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An Econometric analysis of IBRD creditworthiness

Author

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  • David McKenzie

Abstract

This paper finds that one can econometrically ascertain the determinants of default to the International Bank for Reconstruction and Development (IBRD) through panel logit analysis. Creditworthiness is found to be determined by political and external factors in addition to economic variables. Default to the IBRD is seen to fall into a graduated hierarchy of default, whereby default occurs first to Paris Club and Commercial Bank creditors, with subsequent default to the IBRD being triggered by a high proportion of IBRD and short-term debt in the portfolio and other economic and political factors.

Suggested Citation

  • David McKenzie, 2001. "An Econometric analysis of IBRD creditworthiness," International Economic Journal, Taylor & Francis Journals, vol. 18(4), pages 427-448.
    • Handle: RePEc:taf:intecj:v:18:y:2001:i:4:p:427-448
    DOI: 10.1080/1016873042000299927
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    Cited by:

    1. Gelos, R. Gaston & Sahay, Ratna & Sandleris, Guido, 2011. "Sovereign borrowing by developing countries: What determines market access?," Journal of International Economics, Elsevier, vol. 83(2), pages 243-254, March.
    2. Reiss, Daniel G, 2010. "Concessão de crédito entre bancos centrais no âmbito do Convênio de Pagamentos e Créditos Recíprocos [Credit concession among central banks within the Agreement on Reciprocal Payments and Credits]," MPRA Paper 41322, University Library of Munich, Germany.

    More about this item

    Keywords

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    JEL classification:

    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems

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