Adoption of an IMF programme and debt rescheduling. An empirical analysis
AbstractThe 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 countryâ€™s â€œgood willingnessâ€, 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.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Development Economics.
Volume (Year): 70 (2003)
Issue (Month): 2 (April)
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Web page: http://www.elsevier.com/locate/devec
Other versions of this item:
- Marchesi, Silvia, 1999. "Adoption of an IMF Programme and Debt Rescheduling. An Empirical Analysis," The Warwick Economics Research Paper Series (TWERPS) 542, University of Warwick, Department of Economics.
- Silvia Marchesi, 2001. "Adoption of an IMF Programme and Debt Rescheduling. An Empirical Analysis," Development Working Papers 152, Centro Studi Luca d\'Agliano, University of Milano.
- F34 - International Economics - - International Finance - - - International Lending and Debt Problems
- C35 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions
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