Adoption of an IMF Programme and Debt Rescheduling. An Empirical Analysis
Silvia Marchesi
The Warwick Economics Research Paper Series (TWERPS) 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 official 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 confirm the existence of a significant effect of the adoption of an IMF programme on the subsequent concession of a debt rescheduling by creditors.
Keywords: IMF Conditionality; Debt Rescheduling; Bivariate probit (search for similar items in EconPapers)
JEL-codes: C35 F34 (search for similar items in EconPapers)
Pages: 35 pages
Date: 1999
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Citations: View citations in EconPapers (4)
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https://warwick.ac.uk/fac/soc/economics/research/workingpapers/2008/twerp542.pdf
Related works:
Journal Article: Adoption of an IMF programme and debt rescheduling. An empirical analysis (2003) 
Working Paper: Adoption of an IMF Programme and Debt Rescheduling. An Empirical Analysis (2001) 
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Persistent link: https://EconPapers.repec.org/RePEc:wrk:warwec:542
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