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Implicit Transfers in IMF Lending, 1973-2003

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  • Priyadarshani Joshi
  • Jeromin Zettelmeyer

Abstract

We 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 ¾ percent for the emerging market countries.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 05/8.

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Length: 41
Date of creation: 01 Jan 2005
Date of revision:
Handle: RePEc:imf:imfwpa:05/8

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Keywords: International Monetary Fund; Moral hazard; HIPC Initiative; Subsidies; Heavily indebted poor countries; debt; debt relief; interest; repayment; loans; bond; present value; bonds; net present value; discounting; bond rate; cash flows; yield curve; government bond; debts; payments; default risk; creditor; credit risk; interest rate risk; obligations; creditor countries; government bonds; multilateral debt; internal rate of return; bond rates; creditors; net cash flows; money market; overdue obligations; borrowing costs; discount rate; bond markets; debt forgiveness; debt reduction; bond yields; sovereign bonds; taxpayers; money market interest rates; interest charges; money market interest; debtors; denominated bond; global ? bond index; financial system; term bond; private debt; long term loans; money market rate; debt sustainability; international financial system; bailouts; bond index; debtor countries; medium term bonds; bond yield; rate bonds; yield curves; global ? bond; money market rates; international reserves; risk premium; international financial architecture; short interest; term bonds; debt problems; debt outstanding; currency crises; medium term bond; financial safety net; overdue charges; debt flows;

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  1. 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.
  2. 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.
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