Economic determinants of IMF financial arrangements

• 成果类型: Article
• 署名作者: Knight, M; Santaella, JA
• 署名单位: International Monetary Fund
• 刊物名称: JOURNAL OF DEVELOPMENT ECONOMICS
• ISSN/ISSBN: 0304-3878
• DOI: 10.1016/S0304-3878(97)00049-7
• 发表日期: 1997
• 页码: 405-436
• 关键词: imf; financial arrangements; adjustment programs

摘要

We analyze factors that lead to IMF approval of financial arrangements. We account for both economic variables that induce a country to seek an IMF arrangement ('demand-side' factors) and macroeconomic policy commitments that the IMF considers when deciding whether to approve it ('supply-side' factors). Using a pooled sample of annual observations for 91 developing countries over 1973-1991, we obtain maximum likelihood bivariate and univariate probit estimates of the approval of an IMF arrangement for a given country in a given year. A number of demand-side and supply-side variables are statistically significant determinants of the approval of an IMF arrangement. (C) 1997 Elsevier Science B.V.