Vulnerability, Crisis and Debt Maturity: do IMF Interventions Shorten the Length of Borrowing?

Diego Saravia ()

Working Papers Central Bank of Chile from Central Bank of Chile

Abstract: This paper studies how IMF lending affects countries' bonds maturity. Debt maturity was claimed to be one of the causes of the crisis of recent years: Too much short-term debt would be the seed of self-fulfilling crises. In turn, one of the goals of the IMF is to prevent crises and to alleviate their effects once they occur. I find that IMF interventions shorten the length of countries' borrowing which is a non desirable, and not analyzed, consequence of IMF lending. Moreover, this finding is consistent with the implications of this Institution's senior status in its lending.

Date: 2010-11
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Related works:
Working Paper: Vulnerability, Crisis and Debt Maturity: Do IMF Interventions Shorten the Length of Borrowing? (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:chb:bcchwp:600

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