Implicit Transfers in IMF Lending, 1973-2003
AbstractWe compute realized transfers implicit in IMF lending from 1973-2003, based on 2003 IMF repayment projections and promised debt relief. IMF lending rates to high-and middleincome countries fell short of industrial country borrowing rates by 30-150 basis points over the period as a whole, but exhibited a small premium after 1987. The subsidy received by low-income and HIPC countries was much higher (400-600 basis points, respectively). In 2002 NPV terms, cumulative transfers were 12-15 percent of 2002 GDP for the HIPCs, 2-3 percent for low income countries, and less than � percent for the emerging market countries.
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Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 05/8.
Date of creation: 01 Jan 2005
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This paper has been announced in the following NEP Reports:
- NEP-AFR-2005-10-22 (Africa)
- NEP-ALL-2005-10-22 (All new papers)
- NEP-HIS-2005-10-22 (Business, Economic & Financial History)
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- Lynn Aylward & Rupert Thorne, 1998. "An Econometric Analysis of Countries' Repayment Performance to the International Monetary Fund," IMF Working Papers 98/32, International Monetary Fund.
- Michael Mussa, 1999. "Reforming the International Financial Architecture: Limiting Moral Hazard and Containing Real Hazard," RBA Annual Conference Volume, in: David Gruen & Luke Gower (ed.), Capital Flows and the International Financial System Reserve Bank of Australia.
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