Adoption of an IMF programme and debt rescheduling: an empirical analysis
Marchesi, Silvia (1999) Adoption of an IMF programme and debt rescheduling: an empirical analysis. Working Paper. Coventry: University of Warwick, Department of Economics. (Warwick economic research papers).
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The existence of an empirical relationship between the adoption of an IMF programme and the concession of a debt rescheduling by commercial and official creditors is tested using a bivariate probit model. If countries who have arrangements with the IMF are more likely than others to obtain a rescheduling of their external debt we could conclude that the adoption of an IMF programme could work as a sort of signal of a country’s “good willingness”, which is thus rewarded with the debt relief. The results confirm the existence of a significant effect of the adoption of an IMF programme on the subsequent concession of a debt rescheduling by creditors.
|Item Type:||Working or Discussion Paper (Working Paper)|
|Alternative Title:||Adoption of an International Monetary Fund programme and debt rescheduling: an empirical analysis|
|Subjects:||H Social Sciences > HJ Public Finance|
|Divisions:||Faculty of Social Sciences > Economics|
|Library of Congress Subject Headings (LCSH):||International Monetary Fund, Debt relief, Probits, International economic relations|
|Series Name:||Warwick economic research papers|
|Publisher:||University of Warwick, Department of Economics|
|Place of Publication:||Coventry|
|Number of Pages:||35|
|Status:||Not Peer Reviewed|
|Access rights to Published version:||Open Access|
|Funder:||Fifth Framework Programme (European Commission) (FP5)|
|Grant number:||ERB4001GT973677 (FFP)|
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