NDLI: Need for speed: The lending responsiveness of the IMF

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Need for speed: The lending responsiveness of the IMF

Content Provider	Springer Nature Link
Author	McDowell, Daniel
Copyright Year	2016
Abstract	How responsive a lender is the International Monetary Fund (IMF)? In this paper, I introduce new data on IMF loan approval periods: The days that transpire between when a borrower submits a “Letter of Intent” to the Executive Board requesting a loan and when the Board approves that request. The data reveal considerable variation across requests. Why are some loan requests approved swiftly while others wait much longer for approval? I argue that the financial interests of the G-5 economies drive variation in responsiveness contingent on when a request was made. I expect that during much of the 1980s, as G-5 commercial bank exposure increases, borrowers will face longer waits for approval. In such cases, the G-5 should have been more likely to press for the use of the “concerted lending” strategy. This protected G-5 financial systems by catalyzing private financing on behalf of those countries, but it also delayed loan approval. Into the 1990s, global capital flows grew more complex and catalyzing private capital flows required a swift response. Thus, during these years I expect increased G-5 bank exposure to be associated with shorter waits for approval. In such cases, the G-5 should have been more likely to press for accelerated approval. A quick response would have the best chance of attracting back private capital and reduce the threat posed by the crisis. Statistical analyses of 275 loan requests from 1984–2012 support these expectations.
Starting Page	39
Ending Page	73
Page Count	35
File Format	PDF
ISSN	15597431
Journal	The Review of International Organizations
Volume Number	12
Issue Number	1
e-ISSN	1559744X
Language	English
Publisher	Springer US
Publisher Date	2016-01-09
Publisher Place	New York
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	International Monetary Fund Catalytic financing International lender of last resort Social Sciences Political Science Economics
Content Type	Text
Resource Type	Article
Subject	Political Science and International Relations Economics and Econometrics Organizational Behavior and Human Resource Management

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1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
2	Indian Institute of Technology Kharagpur	Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project	https://www.iitkgp.ac.in
3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
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