Adoption of an IMF Programme and Debt Rescheduling. An empirical test of their relationship

Silvia Marchesi

No 269262, Economic Research Papers from University of Warwick - Department of Economics

Abstract: The existence of an empirical relationship between the adoption of an IMF programme and the concession of a debt rescheduling by commercial and o¢cial creditors is tested using a bivariate probit model. If countries who have arrangements with the IMF are more likely than others to obtain a rescheduling of their external debt we could conclude that the adoption of an IMF programme could work as a sort of signal of a country’s “good willingness”, which is thus rewarded with the debt relief. The results con…rm the existence of a signi…cant e¤ect of the adoption of an IMF programme on the subsequent concession of a debt rescheduling by creditors.

Keywords: Agricultural and Food Policy; Research Methods/ Statistical Methods (search for similar items in EconPapers)
Pages: 35
Date: 1999-11-11
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Persistent link: https://EconPapers.repec.org/RePEc:ags:uwarer:269262

DOI: 10.22004/ag.econ.269262

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