出版社：Center for European, Governance and Economic Development
摘要：We focus on the role that the transmission of information between a multilateral
(e.g., the IMF) and a country has for optimal (conditional) reform design. The main
result is that the informational advantage of the country must be strictly greater
than the advantage of the multilateral in order to increase a country’s discretion in
the choice of the policies to be implemented (country ownership). To the contrary,
an increase in the conflict of interests between the multilateral and the country may
lead the multilateral to leave more freedom in designing reforms, which is at odds
to what is commonly argued. Our empirical results provide support to the idea that
the IMF follows an optimal allocation rule of control rights over policies, leaving
the recipient countries more freedom whenever their local knowledge appears to be
crucial for designing more adequate reforms.
