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Simplification of IMF lending. Why not just one flexible credit facility?

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Author Info

  • Miguel de las Casas

    ()
    (Banco de España)

  • Xavier Serra

    ()
    (Banco de España)

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    Abstract

    This paper proposes updating and improving the IMF’s lending mechanism, by replacing all of its credit lines with a single financial facility. Under this single facility, costs would rise with the volume drawn down and the time elapsed. At the same time, arrangement and repayment periods would be more flexible. The result would be a less complicated financing mechanism, more readily adaptable to borrowers’ needs, stronger incentives to avoid excessive use of IMF resources and equitable treatment for all member countries.

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    File URL: http://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosOcasionales/08/Fic/do0806e.pdf
    File Function: First version, August 2008
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    Bibliographic Info

    Paper provided by Banco de Espa�a in its series Banco de Espa�a Occasional Papers with number 0806.

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    Length: 38 pages
    Date of creation: Aug 2008
    Date of revision:
    Handle: RePEc:bde:opaper:0806

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    Web page: http://www.bde.es/
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    Related research

    Keywords: credit lines; crisis resolution; financial facilities; IMF; official lending;

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    1. Graham Bird, 2003. "Restructuring the IMF's Lending Facilities," The World Economy, Wiley Blackwell, vol. 26(2), pages 229-245, 02.
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    Cited by:
    1. Shirai, Sayuri, 2009. "Imfの融資制度ーアイスランド、ウクライナ、ラトビア、ハンガリーのケースをもとにして
      [IMF Financing Systems-Based on the Cases of Iceland, Ukraine, Latvia, and H
      ," MPRA Paper 14723, University Library of Munich, Germany.

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