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Adoption of an IMF programme and debt rescheduling: an empirical analysis

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Marchesi, Silvia (2000) Adoption of an IMF programme and debt rescheduling: an empirical analysis. Working Paper. Coventry: University of Warwick. Centre for the Study of Globalisation and Regionalisation. Working papers (University of Warwick. Centre for the Study of Globalisation and Regionalisation) (No.56/00).

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Abstract

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)
Subjects: H Social Sciences > HJ Public Finance
Divisions: Faculty of Social Sciences > Centre for the Study of Globalisation and Regionalisation
Library of Congress Subject Headings (LCSH): International Monetary Fund, Debts, Public, Debt relief, Probits, International economic relations
Series Name: Working papers (University of Warwick. Centre for the Study of Globalisation and Regionalisation)
Publisher: University of Warwick. Centre for the Study of Globalisation and Regionalisation
Place of Publication: Coventry
Official Date: June 2000
Dates:
DateEvent
June 2000Published
Number: No.56/00
Number of Pages: 33
Institution: University of Warwick
Status: Not Peer Reviewed
Access rights to Published version: Open Access (Creative Commons)
Funder: Marie Curie Fellowship Association (MCFA)
Grant number: ERB4001GT973677 (MCFA)

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