IMF lending during debt crises on the sovereign’s optimal maturity structure. Within the model, although IMF assistance is … the roll-over problem larger. I take the model to the data and find support for the hypothesis that IMF lending leads … countries to increase their short-term borrowing. Additionally, I do not find any positive effect of IMF lending on countries …

Using empirical analysis, complemented with case studies, this paper studies under which circumstances IMF programs … the role of conditionality –as opposed to signalling and liquidity– as the strongest channel through which IMF catalyzes …

This paper proposes updating and improving the IMF’s lending mechanism, by replacing all of its credit lines with a … mechanism, more readily adaptable to borrowers’ needs, stronger incentives to avoid excessive use of IMF resources and equitable …

This paper discusses, in a very general way, a system of IMF insurance against sovereign default that could be offered … could be priced is also discussed in an appendix. Private lender membership in the IMF is also discussed. This would provide … the IMF with some of the powers that central banks now have. …

The paper shows that an IMF-like coinsurance arrangement among countries can play a useful role in the global financial … system. The operation of the coinsurance arrangement is examined under different loan contracts. It shows that, if the IMF …

of the IMF in light of the past experience in preventing currency crises and a systemic breakdown of the world …’s financial system and points out necessary IMF reforms. It discusses how the IMF should adjust to the structural changes in the …

workouts, of which the debate on the Sovereign Debt Restructuring Mechanism (SDRM) proposed by the IMF in 2002 is the most … markets. There also appears to be a lack of consistency in the role played by the IMF in the various crises. This is partly … due to the lack of a policy specifically designed to deal with sovereign debt restructurings in the IMF's toolkit, which …

This paper analyzes the role played by the IMF in eight recent sovereign debt restructurings from a comparative … dimensions of the IMF's potential involvement during those processes, and to extract some relevant policy implications to reform … the Policy of Lending Into Arrears. We find that the IMF can potentially exert a substantial influence on sovereign debt …

The paper presents a three period model that studies the eects of IMF loans on borrowers’ and lenders’ welfare … highlighting the fact that the IMF has both de jure and de facto seniority rights over private creditors. It is shown that an IMF … IMF intervention always makes the borrower country better off. The eects on non-senior lenders depend on the size of the …