Articlegreen2011

Explaining IMF Lending Decisions after the Cold War

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Global Financial Crisis and Policies International Development and Aid Economic, financial, and policy analysis

Abstract

This paper empirically investigates the economic and political factors that affect a country’s likelihood to sign an arrangement with the IMF and the determinants of the financial size of such a program. Arguably the world and the global financial architecture underwent structural changes after the ending of Cold War and so did the role of the IMF. Hence, we update and extend the work of Sturm et al. (2005) by employing a panel model for 165 countries that focuses on the post-Cold War era, i.e., 1990–2009. Our results, based on extreme bounds analysis, suggest that some economic and political variables are robustly related to these two dimensions of IMF program decisions. Furthermore, we show that it is important to distinguish between concessional and non-concessional IMF loans.

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References

1991A SENSITIVITY ANALYSIS OF CROSS-COUNTRY GROWTH REGRESSIONS 2006Does globalization affect growth? Evidence from a new index of globalization 2005What matters for financial development? Capital controls, institutions, and interactions 1997I Just Ran Two Million Regressions 2004Determinants of Long-Term Growth: A Bayesian Averaging of Classical Estimates (BACE) Approach 1996Currency crashes in emerging markets: An empirical treatment 2006Delegation and Agency in International Organizations 2002IMF Programs: Who is Chosen and What Are the Effects?

Cited by

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