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

Author

Listed:
  • Miguel de las Casas

    (Banco de España)

  • Xavier Serra

    (Banco de España)

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.

Suggested Citation

  • Miguel de las Casas & Xavier Serra, 2008. "Simplification of IMF lending. Why not just one flexible credit facility?," Occasional Papers 0806, Banco de España.
    • Handle: RePEc:bde:opaper:0806
    as

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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
    Download Restriction: no
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    References listed on IDEAS

    as
    1. Graham Bird, 2003. "Restructuring the IMF's Lending Facilities," The World Economy, Wiley Blackwell, vol. 26(2), pages 229-245, February.
    Full references (including those not matched with items on IDEAS)

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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 Hungary]," MPRA Paper 14723, University Library of Munich, Germany.

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    More about this item

    Keywords

    credit lines; crisis resolution; financial facilities; IMF; official lending;
    All these keywords.

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F5 - International Economics - - International Relations, National Security, and International Political Economy

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