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This paper studies the role of IMF-supported programs in mitigating the likelihood of subsequent sovereign defaults in borrowing countries. Using a panel of 106 developing countries from 1970 to 2016 and an entropy balancing methodology, we find that IMF-supported programs significantly reduce...
Persistent link: https://www.econbiz.de/10011996413
The effects of the IMF''s data standards initiatives on sovereign borrowing costs in private capital markets are investigated for 26 emerging market and developing countries. Stable and significant panel econometric estimates indicate that subscription to the Special Data Dissemination Standard...
Persistent link: https://www.econbiz.de/10014400525
We compute realized transfers implicit in IMF lending from 1973-2003, based on 2003 IMF repayment projections and promised debt relief. IMF lending rates to high-and middleincome countries fell short of industrial country borrowing rates by 30-150 basis points over the period as a whole, but...
Persistent link: https://www.econbiz.de/10014400635
Exclusion restrictions used to identify demand and supply relationships for market financing among IDA recipients (past and present) show that poor credit ratings and high political instability adversely impact the supply of market finance. While the adverse effects of external debt on market...
Persistent link: https://www.econbiz.de/10014402368
In principle, international financial institutions (IFIs) can use their leverage as creditors to prompt governments to undertake policy reform. Yet such lending has been frequently linked to unsustainable debt levels and little reform. This paper illustrates how the dual roles of IFIs as...
Persistent link: https://www.econbiz.de/10014399675
While the “dependent economy” approach has been used extensively in theoretical work on developing countries, there is very little empirical analysis of it available in the literature. This paper specifies a dependent economy model which incorporates several developing-country features,...
Persistent link: https://www.econbiz.de/10014397422
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Persistent link: https://www.econbiz.de/10011282762
This paper investigates macro-financial linkages in Egypt using two complementary methods, assessing the interaction …
Persistent link: https://www.econbiz.de/10012671098