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Should It Be Curtains for Some of the IMF’s Lending Windows?

  • Graham Bird

    (University of Surrey)

  • Dane Rowlands

    (Carleton University)

Increasing attention is being paid to IMF governance, and the structure and size of the Fund’s lending operations. However, less interest has been shown in the array of lending windows through which the IMF makes resources available. There have nonetheless been clear trends over recent years in the extent to which the windows are used. What discussion has occurred has been largely qualitative. In this paper, and as far as the data allow, we adopt a quantitative approach and focus on the extent to which the economic circumstances in which countries sign extended and concessionary arrangements differ from those in which they sign conventional stand bys. On this basis, we claim that there is a strong case for discontinuing the EFF but for continuing the PRGF. The paper also discusses, more broadly, reforms to the structure of the IMF’s lending windows.

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Paper provided by School of Economics, University of Surrey in its series School of Economics Discussion Papers with number 0905.

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Length: 24 pages
Date of creation: Apr 2005
Date of revision:
Handle: RePEc:sur:surrec:0905
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  1. Bird, Graham & Hussain, Mumtaz & Joyce, Joseph P., 2004. "Many happy returns? Recidivism and the IMF," Journal of International Money and Finance, Elsevier, vol. 23(2), pages 231-251, March.
  2. Robert J. Barro & Jong-Wha Lee, 2002. "IMF Programs: Who is Chosen and What Are the Effects?," NBER Working Papers 8951, National Bureau of Economic Research, Inc.
  3. Graham Bird, 2003. "Restructuring the IMF's Lending Facilities," The World Economy, Wiley Blackwell, vol. 26(2), pages 229-245, 02.
  4. Carmen M. Reinhart & Kenneth S. Rogoff, 2002. "The Modern History of Exchange Rate Arrangements: A Reinterpretation," NBER Working Papers 8963, National Bureau of Economic Research, Inc.
  5. Knight, Malcolm & Santaella, Julio A., 1997. "Economic determinants of IMF financial arrangements," Journal of Development Economics, Elsevier, vol. 54(2), pages 405-436, December.
  6. Dell, Sidney, 1985. "The fifth credit tranche," World Development, Elsevier, vol. 13(2), pages 245-249, February.
  7. Graham Bird & Dane Rowlands, 2001. "IMF lending: how is it affected by economic, political and institutional factors?," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 4(3), pages 243-270.
  8. Conway, Patrick, 1994. "IMF lending programs: Participation and impact," Journal of Development Economics, Elsevier, vol. 45(2), pages 365-391, December.
  9. Graham Bird & Dane Rowlands, 2007. "The Analysis of Catalysis: IMF Programs and Private Capital Flows," School of Economics Discussion Papers 0107, School of Economics, University of Surrey.
  10. Thomas Barnebeck Andersen & Thomas Harr & Finn Tarp, 2004. "On US politics and IMF Lending," Discussion Papers 04-11, University of Copenhagen. Department of Economics.
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