Imf Drawing Programs: Participation Determinants and Forecasting
This paper studies the factors that have influenced countries'' participation in IMF drawing programs. IMF drawing programs are defined as the period of a Stand-By Arrangement or an Extended Fund Facilities program during which a country borrows from the Fund. Since this definition exclude...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2007
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 07/152 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | This paper studies the factors that have influenced countries'' participation in IMF drawing programs. IMF drawing programs are defined as the period of a Stand-By Arrangement or an Extended Fund Facilities program during which a country borrows from the Fund. Since this definition excludes precautionary arrangements and periods during which the program went off-track, it provides a closer link to the factors that have influenced the evolution of IMF credit outstanding. The analysis uses quarterly data during the period 1982-2005 and focuses on developing, non-PRGF eligible countries. Country-specific variables-net international reserves and GDP growth-together with a global factor-world GDP growth-are found to be among the most significant determinants of countries'' participation in IMF drawing programs. The importance of the global factor is not uniform during the period reviewed. The influence of world GDP growth seems to have been significant during the 1980s debt crises but not since the Mexican crisis in 1994. An out-of-sample forecast evaluation of the period 2004-5 reveals that the model has some predictive power |
| Beschreibung: | 1 Online-Ressource (27 p) |
| ISBN: | 1451867166 9781451867169 |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:23Z |
| indexdate | 2024-07-10T09:35:32Z |
| institution | BVB |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Cerutti, Eugenio Verfasser aut Imf Drawing Programs Participation Determinants and Forecasting Cerutti, Eugenio Washington, D.C International Monetary Fund 2007 1 Online-Ressource (27 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 07/152 This paper studies the factors that have influenced countries'' participation in IMF drawing programs. IMF drawing programs are defined as the period of a Stand-By Arrangement or an Extended Fund Facilities program during which a country borrows from the Fund. Since this definition excludes precautionary arrangements and periods during which the program went off-track, it provides a closer link to the factors that have influenced the evolution of IMF credit outstanding. The analysis uses quarterly data during the period 1982-2005 and focuses on developing, non-PRGF eligible countries. Country-specific variables-net international reserves and GDP growth-together with a global factor-world GDP growth-are found to be among the most significant determinants of countries'' participation in IMF drawing programs. The importance of the global factor is not uniform during the period reviewed. The influence of world GDP growth seems to have been significant during the 1980s debt crises but not since the Mexican crisis in 1994. An out-of-sample forecast evaluation of the period 2004-5 reveals that the model has some predictive power Online-Ausg http://elibrary.imf.org/view/IMF001/08545-9781451867169/08545-9781451867169/08545-9781451867169.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Cerutti, Eugenio Imf Drawing Programs Participation Determinants and Forecasting |
| title | Imf Drawing Programs Participation Determinants and Forecasting |
| title_auth | Imf Drawing Programs Participation Determinants and Forecasting |
| title_exact_search | Imf Drawing Programs Participation Determinants and Forecasting |
| title_exact_search_txtP | Imf Drawing Programs Participation Determinants and Forecasting |
| title_full | Imf Drawing Programs Participation Determinants and Forecasting Cerutti, Eugenio |
| title_fullStr | Imf Drawing Programs Participation Determinants and Forecasting Cerutti, Eugenio |
| title_full_unstemmed | Imf Drawing Programs Participation Determinants and Forecasting Cerutti, Eugenio |
| title_short | Imf Drawing Programs |
| title_sort | imf drawing programs participation determinants and forecasting |
| title_sub | Participation Determinants and Forecasting |
| url | http://elibrary.imf.org/view/IMF001/08545-9781451867169/08545-9781451867169/08545-9781451867169.xml |
| work_keys_str_mv | AT ceruttieugenio imfdrawingprogramsparticipationdeterminantsandforecasting |