IMF Lending in Low- and Middle-Income Countries in the Wake of the Global Crisis

Andrea Presbitero and Alberto Zazzaro ()

No 305, Development Working Papers from Centro Studi Luca d'Agliano, University of Milano

Abstract: In the wake of the global crisis the International Monetary Fund (IMF) increased its exposure to low- and middle-income countries and boosted the overhaul of its lending approach to enhance its role in preventing crises. This paper tests whether IMF lending has targeted countries most affected by the crisis in order to dampen contagion effects and assesses to what extent the Fund\'s strategy has been driven by political-economy interests of its major shareholders. Results show that political similarity between borrowers and G7 governments has influenced the participation in IMF pro-grams, especially where the crisis was severe. In addition, the extent of the crisis and the economic interest of Western countries have affected the size of the loan.

Keywords: Global crisis; IMF programs; Washington Consensus; growth (search for similar items in EconPapers)
JEL-codes: F33 F34 F35 O11 (search for similar items in EconPapers)
Pages: 32
Date: 2010-11-30
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Persistent link: https://EconPapers.repec.org/RePEc:csl:devewp:305

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