Arrears to the IMF – A Ghost of the Past?

In this paper, we consider incidences of arrears to the IMF, focusing on protracted arrears cases and attempt to identify determinants of their occurrence. We use narrative and formal methods. In addition, we analyze determinants of the duration of arrears. We find that previous arrears, reserves co...

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Bibliographic Details
Main Author: Oeking, Anne
Other Authors: Sumlinski, Mariusz
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2016
Series:IMF Working Papers
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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653 |a Price indexes 
653 |a Inflation 
653 |a Credit 
653 |a International Monetary Arrangements and Institutions 
653 |a Econometric analysis 
653 |a Monetary economics 
653 |a Commodity price indexes 
653 |a Deflation 
653 |a Proportions 
653 |a Monetary Policy, Central Banking, and the Supply of Money and Credit: General 
653 |a Logit models 
653 |a Exports and Imports 
653 |a Arrears 
653 |a International economics 
653 |a International Lending and Debt Problems 
653 |a Debts, External 
653 |a External debt 
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653 |a Price Level 
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520 |a In this paper, we consider incidences of arrears to the IMF, focusing on protracted arrears cases and attempt to identify determinants of their occurrence. We use narrative and formal methods. In addition, we analyze determinants of the duration of arrears. We find that previous arrears, reserves coverage, and institutional quality are among the main determinants of arrears. In addition, we identify a role for political developments, including civil unrest, which make arrears more likely to arise and to last longer. We conclude that improved macroeconomic conditions and turnaround of political fortunes would help to clear the currently remaining protracted arrears cases