Publication: Stigma or cushion? IMF programs and sovereign creditworthiness
Stigma or cushion? IMF programs and sovereign creditworthiness
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Gehring, K., & Lang, V. (2020). Stigma or cushion? IMF programs and sovereign creditworthiness. Journal of Development Economics, 146, 102507. https://doi.org/10.1016/j.jdeveco.2020.102507
Abstract
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Policymakers in crisis countries often hesitate to enter IMF programs out of the fear that they trigger adverse reactions on financial markets. We explain why credit ratings and investor assessments are reliable measures of creditworthiness during crises, and examine how IMF programs affect them with three distinct identification strategies. The first strategy exploits the differential effect of changes in IMF liquidity on loan allocation as an instrument, the second uses the exact timing of program agreements, and the third provides
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- Gehring, Kai
- Lang, Valentin
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Gehring, K., & Lang, V. (2020). Stigma or cushion? IMF programs and sovereign creditworthiness. Journal of Development Economics, 146, 102507. https://doi.org/10.1016/j.jdeveco.2020.102507
