{
  "title": "Keeping Capital Flowing: The Role of the IMF",
  "publication": "IMF Working Papers, October 1, 2004",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/keeping-capital-flowing-the-role-of-the-imf-17759",
  "canonical": "https://www.imf.org/en/publications/wp/issues/2016/12/31/keeping-capital-flowing-the-role-of-the-imf-17759",
  "overlayPath": "/en/publications/wp/issues/2016/12/31/keeping-capital-flowing-the-role-of-the-imf-17759/index.md",
  "summary": "In this paper, we examine the IMF's role in maintaining the access of emerging market economies to international capital markets.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- Paper examines the IMF's role in maintaining the access of emerging market economies to international capital markets.\n- Finds evidence that both macroeconomic aggregates and capital flows improve following the adoption of an IMF-supported program, although they may initially deteriorate somewhat.\n- IMF-supported programs are most successful in improving capital flows to countries with bad, but not very bad fundamentals.\n- In countries with bad, but not very bad fundamentals, IMF-supported programs are also associated with improvements in the fundamentals themselves."
    },
    {
      "heading": "Major findings",
      "content": "- Both macroeconomic aggregates and capital flows improve following adoption of an IMF-supported program, with possible initial deterioration.\n- Program effectiveness is conditional on initial fundamentals:\n  - Most successful in countries with bad, but not very bad fundamentals.\n  - In such countries, IMF-supported programs are associated with improvements in fundamentals.\n- Consistent with theoretical predictions and earlier empirical findings."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: Capital flows, Current account, Current account deficits, Emerging and frontier financial markets, International capital markets\n- Keywords: capital flow, IMF lending, IMF program, IMF signal, IMF surveillance, WP\n\n---\n\n Content in this bundle\n\n- wp04197\n  - wp04197 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp04197 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/keeping-capital-flowing-the-role-of-the-imf-17759"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/wp/issues/2016/12/31/keeping-capital-flowing-the-role-of-the-imf-17759/index.md)",
    "[Structured JSON version](/en/publications/wp/issues/2016/12/31/keeping-capital-flowing-the-role-of-the-imf-17759/index.json)",
    "[Bundle manifest](/en/publications/wp/issues/2016/12/31/keeping-capital-flowing-the-role-of-the-imf-17759/bundle-manifest.json)",
    "Authors: Michael D. Bordo, Ashoka Mody, Nienke Oomes",
    "Published: October 1, 2004",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451860047.001",
    "Paper examines the IMF's role in maintaining the access of emerging market economies to international capital markets.",
    "Finds evidence that both macroeconomic aggregates and capital flows improve following the adoption of an IMF-supported program, although they may initially deteriorate somewhat.",
    "IMF-supported programs are most successful in improving capital flows to countries with bad, but not very bad fundamentals.",
    "In countries with bad, but not very bad fundamentals, IMF-supported programs are also associated with improvements in the fundamentals themselves.",
    "Both macroeconomic aggregates and capital flows improve following adoption of an IMF-supported program, with possible initial deterioration.",
    "Program effectiveness is conditional on initial fundamentals:",
    "Consistent with theoretical predictions and earlier empirical findings.",
    "Subject: Capital flows, Current account, Current account deficits, Emerging and frontier financial markets, International capital markets",
    "Keywords: capital flow, IMF lending, IMF program, IMF signal, IMF surveillance, WP",
    "**_wp04197**"
  ],
  "related": [
    {
      "title": "_wp04197",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2004/_wp04197.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2004/_wp04197.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2004/_wp04197.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/wp/issues/2016/12/31/keeping-capital-flowing-the-role-of-the-imf-17759/index.md",
    "json": "/en/publications/wp/issues/2016/12/31/keeping-capital-flowing-the-role-of-the-imf-17759/index.json",
    "bundleManifest": "/en/publications/wp/issues/2016/12/31/keeping-capital-flowing-the-role-of-the-imf-17759/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-17T17:14:03.087Z"
}