Using empirical analysis, complemented with case studies, this paper studies under which circumstances IMF programs … the role of conditionality –as opposed to signalling and liquidity– as the strongest channel through which IMF catalyzes …

IMF lending during debt crises on the sovereign’s optimal maturity structure. Within the model, although IMF assistance is … the roll-over problem larger. I take the model to the data and find support for the hypothesis that IMF lending leads … countries to increase their short-term borrowing. Additionally, I do not find any positive effect of IMF lending on countries …

This paper proposes updating and improving the IMF’s lending mechanism, by replacing all of its credit lines with a … mechanism, more readily adaptable to borrowers’ needs, stronger incentives to avoid excessive use of IMF resources and equitable …

workouts, of which the debate on the Sovereign Debt Restructuring Mechanism (SDRM) proposed by the IMF in 2002 is the most … markets. There also appears to be a lack of consistency in the role played by the IMF in the various crises. This is partly … due to the lack of a policy specifically designed to deal with sovereign debt restructurings in the IMF's toolkit, which …

This paper analyzes the role played by the IMF in eight recent sovereign debt restructurings from a comparative … dimensions of the IMF's potential involvement during those processes, and to extract some relevant policy implications to reform … the Policy of Lending Into Arrears. We find that the IMF can potentially exert a substantial influence on sovereign debt …