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Economic Determinants of Fund Financial Arrangements [electronic resource] / Julio A Santaella.

By: Santaella, Julio A.
Contributor(s): Knight, Malcolm D | Santaella, Julio A.
Material type: materialTypeLabelBookSeries: IMF Working Papers; Working Paper: No. 94/36Publisher: Washington, D.C. : International Monetary Fund, 1994Description: 1 online resource (48 p.).ISBN: 1451977964 :.ISSN: 1018-5941.Subject(s): Equation | Equations | Exchange Rate | Probability | Real Exchange Rate | Algeria | Congo, Democratic Republic of the | Romania | Samoa | Sri LankaAdditional physical formats: Print Version:: Economic Determinants of Fund Financial ArrangementsOnline resources: IMF e-Library | IMF Book Store Abstract: This paper analyses empirically the economic factors that lead to approval of Fund financial arrangements. We account for both the economic variables that induce a country to seek an arrangement with the Fund ("demand-side" factors) and the macroeconomic policy commitments that the Fund considers when deciding whether to approve it ("supply-side" factors). Using a pooled sample of annual observations for 91 developing countries over 1973-1991, we obtain maximum likelihood estimates of bivariate and univariate probit equations to determine the probability of approval of a financial arrangement for a given country in a given year. A number of our chosen demand-side and supply-side variables are statistically significant determinants of the approval of a Fund arrangement, and the overall explanatory power of the equations is high.
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This paper analyses empirically the economic factors that lead to approval of Fund financial arrangements. We account for both the economic variables that induce a country to seek an arrangement with the Fund ("demand-side" factors) and the macroeconomic policy commitments that the Fund considers when deciding whether to approve it ("supply-side" factors). Using a pooled sample of annual observations for 91 developing countries over 1973-1991, we obtain maximum likelihood estimates of bivariate and univariate probit equations to determine the probability of approval of a financial arrangement for a given country in a given year. A number of our chosen demand-side and supply-side variables are statistically significant determinants of the approval of a Fund arrangement, and the overall explanatory power of the equations is high.

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