The Impact of Bailouts on the Probability of Sovereign Debt Crises: Evidence from IMF-Supported Programs

Released on by Hippolyte W. Balima
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  • The Impact of Bailouts on the Probability of Sovereign Debt Crises: Evidence from IMF-Supported Programs Book Detail

  • Author : Hippolyte W. Balima
  • Release Date : 2019-01-11
  • Publisher : International Monetary Fund
  • Genre : Business & Economics
  • Pages : 38
  • ISBN 13 : 1484393635
  • File Size : 14,14 MB
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The Impact of Bailouts on the Probability of Sovereign Debt Crises: Evidence from IMF-Supported Programs by Hippolyte W. Balima PDF Summary

Book Description: This paper studies the role of IMF-supported programs in mitigating the likelihood of subsequent sovereign defaults in borrowing countries. Using a panel of 106 developing countries from 1970 to 2016 and an entropy balancing methodology, we find that IMF-supported programs significantly reduce the likelihood of subsequent sovereign defaults. This finding is robust to different specifications of the entropy balancing and alternative identification strategies. Our results suggest that a country that signs a program with the IMF, typically experiences a slight improvement in its sovereign credit rating and a decrease in both government debt-to-GDP and fiscal deficit-to-GDP.

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