Series: IMF Working Papers
Author(s): Mohsin Khan , and Sunil Sharma
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 September 2001
Keywords: IMF-supported programs, ownership, principal-agent, moral-hazard, structural conditionality, moral hazard, capital markets, international capital markets, Asymmetric and Private Information, International Lending and Debt Problems
The paper uses finance and agency theory to establish two main propositions: First, that the conditionality attached to adjustment programs supported by the IMF is justified. Second, that ownership of programs by t...