IMF programs, financial and real sector performance, and the Asian crisis

► We examine the impact of IMF-related news on both financial and real sectors during the Asian crisis. ► We consider the interplay between IMF actions and the government's willingness to implement them. ► We consider the public sentiment about the implemented IMF programs and government policies. ► Net wealth effect of IMF actions depends on the reaction of the government and the public to IMF policy. ► Financial and real sector impacts are different contingent on IMF programs and local reactions.