This paper investigates the dynamic aggregate response of firm investments to the approval of an IMF arrangement. Using …

Using panel data for 157 countries over the period 1999-2005 we empirically investigate the politics involved in IMF … find inflation forecasts are systematically biased downwards for countries with greater IMF loans outstanding relative to … GDP, indicating that the IMF engages in defensive forecasting. Countries with a fixed exchange rate regime also receive …

Using panel data for 157 countries over the period 1999-2005 we empirically investigate the politics involved in IMF … find inflation forecasts are systematically biased downwards for countries with greater IMF loans outstanding relative to … GDP, indicating that the IMF engages in defensive forecasting. Countries with a fixed exchange rate regime also receive …

Using panel data for 157 countries over the period 1999-2005 we empirically investigate the politics involved in IMF … find inflation forecasts are systematically biased downwards for countries with greater IMF loans outstanding relative to … GDP, indicating that the IMF engages in “defensive forecasting.” Countries with a fixed exchange rate regime also receive …

Using panel data for 157 countries over the period 1999-2005 we empirically investigate the politics involved in IMF … find inflation forecasts are systematically biased downwards for countries with greater IMF loans outstanding relative to … GDP, indicating that the IMF engages in “defensive forecasting.” Countries with a fixed exchange rate regime also receive …

, concerning the hypotheses of defensive lending (and defensive granting). Specifically, while a higher level of multilateral debt … loans as their debt exposure increases and significantly so in the case of HIPC, while bilateral donors give more grants to … HIPC as their bilateral debt share increases. …

the role of debt, and debt sustainability, in the decisions of multilateral and bilateral donors. We estimate a dynamic … other 35 low-income countries. Our results point to no evidence of defensive lending as opposed to strong evidence of … defensive granting. A significant negative reaction of net loans to the debt ratio characterizes the decisions of both …

compared to non-HIPCs, have been increasing with their debt level. Greater net transfers have taken the form of net loans from … of defencive lending and defencive granting. …

compared to non-HIPCs, have been increasing with their debt level. Greater net transfers have taken the form of net loans from … hypothesis of defensive lending and defensive granting. …

We investigate whether defensive lending and defensive granting motivated the transfer of resources by official donors … evidence of defensive lending as opposed to strong evidence of defensive granting. Both bilateral and multilateral donors … reduce their loans as the debt they hold increases (where such “correction” is actually weaker in the case of multilateral …