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|z 9781513511689
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|a 1018-5941
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|a Iseringhausen, Martin.
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|a Repeated Use of IMF-Supported Programs :
|b Determinants and Forecasting /
|c Martin Iseringhausen, Mwanza Nkusu, Wellian Wiranto.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2019.
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|a 1 online resource (48 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a This paper studies the determinants of repeated use of Fund-supported programs in a large sample covering virtually all General Resources Account (GRA) arrangements that were approved between 1952 and 2012. Generally, the revolving nature of the IMF's resources calls for the temporary sup-port of member countries to address balance of payments problems while repeated use has often been viewed as program failure. First, using probit models we show that a small number of country-specific variables such as growth, the current account balance, the international reserves position, and the institutional framework play a significant role in explaining repeated use. Second, we discuss the role of IMF-specific and program-specific variables and find evidence that a country's track record with the Fund is a good predictor of repeated use. Finally, we conduct an out-of-sample forecasting exer-cise. While our approach has predictive power for repeated use, exact forecasting remains challenging. From a policy perspective, the results could prove useful to assess the risk IMF programs pose to the revolving nature of the Fund's financial resources.
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|a Mode of access: Internet
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|a Nkusu, Mwanza.
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|a Wiranto, Wellian.
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|a IMF Working Papers; Working Paper ;
|v No. 2019/245
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2019/245/001.2019.issue-245-en.xml
|z IMF e-Library
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