The IMF’s role in past systemic banking crises has been hotly debated. Indeed, prominent intellectuals have criticised the Fund for creating or exacerbating crises. This column discusses new evidence showing that IMF lending programmes are in fact associated with a lower probability of banking crises occurring in future.
Axel Dreher, Peter Nunnenkamp, Hannes Öhler, 26 November 2010
Performance-based aid provides a promising alternative to the failed traditional approach but hardly any empirical evidence exists on its effectiveness in inducing reforms. This column provides new evidence from the Millennium Challenge Corporation’s impact on corruption. It suggests performance-based aid can lead to reforms but only if uncertainty about the timeliness and amount of aid rewards is avoided.
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