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IMF Lending and Banking Crises

Author

Listed:
  • Luca Papi
  • Mr. Andrea F Presbitero
  • Alberto Zazzaro

Abstract

This paper looks at the effects of International Monetary Fund (IMF) lending programs on banking crises in a large sample of developing countries, over the period 1970-2010. The endogeneity of the IMF intervention is addressed by adopting an instrumental variable strategy and a propensity score matching estimator. Controlling for the standard determinants of banking crises, our results indicate that countries participating in IMF-supported lending programs are significantly less likely to experience a future banking crisis than nonborrowing countries. We also provide evidence suggesting that compliance with conditionality and loan size matter.

Suggested Citation

  • Luca Papi & Mr. Andrea F Presbitero & Alberto Zazzaro, 2015. "IMF Lending and Banking Crises," IMF Working Papers 2015/019, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2015/019
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    More about this item

    Keywords

    WP; banking crisis; IMF arrangement; IMF program; IMF intervention; Banking crises; IMF programs; Political economy; Conditionality; IMF emergency liquidity provision; IMF loan agreement; IMF activity; IMF support; liquidity provision; lending arrangement; IMF presence; IMF rescue package; Systemic crises; Loans; Currency crises; Global;
    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
    • F35 - International Economics - - International Finance - - - Foreign Aid
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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