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Countries' Repayment Performance Vis-Ã -Vis the IMF: An Empirical Analysis

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  • Lynn Aylward

    (International Monetary Fund)

  • Rupert Thorne

    (International Monetary Fund)

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    Abstract

    While the literature on external debt repayment performance by sovereign debtors is extensive, repayment performance vis-Ã -vis the International Monetary Fund has not been dealt with separately. Given differences between the IMF and other providers of financial resources, this paper considers whether it is possible to distinguish through logit analysis between the countries that make timely repayments to the Fund and those that become overdue. The paper finds that the inclusion of IMF-specific financial variables and a small number of macroeconomic variables yields a highly significant econometric model of the probability of a country incurring IMF arrears.

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    Bibliographic Info

    Article provided by Palgrave Macmillan in its journal Staff Papers - International Monetary Fund.

    Volume (Year): 45 (1998)
    Issue (Month): 4 (December)
    Pages: 595-618

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    Handle: RePEc:pal:imfstp:v:45:y:1998:i:4:p:595-618

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    Cited by:
    1. Enrique G. Mendoza & Vivian Z. Yue, 2012. "A General Equilibrium Model of Sovereign Default and Business Cycles," The Quarterly Journal of Economics, Oxford University Press, vol. 127(2), pages 889-946.

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