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Once bitten: new evidence on the link between IMF conditionality and IMF stigma

Irina Andone and Beatrice Scheubel

No 2262, Working Paper Series from European Central Bank

Abstract: While the consequences and effectiveness of IMF conditionality have long been the focus of research, the possible negative impact of IMF conditionality on countries’ willingness to ask for an IMF programme – often termed ‘IMF stigma’ – has recently received attention particularly from policy circles. In this paper we investigate how countries' past experience with the IMF and their peers’ experience with the IMF affect their likelihood of entering a subsequent IMF arrangement. Our results indicate that, even when controlling for the success of past programmes, a country is less likely to approach the IMF for help if in the past it experienced an above-average number of disbursement-relevant conditions. We find hardly any impact of peers’ experience, except for Asian countries. JEL Classification: F33, F53, F55, H87

Keywords: crisis resolution; financial arrangements; IMF MONA; reserves (search for similar items in EconPapers)
Date: 2019-04
New Economics Papers: this item is included in nep-sea
Note: 2025627
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Handle: RePEc:ecb:ecbwps:20192262