Vulnerability, Crisis and Debt Maturity: do IMF Interventions Shorten the Length of Borrowing?
AbstractThis paper studies how IMF lending affects countries' bonds maturity. Debt maturity was claimed to be one of the causes of the crisis of recent years: Too much short-term debt would be the seed of self-fulfilling crises. In turn, one of the goals of the IMF is to prevent crises and to alleviate their effects once they occur. I find that IMF interventions shorten the length of countries' borrowing which is a non desirable, and not analyzed, consequence of IMF lending. Moreover, this finding is consistent with the implications of this Institution's senior status in its lending.
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Bibliographic InfoPaper provided by Central Bank of Chile in its series Working Papers Central Bank of Chile with number 600.
Date of creation: Nov 2010
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Other versions of this item:
- Diego Saravia, 2013. "Vulnerability, Crisis and Debt Maturity: Do IMF Interventions Shorten the Length of Borrowing?," Working Papers Central Bank of Chile 697, Central Bank of Chile.
- NEP-ALL-2011-04-23 (All new papers)
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- Aitor Erce, 2012. "Does the IMF´s official support affect sovereign bond maturities?," Banco de Espaï¿½a Working Papers 1231, Banco de Espa�a.
- Luca Papi & Andrea Filippo Presbitero & Alberto Zazzaro, 2013. "IMF Lending and Banking Crises," Mo.Fi.R. Working Papers 80, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
- Aitor Erce, 2012. "Does the IMF's official support affect sovereign bonds maturities?," Globalization and Monetary Policy Institute Working Paper 128, Federal Reserve Bank of Dallas.
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