The Mussa Theorem (and Other Results on IMF-Induced Moral Hazard) /
Using a simple model of international lending, we show that as long as the IMF lends at an actuarially fair interest rate and debtor governments maximize the welfare of their taxpayers, any changes in policy effort, capital flows, or borrowing costs in response to IMF crisis lending are efficient. T...
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| Format: | Tidsskrift |
| Sprog: | English |
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Washington, D.C. :
International Monetary Fund,
2004.
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| Serier: | IMF Working Papers; Working Paper ;
No. 2004/192 |
| Online adgang: | Full text available on IMF |