Once bitten: New evidence on the link between IMF conditionality and IMF stigma

Arbeitspapier

While the consequences and effectiveness of IMF conditionality have long been the focus of research, the possible negative impact of IMF conditionality on countries' willingness to ask for an IMF programme - often termed "IMF stigma" - has recently received attention particularly from policy circles. In this paper we investigate how countries' past experience with the IMF and their peers' experience with the IMF affect their likelihood of entering a subsequent IMF arrangement. Our results indicate that, even when controlling for the success of past programmes, a country is less likely to approach the IMF for help if in the past it experienced an above-average number of disbursement-relevant conditions. We find hardly any impact of peers' experience, except for Asian countries.

Object Details

• ISBN: 978-92-899-3524-1
• Language: Englisch

References and Relationships

• Bibliographic citation: Series: ECB Working Paper ; No. 2262

Classification and Topics

• Classification: Wirtschaft ; International Monetary Arrangements and Institutions ; International Agreements and Observance; International Organizations ; International Institutional Arrangements ; International Fiscal Issues; International Public Goods
• Subject: Financial arrangements ; reserves ; IMF MONA ; crisis resolution

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Andone, Irina ; Scheubel, Beatrice
• Event: Veröffentlichung
• (who): European Central Bank (ECB)
• (where): Frankfurt a. M.
• (when): 2019

Further information

• DOI: doi:10.2866/12001
• Handle: http://hdl.handle.net/10419/208296
• Last update: 10.03.2025, 11:44 AM CET