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The Response of Other Lenders to the IMF

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  • Dane Rowlands

Abstract

Until the late 1980s, it was a stylized fact that when a country adopted an IMF program, additional loans from non‐IMF sources would be triggered. Subsequent empirical research cast doubt on this catalytic effect; a country’s past involvement with the IMF appeared to be negatively correlated with new lending. This paper examines directly the response of lenders to the presence of IMF conditional agreements in developing countries in the 1973–89 period. While total lending does appear to increase in response to the presence of some IMF agreements, the effect varies over time, and across recipients and lenders.

Suggested Citation

  • Dane Rowlands, 2001. "The Response of Other Lenders to the IMF," Review of International Economics, Wiley Blackwell, vol. 9(3), pages 531-546, August.
    • Handle: RePEc:bla:reviec:v:9:y:2001:i:3:p:531-546
    DOI: 10.1111/1467-9396.00298
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    Cited by:

    1. Graham Bird, 2007. "The Imf: A Bird'S Eye View Of Its Role And Operations," Journal of Economic Surveys, Wiley Blackwell, vol. 21(4), pages 683-745, September.
    2. Gatti, Matteo & Gorea, Denis & Presbitero, Andrea, 2023. "The effect of EIB operations on private sector lending outside the European Union," EIB Working Papers 2023/03, European Investment Bank (EIB).
    3. Chungshik Moon & Byungwon Woo, 2022. "Curse of friendship: IMF programme, friendship with the United States and foreign direct investment," The World Economy, Wiley Blackwell, vol. 45(7), pages 2188-2221, July.
    4. Molly Bauer & Cesi Cruz & Benjamin Graham, 2012. "Democracies only: When do IMF agreements serve as a seal of approval?," The Review of International Organizations, Springer, vol. 7(1), pages 33-58, March.
    5. Marijana Andrijic & Tajana Barbic, 2018. "Trick or Treat? The Effect of IMF Programmes on Mobilising FDI in CESEE Countries," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 68(3), pages 245-267, July.
    6. Gehring, Kai & Lang, Valentin, 2020. "Stigma or cushion? IMF programs and sovereign creditworthiness," Journal of Development Economics, Elsevier, vol. 146(C).
    7. Graham Bird & Dane Rowlands, 2007. "The Analysis of Catalysis: IMF Programs and Private Capital Flows," School of Economics Discussion Papers 0107, School of Economics, University of Surrey.

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