TY  - BOOK
AU  - Dhonte,Pierre
TI  - Conditionality as an Instrument of Borrower Credibility
T2  - IMF Policy Discussion Papers; Papers on Policy Analysis and Assessment
SN  - 1451974426 :
SN  - 1934-7456
PY  - 1997///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - Conditionality/Credibility
KW  - imf
KW  - Credit Rating
KW  - Credit Ratings
KW  - Debt
KW  - External Financing
KW  - Institutional Investor
KW  - Kenya
N2  - Fund member countries that adopt market-friendly policies often encounter a credibility problem-market-friendly policies are not effective in stimulating private investment as long as there remains a significant risk of policy reversal. The root of this risk lies in the discretionary policy-making authority of governments. Committing to a program with the Fund, and endorsing its conditionality, is one instrument available to governments to overcome this difficulty. The paper develops this interpretation of conditionality and indicates some of its operational implications for Fund programs
UR  - http://elibrary.imf.org/view/IMF003/01334-9781451974423/01334-9781451974423/01334-9781451974423.xml
UR  - http://www.imfbookstore.org/IMFORG/9781451974423
ER  -