a lower IMF rate. Highly indebted countries hit by large negative shocks to output will default. The resulting reduction … further rounds of defaults. In this environment the IMF can limit default and internalize the externality generated by … contagion through its lending with conditionality. We characterize the IMF's optimal lending decision in mitigating the loss in …

Sovereign default is the switching state between successful and unsuccessful Fund catalysis. We find the IMF to be … resuming lending, even when the IMF intervenes. As long as default is avoided, IMF programs help a country signal its … Fund catalysis, than the size of IMF lending. …

This paper examines the claim that the IMF catalyzes other capital flows. We identify a series of propositions based on … recent theoretical work, use a treatment effects model to deal with selection bias, and examine whether the IMF catalyzes …

económica, más allá del cumplimiento escrupuloso de los procedimientos asociados a la condicionalidad. ; In IMF lending to … reforms contained in an economic program. The IMF periodically revises the design and conditionality of economic programs. One …, is a proposal to measure the effectiveness of IMF programs in ... …

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 …

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. …

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 fi nd support for the hypothesis that IMF lending leads … countries to increase their short-term borrowing. Additionally, I do not fi nd any positive effect of IMF lending on countries …