We present a simple model of sovereign debt crises in which a country chooses its optimal mix of short and long …-term debt contracts subject to standard contracting frictions: the country cannot commit to repay its debts nor to a specific … path of future debt issues, and contracts cannot be made state contingent nor renegotiated. We show that in order to …

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 …

In an effort to adapt to changes in its environment, the IMF has over the years adjusted its lending framework. Lending … have often been made on an ad hoc basis. The article examines the current structure of IMF lending facilities and the … to address these issues, a comprehensive review of the IMF lending framework is direly needed. In fact, the Fund is …

Despite debt relief under the HIPC Initiative, African countries are still vulnerable to the risk of debt distress. The … debt sustainability framework therefore remains an essential tool. The management of this tool must be flexible in order to …

This paper presents a principal-agent model of IMF conditional lending, in the aftermath of a capital-account liquidity … the provision of efficient emergency lending and reducing inefficient ex-ante credit rationing if the capital outflow … Architecture. We show that debtor moral hazard is only a concern if the IMF cannot commit to make the post-crisis participation …

during the 1980s’ debt crisis, mediation has now been outsourced, under the pressure of the demand by the private sector for … in the SDRM proposal put forward by the IMF in 2001; and the reliance upon national courts, specifically those in which … jurisdiction the initial debt contracts had been signed. This latter option corresponds to the contract-based approach to sovereign …

This paper presents a principal-agent model of IMF conditional lending, in the aftermath of a "capital … for the provision of efficient emergency lending and reducing inefficient ex-ante credit rationing if the capital outflow … Architecture. We show that debtor moral hazard is only a concern if the IMF cannot commit to make the post-crisis participation …

This issue brief examines the International Monetary Fund's (IMF's) economic growth projections for Latin America and … the Caribbean through 2014. It finds that for some countries – most notably Venezuela and Argentina – the IMF … downturn, such as Mexico, recover. In other cases, such as Haiti, the IMF projects a surprisingly big growth spurt. …

the International Monetary Fund (IMF). The White House's Office of Management and Budget originally proposed the $108 … between the U.S. Treasury's borrowing costs and interest received from the IMF. These estimates are conservative and …

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 …