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Do credit markets have faith in IMF imprimatur?

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journal contribution
posted on 24.05.2017 by Yener Altunbas, Shanti P. Chakravarty, Alper Kara
This paper examines the effect of the IMF imprimatur on the cost of borrowing in the international capital markets by investigating over 2600 loan contracts issued to public and private sector borrowers located in countries experiencing balance of payments problems between 1993 and 2001. The data are grouped into two samples. Both the samples comprise countries characterised by similar balance of payments problems, but only one of them comprise countries that have availed of IMF assistance. The IMF assisted countries paid more for short term loans and had obtained fewer long term loans compared to their non-IMF peers for the financing of similar purpose projects.

History

School

  • Business and Economics

Department

  • Business

Published in

Journal of World Economic Review

Volume

1

Issue

2

Pages

221 - 239

Citation

ALTUNBAS, Y., CHAKRAVARTY, S. and ALPER, K., 2006. Do credit markets have faith in IMF imprimatur? Journal of World Economic Review, 1 (2), pp.221-239.

Publisher

© Serials Publications (New Delhi)

Version

AM (Accepted Manuscript)

Publisher statement

This work is made available according to the conditions of the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0) licence. Full details of this licence are available at: https://creativecommons.org/licenses/by-nc-nd/4.0/

Publication date

2006

ISSN

0973-4368

Language

en

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