IMF lending practices respond to economic conditions but are also sensitive to political-economy variables. Specifically, the sizes and frequencies of loans are influenced by a country's presence at the Fund, as measured by the country's share of quotas and professional staff. IMF lending is also sensitive to a country's political and economic proximity to some major shareholding countries of the IMF -- the United States, France, Germany, and the United Kingdom. We measured political proximity by voting patterns in the United Nations and economic proximity by bilateral trading volumes. These results are of considerable interest for their own sake but also provide instrumental variables for estimating the effects of IMF lending on economic performance. Instrumental estimates indicate that the size of IMF lending is insignificantly related to economic growth in the contemporaneous five-year period but has a significantly negative effect in the subsequent five years.
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number
8951.
Length: Date of creation: May 2002 Date of revision: Handle: RePEc:nbr:nberwo:8951
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Find related papers by JEL classification: F3 - International Economics - - International Finance F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
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Yung Chul Park & Jong-Wha Lee, 2003.
"Recovery and Sustainability in East Asia,"
NBER Chapters,
in: Managing Currency Crises in Emerging Markets, pages 275-320
National Bureau of Economic Research, Inc.
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