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The Response of Other Lenders to the IMF

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  • Rowlands, Dane

Abstract

Until the late 1980s, it was a stylized fact that when a country adopted an IMF program, additional loans from non-IMF sources would be triggered. Subsequent empirical research cast doubt on this catalytic effect; a country's past involvement with the IMF appeared to be negatively correlated with new lending. This paper examines directly the response of lenders to the presence of IMF conditional agreements in developing countries in the 1973-89 period. While total lending does appear to increase in response to the presence of some IMF agreements, the effect varies over time, and across recipients and lenders. Copyright 2001 by Blackwell Publishing Ltd.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Review of International Economics.

Volume (Year): 9 (2001)
Issue (Month): 3 (August)
Pages: 531-46

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Handle: RePEc:bla:reviec:v:9:y:2001:i:3:p:531-46

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Cited by:
  1. Frankel, Jeffrey & Roubini, Nouriel, 2002. "The Role of Industrial Country Policies in Emerging Market Crises," Working Paper Series, Harvard University, John F. Kennedy School of Government rwp02-002, Harvard University, John F. Kennedy School of Government.
  2. Wasseem Mina & Jorge Martinez-Vazquez, 2002. "IMF Lending, Maturity of International Debt and Moral Hazard," International Center for Public Policy Working Paper Series, at AYSPS, GSU, International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University paper0301, International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University.
  3. Graham Bird & Dane Rowlands, 2007. "The Analysis of Catalysis: IMF Programs and Private Capital Flows," School of Economics Discussion Papers, School of Economics, University of Surrey 0107, School of Economics, University of Surrey.
  4. Molly Bauer & Cesi Cruz & Benjamin Graham, 2012. "Democracies only: When do IMF agreements serve as a seal of approval?," The Review of International Organizations, Springer, Springer, vol. 7(1), pages 33-58, March.
  5. Winston R. MOORE, 2009. "Do International Monetary Fund Programs Impact On The Sacrifice Ratio?," The Developing Economies, Institute of Developing Economies, vol. 47(2), pages 202-219.
  6. Graham Bird & Dane Rowlands, 2000. "The catalyzing role of policy-based lending by the IMF and the World Bank: fact or fiction?," Journal of International Development, John Wiley & Sons, Ltd., vol. 12(7), pages 951-973.

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