Traditional conditionality in policy-based lending is often criticized as being ineffective, intrusive, and corrosive. Disillusionment has led to proposals to replace ex ante conditionality with ex post conditionality and to focus on ownership, selectivity, and partnerships. This article reviews...

This paper assesses an economy's default risk on its international debt by considering different approaches,prevalent in the literature. Unlike in multi-country studies,these data comprise reported loans to one economy only-This is useful since the country's macroeconomic development is the...