Dreher, Axel; Vaubel, Roland - In: Open Economies Review 15 (2004) 1, pp. 5-22
Using panel data for 94 countries in 1975–97, we estimate OLS, 2SLS and GMM regressions to explain IMF and IBRD lending as well as monetary and fiscal policies in the recipient countries. With respect to moral hazard, we find that a country's government budget deficit and its rate of...