An Econometric Analysis of Countries' Repayment Performance to the International Monetary Fund
March 1, 1998
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Summary
While the literature on external debt repayment performance by sovereign debtors is extensive, repayment performance vis-à-vis the International Monetary Fund has not been dealt with separately. Given differences between the Fund and other providers of financial resources, this paper considers whether it is possible to distinguish through logit analysis between the countries that make timely repayments to the Fund and those that become overdue. The paper finds that the inclusion of Fund-specific financial variables and a small number of macroeconomic variables yields a highly significant econometric model of the probability of a country incurring Fund arrears.
Subject: Arrears, Debt burden, Debt service, Exports, External debt, International trade
Keywords: adjustment program, Arrears, arrears case, arrears to the fund, clearing procedure, Debt burden, Debt service, Exports, fund arrears, fund quota, Global, per capita income, repayment behavior, repayment history, repayment performance, WP
Pages:
47
Volume:
1998
DOI:
Issue:
032
Series:
Working Paper No. 1998/032
Stock No:
WPIEA0321998
ISBN:
9781451979893
ISSN:
1018-5941
Notes
Also published in Staff Papers, Vol. 45, No. 4, December 1998.
