Explaining IMF Arrangements: Was Asia Different?

Graham Bird and Dane Rowlands

No 1606, School of Economics Discussion Papers from School of Economics, University of Surrey

Abstract: Claims have been made that capital account crisis (CAC) countries are discernibly different in terms of the characteristics that lead them to borrow from the IMF. This paper tests these claims. It uses a conventional model of IMF lending to estimate the probability of countries having an IMF arrangement on the basis of key economic circumstances. In particular it examines countries that have been identified by the Fund as capital account crisis countries but it also looks at a number of comparator countries. The findings suggest that there are some regional differences between CAC countries, but also differences within regions. Broadly speaking the findings confirm that Asian economies around the time of the 1997/98 crisis tended to turn to the IMF for financial support more quickly than would have been anticipated.

JEL-codes: F33 F34 (search for similar items in EconPapers)
Pages: 26 pages
Date: 2006-09
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:sur:surrec:1606

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