This paper explores empirically how the adoption of IMF programs affects sovereign risk over the medium term. We find … that IMF programs significantly increase the probability of subsequent sovereign defaults by approximately 1.5 to 2 … sovereign defaults and program participation simultaneously. Furthermore, IMF programs turn out to be especially detrimental to …

The paper presents a detailed description of IMF and World Bank conditionality and tries to explain changes in this … World Bank conditionality as well as interruptions of IMF programs in the recipient countries. Compliance with World Bank … conditionality is lower in election years and pre-election years. Breakdowns of IMF programs are less likely in election years …

According to the IMF, the current public debt makes up nearly 40 percent of the global debt, marking the highest share …. This paper investigates macroeconomic, financial, and political determinants of IMF credit use in the post-2010 era. The … Extreme Bounds Analysis (EBA) method, our study reveals that fluctuations in the IMF credit to external debt ratio can be …