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IMF Lending in Times of Crisis: Political Influences and Crisis Prevention

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  • Presbitero, Andrea F.
  • Zazzaro, Alberto

Abstract

In the wake of the global crisis the International Monetary Fund (IMF) has increased its exposure to developing countries and modified its lending approach to enhance its crisis prevention role. In this paper we examine whether, during the current crisis, IMF lending was actually directed at preventing the spread of the crisis and whether participation in IMF programs was sensitive to the politico-economic interests of the Fund’s main shareholders. We find that the political similarity with G7 countries is positively correlated with the probability of entering a loan agreement, while the harsher the crisis and the exposure of foreign banks in the country, the larger the loan granted by the IMF.

Suggested Citation

  • Presbitero, Andrea F. & Zazzaro, Alberto, 2012. "IMF Lending in Times of Crisis: Political Influences and Crisis Prevention," World Development, Elsevier, vol. 40(10), pages 1944-1969.
    • Handle: RePEc:eee:wdevel:v:40:y:2012:i:10:p:1944-1969
    DOI: 10.1016/j.worlddev.2012.04.009
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    8. Gago Andrés & Carozzi Felipe & Bermejo Vicente J. & Abad Jose M., 2023. "Government Turnover and External Financial Assistance," Asociación Argentina de Economía Política: Working Papers 4655, Asociación Argentina de Economía Política.
    9. Bernardo Guimaraes & Carlos Eduardo Ladeira, 2021. "The determinants of IMF fiscal conditionality: Economics or politics?," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 54(3), pages 1361-1399, November.
    10. Mr. Calixte Ahokpossi & Laurence Allain & Giovanna Bua, 2014. "A Constrained Choice? Impact of Concessionality Requirements on Borrowing Behavior," IMF Working Papers 2014/176, International Monetary Fund.
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    13. Irina Andone & Beatrice D. Scheubel, 2017. "Memorable Encounters? Own and Neighbours' Experience with IMF Conditionality and IMF Stigma," CESifo Working Paper Series 6399, CESifo.
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