Arrears to the IMF – A Ghost of the Past?

Anne Oeking and Mariusz Sumlinski

No 2016/225, IMF Working Papers from International Monetary Fund

Abstract: In this paper, we consider incidences of arrears to the IMF, focusing on protracted arrears cases and attempt to identify determinants of their occurrence. We use narrative and formal methods. In addition, we analyze determinants of the duration of arrears. We find that previous arrears, reserves coverage, and institutional quality are among the main determinants of arrears. In addition, we identify a role for political developments, including civil unrest, which make arrears more likely to arise and to last longer. We conclude that improved macroeconomic conditions and turnaround of political fortunes would help to clear the currently remaining protracted arrears cases.

Keywords: WP; arrears case; IMF credit; arrears occurrence; protracted arrears; arrears clearance; Arrears; International Monetary Fund; External Debt; clearance path; Credit; Commodity price indexes; Logit models; Global (search for similar items in EconPapers)
Pages: 40
Date: 2016-11-16
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:imf:imfwpa:2016/225

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