMF Working Papers

Author(s): Ari Aisen , and Francisco José Veiga

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2005

ISBN: 9781451861945

Keywords: Seigniorage, political instability, institutions, political rights, freedom house, political parties, political science,

While most economists agree that seigniorage is one way governments finance deficits, there is less agreement about the political, institutional, and economic reasons for relying on it. This paper investigates the...

The Value of Institutions for Financial Markets

The Value of Institutions for Financial Markets »

Source: The Value of Institutions for Financial Markets : Evidence From Emerging Markets

Volume/Issue: 2009/27

Series: IMF Working Papers

Author(s): Thomas Stratmann , and Bernardin Akitoby

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2009

ISBN: 9781451871746

Keywords: spreads, institutions, fiscal variables, political institutions, fiscal policy, political rights, democratic accountability,

This paper investigates the value of political institutions for financial markets, using panel data from emerging market countries. We test the hypothesis that changes in political institutions, such as improvement...

Institutional Transformations, Polity and Economic Outcomes

Institutional Transformations, Polity and Economic Outcomes »

Source: Institutional Transformations, Polity and Economic Outcomes : Testing the North-Wallis-Weingast Doorsteps Framework

Volume/Issue: 2012/87

Series: IMF Working Papers

Author(s): Marc Quintyn , and Sophia Gollwitzer

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2012

ISBN: 9781475502510

Keywords: institutions, economic performance, political performance, transition, income inequality, political system, political control, political variables, political institutions, General Aggregative Models: Other

This paper tests the theoretical framework developed by North, Wallis and Weingast (2009) on the transition from closed to open access societies. They posit that societies need to go through three doorsteps: (i) th...

Should the IMF Become More Adaptive?

Should the IMF Become More Adaptive? »

Source: Should the IMF Become More Adaptive?

Volume/Issue: 1996/17

Series: IMF Working Papers

Author(s): Ian Clark

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 1996

ISBN: 9781451843491

Keywords: monetary fund, world economy, inflation, multilateral institutions, political economy

This paper addresses the question: Should the International Monetary Fund be making an even greater effort to adapt its objectives, priorities, rules, instruments, procedures, and resources to take account of chang...

Political Instability and Inflation Volatility1

Political Instability and Inflation Volatility1 »

Source: Political Instability and Inflation Volatility

Volume/Issue: 2006/212

Series: IMF Working Papers

Author(s): Francisco José Veiga , and Ari Aisen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2006

ISBN: 9781451864724

Keywords: volatility, political instability, institutions, inflation rates, high inflation, monetary fund,

The purpose of this paper is to empirically determine the causes of worldwide diversity of inflation volatility. We show that higher degrees of political instability, ideological polarization, and political fragmen...

What Determines the Implementation of IMF-Supported Programs?

What Determines the Implementation of IMF-Supported Programs? »

Source: What Determines the Implementation of IMF-Supported Programs?

Volume/Issue: 2003/8

Series: IMF Working Papers

Author(s): Alex Mourmouras , Anna Ivanova , George Anayotos , and Wolfgang Mayer

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2003

ISBN: 9781451842531

Keywords: IMF-supported programs, ownership, political economy, probability, political institutions, interest groups, statistics, International Monetary Arrangements and Institutions, International Lending and Debt Problems,

This paper assesses the implementation of IMF-supported programs using measures of program interruptions, compliance with conditionality, and the share of committed funds disbursed. The econometric model allows an...

What Determines Long-Run Macroeconomic Stability? Democratic Institutions

What Determines Long-Run Macroeconomic Stability? Democratic Institutions »

Source: What Determines Long-Run Macroeconomic Stability? Democratic Institutions

Volume/Issue: 2004/215

Series: IMF Working Papers

Author(s): Arvind Subramanian , and Shanker Satyanath

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2004

ISBN: 9781451875072

Keywords: Macroeconomic instability, political institutions, openness, conflict, inflation, estimation method, statistics, standard deviation, macroeconomic stability, opennes,

We examine the deep determinants of long-run macroeconomic stability in a cross-country framework. We find that conflict, openness, and democratic political institutions have a strong and statistically significant...

International Commodity Price Shocks, Democracy, and External Debt

International Commodity Price Shocks, Democracy, and External Debt »

Source: International Commodity Price Shocks, Democracy, and External Debt

Volume/Issue: 2010/53

Series: IMF Working Papers

Author(s): Markus Bruckner , and Rabah Arezki

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2010

ISBN: 9781451963427

Keywords: Debt Policy, Political Institutions, debt overhang, debt default, total external debt,

We examine the effects that international commodity price shocks have on external debt using panel data for a world sample of 93 countries spanning the period 1970-2007. Our main finding is that positive commodity...

Food Prices and Political Instability

Food Prices and Political Instability »

Source: Food Prices and Political Instability

Volume/Issue: 2011/62

Series: IMF Working Papers

Author(s): Rabah Arezki , and Markus Bruckner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2011

ISBN: 9781455221066

Keywords: Conflict, Political Institutions, food price, food production, food insecurity, food consumption, Economic Systems: General, General,

We examine the effects that variations in the international food prices have on democracy and intra-state conflict using panel data for over 120 countries during the period 1970-2007. Our main finding is that in Lo...

Resource Windfalls and Emerging Market Sovereign Bond Spreads

Resource Windfalls and Emerging Market Sovereign Bond Spreads »

Source: Resource Windfalls and Emerging Market Sovereign Bond Spreads : The Role of Political Institutions

Volume/Issue: 2010/179

Series: IMF Working Papers

Author(s): Rabah Arezki , and Markus Bruckner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2010

ISBN: 9781455202133

Keywords: Sovereign Bond Spread, Political Institutions, sovereign bond, sovereign bonds, bond, bond spreads, bonds,

We examine the effect that revenue windfalls from international commodity price shocks have on sovereign bond spreads using panel data for 30 emerging market economies during the period 1997-2007. Our main finding...