Exclusion restrictions used to identify demand and supply relationships for market financing among IDA recipients (past and present) show that poor credit ratings and high political instability adversely impact the supply of market finance. While the adverse effects of external debt on market...

Exclusion restrictions used to identify demand and supply relationships for market financing among IDA recipients (past and present) show that poor credit ratings and high political instability adversely impact the supply of market finance. While the adverse effects of external debt on market...

Intro -- Contents -- I. INTRODUCTION -- II. THE LITERATURE -- III. STYLIZED FACTS OF IMF-SUPPORTED PROGRAMS -- IV. DETERMINANTS OF PRIOR ACTIONS -- V. PRIOR ACTIONS AND PROGRAM SUCCESS -- VI. CONCLUSIONS -- References -- Appendix.

Prior actions are measures that need to be implemented prior to Board approval of an IMF-supported program. This paper examines whether such prior actions can signal a willingness to implement reforms, especially when the member's track record is weak. We find some support for this signaling...

Prior actions are measures that need to be implemented prior to Board approval of an IMFsupported program. This paper examines whether such prior actions can signal a willingness to implement reforms, especially when the member''s track record is weak. We find some support for this signaling...