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IMF Lending and Banking Crises
Luca PapiAndrea PresbiteroAlberto Zazzaro
出版International Monetary Fund, 2015-01-26
主題Business & Economics / Banks & BankingBusiness & Economics / Finance / Financial Risk ManagementBusiness & Economics / Economics / Macroeconomics
ISBN14843086979781484308691
URLhttp://books.google.com.hk/books?id=mmUZEAAAQBAJ&hl=&source=gbs_api
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註釋This paper looks at the effects of International Monetary Fund (IMF) lending programs on banking crises in a large sample of developing countries, over the period 1970-2010. The endogeneity of the IMF intervention is addressed by adopting an instrumental variable strategy and a propensity score matching estimator. Controlling for the standard determinants of banking crises, our results indicate that countries participating in IMF-supported lending programs are significantly less likely to experience a future banking crisis than nonborrowing countries. We also provide evidence suggesting that compliance with conditionality and loan size matter.